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Zenith Bank opens Paris branch, eyes Francophone countries

Ehime ALEX
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Zenith Bank opens Paris branch, eyes Francophone countries

ZENITH Bank Plc has opened a subsidiary in Paris, France, in its bid to expand its presence across major global financial centres.

The bank said it would expand its global footprint into Francophone countries, starting with Cameroon and Ivory Coast.

The official unveiling of the branch took place at 21 Rue de la Paix, Paris, France, on Thursday, November 28, and was performed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

“I feel that one of the dividends of building trust for Nigerian institutions around the world is this event today, the opening of Zenith Bank in Paris.

“The presence of Zenith here can only help to engender trust in the French business community,” Edun said.

According to the bank, the opening of the Paris branch, a third-country branch of Zenith Bank (UK) Limited, represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the European region.

“The opening of this Paris branch is part of the broad strategy of the bank to extend its footprints across the major global financial centres and our efforts at following our customers’ businesses,” the group managing director/chief executive officer of Zenith Bank, Adaora Umeoji, said.

She maintained that the Paris branch underpinned the bank’s need to serve its customers and bolster trade and finance relationships between its customers in France and other countries.

“Zenith Bank’s expansion into France is a very strategic move as Nigeria accounts for 20 per cent of France’s trade with Sub-saharan Africa, according to the Franco-Nigeria Chamber of Commerce and Industry.

“Having successfully dominated large parts of Anglophone Africa, we will leverage Zenith Bank Paris operations to lead the Francophone market starting from Ivory Coast and Cameroon where we will be establishing subsidiaries very soon,” she said.

Umeoji added that the Paris branch would facilitate business and trade flows between the African region and France, which is a major business partner to several African countries.

On his part, the director general of the Treasury in France, Bertrand Dumont, remarked, “This is a crucial asset when it comes to doing business between our two countries, or when it comes to doing business between our two continents.

“So, I would like to wish you the best in this endeavour, in this creation, and I hope that in the coming months or the coming year, you will invite me again for the integration of larger buildings as a sign of the success that you would have encountered.”

Zenith Bank, which commenced operations in July 1990 as a commercial bank, currently has an international presence in Ghana, Sierra Leone, South Africa, the United Kingdom, China, and the United Arab Emirates (UAE).

UK Visa chief tasks Nigeria on digitising vital records, warns against visa fraud

Mustapha USMAN
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UK Visa chief tasks Nigeria on digitising vital records, warns against visa fraud

THE Director of UK Visas and Immigration (UKVI), Marc Owen, has called for digitising vital records in Nigeria to enhance migration processes.

He also cautioned Nigerians against falling prey to visa fraud.

Owen made these calls during his first official visit to Nigeria earlier this week. The trip underscored the country’s significance as one of the UK’s largest visa markets, according to a statement by the UKVI office on Thursday, November 28.

During the visit, Owen met with government officials and other stakeholders in Abuja and Lagos, where he emphasised the importance of digitising records such as birth and death certificates and tuberculosis test certificates.

Owen also noted that doing so would improve how these records are stored, transmitted, and verified. 

He said this would benefit Nigeria and the UK by fostering transparency and efficiency in migration procedures.  

According to the statement, in Abuja, Owen held discussions with the director for Legal, Migration, and Consular Affairs at the Ministry of Foreign Affairs, Asari Allotey, and with representatives from the National Population Commission (NPC) and the International Organisation for Migration (IOM). 

He also visited the British Council office, where he toured the English language test centre and engaged with student counsellors and UK university representatives.  

Owen’s visit to Lagos included a meeting with the UK Joint Border Task Force (JBTF) and prominent business leaders. 

He also inspected operations at the newly inaugurated UK Visa Application Centre (VAC) in Ikeja, managed by VFS Global, the UK’s new commercial partner. 

While highlighting these advancements in his organisation’s operations, Owen issued a stern warning to Nigerians to avoid fraudulent travel agents and apply for UK visas only through official UKVI channels. 

