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NFF begins vacant Super Eagles coach applicants’ reviews

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THE leadership of the Nigeria Football Federation (NFF) will commence a review of the coaches who applied for the vacant positions of Super Eagles and the Golden Eaglets today.

The current Technical Director of the NFF-Austin Eguavoen, confirmed the review on Wednesday, March 12, during a sports radio program monitored by The ICIR.

The ICIR had reported that after Jose Peseiro’s departure as the Super Eagles head coach on Friday, March 1, the position of the country’s senior men’s football team had been left vacant.


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The vacuum created propelled the NFF to call for applications to select and employ a new coach who would be saddled with the responsibilities of guiding the team for the 2025 Africa Cup Nations qualifiers in Morocco and the 2026 World Cup qualifiers.

The application began Friday, March 8 and ended yesterday, Tuesday, March 12.

Eguavoen, who spoke about the applicants, said: “I can’t tell you that honestly from the bottom of my heart. I can’t lie about it. You know there is a mail and website which applications go in there. Yesterday (Tuesday, March 12) was the deadline. So we will call the admin department now to bring all the applications to our department this morning (Wednesday, March 13).”

He hinted that the eventual coach of the Super Eagles would be mandated to give more chances for the country’s home-based players in the national team.

“I am a product of this league (NPL), then the league was stronger and more interesting, so to now shy from getting players from the league is wrong.

“That is one of the things we will tell the new coach that is coming on board. Our president, Ibrahim Gasau, has been hammering at that with the entire board and the technical committee. We will emphasise that whosoever will come on board as the head of the Super Eagles has to align, too,” he added.

Ahead of the friendly matches against Ghana and Mali scheduled for March 22 and 26, respectively, Eguaveon confirmed that the Super Eagles assistant coach, Findi George, will be in the dugout.

“Well, it is always normal when a vacancy occurs and the second assistant takes over. As we are concerned, Findi was second in command after Peseiro, and now that the vacuum is there and no coach on the ground, the onus is on Findi to do those games until we reach an agreement with whoever is going to be the new coach,” he said.

We need a coach our big players will respect- Agent

In an interview with The ICIR, Jolly Ogu, the football agent who played a crucial role in Coach Jose Peseiro’s journey to Nigeria, harped on hiring a coach who can command respect in the team.

“We need a coach that our big players will respect, and over the years, we have seen the more respected ones. Another factor is that the coach will be able to adapt to countries he comes to manage,” he said.

 

 

 

2024 budget: FG has over N512bn from frivolous line items-Report

A report by the Centre for Social Justice (CSJ) has revealed that a total of N512,365,165,877  from frivolous items passed in the 2024 appropriation budget.

The amount is spread across more than 24 Ministries, Departments and Agencies (MDAs) and can be saved from proper oversight by the Legislatures.

In November 2023, President Bola Tinubu presented N27.5 trillion to the Joint National Assembly as the proposed budget for the 2024 fiscal year. However, upon scrutiny by the Assembly, the budget was increased to N28.7 trillion and signed by the president on January 1, 2024.


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However, CSJ noted that there are so many projects that are vaguely described and without location. Recently, the Senate suspended a Sentor, Abdul Ningi, a senator, for three months over the allegation he brought that the National Assembly padded the 2024 budget.

Findings by CSJ from the budget showed that the State House and Presidency vote is suffused with bloated routine maintenance, renovation and repair work, and purchase of SUVs and vehicles in the billions of naira.

