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  • TAJBank records highest Tier-1 capital, PBT

    TAJBank records highest Tier-1 capital, PBT

     

     

     

    By Kadiri Abdulrahman

    Abuja:  TAJBank Limited, a Nigeria’s non-interest bank has recorded the highest Tier-1 capital in the non-interest banking sub-sector in the first half of 2023.

    This is according to a statement by TAJBank’s Chief Executive Officer (CEO), Mr Ahmed Joda

    Joda said that the audited financial statements of the bank also reflected an increase in its Profit Before Tax (PBT) to N6.019 billion, which is the highest in the banking sub-sector and surpassed analysts’ projections.

    The News Agency of Nigeria (NAN) reports that TAJBank also made history early this year when it listed the first tranche of N100 billion Sukuk Bond on the Nigerian Exchange Limited (NGX) after the successful issuance.

    Joda said that a further analysis of the latest audited financial statements showed that its total assets rose from N212.021 billion in December 2022 to N335.017 billion at the end of June 2023.

    He said that the figures indicated a 58 per cent increase.

    “Its gross earnings increased by 67 per cent from N136.149 billion at the end of December 2022 to N227.031 billion as of the end of June.

    “Other highlights of the bank’s financial scorecard in first half of 2023 reflected that the financing also significantly increased by 62 per cent from N78.235 billion recorded as of December 2022 to N126.725 billion by June.

    “The deposits base surged to N251.250 billion from N161.958 billion as of December 2022; while its total equity grew by 88 per cent from N19.135 billion in December 2022 to N36.706 billion as of June,’” he said.

    Joda, attributed TAJBank’s enviable feat to the increasingly proactive strategies being adopted by the management to respond to emerging trends in non-interest banking and deployment of the right resources.

    “What I can say about TAJBank’s latest scorecard is that we have demonstrated that hard work pays.

    “As we have maintained over the past three years, our interest is in our customers and we are pursuing this goal with all resources available to us to tell the whole world that TAJBank is the way to go in non-interest banking.

    “To demonstrate our commitment to this customer-friendly corporate slogan, we are investing in world-class technologies and digital payment solutions in our services nationwide, ” he said.

    “In pursuit of non-interest financial inclusion drive, we have also opened five branches this year and plan to open more in other states in the next few months”, he said.

    TAJBank’s bank’s Executive Director, Mr Sherif Idi, said that the successes were made possible by the bank’s shareholders and customers.

    “Our thanks go to our growing customers and shareholders whose belief in our vision and capacity to drive TAJBank to the leading edge of market competition has taken us this far.

    “Let me assure them that TAJBank’s management and staff will continue to do its best to serve them better and protect their interests, which we value so much in all areas of operations”,he said.(NAN)(www.nannews.ng)/ Flowerbudnews

  • NDPHC pledges to address gas, transmission distribution limitations

    NDPHC pledges to address gas, transmission distribution limitations

     

     

     

    By Salisu Sani-Idris

    Abuja:   The Niger Delta Power Holding Company L.td., has reiterated commitment to work with relevant stakeholders to overcome the challenges of gas and transmission limitations.

    The company’s Managing Director, Mr Chiedu Ugbo, gave the assurance while answering questions from State House Correspondents on Wednesday in Abuja.

    Ugbo said that the company had a mandate to ensure effective management and the security of the assets of the organisation for the overall benefits of Nigerians.

    According to him, the Federal, State and Local Governments had spent lots of money in terms of the assets that the company developed on behalf of Nigerians.

    Ugbo said: ” The assets are there so we are charged with the responsibility of making sure that they are utilised for the benefit of Nigerians. We need maximum performance of the assets particularly the power generation assets.

    ” Yes, we have a gas limitations, we have transmission and distribution limitations, but we are government investment and we will work with the relevant stakeholders to make sure that we resolve this challenges.

    ” And to ensure the loads from this plans are uptaken for the benefit of Nigerians. It is a systemic issues in terms of collections from the distribution company.

    “It is a systemic issue and in the course of this we owe some gas companies as well.”

    The managing director said that the Regulatory Commission with the government were working to resolve some of the identified challenges within the shortest possible time.

    Ugbo said: ” Yes, we are being owed no doubt. At the beginning, we are treated as government owned, so essentially stabilising the system.

    “But over time the regulatory commission has also seen some wisdom in ensuring that we have some comparable tariff.

    ” So recently, there are some adjustments in terms of our generation tariff, the escalations that were required that is before the handover of thisa dministration.