He stressed that engaging fraudsters would jeopardise applications and undermine the trust and integrity of the UK visa system.  

“Throughout his time in Nigeria, Marc also addressed the challenges posed by visa fraud and fake travel agents and cautioned visa applicants to be vigilant and reiterated the importance of using only official UKVI channels when applying for UK visas. This step is vital to safeguarding applicants and maintaining trust in the visa process.

“His visit marks a new chapter in UK-Nigeria collaboration, with promises of greater engagement and impactful outcomes,” the statement added.

Nigerian Army has detained Fisayo Soyombo for three days – FIJ

Mustapha USMAN
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Nigerian Army has detained Fisayo Soyombo for three days – FIJ

THE 6 Division of the Nigerian Army in Port Harcourt, Rivers State, has reportedly been holding the founder of the Foundation for Investigative Journalism (FIJ), Fisayo Soyombo, in detention for three days.

In a statement shared on its X handle, on Friday, November 29, FIJ described the detention as unjust and an attack on press freedom. It said, “Journalism is not a crime!” 

The organisation called for immediate action for his release, using the hashtag #FreeFisayoNow to amplify its demand.

“The 6 Division of the Nigerian Army in Port Harcourt has been detaining our founder @fisayosoyombo three days running. Journalism is not a crime! #FreeFisayoNow,” the post read.

In another post, FIJ stated that “All his devices have been seized,” calling on the Nigerian Army to “preserve his evidence and truth.

“Don’t destroy the evidence. We insist the truth must come out. It’s in your custody, don’t destroy the evidence,” the statement added.

The news of his detention has generated outcry on social media, particularly on X, with many condemning his detention.

However, despite public outcry, the Nigerian Army has yet to officially confirm the detention or provide an explanation for Soyombo’s detention.

The ICIR reached out to the Army spokesperson, Clement Nwachukwu, but his number wasn’t going through, and he has yet to reply to a text message sent to his phone line hasn’t been returned.

This is not the first time Soyombo, a renowned investigative journalist and editor, has been detained for his journalism work. Known for exposing corruption and systemic failures, Soyombo has long been a target for scrutiny by powerful figures. 

Recently, the journalist has been outspoken about the role of the Nigerian Customs Service in smuggling rice, arms, and other goods into the country.

This followed his report revealing that smugglers could bring all sorts of goods into Nigeria as long as they bribed Customs officials. 

The report also highlighted that officials of the NCS only publish the names of smugglers who refuse to bribe them.

The ICIR reports that there have been efforts to suppress media and civic space in Nigeria over the years.

The 2024 data by Reporters Without Borders (RSF) placed Nigeria as one of West Africa’s most dangerous and difficult countries for journalists.

By this, Nigeria ranks 112th out of 180 countries where journalists are regularly monitored, attacked and arbitrarily arrested.

In 2020, The ICIR reported that 160 journalists were attacked in two years, as the country was ranked 115th out of 180 countries on the Global Press Freedom Index.

Also, The ICIR reported that 63 journalists and three media houses experienced various attacks in 2022.

According to this organisation’s findings, at least 39 Nigerian journalists were harassed across the country by state and non-state actors in 2023.  

Shareholders call for transparency, accountability in PZ Cussons’ operations

Ehime ALEX
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Shareholders call for transparency, accountability in PZ Cussons’ operations

SHAREHOLDERS have called on PZ Cussons Nigeria Plc to be transparent and accountable in its operations.

They made the call at the 76th Annual General Meeting (AGM) of the company held on Thursday, November 28.

The shareholders highlighted ongoing concerns regarding director remuneration and the sale of the company’s assets.

PZ Cussons Nigeria had in a statement on November 1, proposed to increase its director’s remuneration to N326.59 million for the financial year ending May 31, 2025, besides sitting allowance.

The demand raised concerns among shareholders associations who felt that the company should not have made such a request at a time when it is financially unhealthy.

At the meeting on Thursday, it was, however, explained that the external auditor had combined the remuneration of the non-executive directors with that of executive directors, which was considered abnormal.