MDA Amount (N)
STATE HOUSE 22,313,017,579
OFFICE OF THE CHIEF OF STAFF TO THE PRESIDENT 15,000,000,000
FEDERAL MINISTRY OF BUDGET AND ECONOMIC PLANNING – HQTRS 3,339,843,000
PRESIDENTIAL AIR FLEETS (STATE HOUSE) 10,250,000,000
SERVICE WIDE VOTE 358,510,543,962
FEDERAL MINISTRY OF HUMANITARIAN AFFAIRS AND POVERTY ALLEVIATION 10,000,000,000
NATIONAL SOCIAL INVESTMENT OFFICE 983,122,210
FEDERAL MINISTRY OF SPECIAL DUTIES & INTER – GOVERNMENTAL AFFAIRS HQTRS 763,863,500
FEDERAL MINISTRY OF AGRICULTURE AND FOOD SECURITY 44,853,489,924
FEDERAL MINISTRY OF COMMUNICATIONS AND DIGITAL ECONOMY HQTRS 814,316,746
NATIONAL AGENCY FOR THE CONTROL OF AIDS (NACA) 429,112,843
FEDERAL MINISTRY OF SOLID MINERALS DEVELOPMENT – HQTRS 7,929,000,000
FEDERAL MINISTRY OF WATER RESOURCES – HQTRS 16,008,911,498
FEDERAL MINISTRY OF TRANSPORT – HQTRS 2,175,000,000
FEDERAL MINISTRY OF AVIATION AND AEROSPACE DEVELOPMENT – HQTRS 2,500,000,000
FEDERAL MINISTRY OF POWER -HQTRS 1,555,000,025
NATIONAL RURAL ELECTRIFICATION AGENCY 6,970,000,000
FEDERAL MINISTRY OF NIGER DELTA HQTRS 3,471,459,974
FEDERAL MINISTRY OF SPORTS DEVELOPMENT – HQTRS 300,000,000
FEDERAL MINISTRY OF WOMEN AFFAIRS – HQTRS 209,975,430
FEDERAL MINISTRY OF ENVIRONMENT HEADQUARTERS 112,968,269
SMEDAN – H/QTRS 3,740,000,000
FEDERAL MINISTRY OF FINANCE – HQTRS 220,000,000
FEDERAL MINISTRY OF WORKS 729,857,663

 

Also, the vote of the Ministry of Agriculture and Food Security is suffused with projects that have no locations, class of beneficiaries and sometimes no clear deliverables. This is the case in over 90 per cent of the projects. 

The ICIR findings from the report showed that over N358 billion can be saved from the Service Wild Votes; N10 billion from the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, and N2.5 billion from the Federal Ministry of Aviation and Aerospace Development among others.

The ICIR reported that Tinubu approved the implementation of the Stephen Oronsaye report, which recommended scrapping and merging Federal Government agencies. Going by the approval, if implemented, the Federal Government’s 263 statutory agencies as of 2012 could be reduced to 161, making 102 heads of those agencies lose their jobs. 

Smuggling promotes insecurity, unfair business practice – experts

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SMUGGLING in Nigeria has a detrimental impact on the nation’s security and economy, stakeholders in the security sector say.

Some of them who spoke to The ICIR argued that smuggling threatens respectable companies and make it harder for the government to get import taxers and deliver necessary services to the people.

Accordingly, smuggling results in unfair competition, making it harrder for local firms to compete when smuggled items are sold for less than locally produced goods.


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Furthermore, because smugglers may partake in other illicit activities like gun smuggling, smuggling can worsen insecurity. 

Recently, the media has placed a searchlight on the Nigerian Customs Service (NCS) activities. For instance, a report by Premium Times revealed that some Customs officials were arrested and detained by the Economic And Financial Crimes Commission (EFCC).

According to the report, at least 40 NCS employees, most of whom are in the service’s highest hierarchy, have been indicted in a thorough EFCC investigation into the proceeds of bribes made to customs officials by smugglers importing and exporting illegal items across the Nigerian borders.

In another report on the activities of smugglers done by Fisayo Soyombo for the Foundation For Investigative Journalism (FIJ), Soyombo narrated his experience with customs officers in when he acted as a smuggler to import bags of rice from the Benin Republic.

According to him, he got some bags of rice from Benin and brought them to Nigeria after successfully bribing some customs officers.

Amidst all these and more, stakeholders have called for more actions to secure the nation’s borders against the activities of smugglers.

Dangers of smuggling

According to a security analyst, Olayiwola Lawrence, Nigeria’s exposure to smuggled weapons entering the nation through its border posts has left the country in a complex situation. 

He said more people and groups are illegally obtaining weapons, and the growing amount of arms smuggling activity along the country’s borders indicates grave danger for both national and regional security. 