    ” Shortly by the end of the last administration we saw some improvement by our tariff by the regulatory commission but yes before now from 2013 till April we were seeing as government owned.

    ” And we are seeing as stabilising the system but they have seen the wisdom in because we go to the same market. Nobody sales gas to us at a cheaper rate to us.”

    According to him, nobody sells spares at a cheaper rate to the firm, adding, “so /0the regulatory commission saw that and decided to increase our tariff.

    “That has improved though not where it should be but there are some significant improvement.”

    Ugbo further stated that the whole grid was challenged by uptake, evacuation from transmission company and uptake by the distribution firms.

    He added: ” If distribution doesn’t or is not able to take what transmission can carry, transmission would not be able to take what you can generate.

    ” So it is as simple as that but we are working assiduously to ensure end-to-end from generation to end users.

    “We are working with the distribution companies now, so we are working with transmission company to clear the bottle necks to ensure that we reach the end users.

    “As we have seen, we have distribution interventions all over the country. And all these things are to ensure that we improve the distribution capacity of the distribution companies.” (NAN) (www.nannews.ng)

  • FULL TEXT: MoU Between Labour And FG Over Subsidy Removal

    FULL TEXT: MoU Between Labour And FG Over Subsidy Removal

    Organised labour and the Federal Government finally came to an agreement on Monday evening after an hours-long meeting, leading to a 30-day suspension of the nationwide indefinite strike action scheduled for the next month.

    provision of funds as announced by the President on the 1st of August broadcast to the Nation for Micro and Small Scale Enterprises. The MSMEs beneficiaries should commit to the principle of decent jobs.

    A joint visitation will be made to the refineries to ascertain their rehabilitation status.

    All parties commit to henceforth abide by the dictates of Social dialogue in all our future engagements.

    The NLC and TUC accept to suspend for 30 days the planned Indefinite Nationwide strike scheduled to begin, Tuesday, the 3rd of October, 2023.

    This Memorandum shall be filed with the relevant Court of competent jurisdiction within one (1) week as consent judgment by the Federal Government.

    Signed:

  • BREAKING: Labour suspends planned strike for 30 days

    BREAKING: Labour suspends planned strike for 30 days

    The Organised Labour, on Monday night, agreed to suspend its indefinite strike planned to start on Tuesday.

     

    The resolution followed over five hours of deliberations between the Federal Government and Labour at the Chief of Staff Conference Room of the Presidential Villa, Abuja.

     

    Announcing the outcome of the meeting to State House correspondents, the Minister of Labour and Employment, Simon Lalong, said: “The NLC and TUC accept to suspend for 30 days the planned indefinite nationwide strike scheduled to begin, Tuesday, the 3rd of October, 2023.”

    Lalong said the Memorandum shall be filed with the relevant court of competent jurisdiction within one week as consent judgment by the FG.

     

    However, the NLC President, Joe Ajaero, said the unions would revisit the agreement if the FG fails to fulfill its demands.

  • BREAKING: Maritime workers cancel indefinite strike

    BREAKING: Maritime workers cancel indefinite strike

    The Executive Members of the Maritime Workers Union of Nigeria (MWUN) have directed their members to resume work at the nation’s seaports and oil and gas platform.

    Last week, the union had earlier ordered closure of all the nation’s Seaports, Jetties, Oil & Gas platforms and Terminals in compliance with the organized labour’s directive on the indefinite strike which was to commence on Tuesday, October 3.

     

    President-General of MWUN, Prince Adewale Adeyanju, in a statement on Monday night, said an agreement had been reached with the government and the strike would no longer hold.

    The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have jointly suspend the indefinite strike billed for October 3, 2023 following the removal of fuel subsidy.

     

    “It would be recalled that the Nigeria Labour Congress had directed its affiliate member Unions across the country to mobilize and shut down the country following the refusal of government to adhere to the seven points demand made by the NLC and the TUC to ameliorate the suffering of the teeming Nigerian Workers and the impoverished masses of the country”, a statement signed by MWUN media head, Com John Kennedy Ikemefuna

    .members of the Nigeria Labour Congress and the Trade Union Congress are still in a meeting with the federal government as of the time of filing this report

  • Group advises Gov Sule to perish thought of appealing against tribunal judgment

    Group advises Gov Sule to perish thought of appealing against tribunal judgment

     

    By Rotimi Ijikanmi
    Abuja:. The David Ombugadu Campaign Organisation has advised Gov. Abdullahi Sule to shelve any idea of appealing against the majority judgment of the State Governorship Election Petition Tribunal, which nullified his election.