The combination led to an increase in reported remuneration the company’s earlier fixed at N326.59 million.

“It was resolved that the external auditor should separate these figures for proper accountability and analysis,” the national president of New Dimension Shareholders, Patrick Ajudua, told The ICIR.

On the issue of the sale of assets, there was a consensus that selling off the company’s assets was a negative indicator of business health.

It was advised that the management halt the sale of the company’s assets and instead focus on enhancing internal revenue generation to support business growth.

“The meeting reflected strong majority support among shareholders for the resolutions passed but highlighted ongoing concerns regarding transparency and accountability in director remuneration.

“The emphasis on halting asset sales indicates a strategic shift towards strengthening the company’s operational capabilities rather than liquidating assets, which could be a positive sign for future growth,” Ajudua added.

All resolutions tabled during the meeting were passed, indicating a majority support among shareholders.

The resolutions include election/re-election of directors, fixing of external auditors’ fees, directors’ remuneration, audit committee election, general business mandate, and remuneration of managers.

However, no resolution was reached on the company’s offer to shareholders for the planned delisting from the Nigerian stock market.

PZ Cussons (Holdings) Limited, the parent company of PZ Cussons Nigeria and majority shareholder of the company, had in September 2023 revealed plans to delist from the Nigerian stock market and proposed an initial N21 per share offer to the minority shareholders to be implemented under an arrangement.

However, the offer was subsequently rejected by the minority shareholders who insisted on a N40 per share payout after the regulator, the Securities and Exchange Commission (SEC), rejected the PZ board’s application for delisting, following shareholders’ refusal to accept the N23 offered.

The minority shareholders believe that the majority shareholder was not sincere in the offer and was ready to short-change them, insisting on a N40 per share payout having a debt-equity swap as an option.

Amid controversies, Senate passes Tinubu’s tax bills for second reading

Harrison EDEH
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Amid controversies, Senate passes Tinubu’s tax bills for second reading

AMID stiff opposition from Northern governors, the Senate has passed four tax reform bills proposed by President Bola Tinubu for second reading.

The bills passed a second reading after Opeyemi Bamidele, the Senate majority leader, led a debate on them on Thursday, November 28.

In addition to the dissenting governors, some senators from the North are opposed to the bills.

While leading a debate on them, Bamidele said the bills would simplify the tax landscape, reduce the burden on small businesses, and streamline how taxes are collected.

“It is proposed that the state governments share 55 per cent of VAT from 15 per cent. There is a reasonable effort to establish core tax statutes in the bill,” Bamidele said.

The senator representing Bayelsa West, Seriake Dickson, said the discovery of oil in Nigeria did not allow the country to have a good taxation system as a means of revenue.

“I am aware that some issues have been raised and that is legitimate,” he said.

Similarly, the senator representing Borno South, Ali Ndume, expressed reservations over the timing and certain provisions of the bills.

He suggested that with necessary amendments, the bills could be passed “in less than 24 hours if withdrawn and reintroduced.”

Recall that President Tinubu Bola transmitted the four tax reform bills to the National Assembly for consideration on October 3.

Further insight into the bills are; the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.

Others are; the Nigeria Revenue Service Establishment Bill, which will repeal the Federal Inland Revenue Service (FIRS) Act and establish the Nigeria Revenue Service, and the Joint Revenue Board Establishment Bill, which will create a tax tribunal and a tax ombudsman.

The president stated that the bills would strengthen Nigeria’s fiscal institutions and align with his administration’s broader development goals.

The ICIR reported that stakeholders at the just concluded “Review of Proposed VAT Reform” said the Presidential Committee in charge needs to provide clarity and detailed information on its proposal for proper public engagement and scrutiny.

Contest seeks reporting on insurance sector

Blessing OTOIBHI
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Contest seeks reporting on insurance sector

CONTINENTAL Reinsurance Plc is proud to announce the launch of the 10th edition of the Pan African Re/Insurance Journalism Awards (2025), marking a decade of recognising journalistic talent and excellence within the reinsurance industry.

