Tax Relief: Soludo Abolishes Collection Of Levies From Poor Hawkers, Vulcanizers, Wheelbarrow Pushers In Anambra

October 26, 2022

In his resolve to ensure equal opportunity and transparency in revenue streams, the Governor of Anambra State, Prof Chukwuma Charles Soludo earlier today hosted a second public bid auction for revenue agents

The event which took place at Government House, Awka was described as flying revenue streams by government.

The revenue streams that were up for public bid include; Statewide Gaming and Lotto Fee Collection, Statewide Public Toilet and Convenient Tolls, Statewide Abbatoir Fees and Statewide Car Wash.

Commenting on the essence of the bid, Governor Soludo said;

“In a situation whereby the winner of the bid can’t meet up with payment, the next in line will be called upon.

“After the first public bid, people called on phone saying they are ready to pay two months in advance of what the winner was meant to pay.

“But we are transparent and following the rules. For these revenue streams, 1st of November will be the effective commencement date.

“Winners have from now to 31st of this month to pay. They will be given a letter with account information on how to pay and also another letter authorizing winners to start collecting revenue.

“The payment structure is to pay one month in advance or get a bank guarantee so when the need for payment arises, the bank can pay on your behalf,” he said.

The Chairman of AIRS, Mr Richard Madiebo stressed that the public bid affords Ndi Anambra the chance to contribute their expertise in helping the state to increase its IGR.

“In the first rule, there is an opening price for a revenue head and you are given the opportunity for bidding. The highest bidder and 9 others will be selected.

“Winners will be given condition of payment and should they fail to meet up, it would be given to the next person, he said.

The public bid kicked off with “Statewide Gaming and Lotto fee collection”

Hon Pascal from Ihiala asked for lotto tag prize to assist in their bidding.

The AIRS boss in his response said the annual fees paid for Application is N50,000. Sports betting N5 Million, Lotto new entrance N10 million, Promotions N500,000, Scratch Cards N500,000, Casinos N10 Million, Slots N250,000, Pool Promoters N1.5 million, Pool Agents N5000, Raffle N40,000 etc.

Chinedu from Awka said it’s very unfortunate there was no Stakeholders meeting before the public bid but Governor Soludo replied that the Public bid has fully commenced and anyone who is interested should bid while those who aren’t were free to leave the premises.

Governor Soludo further said people will bid on what exists. “In the future, if what exists is reviewed, there will be changes.”

He thanked Pastor Azuka who gave clarification on how it’s been done in Lagos. He said the fixed sums are collected by the state but the variables are what are bidded for.

For a start, Governor Soludo continued, the next 6 – 12 months in our trial phase, we shall concession everything if need be.

“We are starting off by concessioning everything! What we care about is give us what you bid for, the remaining is yours. This is why we are here!

“If you win, nobody can help or hinder you. It is your own! We want a clear and transparent bidding process,” Governor Soludo pointed out.

On the second revenue stream was Statewide Public Toilet and Convenient tolls”

Mr Amos Amaralu from Orumba said there are 3 categories for public toilet; public toilets built by Government, public toilets built on Government land and public toilets built in private properties. He asked if the three categories are concessioned.

The AIRS Boss replied that public toilets built by Government and public toilets built on Government land are the revenue streams up for concession.

After a successful public bid, Governor Soludo said that the event is a demonstration of the Anambra spirit noting that surely, change must come.

“We must build a liveable and prosperous homeland. Everyone has something to contribute towards this vision.

“We are trying to build a connection between the citizens and the Government. We have been employed as an agent to work for you.

“Every penny in our hands, we will show the value to ndi Anambra. As revenue comes in, we keep awarding contracts for more road construction because we have a road crisis which we are solving.

“This is not about us but about you. This public bid, to the best of my knowledge has not happened anywhere in the country.

“We are also trying to minimize tax incidence on our people. Keke Drivers who pay their taxes will be given free health insurance.

“People have forgotten that the government make use of taxes to work.

“This message must go to all markets in Anambra. Wheel barrow pushers must not pay any fee in the state.

“Vulcanizers operating along the road should also cease from paying any fee to anyone.

“Hawkers shouldn’t pay any fees. These poor people should stop being harassed.

“This message is for the Market unions. If they are found with any evidence, that union will be dissolved with immediate effect.