    In a statement issued on Monday by
    Mr Mike Omeri, the Director Media and Publicity of the organisation, he said the electoral mandate handed over to Ombugadu by the people of Nasarawa state was beyond reproach.

    “We recognise the right of Alhaji Abdullahi Sule to appeal this judgment but we urge him to perish the thought as the electoral mandate handed over to Dr. Ombugadu by the people of Nasarawa State is beyond reproach.

    “We extend a hand of friendship to all our political opponents to join us and recover Nasarawa State from the brink in order to discover a pathway for peace, security and sustainable development of the state,” he said

    The election petition tribunal in Lafia, had nullified the victory of Abdullahi Sule of the All Progressives Congress, as governor of Nasarawa, and declared Ombugadu, candidate of the PDP, as winner of the poll.

    During the ruling on Monday, two of the justices had said that Ombugadu won the election, while one judge dissented.

    In the statement made available to newsmen in Abuja, Omeri hailed the tribunal for its diligent and impartial consideration of the evidence presented, leading to the historic and landmark decision.

    “The ruling of the tribunal highlights the tenacity of the resolve of a broad spectrum of the people of Nasarawa State to seek and secure justice from the pretenders who usurped our electoral mandate and appropriated it to themselves.

    “What the people of Nasarawa State have demonstrated will further strengthen our democracy and the importance of upholding the principles of justice and accountability in our electoral process,” he said.

    Omeri also noted that the Ombugadu’s unwavering commitment to serving the people of Nasarawa State had been vindicated.

    He added that throughout the pursuit to recover his stolen mandate, Ombugadu had remained steadfast in his belief that justice would prevail.
    “Today, we celebrate not only a legal victory but also a triumph for the democratic aspirations of the people of Nasarawa State.

    “We wish to express our profound appreciation to the teeming supporters and well-wishers of Dr. David Ombugadu who stood by him with unwavering loyalty and determination.

    “Your faith in the democratic process and your commitment to our course have been the driving force behind this victory.

    “We also recognise the tireless efforts of our legal team, whose dedication and expertise were instrumental in presenting our case before the tribunal.

    “Their meticulous preparation and passionate advocacy have been pivotal in achieving this outcome,” he said.

    Omeri assured that the PDP and his candidate would be committed to the principles of good governance, inclusivity, and service to the people of the state. (NAN) /Flowerbudnews

  • NAFDAC debunks allegation of lacking testing lab for food fortification

    NAFDAC debunks allegation of lacking testing lab for food fortification

     

    By Aderogba George
    Abuja:. The National Agency for Food and Drug Administration and Control (NAFDAC) has debunked a news publication in an online media alleging non-establishment of testing laboratory for food fortification.
    A statement by NAFDAC Resident Media Consultant, Mr Olusayo Akintola, in Abuja on Monday stated that the attention of the agency was drawn to the Sept. 30 publication by “Flowerbud NEWS” in respect of the subject matter.
    Akintola stated that the publication claimed that this assertion was made by The Nigeria Economic Summit Group (NESG) in collaboration with the Civil Society Legislative Advisory Centre (CSLAC) and eHealth.
    The resident media consultant however debunked the position of the organisations about NAFDAC, saying it has laboratories for analyses of micronutrients in foods.
    “I wish to state unequivocally that NAFDAC has laboratories for analyses of micronutrients in food and had been conducting annual survey on food fortification in Nigeria for the past years.
    “Particularly, the Central Food Laboratory has international accredited micronutrient laboratory units with the state-of-the-art equipment.
    “The laboratory has the Vitamins units for testing of vitamins in food which include Vitamin premix and fortified food vehicles.
    “Vitamins tested include fat soluble- Vitamin A; water soluble – thiamine, riboflavin, biotin, pyridoxine hydrochloride, cyanocobalamin, folate.
    “This unit is equipped with latest versions of Agilent and Chromaster brands of High Performance Liquid Chromatography (HPLC).
    “The Laboratory has the Metal unit equipped with latest models of Atomic Absorption Spectrometer (AAS), Inductively Coupled Plasma-Optical Emission Spectrometer (ICP-OES), Inductively Coupled Plasma-Mass Spectrometer (ICP-MS),” he said.
    He stated that the metal unit analyses all the nutritional and heavy toxic metals in foods including the fortification vehicles.
    He said that the units have well-trained staff that are technically equipped to handle the equipment in the analysis of micronutrients using internationally accepted protocols.
    According to him, the test scopes of the units are accredited by American National Accreditation Board (ANAB) since 2018 and this has been sustained and renewed annually.
    He said that this fact can be verified from the ANAB website.
    Akintola said that the laboratory along other NAFDAC laboratories in other parts of the country handles over 10,000 samples of fortified foods in the 2023 Food Fortification Survey.
    He disclosed that the result of the samples are presented to the National Fortification Alliance (NFA), adding that NFA consists of representatives of the industries – Flourmills, sugar processing and vegetable oil industries.
    Others, according to him are government and regulatory agencies and donor partners.
    Akintola said that NAFDAC does not and had never contracted the analysis of its micronutrients or any parameter of its regulated products to private laboratory since the assumption of office of Prof. Mojisola Adeyeye as its Director- General. (NAN) (www.nannews.ng) / Flowerbudnews

