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Access Bank to redeem $400 million dollars loan before due date

Access Bank Plc, Thursday announced the early redemption of $40million subordinated unsecured notes on the Nigerian Stock Exchange.

Sunday Ekwochi, secretary of the company in a statement said that: “the bank it intends to exercise its option to redeem the USD400 million subordinated unsecured notes at a fixed rate of 9.25 per cent, due 2021.

“The USD400 million subordinated bonds, issued in June 2014 by Access Bank PIc, will be redeemed on June 24, 2019, with accrued interest,” he said.

Ekwochi said that following such redemption, the Bonds will be cancelled and there will be no Bonds outstanding.

“The Issuer intends to complete any formalities relating to the delisting of the Bonds from the regulated market of the Irish Stock Exchange as soon as possible,” the statement read.

Subordinated debt is a loan or security that ranks below other loans or securities with regard to claims on assets or earnings it is paid after all other corporate debts and loans are repaid.

JUST IN: EFCC denies arresting Okorocha, wife

THE Economic Financial Crimes Commission, EFCC, on Thursday refuted claims that former governor of Imo State Rochas Okorocha, wife and other relatives have been arrested in Imo State based on issues bordering on embezzlement.
Tony Orilade, acting the spokesperson of the EFCC in a phone conversation told The ICIR, the news circulating on the media about the statesman arrest was false.
“EFCC did not arrest Okorocha or any member of his family, no member of his family was arrested. That is fake news. The EFCC was nowhere close to Okorocha’s premises today,” he said.
On Thursday afternoon, it was claimed that the EFCC stormed Ogboko arrested Rochas Okorocha, his wife Nkechi Okorocha, Gerald Okorocha and Okey Okorocha and also sealed his Eastern Palm University Ogboko.
Okorocha’s two-term tenure as governor of Imo State ended only yesterday as Emeka Ihedioha took the oath of office as the new governor.
The EFCC had previously protested a restraining order filed by the outgoing  Senate President, Bukola Saraki and Okorocha investigating the duos on allegations of corrupt practices.

Cyber fraud: Court grants Naira Marley N2m bail

HAVING been reprimanded in prison for one week, the federal high court in Lagos has granted Naira Marley bail for the sum of N2million.

The up-and-coming musician who was arrested on May 10 and arraigned on charges of cyberfraud was granted bail with two sureties in like sum at the federal high court, Ikoyi.

Justice Nicholas Oweibo, who ruled over the case, said one of the sureties must be a civil servant not below Grade Level 10, and must own a landed property in Lagos state.

He adjourned the case till October 22 for the trial to commence.

It would be recalled that Azeez Fashola, a.k.a Naira Marley was arraigned by the Economic and Financial Crimes Commission (EFCC) on an 11-count charge for his allegedly propagating cybercrime, possessing counterfeit cards and conspiring to obtain gain.

Rotimi Oyedepo, the prosecuting counsel pleaded that the musician be remanded in prison till the hearing of bail application.

But  Taiwo Oreagba, the defence counsel, pleaded that the defendant should rather remain in EFCC custody.

 

 

Appeal court dismisses judgement against Adeleke, rules “he’s qualified to contest Osun guber poll”

THE Federal Court of Appeal sitting in Abuja on Thursday dismissed the judgement of the FCT High Court that had initially disqualified Senator Ademola Adeleke from the Osun State governorship election in September 2018 and upheld his appeal.

Justice Emmanuel Agim, who read the lead judgment on behalf of the three-man judges’ panel, also awarded the cost of N3 million against the plaintiffs who instituted the suit before the FCT High Court, Bwari, Wahab Raheem and Adam Habeeb who were respondents to the appeals filed by Adeleke and the Peoples Democratic Party, PDP.

In a unanimous judgement, the court upheld the appeals filed by Adeleke and the PDP.


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Their challenges, the April judgment of the High Court which had declared Adeleke ineligible to contest the election on the grounds that he forged his secondary school leaving certificate examination submitted to the Independent National Electoral Commission, INEC, in 2018.

Justice Othman Musa of the FCT High Court also declared Adeleke a dropout of the Ede Muslim Grammar School in Ede, Osun State, and thus was not qualified under Section 177(d) of the Constitution to contest last year’s governorship election in Osun State.

Dismissing the judgement, Justice Agim, while delivering the lead judgment of the Court of Appeal, held that the suit, having not been filed within 14 days after Adeleke’s Form CF001 was submitted to INEC or 14 days after his name was published as a candidate in the September 2018 election, the suit filed before the FCT High Court, by virtue of Section 285 of the Constitution, had become statute-barred.