“We want to build a society where the poor feel empowered and where the rich can get more resources to create wealth and employment, Soludo said.

“This is part of the revolution ongoing in the state. In this way, we have greater value for money.

“The winners will be given their letters confirming their success. Bank details will also be provided to pay on or before Monday 31st by 3.00pm.”

Governor Soludo was also assisted by his Deputy, Dr Onyekachukwu Ibezim at the event. The Governor thanked the participants immensely for participating and wished them all a safe trip back to their various destinations.

In attendance were the Chief of Staff to the Governor, Mr Ernest Ezeajughi, Commissioner for Agriculture, Dr. Foster Ihejiofor, his environment and Transport counterparts, Mr. Felix Odimegwu, Barr. Patricia Igwebuike respectively, Special Adviser to the Governor on Security, AVM Ben Chiobi (Rtd.), as well as the Managing Director of ASWAMA, Mike Ozoemena.

By Christian ABURIME

Soludo Cancels Teacher’s Recruitment exercise Over Irregularities

Queen Madu

October 25, 2022

Irked by the irregularities that has characterized the recruitment of teachers in the state, Anambra State Governor Chukwuma Soludo has cancelled the exercise for the second time running, ANAMBRA PEOPLE reports.

It was gathered on Monday that the directive for the cancellation was with immediate effect. The development has made applicants to panic, as they do not know their fate.

About 40,000 applicants applied for the online job the first time, while 31,800 were shortlisted for interview.

But following what played out during the first exercise, the governor angrily cancelled the exercise, as he wanted to get it right for the state.

The Governor wants a transparent exercise about the recruitment.

On Sunday, the Ministry of Education released a list of about 5,000 recruited teachers, which sparked condemnation across the state.

Contacted, Information Commissioner Sir Paul Nwosu did not pick his calls.

But a senior officer in the Ministry of Education, who did not want to be quoted, confirmed the directive to the media.

The source said some people had made it a point of duty to frustrate Soludo, adding that it would not work because the governor was serious in getting the best for Ndi Anambra.

(Anambra people)

Nnamdi Kanu: Why we haven’t Honor Court Order- FG

Queen Madu

October 25, 2022

The Federal Government, on Monday, gave reasons why it has not complied with the Court of Appeal judgement that ordered it to release the detained leader of the Indigenous People of Biafra, IPOB, Nnamdi Kanu.

The federal government, in an affidavit filed in support of its application to stay the execution of the judgement, described Kanu as “a flight risk person”, insisting that the case against him borders on national security.

Relying on the decided case law in Federal Republic of Nigeria Vs Asari Dokubo, FG, argued that once a case touched on national security, the right of the individual affected takes secondary place.

The Respondent is a flight risk person. It is important to appreciate the gamut of depositions in our application.

One of the ground of our application is that this matter touches on national security of the state.

We rely on the case of FRN Vs Dokubo, where the Supreme Court held that where national security is threatened or likelihood of it being threatened, human rights take secondary place.

Once there is a threat to national security, human rights of any individual can be suspended until such threat is taken care of.

“Once security of the nation is in jeopardy, the individual right may not even exist”, FG argued through its lawyer, Mr. David Kaswe, an Assistant State Counsel in the office of the Attorney-General of the Federation.

It further told the court that there is intelligence report that releasing Kanu from detention would worsen the security situation in the South East region.

However, Kanu’s lawyer, Chief Mike Ozekhome, SAN, urged the appellate court to dismiss FG’s application, insisting that it was tantamount to seeking the stay of the liberty of a citizen.

“In fact, my lords, on the contrary, the release of Kanu will actually bring peace and tranquility to the South East in particular and the nation in general

“This was demonstrated after the judgement of this court that ordered the release of the Respondent. Immediately the judgement was delivered, there was so much joy and happiness in the entire South East. There was so much jubilation and merriment”, Ozekhome added.

He argued that Dokubo’s case was different from that of Kanu.

According him, while Dokubo applied to be granted bail, pending the determination of the charge against him, in Kanu’s case, the appellate court has already terminated his trial and ordered his release.