As a result, having illegal firearms makes it easier for individuals or groups to carry out dangerous activities such as terrorist attacks, kidnappings, conflicts, cult wars, and armed robberies, all of which have increased in Nigeria recently, experts say.

It has been observed that smuggling poses a risk to any nation’s security, with armed groups like Boko haram and bandits having free access to guns and weapons through the activities of smugglers.

Firearms used by armed groups in Nigeria are smuggled from Turkey, Libya, others – Report

AFTER a three-year study carried out by the Conflict Armament Research, CAR, an independent investigative organisation based in the UK, into the proliferation of weapons used by armed groups involved in Nigeria’s herder-farmer conflict, it shows that most of the guns were smuggled into the country from Libya, Turkey and Côte d’Ivoire.

Violence from clashes between herders and farmers in North–Central Nigeria has claimed the lives of more than 3,600 people and displaced 300,000 people since 2014, according to data obtained from Armed Conflict Location & Event Data, ACLED project.

The focal points in the study were Zamfara, Katsina, and Kaduna, which had been hit hard by attacks from armed bandits since 2017.

Experts view on the activities of smugglers in connection to the proliferation of illicit arms in Nigeria

Despite all attempts by relevant authorities to curb the tide of illegal smuggling of firearms in the country, studies show that the spread of illicit firearms across the country has continued to fuel insecurity.

A security expert at the SBM Intelligence, Emeka Okoro, said smuggling has adversely affected Nigeria’s security by fueling illegal trade, funding criminal activities, and undermining the stability of the nation’s economy. 

He added that it has contributed to the proliferation of illicit goods and weapons, thereby posing challenges for overall law enforcement and border control.

“To explain further, smuggling in Nigeria has led to the influx of contraband such as weapons, drugs, and counterfeit goods. This has not only posed a direct threat to public safety but has also contributed to the funding of criminal networks. 

“Additionally, it undermines the economy by fostering unfair competition and tax evasion, which affects legitimate businesses and government revenue. 

According to Okoro, ineffective border controls exacerbate these issues, making it crucial for authorities to address smuggling to enhance security. 

He claimed all these are made possible due to the porous nature of the country’s borders and, of course, the unholy activities of Customs officers who have embedded themselves within the Service.

Also speaking to The ICIR on the danger of smuggling to the security of Nigeria, The spokesperson for the Arewa youths for peace and security, Salihu Dantata Mahmud, said smuggling is a pathway to insecurity in Nigeria.

According to him, smuggling reduces the income from imported goods as taxes are not paid due to the backdoor entrance of such products against standard border entry. 

“Smuggling also weakens the economy of a country as internal productivity is affected since citizens sometimes sees this imported goods cheaper than locally produced goods. Smuggling also increases insecurity when illegal arms and amunition are imported through illegal border routes. It makes proliferation of arms to be at higher level. It also makes a country unstable and encourages laziness on productivity,” Mahmud stated.

He calls for more stringent measures at the borders to curb the activities of smugglers.

The experts concluded that smuggling impacted border settlements and the adjacent areas. 

Additionally, they concurred that smugglers would encounter drug use because drugs are among the commodities smuggled across porous borders, which can exacerbate the nation’s already high level of insecurity. 

Insecurity and higher crime rates in border settlements, the surrounding areas, and Nigeria as a whole can also be fostered by smuggling and the operations of smugglers. 

I can’t say when the students’ loan scheme will be launched – official

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THE Executive Secretary of the Nigerian Education Loan Fund (NELFund), Akintunde Sawyer, has said he cannot give a date for the rollout of the student education loan scheme, initially expected to be launched this Thursday, March 14.

Sawyer said this on Tuesday, March 12, at Arise TV station, blaming the postponement on undisclosed issues.

The federal government has created a back-and-forth for the rollout of the scheme.

On March 7, The ICIR reported that the government clarified it was launching the scheme this month, and yesterday, March 11, a statement by the president’s aide, Ajuri Ngelale, stated that the President, Bola Tinubu, was to unveil the scheme this Thursday.