Justice Agim also held that the failure of the FCT High Court to deliver its verdict within 60 days of the filing of the suit had rendered the lower court’s judgment a nullity.

But the Court of Appeal also held the affidavit evidence of the West African Examination Council and result in ledger attached to it showed that Adeleke was not a dropout but actually sat the May 1981 examination of the body at Muslim Grammar School, Ede.

He held that by virtue of Section 177 of the Constitution, by merely writing the examination and without passing any paper, Adeleke was qualified to contest the governorship election.

Buhari declines assent to Maritime University bill, though college already admitted students

ON Thursday, President Muhammadu Buhari rejected the bill for the establishment of Maritime University of Nigeria, Okerenkoko, sponsored in 2016 to establish a higher educational institution in Delta State.

In a letter sent to the Senate, the president explained that his decision not to sign it into law is as a result of the excessive source of funding proposed for the university.

“I am declining my assent to the bill because the funding provisions are grossly excessive and will disrupt the operation of a number of government agencies and institutions,” he said.

However, The ICIR observes that the Maritime University already has been accredited by the National University Commission (NUC) since 2018 and has been in operation. Former president Goodluck Jonathan had commissioned the project in 2014.


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In January 2018, the vice chancellor, Ongoebi Etebu, disclosed that the NUC approved three faculties for the institution: Marine Transport, Engineering, and Environmental Management. The professor said it was also given the go-ahead to admit Unified  Tertiary Matriculation Examination candidates.

A statement by the senior special assistant on media and publicity to the vice president, Laolu Akande, released months later revealed that 196 students were accepted to commence lectures in April.

“The Delta State government has also donated two 500KVA generators to the University,” the statement said. “The Maritime University was recently granted approval in January by the National Universities Commission (NUC) to commence undergraduate degree programmes effective from the 2017/2018 academic session.

“The Joint Admissions and Matriculation Board (JAMB) had listed the University in its Central Admissions Processing System in January 24, 2018, while interviews for academic staff positions were conducted between 1st and 2nd of March, 2018.”

According to the 2018 budget, the national assembly approved a take-off grant of N3.4 billion for the university as part of the education ministry’s projects.

In spite of the accreditation and funding, however, the university’s website is not up yet. “A new WordPress site, coming soon,” is the message on its home page as of writing this report.

Among other things, the bill to establish the maritime university also makes provisions for its constitution and functions. Sections 2 and 8, as well as the first schedule, provide for the vice chancellor office; and section 10 provides for the admission of students.

But, especially with the president’s latest decision not to pass it, it remains unclear under what laws the university is currently operating.

The Ijaw Youth Council, in November, lamented that the school is on “the verge of collapse”, “in a sorry state” and has been “completely abandoned”.

“As we speak now, majority of the staff have deserted the school as the institution is unable to pay its staff for many months, while the Vice Chancellor of the institution is moving round the country sourcing for funds,” the president, Roland Pereotubo Oweilaemi, said in a statement.

“What we found out on our visit is an eyesore. The generating plant that has been supplying power to the institution is not working as the management has no finance to buy diesel. Students and the staff are living in hell in the school building because there is no light. Water supply to the school has stopped because there is no light to pump water.

“President Buhari should, as a matter of urgency, release funds for the school. We will vehemently resist any move to scrap the Institution through starving it of funds. People of goodwill should prevail on the government to do the needful before things get out of control. We cannot guarantee that the existing peace in the region will be sustained if the Federal Government keeps on maintaining its cynical stand on the school. A stitch in time they say saves nine.”

Last year, President Buhari also refused to sign the bill establishing the Federal University, Wukari in Taraba State, citing the wrong use of words in the instrument. The institution has however existed since as far back as 2011, and has consistently received subventions from the federal government.

Buhari departs for OIC summit in Saudi Arabia

PRESIDENT Muhammadu Buhari, Thursday departed Abuja to attend the Summit of the Organisation of Islamic Cooperation (OIC) in Makkah, Saudi Arabia few hours after inauguration into the office for a second term.

Buhari’s visit follows an invitation by King Salman Bin Abdulaziz, the ruler of Saudi Arabia and Custodian of the Two Holy Mosques.

Garba Shehu, the spokesperson to the president, tweeted: “President  Muhammadu Buhari departs Abuja to attend the summit of the Organisation of Islamic Cooperation in Makkah, Saudi Arabia.”

The 14th session of the Summit Conference of the OIC, scheduled to hold on Friday will be hosted by King Salman bin Abdulaziz Al Saud and attended by heads of state and governments of member states.

President Buhari is expected to address the forum and underscore the need for member countries to unite and work together to combat common challenges such as terrorism and violent extremism.