  • Sen. Ngwu boosts education via quiz competition among students in Enugu

    Sen. Ngwu boosts education via quiz competition among students in Enugu

     

     

    By Flowerbudnews
    Enugu:  Sen. Osita Ngwu (PDP), representing Enugu West Senatorial Zone, says he is committed to boosting basic education in his constituency through quiz competition among students.

     

    Ngwu told journalists on Monday in Enugu that the quiz competition was in fulfillment of his campaign promises to the people during the electioneering campaign.

     

    He said that the competition would kick-off on Oct. 4, 2023, in Awgu Local Government Area in Enugu State.

    Ngwu, who spoke through his Senior Special Assistant (SSA) on human capital development, Mr Francis Eneiga, said that the quiz competition would involve all the secondary schools in the senatorial zone.

     

    He said: “We are committed to encouraging excellence among the student population in my zone. Education is key to the development of every society.

     

    “I, Distinguished Senator Osita Ngwu, made several promises to my people in the course of my campaign and I have since hit the ground running.

     

    “One of such promises I made is to boost education, make our people develop more interest in pursuing excellence through education; that is the essence of the school quiz”.

    He said that the winning school of the quiz competition would smile home with N500,000; while the second position would get N300,000 and the third position would receive N200,000.

     

    According to him, there will also be a consolation prize of N50,000 for the fourth position.

     

    “There would be academic sponsorship for teachers (lecturers) of the winning school,” he added.

     

    It would be recalled that 10 students from the constituency had been enjoying higher institution scholarships courtesy of Sen. Osita Ngwu. (Flowerbudnews)

  • Umahi congratulates Gov. Mbah, urges opposition parties to stop distraction in Enugu

    Umahi congratulates Gov. Mbah, urges opposition parties to stop distraction in Enugu

     

     

    By Flowerbudnews
    Enugu: The Minister of Works, Chief Dave Umahi, has congratulated Gov. Peter Mbah on his victory at the Enugu State Governorship Election Petition Tribunal, while calling on opposition parties to stop distracting the governor.

     

    Umahi, who is a member of the All Progressives Congress (APC), said it was not about the party, but about the quality of the individual Enugu State people chosen to lead them.

     

    The minister, who said this when he inspected the collapsed bridge at the Enugu end of the Enugu -Port Harcourt Expressway, advised the opposition in the state to stop wasting their time contesting Mbah’s divine and people’s mandate.

     

    He also said that Mbah’s initiative to commence the reconstruction and dualisation of the Enugu-Abakaliki Federal Road up to the Ebonyi State Boundary was another display of people-driven leadership by a private sector person in governance.

     

    According to him, I am happy that you came from the private sector. There is a very serious high hope by the steps you have rolled out.

     

    He said: “They are in tandem with the President’s steps and I pledge to support him very seriously and I also pledge to support you. There must be a change. We must reset the country.

     

    “I want to publicly say, while congratulating you on the tribunal victory, that whoever is taking you to court must stop wasting their time, as you are clearly the people’s choice and for good reasons.

     

    “So, we will continue to support and pray for you, and I urge whoever is distracting you that they should understand the steps of God and know that you are divine and we are very proud of you.”

     

    Umahi noted that when a man wants to engage in public affairs, you should find out about his background.

     

    “I know Gov. Mbah as a very successful private person and he is going to bring it to bear in this governance of Enugu State

    .

    “I also believe that what he is bringing to the table will rob off positively and be the pride of Enugu State, the entire South East and of course, the East Central State”, the minister said.

     

    He equally commended Mbah for ending sit-at-home in Enugu State, describing it a major step forward for the Igbo nation.

     

    “Let me also thank you for being able to courageously stop sit-at-home in Enugu State.

     

    “It is a major thing you have done for the Igbo people. It is a major thing you have done for the country”, he added. (Flowerbudnews)