After it had listened to both sides, a three-man panel of Justices of the appellate court led by Justice Haruna Tsanami, reserved ruling till a date to be communicated to the parties

(Journalist101)

GGM Makes Further Case For Keke , Shuttle,Okada Drivers

bvichannel1

October 24, 2022

Good Governance Ministry, GGM is one of the support groups that ensured victory for Prof Chukwuma Soludo in the last Gubernatorial election in Anambra State . The group working for public interest spent millions of naira to ensure that the best candidate became the Governor of Anambra State.

In a Statement released to the press and signed by Ndubuisi Anaenugwu ,the group pleaded with Mr Governor to review his position on the entire tax administration in Anambra State especially as it concerns the poor. People at lower class in the society are always eager to pay their tax as long as such tax is relatively low. The Statement reads in full ” The people hired Prof Chukwuma Soludo as Chief Servant of the State.GGM supported the Candidacy for the office of the Governor with no monetary consideration but all for overriding public interest. GGM still believes that Mr Governor is the best suited for the job and has not made any mistake in convincing people to vote for him.However , we expect Mr Governor to listen to us as business of Government is a collective responsibility,we are partners in progress. The failure of the Government is our collective failures.The Igbo Nation all over the world have high hopes in Prof Soludo led Government -therefore,we cannot let him failure”

”GGM wants to remind Mr Governor that he won election because of his outstanding performance in public sector and not necessarily because of the support of political elites and former Governor Obiano.

GGM is urging Mr Governor to urgently consider reviewing the tax figures in public domain,at least reduce the amount to N4000 monthly ( Keke) and shuttle – N7000 for easy payment and collection. We do not agree with Mr Governor during the last interactive session that N15,000 monthly for Keke is a fair tax and 50% reduction when compared with what they were paying previously. This assumption is totally wrong and has only shown that Mr Governor is unaware of the suffering and frustrating conditions most people on the street are passing through. What has Government done for people at the lower level of the society to justify such high tax? Elsewhere, Government supports low income earners to encourage productivity. If the purpose of the tax is to discourage Keke, Shuttle,Okada, GGM will suggest that Mr Governor establishes integrated farm settlements across three senatorial zones that can take more than 10,000 youths for massive food production.

It is disturbing that we have several needs ,we have people who are ready to work to earn a living ,but nobody has seen such plan to organize these factors of production. GGM is worried that the high rate of unemployment could further worsen the already agitated environment . GGM therefore calls Mr Governor to show empathy while implementing his policies as the state of the economy is terribly bad” the statement concluded.

Flood Danger: Ketu, Mile12 Residents,Others Asked To Relocate

bvichannel1

October 24, 2022

Lagos State Government has convened a meeting of all critical stakeholders to evaluate the state’s preparedness for any eventuality over the ravaging massive flooding across the states of the federation.

The state has, however, directed all relevant enforcement arms of the state to step up their supervisory roles to contain any eventuality.

The situation which has elicited renewed fears among residents of the state was convened on the directives of the state Governor, Bababjide Sanwo-Olu.

Commissioner for the Environment and Water Resources, Tunji Bello, briefing newsmen at the end of the meeting, over the weekend, said the stakeholders came up with a resolution that while Lagos is not totally immune from flooding, the state will continue to effectively manage its situation without posing risk to lives and property of residents.

According to Bello, “now is the time for all enforcement arms of the state to step up their supervisory roles.”

He stated that the enforcement impact must be felt by recalcitrant people and institutions who have defied government and built structures on drainage alignments, flood plains and low lying areas now more than ever before.

Bello added that despite the fact that Lagos is a coastal city with almost one third of its total landmass under water, what it experiences after each bout of heavy rainfalls is flash flooding which will recede few hours after the cessation of such rainfalls.

The commissioner, who expressed sympathy with victims who have suffered any form of losses due to the prevalence of flooding, across the states, said Lagos is constantly monitoring the Ogun River which flows directly into the Lagos Lagoon.

Directs residents of river banks to relocate

The commissioner, therefore, said that as a result of the latest development, residents of all identified areas like: Ketu, Alapere, Agric, Owode onirin, Ajegunle, Alagbole, Kara, Isheri olowora, Araromi Otun orisha community, Agiliti, Maidan, Mile 12, Odo ogun, Owode elede, Agboyi 1, Agboyi II, Agboyi III which are banks to the Ogun River were alerted to be ready to relocate at any given time.