In addition, he would push forward themes that have been at the forefront of his domestic and international priorities, including reviving the Lake Chad Basin, investing in Nigeria to create jobs and financing for development.

President Buhari, who is expected to return to the country on June 2nd, will be accompanied by Governors Mohammed Badaru Abubakar of Jigawa State, Gboyega Oyetola of Osun State and Abubakar Sani Bello of Niger State.

President Buhari is the third Nigerian leader to attend the OIC conference in person, after Goodluck Jonathan and the late Umaru Yar’Adua.

 

Obasanjo, NACCIMA DG, 393 others escape crash aboard Ethiopian Airlines

Former President, Olusegun Obasanjo and 393 others aboard an Ethiopian Airlines plane, escaped crash on Wednesday at Murtala Mohammed International Airport.

Obasanjo who was absent from the inauguration ceremony of President Muhammadu Buhari for a second term was reportedly coming from Addis Ababa.

Other prominent Nigerians in the Ethiopian airline passenger aircraft, Boeing 777-300, included the Director General of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Amb. Ayoola Olukanni.

Also in the plane was Prof Samson Tunde Adebayo, the Director of Ports Inspection, National Agency For Food And Drug Administration And Control (NAFDAC) as well as scores of Nigerians and other nationals.

The passenger aircraft, ET-901, had departed the Bole International Airport, Addis Ababa, at about 9:10 a.m., Ethiopian time; 7 a.m Nigerian time.

A NAN correspondent, who was among the passengers, reported that the almost 5-hour flight from the Ethiopian capital to Lagos had been smooth until the pilot attempted to land at the Murtala Mohammed International airport.

Rather than landing on the first touchline of the runway, the pilot over short it, due to rain and heavy wind, landing on the third touchline.

NAN reports that on realising this, the pilot quickly manoeuvred the plane back air, flying out of the Lagos airport.

After hovering between Lagos and areas suspected to be in Ogun, causing panic in passengers and crew members, the plane finally landed in Lagos airport, some 20 minutes after the initial false landing.

The atmosphere in the airbus upon landing was a replica of what is obtainable in some Nigerian worship centres, as many passengers broke out into worship songs and clapping, while some fell to their knees in prayer.

Officials of the NCAA were unable to confirm the incident as the General Manager, Public Relations of the agency, Mr Sam Adurogboye, said there was no report of any incident in Lagos so far while the General Manager, Public Relations, Accident Investigation Bureau, Mr Tunji Oketunbi, said he had not received any incident notification from any airline.

NAN checks from the Control Tower also gave the same report.

But the Duty Manager and Chief Customer Service (Nigeria) of the airline, Mr Otori Otan, told NAN that if the pilot had continued taxing down after landing on the third touchline, he would have overshot the runway.

“But this is an experienced pilot. He realised this immediately.

“Fortunately, the distance between when he realised the situation still permitted him to take off and renegotiate landing,” Otori said.

He added that the incident was not out of place while confirming that the wind obscured the pilot’s vision.

Otori also disclosed that most of the aircraft that flew out of the Murtala Mohammed International Airport had to fly against the midday heavy wind.

“These things happen. That is where the sophistication of the aircraft and experience of the cabin crew members come in.

“The aircraft is one of the best you can have around and we are fortunate to have pilots who know their onions,” he said.

Furthermore, Mr Ikechi Uko, Media Consultant to Ethiopian Airline, confirmed that the aircraft had a “missed approach” while about landing due to poor visibility caused by inclimate weather.

“The aircraft thereafter made an air return before it proceeded to land successfully .”

He said the pilot’s effort was in line with the Safety and Recommended Practices (SARPS) in aviation

Obasanjo and Olukanni had both attended a Stakeholders Dialogue on Continental Trade and Strengthening Implementation of the African Continental Free Trade Agreement (AfCFTA) which ended on Tuesday in Addis Ababa. (NAN)

Nigeria to retain 40 per cent ownership in JV partnership with foreign oil companies

THE Federal Government has directed the Nigerian National Petroleum Corporation, NNPC, its oil holding firm to cut down its stakes in Joint Venture oil assets to less than 40 per cent within the 2019 fiscal year by selling its stakes which would boost its finances.

In a tweet on the official Twitter handle of the Presidency, the Minister of Budget and National Planning, Udo Udoma, disclosed the government’s plan to reduce its stakes in the assets.