Conversely,on Arise TV on Tuesday, March 12, Sawyer said, “Unfortunately, I won’t be able to commit to a specific date,” promising that all stakeholders would be carried along to roll the scheme out meaningfully.

President Bola Tinubu had, on June 12, 2023, signed the Access to Higher Education Bill to enable students in need to access interest-free loans to pursue their education in any tertiary institution in the country.

NELFund was set up to support students in public tertiary institutions from all the states of the Federation who wish to apply for a loan on the scheme. The objective was to cover the total cost of their institutional fees.


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According to Sawyer, the amount to be made available for each applicant would be 100 per cent of whatever course the student is studying.

He also said that each applicant would be required to start paying back the loan two years after their National Youth Service Corps (NYSC) to be conditioned on whether the applicant has a job or started earning income.

If any applicant does not have a job or earn income post-NYSC years, then the applicant cannot pay.

Although that was different from what NELFund was pushing to achieve, he said those who could pay earlier, not minding the two-year moratorium, were advised to do so.

While also explaining the condition to be attached to the income level of the guardians of applicants to qualify for the scheme, Sawyer said that could be difficult to determine.

He said that guardians who earn above N500,000 per annum would not be eligible and could not be in a reasonable position given the current economic climate in the country.

He stressed further that the NELFund examined the fate of those earning above and below N500,000 to provide proper guidelines.

Sawyer hinted that the Nigerian government intends to fund the scheme through contributions from various government agencies.

He asserted that agencies like the FIRS, Nigeria Immigration Service and Nigeria Customs Service would directly set aside one per cent of their revenues to the funding as provided in the law. However, Sawyer did not quote the specific law.

“There is also some revenue that can be recognised from the share of profits from oil.

“The exciting thing about this is that it is not limited to government contributions. There is room for high-networth individuals, corporations, non-government organisations, philanthropists, and general donors to contribute to this fund,” the NELFund boss said.

He believes the scheme could yield a lot of goodwill if adequately managed.

In response to Nigeria’s need to meet the United Nations Educational, Scientific and Cultural Organization (UNESCO), Sawyer recommended a 15 per cent allocation in the budget to education. At the same time, UNESCO seeks global best practices in the education sector, and Nigeria has to look at its peculiar problems.

“The commitment there is that education funding is on the rise, and I think that is good news,” he submitted.

Again, bandits demand N20m as ransom for 16 abducted students in Sokoto

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FOLLOWING the ransom demand of N40 trillion for abducted residents in Kaduna, bandits in Sokoto state have made a similar demand.

The bandits who previously abducted 15 students from a Qur’anic school and a woman are now demanding a N20 million ransom.

The school proprietor, Liman Abubakar, made this known to Daily Trust on Tuesday, March 12.

On Sunday, March 10, The ICIR reported that the Sokoto State police command confirmed the abduction of 15 Tsangaya students by bandits at the Gidan Bakuso area of Gada Local Government Area of the State.

Reports indicate that the event happened on the school grounds around 1 a.m. on Saturday, March 9.

Confirming the incident in a chat with The ICIR on Saturday, the Sokoto state police command spokesperson, Ahmad Rufai, said 15 students were abducted within the school. At the same time, a woman was kidnapped outside the school.

“Yes, it is true. They invaded the school and took the Almajiri children and abducted a woman on their way out,” Rufai stated.

He said the tactical unit of the command had been mobilised to go after the bandits.

However, the school proprietor told newsmen that he has received call from bandits, requesting to pay a sum of N20 million for the release of the student.

Abubakar said: “I received two calls from them this morning (Tuesday). In the first call, they asked me whether I don’t care about the plight of my students, and that was why I didn’t contact them. I told them I didn’t have their contact.

“They then asked me to wait for another call around 11 am. Some minutes after 11 am, they called again and directed me to meet our village head and tell him to raise N20 million for the children.

“I wanted to plead with them, but they said they would not reduce anything from the money. I discussed the matter with the village head, but we have yet to conclude.”

The development was coming a few weeks after the ICIR reported the failure of the federal government and the security operatives to apprehend bandits via tracking of bandits’ phone contacts.

