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Wednesday, 23 October 2019

Popular Hausa Actor Sponsors 101 Students With N46m

Popular Hausa Actor Sponsors 101 Students With N46m

Popular Hausa film actor, Adam A. Zango has sponsored 101 students to study at Professor Ango Abdullahi International School, Zaria. The Chief Executive Officer of Prince Zango Production Nigeria Limited paid N46.75m for three years scholarship, according to available information.

Zango posted on his verified Instagram handle, “I think it’s excellent to have the opportunity to help others and to support those who are worse off. Helping others especially kids fulfills my heart and it’s something I enjoy doing. How do you contribute or add value to others? Every day we do our best to achieve great things. As from now on together with my team, we won’t hide our good deeds any longer, we’ll work to improve the lives of women & underprivileged children, adolescents and families across the Nigeria.”

The School Principal, Malam Hamza Jibril confirmed the development. “Its true Adam Zango has sponsored 101 students in our school. Most of the students are orphans and less privilege,” he said. Zango recently announced his withdrawal from Kannywood.
FG Approves New Increased Wages For Youth Corpers

FG Approves New Increased Wages For Youth Corpers

The minister of youths and sports, Sunday Dare has disclosed that members of the National Youth Service Corps (NYSC) will enjoy the new minimum wage. Dare disclosed this in a tweet on Wednesday evening.

“New Minimum Wage: NYSC members to enjoy new minimum wage/ allowee Next week the DG NYSC will provide details of the new allowee for the Youth Corp members after full briefing from the Ministries of Finance And MYSD,” he posted on Twitter.
No One Is Pressurising Us To Relocate To Lagos and Kaduna...Innoson Motors

No One Is Pressurising Us To Relocate To Lagos and Kaduna...Innoson Motors

Innoson Vehicle Manufacturing (IVM) says it is not under any form of pressure from the federal government to relocate its company to either Lagos or Kaduna State.

Mr Cornel Osigwe, IVM’s Head, Corporate Communication, made the assertion in a statement in Awka on Wednesday.

He said that the Nigeria’s premier automobile company, with headquarters in Nnewi had not received any directive from the federal government asking it to relocate.

“There has never been any such directive from the federal government or her agents to withdraw our license based on our company’s current head office,” he said. Osigwe said that the company was constrained to make a statement following reports falsely credited to its chairman, Chief Innocent Chukwuma.

He described the report as intended to sow a seed of discord between the company and the federal government, saying, “this plot has already failed” “We would have ignored the statement and the publication in its entirety, knowing that they are the handiwork of mischief makers, but being silent may be misconstrued as acceptance.

“We are urging the public to disregard such report, we want to set the record straight, there is no such order from the federal government,” he said.

The corporate affairs manager further said that the IVM had continued to maintain a robust relationship with the federal government. He further said that the President Muhammadu Buhari-led government had taken practical steps towards supporting the growth of the automobile sector.

“Under the current administration, the Nnewi Auto-Industrial Park was initiated to support automobile parts manufacturing companies. “This initiative which is aimed at supporting Nigeria’s automobile manufacturing companies is receiving a boost under the current administration,” he said.

Osigwe, who noted that IVM was a major beneficiary of the automobile park initiative, advised the public to disregard the report. “Let us remember that Innoson Group’s chairman has recently announced that the company enjoys huge patronage and support from the Buhari-led administration. “As a company, we are patronized by government agencies such as the Nigerian Military, Police, Federal Road Safety Commission, Fire Service and Immigration.

“We are in partnership with the Nigerian Air Force for development and promotion of joint activities and associated Aerospace Ground Equipment,” he said.
FG Renames Federal Ministry Of Communications

FG Renames Federal Ministry Of Communications

The President of the Federal Republic of Nigeria Muhammadu Buhari GCFR, has granted the prayers of the Honourable Minister of Communications Dr Isa Ali Ibrahim Pantami FNCS, FBCS, FIIM to properly position and empower the Ministry to fulfill his Digital Economy objectives. The Ministry which supervises the ICT Sector has been renamed The Federal Ministry of Communications and Digital Economy to further expand its mandate to capture the goals of digitalization of the Nigerian economy in line with the Economic Growth and Recovery Plan (EGRP), one of the key agenda of the present administration.