The NNPC currently holds shareholding interest in six joint ventures with foreign oil firms operating in Nigeria. Apart from the Joint Venture, with Shell Petroleum Development Company of Nigeria Limited which NNPC holds a 55 per cent stake, but holds a 60 per cent stake in the other joint ventures.
The others include Nigerian Agip Oil Company Limited, Mobil Producing Nigeria Unlimited, Texaco Overseas Petroleum Company of Nigeria Unlimited, Elf Petroleum Nigeria Limited and Chevron Nigeria Limited.
Under the JV arrangement, both the NNPC and private operators contribute to the funding of operations in the proportion of their equity holdings and generally receive the produced crude oil in the same ratio.

All parties share in the cost of operations. The operator is the one to prepare proposals for the programme of work and budget of joint expenditure on an annual basis, which shall be shared on a shareholding basis

The Economic Recovery and Growth Plan released in 2017, revealed that Nigeria was set to earn $115 million from giving up its stake in JV oil assets, refineries and other downstream subsidiaries such as pipelines and depots according to a report.

The ICIR had earlier reported that the outstanding cash call debt owed by the Federal Government in its JV operations with the foreign oil firms are worth $3.6 billion after paying off $1.5 billion.

INAUGURATION: Kaduna State approves 6-month maternity leave for women

THE Kaduna State government on Wednesday disclosed that it has approved 6-month maternity leave for lactating mothers in the state.

The state Governor, Mallam Nasir El Rufai made this known at his inauguration ceremony held at the state capital for his second term in office.

According to him, the consensus decision was approved just yesterday to encourage six months exclusive breastfeeding recommended by the Federal Ministry of Health, World Bank and other medical experts.

“Just yesterday the council approved six months maternity leave for our pregnant women to encourage exclusive breastfeeding,” says the El Rufai.

“Children up to the age of five will get free medical care in our hospitals so that they are entitled to free regular medical check-ups in all public hospitals. Please take advantage of this. Continue to take your children to hospitals for regular checks from time to time.”

Nigeria is a signatory to the Sustainable Development Goals (SDGs) of the United Nations aimed to achieve set goals, especially reducing infant mortality and maternal mortality significantly by 2030.

For instance in Nigeria, according to the latest World Health Statistics, under-five mortality is pegged at 100.2 per 1, 000 live births, far from recommended reduction to 25 per 1000 live births.

Maternal death in the country is also ranked 814 per 100, 000 live births compared to the acceptable 70 per 100, 000 live births – a statistics higher than Somalia and Sudan.

The last National Demographic Health Survey (NDHS) conducted in 2013 by the National Population Commission ranked infant and child mortality 69 and 128 deaths per 1,000 live births.

However, the governor further emphasised that the medical service is free in all public hospitals within the state.

Citing one of his achievements in the last four year, he said government under his leadership was able to complete the “long-delayed Zaria water project,” adding that the state government would continue to build, expand and maintain infrastructure projects to promote the wellbeing of the people.

He assured residents of continuous investment to the states and need to create jobs to address unemployment, thus increasing the revenue.

Former President Jonathan still recognises May 29 as democracy day

FORMER president Goodluck Jonathan has continued to recognise May 29 as democracy day, despite the act of parliament that affirms democracy as June 12 in commemoration of the election considered to be freest and fairest in Nigeria.

In his tweets  hours ago, he wrote  that May 29  marks the introduction of democractic rule in Nigeria  and ‘signalled the end of a long spell of military dictatorship.’

“Our celebration of democracy is, therefore, a mark of our commitment to the virtues of liberty, justice and the people’s freedom to daily engage government on how best to achieve our national goals.

“Democracy has come to stay. So let us stay in the creed and virtues of justice, equity, and love which makes democracy a solid ground of freedom, good governance, peace and hope. Happy Democracy Day Nigeria,” he tweeted  Wednesday morning.

However, the incumbent government led by Muhammadu Buhari had last year June 2018 declared that Democracy Day would henceforth hold on June 12th of every year.

The pronouncement was later approved in the Senate by an act of parliament after the lawmakers considered the bill seeking to amend the Public Holiday Act six months after the president’s declaration.

The pronouncement was made in honour of the acclaimed winner of the 1993 presidential election–the late Chief Moshood Abiola with posthumous conferment of the highest national award, Grand Commander of the Federal Republic on the deceased.

Even with the new amendment, it seemed the former president, Jonathan, would rather acknowledge May 29 as Democracy Day. He further urged Nigerians to stand firm as a nation and continue to strive for improvements in the electoral processes in the series of messages he shared on social media.

“There is a need to deepen the gains so far attained by advancing frontiers of credible electoral processes, fidelity to the rule of law and adherence to constitutionalism.

“A credible electoral process is no doubt fundamental to making democracy work for us as a people, as it sufficiently empowers citizens to freely choose or reject their political leadership, thereby serving as an incentive for good governance,” Jonathan wrote.