The ICIR reported that in 2021 and 2022, the federal government earmarked over N50 billion to the National Identity Management Commission (NIMC) for the procurement of various equipment, including biometric capture equipment, backend and frontend systems, and verification equipment crucial for the registration of National Identification Number (NIN), among other necessities.

Despite this substantial investment, coupled with the hardships many Nigerians endured to meet the registration deadline and link their NIN with SIM cards, the former Minister of Communication and Digital Economy, Isa Pantami and the security operatives face backlash due to the project’s ‘ineffectiveness and inefficiency’ in addressing insurgency and kidnapping cases.

Many Nigerians believed that politicians and public figures exploited the policy to have the police pursue their interests, with many expecting such dexterity to be applied in cases of kidnapping where the perpetrators are in constant digital communication with the victims’ families.

This was also as many Nigerians reacted to the demands of N40 trillion ransom by another group of bandits to free 16 kidnapped residents of the Gonin Gora area of Kaduna state.

Recall that 16 people were taken hostage on Wednesday, February 28, when bandits raided the Gonin-Gora neighbourhood in the Chikun Local Government Area, a suburb of Kaduna.

In a phone chat with The Nation Newspaper on Monday, March 11, a local community leader, John Yusuf, confirmed this information in Kaduna.

ICPC opposes motion to release Ndifon’s phones in UniCal sexual harrasment case

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THE Independent Corrupt Practices and Other Related Offences Commission (ICPC) has opposed the motion asking for the Court to release the telephones of Cyril Ndifon, a professor and Sunny Anyanwu, his lawyer, to a National Computer Forensic Laboratory.

Ndifon, a suspended Dean of the Faculty of Law, University of Calabar (UNICAL) and Anyanwu are being tried by ICPC before James Omotosho at the Federal High Court, Abuja, over an alleged sexual misconduct and attempt to perverse the cause of justice.

The anti-corruption agency said their action contradicts sections 8, 18 and 19 of the Corrupt Practices and Other Related Offences Act, 2000 and Section 182 of the Penal Code Cap. 532 Laws of the Federal Capital Territory, Abuja, 2006.


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At the resumed hearing on Tuesday, March 12, counsel to the two defendants, Joe Agi SAN, informed the Court of the two motions filed before the Court dated March 8, 2024.

He said the first motion was to seek leave of Court against the ruling on the no-case submission; the second motion hinged on a prayer for the Court to direct its registrar to make available exhibits N and O (telephones of the defendants) to the defendants’ applicants.

While counsel to the ICPC, Osuobeni Ekoi Akponimisingha did not oppose the first motion seeking the leave of the Court to appeal the ruling of the Court dismissing the Defendants’ No Case Submission. However, he contested the second motion on the ground that the purported laboratory the defendants asked the court to release the phones to was not in existence, nor did it have a known address.

“As at now, Sir, the National Computer Forensic Laboratory has not been established. If they have the address, let them provide it. To the best of my knowledge, there’s no such laboratory anywhere,” the lawyer stated. 

He thereafter prayed the court for an adjournment to enable the prosecution to respond to the motion seeking the court’s permission to release the defendants’ phones to the purported National Computer Forensic Laboratory.

The judge, Omotosho, thereafter adjourned the trial till March 19 for a hearing of the pending motion on notice.

The ICIR reported on March 7 that the court stated that evidence presented by the prosecution revealed that the suspended dean, Ndifon, demanded the nude photos of the second prosecution witness (Name withheld).

The court said there was a need for Ndifon to explain his intent and purpose for such a request.

FCT: Fire engulfs popular Wuse market

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POPULAR market in the Central Area of Abuja, Wuse market was engulfed in flames on Tuesday, March 12, causing panic and forcing several to flee the area.

It was gathered that the fire was a result of some angry youths setting parts of the market ablaze following the killing of a suspect by a police officer attached to a Federal Capital Territory Authority (FCTA) taskforce.

The pandemonium started after a young boy who was convicted by the task force of the Abuja Market Management Limited (AMML) attempted to escape while he was being taken to the police station located within the market. In reaction to this, a police officer escorting him shot and killed him.