He stressed that residents fail to realize that the position and location of Lagos State on the map makes the state’s Lagoon the convergence point of all water from the Ogun River, Ona Ibu River, Osun River, Sasha River that runs across many South West States.

Bello, explained that the state is also working in concert with the Ogun Oshun River Basin Development Authority to ensure that rain water releases that pass through the Oyan Dam have a minimal negative impact on the residents.

The commissioner, reiterated that the state, through the Office of Drainage Services and Water Resources has embarked on massive dredging and cleaning of all primary and secondary collectors across the state.

‘This is in addition to construction of new channels as well as deployment of the quick response Emergency Flood Abatement Gang to free up manholes and black spots all to ensure that the drains perform at optimum capacity to be able to contain runoffs,” he stated.

Also speaking, the Permanent Secretary in the Office of Drainage Services and Water Resources, Engineer Nurudeen Shodeinde assured residents that the state government “is upping the ante” in terms of its preparedness on a 24 hour basis.

He commended Governor Sanwo-Olu for always providing the financial wherewithal to the ministry which has enabled it actualise many of its plans and programme to ensure a flood free Lagos.

He also said other residents living along major drainage channels of System 1 to 169 round the state must also be wary of the effects of flash flooding.

He recalled that a few days areas ago, areas like Oko Oba, Abbatoir and Aboru in Alimosho were flooded after a 2 hour rainfall which had an intensity that had not been witnessed in the last 30 years due to climate change.

He stressed that such one off rainfall of unprecedented intensity should be expected at the present period and should be prepared for.

He said the Seasonal Rainfall Pattern for 2022 released earlier in the year by the Nigerian Metrological Services NIMET had predicted that the peak of the resurgent rainfall for the year will be in October.

Resign or be Sacked – Arewa Group to INEC Chairman

Queen Madu

October 23, 2022

The Arewa Citizens’ Watch for Good Governance has asked the National Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, to resign or be sacked.

Addressing a press conference yesterday in Kaduna, chairman of group, Mohammed Adamu, alleged that the INEC chairman and his team were deliberately working against the interest of the north to suppress their votes.

Adamu warned that his group would petition President Muhammadu Buhari, the National Assembly, the United States (US) Embassy and the European Union (EU) if the INEC chairman does not resign.

According to the group, Yakubu and his team have morally compromised and cannot deliver on the task of conducting a free, fair and credible elections in 2023.

The group also called for the arrest and prosecution of the INEC chairman over his silence on the allegation by political parties that he was being pressured by some forces to deactivate the BVAS machine to compromise the 2023 polls.

Adamu said: “As a group, we made frantic efforts to get INEC to extend registration in our region following the shutdown of telecommunications networks to enable our armed forces to carry out special operations in most Northwestern and North Central states, which fell on rocky grounds.

“The unfolding event is a pointer to one fact: INEC is deliberately working against Arewa in their satanic ploy to suppress votes from our region, and swell that of Southern Nigeria through the registration of ghosts and foreigners.”

The group called on “relevant government agencies must arrest and prosecute Yakubu for trying to use his office to effect leadership change in our country in a satanic manner.

That Yakubu and members of his team should humbly resign so as to enable an independent probe into the allegation of insertion of foreigners’ names in our voters’ register.

“Where he fails to resign, we will be forced to petition President Buhari, the Honourable Minister of Justice, the National Assembly, the US Embassy, the EU, the British High Commission and other key actors in the electoral process on the danger of retaining the seeming compromised Prof Yakubu.

At the instance where we feel our demands are not being treated with needed gloves, we shall be forced to come out in our numbers and occupy all INEC offices in the region, including the national headquarters.”

The group, however, passed a “vote of confidence” in President Buhari’s commitment to delivering credible election in 2023.

(Journalist101)

Polaris Bank Announce New Investor

Queen Madu

October 23, 2022

Polaris Bank is pleased to announce that it has been notified of the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank (‘Polaris’ or ‘the Bank’) by Strategic Capital Investment Limited (‘SCIL’). As part of the change in ownership, SCIL has appointed a new independent Board of Directors to lead the bank’s growth strategy.

The new Board will be led by the existing Chairman M K Ahmad. He will be joined on the board by 6 non-executive directors and 3 executive directors, bringing extensive experience in the banking and wider financial services sector in Nigeria and internationally, and expertise in corporate governance, human resource management, law and regulation.