The awards dedicated to excellence in reinsurance journalism across Africa is now open for entries.

These prestigious awards celebrate the critical efforts of journalists who highlight key issues and developments in the insurance industry across the continent.

The awards are open to print, online and broadcast journalists from across Africa who have published articles or features related to insurance and reinsurance in English, French, and Arabic languages.

The review period is the 12 months leading up to the submission deadline date. Only one article can be entered for each category.

Apply here.

#Endbadgovernance: At least 24 protesters killed, over 1,200 detained – Amnesty International

Bankole ABE
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#Endbadgovernance: At least 24 protesters killed, over 1,200 detained – Amnesty International

AMNESTY International (AI) has said at least 24 protesters were killed and over 1,200 others, including minors, were detained during the #Endbadgovernance protest that took place in August in Nigeria.

Months after the protests, AI in a statement released on Thursday, November 28, also accused the police authorities of using “excessive force” against demonstrators during the protest.

The organisation said the police used extreme force against protesters nationwide during the protest leading to fatalities in states namely Borno, Kaduna, Kano, Katsina, Jigawa and Niger.

“Those killed included 20 young people, an older person and two children.”

The AI said in all cases, the victims were shot by the police, firing live ammunition at close range, often at the head or torso, suggesting that officers were shooting to kill.

It added that two survivors suffered injuries after being shot by police in the arm and legs; others were suffocated by the indiscriminate use of tear gas.

“People in Nigeria witnessed unbelievable lawlessness as security personnel fired live ammunition at peaceful protests. The death toll could be higher than 24 because of the authorities’ desperate efforts to cover up the atrocities. Peaceful protest over government policies is now a matter of life and death in Nigeria,” said the director of Amnesty International Nigeria, Isa Sanusi.

The group added that Nigerian authorities must hold the police and other security agencies accountable for unleashing deadly force on people who did not constitute an imminent threat to lives.

It added that it was shocking that police engaged in flagrant denials of wrongdoing despite public evidence to the contrary, adding that this speaks to their utter disregard for the sanctity of human lives.

It urged President Bola Tinubu to constitute an independent and impartial investigation of human rights violations during the #Endbadgovernance protests.

The group reminded the Nigerian authorities that the excessive use of force by the police against protesters contravened international human rights standards, including the UN Basic Principles on the Use of Force and Firearms by Law Enforcement Officials.

It claimed that those who expressed support for the protests on social media were attacked, and many were arbitrarily arrested either by the police or the State Security Service (SSS), also called the Department of State Services (DSS).

According to AI, one Khalid Aminu was arrested by the SSS in Kaduna during the protest and he said: “I was tortured for over 60 days, and the torture started right from the point of arrest. The DSS operatives beat me and other protesters with sticks and iron cables. They poured water on me. I am yet to fully recover from these atrocities.”

The organisation also disclosed that Michael Adaramoye (widely known as Lenin) was detained for two months for being part of the protest in Abuja.

It stated further that despite overwhelming evidence, including eyewitness accounts, videos, medical records, testimonies of the parents of victims and survivors, and photographs, the police had consistently denied involvement in the killings, dismissing them as “fake news” or attributing them to “unknown gunmen.”

In a report published in October, The ICIR reported that two months after the #EndBadGovernance protest, about 723 protesters arrested in Abuja and those charged to court in Kano were still struggling to meet their bail conditions.

The National Human Rights Commission (NHRC) put the number of those arrested across the country over the protest at 1,200, while some media reports put the number at over 2400. 

Recall that between August 1 to 10, 2024, Nigerians took to the streets to protest against the country’s rising cost of living and widespread corruption.

Despite efforts to suppress the protests, it went on for 10 days and turned violent in some northern states like Kadun and Kano.

Investigative journalism contest seeks entries

Blessing OTOIBHI
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Investigative journalism contest seeks entries

THE Sidney Hillman Foundation seeks entries for its Hillman Prizes, which honour investigative journalism and commentary that serves the common good.

