Category: News

  • Unity Bank Posts N38.2 Billion Gross Earnings In Q3’23

    Unity Bank Posts N38.2 Billion Gross Earnings In Q3’23

    Retail lender, Unity Bank Plc, has reported gross earnings of N38 billion for the nine-month period ending on September 30, 2023. During this time, customer deposits appreciated by 5%, reaching N344.4 billion, signaling both business growth and customer trust in the bank.

    Unaudited nine-month results disclosed to the Nigerian Exchange Group Limited demonstrated that Unity Bank continued to adhere to its expansion-oriented and customer-focused model. Total loans and advances increased to N222.8 billion, while interest and similar income reached N33 billion. These figures underscore the bank’s strategic dedication to revitalizing and sustaining asset creation aimed at providing returns to its shareholders.

    Other significant highlights from the nine-month financials include total assets amounting to N423.4 billion and net fee and income commission totaling N4.4 billion. However, recent foreign exchange regulations impacted the bank’s bottom line, a situation expected to be rectified as the Naira appreciates.

    Commenting on the results, Mrs. Tomi Somefun, the Managing Director/CEO of Unity Bank Plc, affirmed the bank’s commitment to recapitalizing the institution, driving asset creation, innovating products to compete effectively in new markets, and relentlessly pursuing digital banking innovation to reverse negative positions.

    She mentioned that despite the challenging operating environment, the deposit position continues to witness steady growth, reflecting market confidence. This confidence will enable the bank to thrive in the months ahead, driving increased business conversion, profitability, and sustainable returns.

    Furthermore, Somefun highlighted the encouraging adoption of the bank’s digital banking services, with expansion planned in the pursuit of enhanced retail franchise, fintech partnerships, consumer banking, innovative retail loans, and portfolio investment diversification. This optimistic outlook signals a renewed engagement with the market in the short and medium term, aimed at boosting market share and financial standing.

    Analysts expressed confidence that Unity Bank’s strategy to deepen its retail sector will result in multiple income streams, enhancing both its market presence and financial position in the future.

  • IGP Egbetokun Addresses Key Election Security Concerns At Owerri Stakeholder Meeting

    IGP Egbetokun Addresses Key Election Security Concerns At Owerri Stakeholder Meeting


    The Inspector General of Police (IGP) Kayode Adeolu Egbetokun, Ph.D., NPM, convened a critical meeting with political leaders and various stakeholders at the Rockview Hotel in Owerri on November 2, 2023, to address essential election security-related issues.

    The meeting focused on police deployment, ensuring secure elections, and providing security for all citizens, serving as a platform for the IGP to reaffirm the Nigeria Police Force’s commitment to creating a safe environment for voters and participants in the electoral process.

    IGP Egbetokun emphasized that police officers deployed for election processes have undergone comprehensive training in election monitoring to ensure robust security at polling units and protect the fundamental rights of all members of the public, as part of the NPF’s dedication to upholding democratic principles.

    He called on all political parties to engage in constructive dialogue and embrace a peaceful atmosphere during the election period, fostering a harmonious and peaceful environment for a credible electoral process.

    The Inspector General of Police stressed the significance of citizens having confidence in the professionalism and impartiality of the NPF and its commitment to non-interference in the electoral process.

    He highlighted that the primary objective of the police is to maintain a safe and peaceful environment for elections, assuring stakeholders that security for all citizens is a top priority. The police will work diligently to preserve peace and safeguard the electoral process from disruptions.

    The stakeholders’ meeting saw the participation of various key figures, including the Speaker of Imo State House of Assembly, Chief Mike Okiro (IGP Rtd.), Chairpersons of Eight Political Parties, Traditional Rulers led by His Royal Majesty Eze Dr. EC Okeke, CFR, the Eze-Imo of Imo State, the Imo State Resident Electoral Commission, religious leaders, heads of security agencies in Imo State, members of the Civil Society, and youth and student groups.

    In a stern warning, the IGP cautioned individuals and groups contemplating disrupting the elections.

    He made it clear that officers deployed have been instructed to take decisive action against anyone engaging in unlawful activities that threaten the integrity of the electoral process.

    He also reiterated warnings against the use of VIP escorts, sirens, and illegal movements on election day.

  • TMG Addresses Concerns For Upcoming Off-Cycle Elections In Imo, Kogi, Bayelsa States

    TMG Addresses Concerns For Upcoming Off-Cycle Elections In Imo, Kogi, Bayelsa States

    In a significant press conference held at the CISLAC Conference Room in Abuja, the Transition Monitoring Group (TMG) highlighted various concerns and issues surrounding the impending off-cycle elections in Imo, Kogi, and Bayelsa states, scheduled for November 11, 2023.