The incoming board are:

Alhaji MK Ahmad (Chairman)
Mr Abubakar Danlami Suleiman (Non-Executive Director)
Ms Salma Mohammed (Non-Executive Director)
Mr Adeleke Alex Adedipe (Non-Executive Director)
Mr Ahmed Almustapha (Non-Executive Director)
Mr Francesco Cuzzocrea (Non-Executive Director)
Mrs Olabisi Olubunmi Odunowo (Non-Executive Director)
Mr Adekunle Sonola (Executive – MD/CEO)
Mr Abdullahi S Mohammed (Executive Director)
Mr Segun Opeke (Executive Director)

Commenting on the acquisition and board transition, Chairman of Polaris Bank Alhaji M K Ahmad said: “I would like to thank the outgoing board members profusely for their hard work and dedication over the last four years as we have established a strong governance structure and stabilised the bank. I am very pleased with the progress we have been able to make, and that we have delivered on our mandate to prepare the bank for a return to private ownership. I am personally proud to have been asked to lead the bank into an exciting new future and I look forward to working with the new board and our core investors to build on the platform we have created.”

Speaking on behalf of SCIL, the new core investor, Adekunle Sonola, the incoming MD/CEO said: “We are excited to participate in the next phase of growth for Polaris Bank and to have been able to recruit such an experienced and diverse Board of Directors we are confident can lead Polaris Bank into a new era of sustainable growth. This is an exciting time for the Nigerian financial services industry and we are committed to building on the strong foundations that have been established by the departing board. We would like to express our thanks for their service and wish them well.

We have mandated the incoming management to develop an innovative, but sustainable growth strategy that prioritises the needs and aspirations of our current customers.”

Board Profiles

Alhaji M K Ahmad OON (Chairman)
With more than 37 years of experience leading and working across the private and public sectors, MK has extensive knowledge of the financial services, telecoms and FMCG sectors. He has been the Chairman of Polaris Bank since 2018, overseeing the stabilisation of the bank and the introduction of best-practice corporate governance. MK currently serves as the Chairman of the Interim Management Board of International Energy Assurance as well as Chairman of the Technical Committee of the National Council on Privatisation. He is also a Board Director of Flour Mills of Nigeria Plc, MTN Nigeria Communications Plc and FBN Holdco. Prior to this MK served as the pioneer Director General of PENCOM.

Mr Abubakar Danlami Suleiman (Non-Executive)
Mr Suleiman has more than 30 years of experience in the banking sector, having worked at the Central Bank of Nigeria, GT Bank, Continental Trust Bank, UBA Plc, NAL Bank Plc, Intercontinental Bank Plc (Executive Director), Sterling Bank Plc (Executive Director), Standard Chartered Bank (Managing Principal) and most recently as Deputy Managing Director/Acting Group Managing Director of Keystone Bank between 2017 and 2019. He has vast technical experience in the Financial Service sector, and very strong management and leadership qualities.

He is an alumnus of the Wharton Business School (Pennsylvania, USA) and the INSEAD (France).

Ms Salma Mohammed (Non-Executive)
Ms. Mohammed has over 25 years of experience as a Banker and a Human Resource Management professional having worked in operational and strategic human resource leadership positions across a range of financial institutions. She is Co-Founder/Chief Operating Officer of New Frontier Development Limited, an investment company focused on financial advisory, hospitality, real estate and proprietary investments in start-ups and challenged companies in the SME space.

She was previously the MD/CEO of Centrum Finance Company Limited, a CBN-licensed finance company and brings a strong combination of sector expertise and human capital management experience to the Polaris Bank board.

Mr Adeleke Alex Adedipe (Non-Executive)
Mr Adedipe is the Managing Partner at Duale, Ovia and Alex-Adedipe, where he leads the technology, media and communications practice as well as the M&A and Banking and Finance practice areas. His combination of expertise brings an important perspective to the board as a new strategy focused on innovation is developed and implemented.

Mr Ahmed Almustapha OFR (Non-Executive)
Mr Almustapha is a lawyer and experienced technocrat who served as the Registrar General of the Corporate Affairs Commission (CAC) from 2001 to 2009 during which he is widely acknowledged to have transformed the CAC into a modern IT-driven organisation. He has also served on the board of the Federal Inland Revenue Service (FIRS) and is respected as one of Nigeria’s leading authorities on corporate governance.