Journalists worldwide can apply, but the work must have been widely accessible to U.S. audiences.

This year’s categories include book; print or online newspaper story or series; print or online magazine story or long-form; broadcast story, radio, TV or podcast (at least 20 minutes in total package length); and opinion and analysis.

Journalists and photographers can compete for a US$5,000 prize.

Along with the cash prize, winners will receive a certificate at the awards ceremony in New York.

The deadline for the submission of application is January 30, 2025. Interested applicants can apply here.

ICIR funded story wins Alfred Opubor 2024 Investigative Reporting Award

Mustapha USMAN
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ICIR funded story wins Alfred Opubor 2024 Investigative Reporting Award

A STORY funded by the International Centre for Investigative Reporting (The ICIR) under its Open Contracting Reporting Project, (OCRP) has won the 2024 Investigative category of the Next Gen Alfred Opubor Awards for campus journalists in Nigeria.

The report, ‘Niger communities suffer as Auna Dam project remains uncompleted despite 38 years of investments’ by Abubakar Abdulrasheed, a journalist who freelanced with The ICIR and participated in its 2023 OCRP, was adjudged the best investigative report by a campus journalist out of the pool of entries submitted for the award.

The award, presented by Netherlands Ambassador, Bengt van Loosdrecht, and the deputy director, Centre for Journalism Innovation and Development (CJID) Busola Ajibola, was announced on Wednesday, November 27, during the closeout dinner of the CJID’s Media Development Conference 2024.

The award, along with two others in the Environment and Health category, earned him the award of Campus Journalist of the Year, bringing Abdulrasheed’s total to four awards.

For each of the three award categories, Abubakar received a plaque and a cash prize of N150,000 while also receiving N200,000 for winning the Campus Journalist of the Year.

According to the organiser, (the CJID), the Next Gen Alfred Opubor Awards for campus journalists in Nigeria by the Centre’s Next Gen/Campus Reporter project, recognised excellence across various categories. 

The awards also celebrated exceptional campus journalists who have demonstrated a strong commitment to promoting accountability, transparency, and integrity in their reporting.

Meanwhile, the award-winning story revealed how over 20 communities around Auna River in Niger State have endured nearly four decades of unfulfilled promises since giving up their lands for the Auna Dam project. 

Despite over N20 billion in government funding and repeated contract revisions since the project began in 1985, The ICIR reported that the dam remains incomplete, leaving residents without potable water, electricity, or irrigation for farming.

The project, initially awarded to S.C.C (Nigeria) Limited for N27 million, has seen its cost revised upward multiple times, reaching N40.2 billion by 2017. Despite claims of 61 per cent completion by the government, Fiscal Responsibility Commission records show actual progress at only 52 per cent. 

Mismanagement, poor planning, and multiple abandonments have plagued the project, with hydropower features excluded and irrigation targets scaled back.

A proud moment for Abubakar

Abubakar, a Mathematics graduate from the Federal University of Technology, Minna, FUTMINNA, expressed profound fulfilment after winning the award for an investigative category.

According to him, the story, which he said was a product of five months of meticulous research and guidance from his OCRP mentor, was important as he revealed the ordeal of the residents in Niger State.

He stressed that the investigation was conducted using skills gained from OCR project training, which emphasised in-depth research, impactful data, and advanced journalistic tools. 

The journalist credited these methods for the story’s success, which has also earned a nomination for the Youth Digest Journalism Award, set to take place next month.

“Winning the award made me feel fulfilled by the work I’ve done over time. The most exciting moment was when my ICIR-supported story was presented as the best investigative story. It was a five-month investigation under the guidance of my excellent mentor, Mr. Dayo, who often pushed me to dive deep into uncovering the truth about the subject. The story turned out to be one of my best stories and I’m very proud of. It was also nominated for the Youth Digest Journalism Award coming up next month,” Abubakar said.

He added “I’m happy to tell people’s stories, and I’m grateful that my efforts are being recognised. The efforts weren’t in vain and I’m proud of myself, and I know this is just the beginning.”