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This led the youths to burn down some shops, the AMML office, and vehicles.

It also led to a stampede in the market as people rushed to save their property.

While it is unclear how many people were injured in the stampede and the number of cars and buildings affected by the fire, the AMML Public Relations Officer, Innocent Amaechina, said the operatives of the Fire Service and the police had restricted people from the market.

Traffic gridlock was on all the roads leading to the market as distraught traders and customers were seen running in different directions.

Meanwhile, policemen who arrived at the market barricaded the entrance to prevent people from moving into the market.

To forestall possible looting, they were seen shooting sporadically and firing tear gas into the air.

According to findings, a section of the market, specifically the car park at the northern side of the entrance, had been engulfed as smoke billowed into the atmosphere.

Some vehicles in the car park have been burnt already.

People inside the market also force themselves out by jumping the perimeter fence.

Amidst budget padding allegation: Senate suspends Ningi for 3 months

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On Tuesday, March 12, the Senate suspended Abdul Ningi, a senator, for three months over the allegation he brought that the National Assembly padded the 2024 budget.

The suspended Senator also alleged that the red chamber passed two budget versions.

The suspension of Ningi, representing Bauchi Central Senatorial District in the National Assembly on Tuesday resulted in a tense atmosphere at the Senate.


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Ningi, a member of the opposition Peoples Democratic Party (PDP), is the Senate Committee on Population chairman. He is a member of the opposition Peoples Democratic Party. 

Some senators from the northern part of the country had earlier rejected Ningi’s accusations, claiming the Senator from Bauchi State did not speak for them, even as the parties demanded an investigation into the allegation. 

On Monday, however, Ningi maintained that the 2024 budget could not account for N3.7 trillion.

A member of the Senate Appropriations Committee, Jimoh Ibrahim, proposed suspending Ningi for a year due to false information and violations of peace in the National Assembly and, by extension, the nation.

Additionally, Ibrahim, the Senator representing Ondo South Senatorial District, moved that the Senate issue a warning to Suleiman Kawu of Kano South on his posting of inflammatory material on social media and require him to submit an apology. 

Ede Dafinone of the Delta Central Senatorial District promptly seconded Ibrahim’s proposal.

Senate President Godswill Akpabio announced the motion to suspend Ningi on the Senate floor. 

Ningi had on Monday indicted the National Assembly for padding the 2024 budget with a whooping sum of N3tn.

In a press conference on Monday, March 11, the Senator told journalists that he never said that the president was running two budgets, but that was an N3.7 trillion that had yet to be accounted for.

He said he had not stated that President Bola Ahmed Tinubu was implementing two budgets at any time.

“There was no time, nor did I say Bola Tinubu was biased against the north. The Hausa version is there. At no time did I say Bola Ahmed Tinubu is implementing the N25 trillion budget.

“I said we have established beyond reasonable doubt that N25trillion so far has nexus in the budget.

“That means that there is money, there is a project, and then there is location. But we are yet to ascertain N3tn of that budget,” he said.

He explained that the budget evaluation is ongoing, and the northern senators’ intention regarding budgetary allocation was to meet the Senate President with their findings and subsequently meet President Tinubu.

Tinubu signed the 2024 appropriation bill into law ON January 1, 2024.

His action followed the passing of the appropriation bill by the Senate after its third reading and consideration and approval of the report of the Joint Committee on Appropriation of the House of Representatives and the Senate on December 30, 2023.

The version of the bill passed by the Senate showed an increase of over N1.2 trillion from the N27.5 trillion proposal that Tinubu laid before the joint sitting of the National Assembly on November 29.

A breakdown of the approved budget by the Senate showed an aggregate expenditure of N28.7 trillion, including N1.7 trillion for statutory transfers. 

Unity Bank projects negative growth in Q2 on continued asset deficiency

UNITY Bank Plc has forecast a negative performance across all its profitability lines in the second quarter (Q2) of the year as the bank continued to report asset deficiency in its financial position.

The bank disclosed this in its earnings forecast for Q2 2024, which was released on Monday, March 11.