According to the Honourable Minister, the former name was not only limiting in pursuing the objectives of a digital economy, but obsolete as it did not reflect the the trends as emphasized by the International Telecommunications Union (ITU). ICT contribution to the country’s Gross Domestic Product (GDP) stood at 13.85% in the second quarter of 2019. The change of nomenclature will propel the Ministry to reposition its strategic objectives as laid out in the priority areas of this administration while accelerating growth and social inclusion.

Dr Pantami cited examples of global and African economies like Scotland, Thailand, Tunisia, Benin Republic and Burkina Faso among others who have adopted deliberate strategies and created Ministries of Digital Economy in line with global best practice, and especially the European Union which has a commissioner for Digital Economy.

In a letter containing his approval, the President noted that the request is in line with global best practice which will further reflect the priorities of his administration. The approved name has been announced and adopted by the Federal Executive Council today, 23rd October 2019.
Q3 2019: UBA Grows Net Profit By 32.3%, As Gross Earnings Hit N428.22bn

Q3 2019: UBA Grows Net Profit By 32.3%, As Gross Earnings Hit N428.22bn

United Bank for Africa Plc, the pan African financial institution with a network that spans 20 African countries, the United Kingdom, the USA and with presence in Paris, has announced impressive performance in its unaudited 2019 Third Quarter Financial Results, with significant growth in Gross Earnings, which rose to N428.22 billion, representing a 14.2 percent increase when compared to N374.8billion recorded in September 2018.

UBA’s Profit Before Tax grew by 24.2% to N98.2billion, up from N79.1billion in the same period of 2018. Similarly, its after tax net profit also grew significantly by 32.3% from N61.69billion recorded in September last year to N81.63billion in the period under consideration. This profit performance puts the Bank’s annualised return on average equity at 20.6%.

According to the report filed with the Nigerian Stock Exchange (NSE) on Monday, UBA’s net operating income improved by 11.6 percent year-on-year to N265.99 billion compared to N238.36 billion achieved in the similar period of 2018.

Despite the double digit inflation rate in Nigeria(its largest market) coupled with uncertainties in the business environment in Nigeria and in some countries in the rest of Africa, UBA’s curtailed operating expenses only increased by 8.4 percent and this was largely due to regulatory costs.

The Bank continues to maintain a very strong balance sheet, with Total Assets of N4.96 trillion, an increase over the N4.87 trillion recorded in December 2018. Customer Deposits also grew to N3.37trillion. The shareholders’ fund remained very strong at N555.53 billion, rising by 10.5% and reflecting a strong capacity for internal capital generation.

Commenting on the results, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka, said: “The resilience of our business model and our focused growth of earning assets have yielded a 10.8% growth in interest income. In addition to the commendable yield on interest earning assets, we also achieved a 22.1% growth in non-interest income, driven largely by the increased penetration of our superior digital banking offerings, credit expansion, remittances and other lifestyle transactional services.”

“UBA remains committed to its vision of becoming the undisputed leading and dominant financial services institution in Africa. We will continue to innovate and lead in all our business segments, whilst delivering top-notch operational efficiencies and best-in-class customer service. We are beginning to realise early gains from our ongoing Transformation Program and I am indeed excited about the days ahead,” Uzoka stated.

Also throwing more light on the bank’s financial performance and position, the Group CFO, Ugo Nwaghodoh said “with the results achieved in the quarter under consideration, the bank remains on track to deliver its earnings target for the year. We were able to grow the loan book by 14.7%, (well ahead of our guidance) focusing on growth poles of various economies in which we operate. We have also developed new credit products targeted at specific consumer and SME market segments, and will continue to do so with strict adherence to best credit/underwriting standards, as we strive to achieve the statutory loan-to-funding ratio threshold set by the apex bank”.

UBA is one of Africa’s leading banks with operations in 20 African countries. The bank also has presence in the global financial centres of London, New York and Paris.  UBA provides banking services to more than 17 million customers globally, through diverse channels.
Senate President Lawan Inaugurates Young Parliamentarians Forum

Senate President Lawan Inaugurates Young Parliamentarians Forum

President of the Senate, Ahmad Lawan, on Tuesday inaugurated the principal officers of the Young Parliamentarians Forum (YPF).

The inauguration is sequel to the conduct of election by the group at the National Assembly.

Lawan, who presided over the election of the principal officers, said the inauguration of the YPF was aimed at securing the inclusion and participation of the youths in the process of deepening Nigeria’s democracy.