Mr Francesco Cuzzocrea (Non-Executive)
Mr Cuzzocrea is a banker with more than 35 years of experience in the international financial services sector. He has extensive board level, including in Nigeria where he served on the boards of Heritage Bank (until August 2016) and Oando Plc (until February 2016).

Mrs Olabisi Olubunmi Odunowo (Non-Executive Director)
Mrs Odunowo has more than 25 years of experience in the Nigerian banking sector having held operations leadership positions across a range of financial institutions including Coronation Merchant Bank, Stanbic IBTC Bank and Guaranty Trust Bank. She currently applies her extensive operational and customer service experience by advising and capacitating small and medium-sized businesses across a range of industries.

Mr Adekunle Sonola (Executive – MD/CEO)
Mr Sonola has more than 33 years of experience in the African financial services sector, most recently as Executive Director of Commercial Banking at Union Bank Plc, prior to which he was the pioneer Regional Managing Director of Guaranty Trust Bank East Africa and the Director of Investment Banking at Standard Bank in South Africa. Adekunle has also served on the boards of First Bank of Nigeria Plc where he chaired the Board’s Risk Management Committee and Airtel Nigeria Plc.

Mr Abdullahi S Mohammed (Executive Director)
Mr Mohammed has worked in the Nigerian Financial Services and public sectors for more than 20 years, having begun his financial services career with Century Merchant Bank and Kakawa Discount House before being appointed as the Commissioner for Works, Housing and Transport in Kano State. He returned to Kakawa Discount House in 2003, before joining First Bank and ultimately moving to his current position at Polaris Bank.

Mr Segun Opeke (Executive Director)
Mr Opeke has more than 26 years of experience in the Nigerian financial services sector with more than 15 years spent in Senior and Executive Management positions. Segun began his career with Chartered Bank before joining FSB Merchant Bank and then Prudent Bank before joining the then Skye Bank in 2006, rising to become Executive Director of the now Polaris Bank, with more than 15 years experience in the institution.

—- ENDS —-

About Polaris Bank

Polaris Bank was established by the Central Bank of Nigeria (CBN) on September 21, 2018, to offer commercial banking services to the Nigerian public. The bank commenced services on the same day, having purchased the assets and assumed certain liabilities of the defunct Skye Bank.

With a footprint of over 253 branches across the country, Polaris Bank prides itself in delivering exceptional customer experience, leveraging best-in-class/state-of-the-art Information Communication Technology (ICT). By focusing on ICT solutions across multiple service delivery channels (mobile banking, ATMs, POS and online platforms) Polaris Bank maintains a pivotal role in the Nigerian banking industry, providing customers with simple, convenient and secured banking services.
About Strategic Capital Investment Limited (SCIL).

Strategic Capital Investment Limited (SCIL) is a special-purpose vehicle established by Ponglomerape Limited and Clotaire Investment Limited to acquire 100% of Polaris Bank with a focus on institutionalisation and technology driving the growth of the bank into a top ten Nigerian Bank in 5 years.

Ponglomerape is a diversified conglomerate and successful private investment group with investments in the real estate, agriculture, manufacturing and consulting sectors.

Clotaire is a private investment vehicle controlled by the founders of a leading West African private investment company with interests in a wide range of sectors.

(Hybridnews)

Breaking: CBN Sell Polaris Bank to SCIL for 50Billion

Queen Madu

October 21, 2022

The Central Bank of Nigeria (CBN) has announced the completion of the sale of Polaris Bank to Strategic Capital Investment Limited (SCIL).
Truetells Nigeria reports that this was disclosed in a statement on Thursday by CBN’s Director, Corporate Communications, Osita Nwanisobi.

Nwanisobi disclosed that the deal was sealed with SCIL by the CBN and Asset Management Company of Nigeria (AMCON).

According to the CBN Director, SCIL has paid N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.

He said: “Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened to revoke the licence of the former Skye Bank Plc and established Polaris Bank to assume its assets and certain liabilities. As part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through AMCON, to be repaid over a 25-year period. These actions were taken to prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors’ fund, prevent job losses and preserve systemic financial stability.”

SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected. The CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered.