Another ICIR-funded story shine at the event

Similarly, Taiwo Falola became the first runner-up in the Best Budgetary Procurement category for a story he authored on “how Osun government awarded N1.3bn projects to non-existent companies.

The report shows that projects worth N1.3 billion were awarded to non-existent companies between 2019 and 2021 during the tenure of former Governor Gboyega Oyetola.

It noted how the government failed to fulfill its promises of promoting healthy competition, efficiency, equal opportunities, the laws and standards. 

CBN fixes $100,000 minimum trade for banks on forex platform

Harrison EDEH
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0
CBN fixes $100,000 minimum trade for banks on forex platform

THE Central Bank of Nigeria (CBN) has set a minimum trade value of $100,000 for interbank foreign exchange trading via the Electronic Foreign Exchange Matching System (EFEMS)

The directive was dated 25 November 2024 and signed by CBN’s director of the financial markets department, Omolara Duke.

According to Duke, the development is part of efforts to ensure transparency, efficiency, and compliance within Nigeria’s FX market.

The EFEMS is designed to streamline interbank FX trading, reduce counterparty risks, and ensure adherence to CBN regulations.

The document containing the directive also said CBN had designated Bloomberg’s BMatch as the official order-matching platform for interbank transactions, with trading hours set between 9:00 am and 4:00 pm West Africa Time on business days.

The apex bank also said the $100,000 minimum tradable amount came with incremental clip sizes of $50,000.

The EFEMS is also limited to spot FX transactions involving the Nigerian naira and the United States dollar.

The CBN, however, retained the discretion to introduce other currency pairs when deemed necessary.

The guidelines document read, “All trades consummated on EFEMS are binding unless cancelled by mutual agreement of both parties with written approval from the CBN.

“The minimum tradable amount is US$100,000.00, with incremental clip sizes of US$50,000.00. Participants must set credit and settlement limits for other counterparties in the system. Transactions exceeding these limits will not be executed.

“Participants must have adequate credit and settlement limits set for the CBN as its counterparty bank. Participants are required to comply with the Nigerian Foreign Exchange Code and other CBN regulations.”

Participation in the EFEMS is limited to authorised dealer banks licensed by the CBN, while other institutions wishing to join the platform must first obtain prior approval.

Participants are also required to execute agreements with the CBN-approved platform provider, maintain accurate profiles, and operate within prescribed credit and settlement limits.

Withdrawal from the platform must be preceded by a 30-day notice, along with the resolution of any outstanding obligations. Also, trades conducted via the platform will remain anonymous until matched. Counterparty details will only be revealed once transactions are concluded, in line with settlement protocols.

Transactions exceeding set limits or conducted outside EFEMS parameters must be reported promptly and logged onto the FX blotter within 10 minutes.

The CBN emphasised that it would closely monitor all transactions on EFEMS to ensure market integrity and transparency.

Participants are required to submit daily reports detailing trade volumes, settlement statuses, and counterparties.

The CBN also reserves the right to publish aggregated or disaggregated trade data for market analysis, subject to confidentiality agreements.

Any violations of the EFEMS guidelines or related regulations will attract strict penalties, including the suspension or revocation of access rights.

The CBN further stated that it would periodically review the platform’s operations to ensure efficiency and compliance with its directives.

The CBN also announced that the Bloomberg BMatch system would officially go live as the EFEMS for foreign exchange trading on December 2, 2024.

On the heels of Nigeria’s currency volatility and foreign exchange, the apex bank came up with some policies to ensure there’s no arbitrage and currency manipulation, although such interventions have failed to settle Nigeria’s currency problems.

Earlier in the month, The ICIR reported that the apex bank set out a two-week period in November to test-run a new policy (EFEMS) on the foreign exchange (FX) aimed at checking market distortions, eliminating speculative activities and instilling transparency.

The apex bank disclosed this on Thursday, October 3 in a circular signed by Duke.

 

 

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