    TMG expressed grave concerns about the prevailing insecurity in the three states. Reports from partner organizations, including the Nigeria Civil Society Situation Room and Kimpact Development Initiative, have raised red flags over rampant violence in several local government areas.

    TMG emphasized the necessity for peaceful elections and urged security agencies to ensure a secure atmosphere for voters.

    Of significant concern was an alleged memo circulating from the Imo state government, reserving every hotel room in Owerri for the election period. This has led to speculation that domestic and foreign observers are being effectively barred from entering the state.

    TMG called for the immediate clarification of these allegations, highlighting the detrimental impact such actions can have on the democratic process.

    The disqualification and subsequent reinstatement of the APC candidate in Bayelsa have created ambiguity.

    TMG questioned whether this information has been effectively communicated to the public to prevent further unrest and confusion in the state.

    TMG raised concerns regarding a surprising ₦18 billion supplementary budget allocated to the Independent National Electoral Commission (INEC) for the off-cycle elections. Given that INEC had assured funding availability for these elections, TMG called for transparency and detailed explanations from the federal government to alleviate suspicions of potential malpractices.

    TMG underscored the importance of INEC’s independence in determining election results, advocating for a transparent electoral process that minimizes reliance on the judiciary.

    Inconsistencies in election tribunal rulings, such as the discovery of unsigned ballot papers, have shaken public trust in the electoral and judicial processes.

    TMG warned against a similar situation in the upcoming elections and urged all political actors to uphold the rule of law.

    TMG criticized the Supreme Court’s ruling that allows manual collation of results, stating that this could create opportunities for result falsification. They called on INEC to enhance its use of technology for credible elections.

    TMG decried the political impasse in Rivers State, urging federal intervention to safeguard democracy from further erosion.

    TMG expressed concerns over the partisan appointment of Resident Electoral Commissioners and called for appointments based on neutrality and merit.

    TMG admonished political parties for neglecting their role in providing civic education to the electorate and urged them to prioritize clean and citizen-oriented campaigns.

    TMG revealed plans to deploy observers to all local government areas, highlighting the essential role citizens play in ensuring a free, fair, transparent, and credible election.

    TMG encouraged citizens to actively participate in the electoral process, emphasizing that their involvement reduces opportunities for electoral malpractice and bolsters the integrity of the elections.

  • NNS BEECROFT Team Thwarts Massive Petroleum Product Theft, Safeguards National Interests

    NNS BEECROFT Team Thwarts Massive Petroleum Product Theft, Safeguards National Interests


    In a resolute demonstration of their commitment to protecting national interests and critical infrastructure, the Nigerian Navy’s NNS BEECROFT patrol team, in conjunction with the Maritime Component of Operation AWATSE, led by Commander NNS BEECROFT, Commodore Kolawole Olumide Oguntuga, has once again shown unwavering dedication in the battle against pipeline vandalism, utilizing technology and Human Intelligence (HUMINT) for operational efficiency.

    This innovative approach has yielded significant results, substantially enhancing the team’s capacity to identify and prevent criminal activities along the NNPCL pipeline.

    On November 1, 2023, at approximately 11:45 am, between ATLAS COVE and Ijegun in Lagos State, the NNS BEECROFT patrol team promptly responded to credible HUMINT, leading to the discovery of two compromised points along the NNPCL pipeline. These points were being exploited by saboteurs to connect hoses and pumping equipment, with the intent to siphon large quantities of Premium Motor Spirit (PMS) transported through the pipeline. This nefarious activity posed a significant threat to the availability of petroleum products and the economic well-being of the Nigerian populace.

    The swift and commendable action by the Naval team not only protected national infrastructure and petroleum product availability but also averted the potential outbreak of a catastrophic fire, with its devastating consequences for lives and property.

    In response to the discovery of these punctured points, the NNPCL has been alerted, and immediate repairs are underway to mitigate losses.

    Simultaneously, efforts are ongoing to identify and address other potential vulnerabilities along the pipeline, ensuring a comprehensive strategy to deter future illicit activities.

    This discovery highlights the unwavering commitment of the Nigerian Navy, led by Vice Admiral Emmanuel Ikechukwu Ogalla, Chief of the Naval Staff, in safeguarding Nigeria’s maritime domain and promoting economic prosperity for the nation.

    The Nigerian Navy takes pride in its leadership role in combating pipeline vandalism, contributing to a safer and more prosperous Nigeria.