“The sale was coordinated by a Divestment Committee comprising representatives of the CBN and AMCON, and advised by legal and financial consultants. The Committee conducted a sale process by ‘private treaty’, as provided in Section 34(5) of the AMCON Act to avoid negative speculations, retain value and preserve financial system stability. In the process, parties who had formally expressed an interest in acquiring Polaris Bank, subsequent to the CBN intervention in 2018, were invited to submit financial and technical proposals. Invitations to submit proposals were sent to 25 pre-qualified interested parties, out of which three (3) parties eventually submitted final purchase proposals following technical evaluation. All submissions were subject to a rigorous transaction process from which SCIL emerged as the preferred bidder having presented the most comprehensive technical/financial purchase proposal as well as the highest rated growth plans for Polaris Bank.”

Speaking on the transaction, CBN Governor, Godwin Emefiele, said the sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON.

He said: “We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention.

This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth.

We wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.

(the heritage)

Nigerian Troops Arrest NIN Officials Registering Foreigners as Nigerians in Niger Republic

Queen Madu

October 21, 2022

Nigerian troops have arrested two officials of the National Identity Management Commission (NIMC), who had visited the Gagamari Internally Displaced Persons (IDPs) camp in the Niger Republic to register non-Nigerians.

This was disclosed on Thursday by Major General Musa Danmadami, Director of Defence Media Operations, during the military’s bi-weekly press briefing at the Defence Headquarters in Abuja.

“On 13 October 2022, troops in conjunction with the Nigeria Police and NIS (Nigeria Immigration Service) operatives intercepted 2 suspected fake National Identity Management Commission (NIMC) officials. It was revealed that the suspects had visited Gagamari IDP camp in Niger Republic to register non-Nigerian in the IDP camp.

“Items recovered from the suspects include National Identification Number (NIN) registration machine, printing machine, laminating machine, a computer tracking machine and a generator set among other items,” Danmadami said.

He added that “during the weeks in focus, 31 suspected Boko Haram/Islamic State of West Africa Province members were neutralized, while 10 were arrested and 2 civilians rescued”.

“Furthermore, a total of 366 Boko Haram terrorists and their families comprising 23 adult males, 112 adult females and 231 children surrendered to troops at different locations within the theatre. All recovered items, arrested terrorists, logistics suppliers and rescued civilians have been handed over to the appropriate authority for further action while the surrendered Boko Haram/Islamic State of West Africa Province terrorists and their families are being profiled for further action,” he added.

(jungle Journalist)

80% of Flood in Nigeria is caused by God not Cameroon Lagbo Dam- Minister of Water Resources

Queen Madu

October 21, 2022

Suleiman Adamu, the minister of water resources, has stated that rainfall, not Cameroon’s Lagdo dam, causes 80 percent of Nigeria’s floods.

“All these stories I’ve been seeing on social media, I just laugh because they are misleading,” Adamu stated in Abuja on Wednesday, October 19.

The contribution of the Lagdo dam to flooding in this country is only one percent. Sometimes they release the water without notice and when they do that, it has an impact on communities downstream but it is not the main reason we have floods in this country — 80 percent of the floods in this country is water that we are blessed with from God from the sky.

This year’s flood, I can assure you, we cannot blame it on Cameroon to be sincere. We’ll continue to have floods on the river Niger and Benue basins. We signed the MOU with the Cameroonian authorities but since then, every year, it is the Nigeria Hydrological Services Agency (NIHSA) that calls them ‘what is your level in Lagdo?’

Even this one when he called them, I was communicating with the DG NIHSA, I said ‘what’s happening in Cameroon?’ He said he has been calling them and they said they have not released any water but they said they will inform us. Finally, they said they will inform us tomorrow, they didn’t inform us, they informed us 24 hours after they had released the water.

They did the same thing two years ago, I wrote to the minister of foreign affairs and Nigeria had to write a protest letter to the Cameroonian authorities that they did not inform us.

It was after our rains had gone down, suddenly we saw floods in Adamawa area and we were asking them. For two weeks they were denying that they had opened the reservoir. Of course, it didn’t go to the confluence, it was limited to the areas of Adamawa state and Taraba. Because like I said, the contribution to the flood by Lagdo dam is not so high.” he said.

(Yabaleft)

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