Over the last six years, Unity Bank has raised concerns over its financial health as total liabilities have exceeded total assets (see the table below).


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In December last year, Unity Bank also projected a negative performance for the first quarter (Q1) of this year amid plans to shake off and completely reverse opposing financial positions.

In second-quater (Q2) 2024, the bank expects to post a loss after tax of N21.58 billion, a pre-tax loss of N20.75 billion, a net operating loss of N13.23 billion, and an impairment credit loss of N941.85 million.

Unity Bank also projected an N20.90 billion in revaluation loss, indicating that the revaluation and impairment credit losses would bring its bottom-line profit to the negative territory.

It put its gross earnings at N24.89 billion as the company swims to stay afloat.

Unity Bank also projected its net cash flow from operating and investing activities to be at a loss of N255.28 billion. In contrast, the loss in net cash flow is to be provided and used in its investing activities at N276.92 billion.

Unity Bank’s financial position in the last six years (Figure in N’B)
Year Total Assets Total Liabilities Total equity
2017 134,957,181 405,873,267 (270,916,086)
2018 210,800,841 495,175,495 (284,374,654)
2019 293,052,070 571,907,958 (278,855,888)
2020 492,020,329 767,430,125 (275,409,796)
2021 538,868,756 815,022,211 (276,153,455)
2022 510,143,959 785,092,126 (274,948,167)
Sept. 2023 423,351,773 613,575,114 (190,223,341)
Source: Unity Bank’s audited financial statements and interim report 

The ICIR reported that Unity had proposed a loss after tax of N8.49 billion, a pre-tax loss of N7.83 billion, and negative operating expenses of N7.404 billion and anticipated positive gross earnings of N21.56 billion in its Q1 2024 financial performance.

Some analysts believe that negative cash flow from investing activities has been challenging for the company, as it could be a warning sign that the bank’s management was not efficiently using its assets to generate revenue.

The bank has shown signs of financial distress since it started to report the following performances as total liabilities continue to exceed total assets, raising concern that it might default on its obligations to creditors and be headed for bankruptcy.

The bank’s managing director/chief executive officer, Tomi Somefun, had, in a statement to The ICIRsaid the operating environment impacted the positions of the bank in income generation on the back of the revaluation of the bank’s net foreign liabilities following the Naira devaluation.

The negative performances of the bank have continued to erode shareholders’ funds. As of September 30, 2023, Unity Bank posted negative total equity of N190.22 billion as its total liabilities of N613.58 billion exceeded its total assets of N423.35 billion.

The bank has yet to release its fourth quarter/full-year financial statement for the year ended December 31, 2023.

A financial analyst who spoke anonymously with The ICIR said the negative worth of Unity Bank worries many people even though the central bank has yet to take action.

The analyst pointed out that Unity Bank is in a financial mess because of its asset structure. “You can see that they have foreign currency liabilities more than foreign currency assets, so the value of those liabilities will increase more than the assets due to the devaluation of the naira.”

“The owners (majority shareholders) of the bank are powerful people,” the analyst asserted, adding that there are rumours already of a merger.”

A check by The ICIR on the bank’s Beneficial Ownership Register revealed it has six persons with significant control (PSC) whose names and identities were undisclosed.

A PSC has directly or indirectly held at least a five per cent stake in the company and voting rights to appoint or remove a majority of the directors.

The bank’s December 2022 financial statements indicated that no shareholders hold up to five per cent of the bank’s issued share capital of 11,689,337,942 units except for the Asset Management Corporation of Nigeria (AMCON) and a few other companies.

AMCON holds 34.22 per cent, Panafrican Capital Nominee 12.67 per cent, Lighthouse Capital Limited 9.01 per cent, Ibad Limited 6.14 per cent and El-Amin (Nig.) Limited 5.27 per cent.

Nigerians react as Kidnappers’ latest N40 trn demand is higher than national budget

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Many Nigerians have expressed worry over the demands of N40 trillion ransom by bandits to free 16 kidnapped residents of the Gonin Gora area of Kaduna state.

Some of them who spoke to The ICIR described the amount as ‘mind-boggling’ as it is higher than the 2024 National Budget of N28.77 trillion Naira.