He stated that the determination of the legislature to return Nigeria’s budget cycle to the January-December timeline with the passage of the 2020 budget in record time was also part of plans by the National Assembly to build a new momentum for good governance in Nigeria.

“The idea of the YPF is to give emphasis in inclusion of young parliamentarians across the world, and particularly in the National Assembly.

“The young anywhere in the world provide new energy for development. They represent the future and the promise of any nation. The young are the hope of tomorrow and the group around which leadership would revolves,” Lawan said in his remarks at the event.

He added, “If you want to see the future of a nation, look at what it is doing with the young; that will tell you whether that country or society has a future.

“What we have to do is to ensure our young ones, whether they are parliamentarians or not, receive the kind of attention that is needed to prepare them for tomorrow. Our tomorrow is prepared today with our young parliamentarians.”

The Senate President noted that the Forum as a body carved out of the Inter-Parliamentary Union, affirms the importance of the young, adding that “understanding the youth is eventually made easier when we have a good number of them in parliament.”

The Senate President, therefore, tasked Nigerian youths on the need to take advantage of the Not-Too-Young-To-Run Act to ensure representation every four years.

“The outcome of the 2019 general elections and the inauguration of the unprecedented number of young persons in the National Assembly and 36 state legislatures, we can say we are making progress with youth participation in Nigerian politics.

“The inauguration of the YPF of the 9th National Assembly is one big step we are taking to sustain the forum through which young persons across the nation have not only found a voice, but an instrument to be part of the decision making process in the National Assembly.

“This is to make the voice of Young persons at the grassroots to count. It is also to ensure that they are part of decisions that affects them today and in the future. I want to assure the Forum that the Senate is ready to provide the needed support to achieve the concept of inclusion across Nigeria.

“These roles of the YPF are indeed very timely. It is a fact that we need to stabilise our democracy. It is also a fact that democracy is a system, requiring involvement and participation of all.”

“We have made the point that the 9th National Assembly has taken off on the high. We are determined to pass the budget in record time, so we can eliminate our undesirable budget cycle. We have set up our committees in both chambers, just as we have also passed our legislative agendas.

“With these activities, we have built a new momentum, preparatory to delivering our mandate of good governance. With the imminent inauguration of the Inter-parliamentary Union (IPU) Young Parliamentarians Forum (YPF), we have also begun another phase”, Lawan said.

Earlier, members of the YPF of the 9th National Assembly, unanimously elected Honourable Kabiru Ibrahim Tukura (APC, Kebbi) as Chairman and Honourable Ibrahim Babajide Obanikoro (APC, Lagos), Deputy Chairman.

Both lawmakers who are serving members of the House of Representatives are aged 35 and 38 years, respectively.

Among those present at the election of the principal officers and inauguration of the YPF of the 9th Assembly are: the Deputy Speaker of the House of Representatives, Rt. Hon. Idris Wase, representing the Speaker and the Clerk of the National Assembly, Alhaji Mohammed Sani-Omolori.

Others in attendance are: the Leader of the House of Representatives, Hon. Alhassan Ado Doguwa; Minority leader of the House, Hon. Ndudi Elumelu; Clerk of the House of Representatives, Patrick Giwa; Senior Programmes Manager, Westminster Foundation for Democracy (WFD), Lucy Armstrong and members of the Young Parliamentarians Forum (YPF).

Xenophobia:Nigerians Attacked In South Africa Again

Xenophobia:Nigerians Attacked In South Africa Again

South Africans living in Mpumalamga province have attacked Nigerians in a fresh wave of xenophobic violence.

The leadership of Nigerian Citizens In South Africa (NICASA) and Nigeria’s Consular General to South Africa are also on their way to Witbank in Mpumalanga province to gather more information on the attack.

This fresh attack comes a few weeks after President Muhammadu Buhari visited South Africa and called for the protection of Nigerians and other foreign nationals living in the country.

Buhari during the visit also condemned the xenophobic attacks in Johannesburg, South Africa’s capital which led to the looting of shops owned by foreign nationals.

He demanded that measures should be put in place to prevent the re-occurrence of the attacks.

South Africa’s President Cyril Ramaphosa in response repeatedly apologised over the attacks and reiterated his government’s “deep regret at the incidents of public violence.”

About 600 Nigerians returned from South Africa early in September after xenophobic violence in Johannesburg. The second batch of 315 Nigerians later returned mid September and many more have continued to leave South Africa in the wave of the deadly attacks.