  • CISLAC Raises Concerns Over Questionable 2023 Supplementary Budget

    CISLAC Raises Concerns Over Questionable 2023 Supplementary Budget

    The Civil Society Legislative Advocacy Centre (CISLAC) has voiced its deep concerns regarding the Federal Government’s second 2023 Supplementary Budget. Despite the nation’s vulnerable financial situation, CISLAC contends that the government has continued to exhibit a propensity for extravagance, opulence, and inefficiency.

    The organization has drawn attention to a disconcerting pattern of maintaining luxurious lifestyles for public officials at the expense of the general public, while Nigeria grapples with widespread poverty and high levels of unemployment. This trend, as per CISLAC, has become deeply entrenched within successive administrations in the Fourth Republic, with a failure to curtail expenses or reduce the extravagant spending of public funds, even in the face of persistent economic challenges, recessions, revenue shortfalls, rising joblessness, and increasing national debt.

    Supplementary budgets are traditionally intended to cater to unforeseen expenditures not initially accounted for during budget preparation. Recently, the National Assembly passed a Supplementary Appropriation Act 2023 amounting to over N819 billion (Eight Hundred and Nineteen Billion, Five Hundred Million Naira). However, a second supplementary budget emerged, ostensibly in response to the impact of petrol subsidy removal, aiming to provide additional palliative measures, such as wage awards for public servants and an enhanced cash transfer program for the most vulnerable in society.

    CISLAC has raised questions about the utilization of this supplementary budget, expressing concerns about what it refers to as “wasteful, suspicious, and unnecessary expenditure on frivolous items.” Specifically, CISLAC has noted the allocation of N18 billion to the Independent National Electoral Commission (INEC) for conducting off-cycle governorship elections in Bayelsa, Kogi, and Imo States on November 11, 2023. This allocation raises eyebrows since INEC’s Chairman indicated during a Quarterly Civil Society Consultative meeting on October 25, 2023, that these elections were already budgeted for in the 2023 budget, including the General election budget.

    The organization has criticized the shift in focus of palliatives from addressing the cost of living challenges faced by the majority of Nigerians to the legislative and executive arms of government, which are considered the most privileged. CISLAC poses a series of crucial questions, such as the rationale for forgoing trillions to sustain subsidies, approving N2.8 trillion for questionable purposes, and the relevance of such expenditures in the context of Nigeria’s pressing economic needs.

    CISLAC also questions the wisdom of borrowing for what it sees as frivolous expenses, given the nation’s significant debt burden. The organization deems it insensitive and irresponsible to allocate funds for luxury vehicles for the State House and the unconstitutional Office of the First Lady, among other frivolous items.

    In conclusion, CISLAC emphasizes the importance of responsible government budgeting, which should efficiently allocate resources to achieve economic and social objectives while maintaining a sound fiscal position. The organization calls for public engagement and increased transparency in the budget process to ensure that expenditures are directed toward job creation, economic growth, revenue enhancement, and the reduction of the national debt burden.

    CISLAC’s Executive Director, Auwal Ibrahim Musa (Rafsanjani), has underscored the critical need for substantial cost-cutting measures, asset privatization, infrastructure development, poverty-alleviation initiatives, and actions that generate employment opportunities.

    The organization has called upon President Tinubu and the National Assembly to shift their focus from wasteful spending to addressing the urgent priorities of the nation.

  • Tin-Can Island Command Elevates Port Operations Expertise Through Specialized Training

    Tin-Can Island Command Elevates Port Operations Expertise Through Specialized Training


    The Tin-Can Island Command of the Nigeria Customs Service has prioritized professional development by conducting a specialized training program for Deputy and Assistant Comptrollers on Monday.

    The aim was to optimize the performance of senior officers and keep them updated on the latest developments in port operations.

    The training session, held at the Tin-Can Island Command Headquarters in Lagos, was dedicated to addressing the ever-evolving landscape of the port environment, with a particular focus on the command’s operational area.

    The Customs Area Controller (CAC) of the Tin-Can Island Port, Comptroller Dera Nnadi mni delivered an informative presentation titled “An Insight into Customs Clearance Challenges and Breach of Extant Customs Procedures.”

    During his presentation, Comptroller Nnadi mni emphasized the dynamic nature of the port business and the necessity of staying well-informed about current developments.

    He highlighted the importance of supporting compliant traders while also discouraging non-compliance through prescribed sanctions and penalties.

    Nnadi, a leading strategist and development officer within the customs organization, highlighted the shift in Customs’ role from being solely revenue-focused to encompassing trade management that aligns with government policies. He underscored the importance of customs personnel and stakeholders adapting to these changing dynamics, as they significantly impact the customs clearance processes.