Multiple media reports also said apart from the N40 trillion demands, the bandits also requested 11 Hilux vans and 150 motorcycles.


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Recall that 16 people were taken hostage on Wednesday, February 28, when bandits raided the Gonin-Gora neighbourhood in the Chikun Local Government Area, a suburb of Kaduna.

In a phone chat with The Nation Newspaper on Monday, March 11, a local community leader, John Yusuf, confirmed this information in Kaduna.

He claimed that after getting in touch with them, the bandits demanded N40 trillion, 11 Hilux vans, and 150 motorcycles in exchange for the release of the 16 hostages they were holding.

“Where are we going to get this kind of money? Even if we sell the entire community, we cannot raise N40 trillion. Even Nigeria as a country has never made a budget of N40 trillion,” Yusuf claimed.

Yusuf said the bandits invaded the community at least two times within a week.

He said that during the first attack, three people were kidnapped, while in the second attack, 13 people were abducted, bringing the total number of people being held captive to 16.

He voiced concerns about the thick bush surrounding the neighbourhood and the state’s Birnin Gwari Local Government Area.

He advocated for the construction of a military post nearby to stop the criminals’ activities. 

Nigerians react

Commenting on the ransom demand, a security analyst with the SBM Intelligence, Emeka Okoro, said this is the first-time bandits would make such a massive demand since abduction for ransom started in Nigeria.

“It’s the usual thing they do in cases like this. They go for a very high ransom demand, and when negotiations start, they come down to a lower yet substantial amount. We have seen it play out in previous cases in Katsina and Zamfara states.

“Sometimes, they do this to get the government involved in paying the ransom, and unfortunately, because they have succeeded in the past, it has become their strategy, Okoro stated.

The ransom demand was made barely four days after 287 pupils in Kuriga, another Chikun community, were kidnapped.

Accordingly,some Nigerians on Social Media App X have also commented on the massive ransom demand by the bandits.

An X user, @Mindset_Post, placed the ransom alongside Nigeria’s 2024 budget.

“2024 budget: N28.77 trillion 

Akpabio’s Padding: N3.7 trillion

Kidnappers Ransom demand: N40 trillion

This is Nigeria!”

Another X user, @Stazingar, joked in his post that the ransom was padded.

“I have a feeling that the N40 trillion ransom was padded.” he posted.

In his remark, @ENIBOY said the ransom demand is difficult to believe.

“The total budget of the federal govt and all 36 states combined is N43.4 trillion. I find it difficult to believe that kidnappers would demand N40 trillion for the release of less than 300 individuals. How?”

Another X user, @shehu_mahdi, attributed the demand to corruption under former President Muhammadu Buhari.

“REASONS WHY BANDITS ARE DEMANDING N40 TRILLION RAMSOM FROM 15 GONIN GORA ABDUCTEES: Perhaps they are aware that outright stealing and theft under Buhari escalated from Billion to Trillion and nobody seems to be at fault. That is how bad Buhari’s legacy is,” he posted.

X user @ayemojubar suggested that those demanding such ransom are not mere bandits.

“They demanded N40 trillion, 11 Hilux vans, 150 motorcycles for the release of the kidnapped Kaduna residents, and yet you’re still calling them merely “bandits”.

There has been rising spate of kidnapping in some states across the country.

The ICIR reported that at least 287 students and a principal, Abubakar Isah, were abducted on Thursday, February 7, when bandits invaded the Local Education Authority (LEA) Primary and Junior Secondary School, Kuriga, in Chikun Local Government Area of Kaduna State, a school teacher, Sani Abdullahi said.

Abdullahi revealed this during the visitation of Governor Uba Sani and some other state government officials to the school hours after the incident, noting that 187 students were abducted from the secondary school section and 125 from the primary school section, totalling 312 students.

The ICIR, on Thursday,further reported  how the assailants invaded a school and reportedly kidnapped over 100 children, alongside some staff of the school.

Meanwhile, reacting to the tragedy during his visit, the state governor, Sani, pledged that the state government has started making efforts to rescue all abducted children.