    Regarding the challenge faced by the command in meeting its annual revenue target of N801 billion in light of the fluctuating exchange rate of the naira, Comptroller Nnadi stressed the need to address revenue leakages and promote compliance among stakeholders and declarants.

    Deputy Comptroller Gambo Aliyu, who serves as the Command DC Enforcement Unit, emphasized the importance of continuous training and retraining. He highlighted that keeping abreast of modern customs techniques is crucial to ensure that the supply chain aligns with international best practices.

    Deputy Comptroller Aliyu also commended Comptroller Nnadi for his versatility and his contributions to the command since taking over control, noting that his leadership has been advantageous for the command’s operations.

    The training program reflects the commitment of the Tin-Can Island Command to maintain high standards in port operations and customs procedures. It ensures that senior officers are well-prepared to meet the evolving demands of their roles and align with international best practices in trade management.

  • Imo State Police Command Clarifies Arrest Of NLC President

    Imo State Police Command Clarifies Arrest Of NLC President

    The Imo State Police Command, in response to recent reports, has issued a statement clarifying the alleged arrest of the President of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, in Owerri.

    The statement from the police command underscores that Comrade Joe Ajaero was in Owerri as part of the NLC’s efforts to mobilize workers for a mega protest rally within the state. During their planning, discussions arose concerning the potential lockdown of essential facilities, including the airport, leading to resistance from workers and individuals. This resistance resulted in scuffles, heated arguments, and eventually an attack on Comrade Joe Ajaero by a mob.

    Upon receiving reports of this incident, the Imo Police Command promptly deployed police officers to the scene. The Officer in Charge exercised operational discretion by taking the NLC President into protective custody at the State Command Headquarters. This measure aimed to safeguard his life and prevent potential harm during the altercation. Subsequently, the Commissioner of Police directed that he receive medical attention at the Police Medical Services in Owerri due to the attack. Comrade Joe Ajaero was provided with adequate security cover to continue his other legitimate activities for the day.

    The press release also emphasizes the existence of a court injunction from the National Industrial Court of Nigeria, held in Owerri, with Suit No. NICN/OW/41/2023 dated October 27, 2023. This injunction bars the NLC from conducting the intended protest rally in Owerri.

    The Commissioner of Police, CP Mohammed Ahmed Barde, urges all parties involved to adhere to the court’s directives to avoid compromising the current security arrangements in Owerri and other parts of Imo State. This clarification comes as the state prepares for the forthcoming election process on November 11, 2023.

  • Nigerian Navy Halts Illegal Bunkering Activities Through Swift Interception

    Nigerian Navy Halts Illegal Bunkering Activities Through Swift Interception

    The Nigerian Navy, through the vigilant patrol team of NNS BEECROFT, successfully intercepted a large wooden boat on the night of October 25, 2023, within the Lagos anchorage area. This operation, initiated with the assistance of the Falcone Eye Alignment, a state-of-the-art Maritime Domain Awareness Facility, has effectively thwarted illegal bunkering activities that posed a significant threat to the nation’s resources.

    The intercepted wooden boat was carrying eight crew members, over 300 drums, pumping machines, and other equipment that could have been used for the illegal siphoning of petroleum products. This decisive action by the patrol team prevented the illegal handling of these products by potential saboteurs, averting a disaster and safeguarding valuable resources intended for consumption by Nigerians.

    The Nigerian Navy’s prompt and proactive response to halt these economic saboteurs is a testament to its unwavering commitment to safeguarding vital resources and ensuring the safety of lives and property within the maritime domain. This commitment reflects the leadership of Vice Admiral Emmanuel Ikechukwu Ogalla, the Chief of the Naval Staff.

    Commander NNS BEECROFT, Commodore KO Oguntuga who was represented by his deputy Captain Christian Akokota emphasized the importance of handing over the suspected economic saboteurs to the appropriate agency for investigation and prosecution.

    This action sends a strong message that the Nigerian Navy is determined to ensure the full weight of the law is applied to perpetrators of maritime crimes. This is crucial for sustaining the nation’s economic prosperity.

    The arrested individuals, identified as Mr. Selafei Tito, Mr. Seba Hunton, Mr. Etieni Abibu, Mr. Ahousansou Lawlent, Mr. Oke Job, Mr. Abel Yede, Mr. Matiye Husa, and Mr. Husa Hungha, will undergo thorough interrogation to reveal their motives and uncover the identities of any potential sponsors during the investigation process.

    The suspects were handed over to the Nigeria Security and Civil Defence Corps (NSCDC), where further investigations will be carried out, and necessary legal actions will be taken.

    This collaborative effort among security agencies demonstrates a united front against maritime crimes, ensuring the continued protection of Nigeria’s maritime resources and economic stability.

  • MARITIME SECURITY: Nigerian Navy Deploys 10 Warships, Helicopters To Combat Oil Theft

    MARITIME SECURITY: Nigerian Navy Deploys 10 Warships, Helicopters To Combat Oil Theft

    In a determined effort to combat oil theft, the Nigerian Navy has initiated the deployment of 10 warships and two helicopters within its territorial waters. This strategic deployment, referred to as “Exercise Sea Guardian,” was officially announced by Rear Admiral Umar Chugali, the Flag Officer Commanding Central Naval Command.

    Rear Admiral Chugali explained that the primary objective of this exercise is to minimize insecurity in Nigeria’s territorial waters. The Nigerian Navy is collaborating closely with other security agencies to ensure the success of this initiative.

    He elaborated on the exercise, stating, “This joint exercise covering both the defense and policy roles of the navy consists of 10 ships, two helicopters, and over 500 boats, all actively engaged for four days at sea. The purpose is to demonstrate the capacity and capability of our naval assets at sea, securing Nigeria’s maritime space and the Gulf of Guinea (GoG).”

    He emphasized that the maritime environment has faced ongoing threats both onshore and offshore, underscoring the need for this joint exercise, which was last conducted in 2021.

    The core objective of “Exercise Sea Guardian” is to maintain a secure, stable maritime environment conducive to the prosperity of socio-economic activities. By deploying capital ships and other assets, the Nigerian Navy aims to complement previous achievements in curbing sea piracy, sea robbery, crude oil theft, and other illegal activities within its waters.

    Rear Admiral Chugali acknowledged the dynamic and evolving nature of security challenges in the maritime environment. In response, the navy continues to adapt its tactics and strategies to minimize insecurity to the greatest extent possible.

    Although Nigeria was removed from the International Maritime Bureau (IMB) piracy list in March 2022, Rear Admiral Chugali emphasized that vigilance should be maintained. He attributed Nigeria’s successful exit from the piracy list to changes in the navy’s tactics and government support.

    Rear Admiral Olusola Oluwagbire, the Flag Officer Commanding Eastern Naval Command (ENC), dismissed allegations that some navy personnel were involved in crude oil theft complexities in the country. He explained that these accusations were baseless, as no evidence has been presented to support such claims.

    Rear Admiral Oluwagbire stated that the navy constantly monitors its personnel and takes strict action against any officers involved in illicit activities. The navy is committed to presenting its best personnel and assets in its deployments.

  • Defence Minister, Dr. Badaru, Commends NAF, Emphasizes The Importance Of Teamwork

    Defence Minister, Dr. Badaru, Commends NAF, Emphasizes The Importance Of Teamwork

    Dr. Mohammed Badaru Abubakar, the Minister of Defence, has reasserted his Ministry’s confidence in the Nigerian Air Force’s (NAF) ability to carry out its constitutional duties.

    He made this declaration during a visit to Headquarters NAF, leading a delegation that included the Minister of State for Defence, Bello Matawalle, Chief Defence Staff, General Christopher Musa, Directors, and other high-ranking Ministry officials.

    The Minister expressed his unwavering faith in the leadership of the NAF, led by Air Marshal Hasan Abubakar, and other Services, highlighting the importance of their collaborative efforts to create a safe environment for all Nigerians, free from fear and intimidation.

    Dr. Badaru commended the strong teamwork among the various Services, emphasizing that this is a result of effective leadership.

    He expressed satisfaction with the substantial cooperation between the Ministry and the Services, which has significantly contributed to recent achievements.

    Dr. Badaru appreciated the dedication and hard work of NAF personnel and assured them of the Ministry’s full commitment to providing the necessary support for addressing the country’s security challenges.

    Air Marshal Hasan Bala, the Chief of the Air Staff (CAS), acknowledged the transformative impact of the Minister’s leadership and his efforts to advance the defence sector.

    The CAS commended the Minister for introducing purposeful policies and programs to meet the nation’s defence and security objectives.

    The CAS provided an overview of notable achievements during his tenure and acknowledged the crucial role played by the Minister and his team in these successes.

    He expressed gratitude to President and Commander-in-Chief of the Armed Forces of Nigeria, Bola Ahmed Tinubu, for unwavering support in meeting the Service’s needs.

    The CAS affirmed NAF’s commitment to upholding democratic values and safeguarding Nigeria’s territorial integrity.

    He detailed the intensified air operations to combat terrorists and criminal elements, reducing their operational freedom and enabling successful ground operations by Nigerian troops.

    The CAS issued a stern warning to all enemies of the state, urging them to desist from criminal activities or face the consequences.

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