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2019 Presidency race gets tougher as Former President, Obasanjo endorses Atiku Abubakar

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Arising report indicates former Vice President, Atiku Abubakar, is sure to be the fourth time lucky, as he throws his hat into the ring to contest the forthcoming 2019 Presidential election.

Post-Nigeria reliably gathered that former President, Olusegun Obasanjo, has secretly endorsed Atiku, because of the failure of the President Muhammadu Buhari-led the government to bring the desired changed.

“Apparently aware of Atiku’s intimidating political structures across the nation, Obasanjo has likely endorsed him”, a source said.

Post-Nigeria’s investigation revealed that Atiku is reputed to have sauntered into the fourth republic, with the huge measured quantity of democratic credentials.

Atiku established himself as a Democrat immediately he left the public service, and became a political devotee of late Gen. Shehu Musa Yar’Adua, an acclaimed great political tactician that flounced the country like a hurricane.

His political history is legendary: a Politician, Businessman, and Philanthropist. He was born on November 25, 1946, and in the beginning of his national political career, served as the second elected Vice President, from 1999 to 2007, under the umbrella of the Peoples Democratic Party, PDP, with President Olusegun Obasanjo.

Atiku worked in the Nigeria Customs Service for 24 years, rising to become the Deputy Comptroller-General. He retired in 1989, and took up full-time business and politics.

He ran for the office of Governor in the Gongola State (now Adamawa and Taraba States) in 1991; and for the Presidency in 1993, coming third after MKO Abiola and Babagana Kingibe, in the disbanded Social Democratic Party, SDP, primaries.

In 1998, he contested and won the Governor of Adamawa State. And while still Governor-elect, he was picked by the PDP Presidential candidate, Olusegun Obasanjo, as his running mate. They went into the election and won in 1999.

As documented by Historians, Atiku’s second term as Vice President, was characterised by a squally relationship with Obasanjo.

His attempt to succeed Obasanjo did not receive the latter’s support, and it took the judgement of the Supreme Court to allow him to contest in 2007, after he was initially disqualified by the Independent National Electoral Commission, INEC, over an alleged financial misconduct by a “discredited” investigating panel, set up by Obasanjo.

The apex court later ordered the Electoral Commission to restore Atiku’s name onto the Presidential ballot, and he ran on the platform of the Action Congress, AC, having quit the PDP on account of his issues with Obasanjo.

Expectedly, he lost the election, coming third after the late Umaru Musa Yar’Adua, and Muhammadu Buhari of the then All Nigeria Peoples Party, ANPP.

As a “consummated” Businessman, Atiku is a co-Founder of Intels, an oil servicing business with wide ranging operations across the country and outside the country. He is also the founder of Adama Beverages Limited, and the American University of Nigeria, AUN, both in Yola, the Adamawa State capital.

Born to an itinerant Fulani Trader and Farmer, Garba Abubakar, the former Vice President was said to have started out in the real estate business during his early days as a Customs Officer.

History has it that in 1974, he applied for and received a N31,000 loan to build his first house in Yola, which he put up for rent. From proceeds of the rent, he was reported to have purchased another plot, and built a second house. He was said to have continued that way, building a considerable range of property in Yola.

Apparently very go-getting in investment, he was said to have later moved into agriculture, acquiring 2,500 hectares of land near Yola, to start a maize and cotton farm. The business fell on hard times and closed in 1986. “My first foray into agriculture in the 1980s, ended in failure”, he was quoted as saying.

Obasanjo finally endorse Atiku Abubakar for presidency 2019

Later venturing into trading, buying and selling truckloads of rice, flour and sugar, Atiku’s most important business move, was to have come while he was a Customs Officer at the Apapa Ports.

One Gabrielle Volpi, an Italian Businessman in Nigeria, was said to have invited him to set up the Nigeria Container Services, NICOTES, a logistics company operating within the Ports. Those who know him very well said that NICOTES provided immense wealth to Atiku.

Atiku’s first expedition into politics was in the early 1980s, when he worked behind the scenes on the Governorship campaign of Alhaji Bamanga Tukur, who at that time was Managing Director of the Nigeria Ports Authority.

He canvassed for votes on behalf of Tukur, and also donated to the campaign. Towards the end of his Customs career, he met late General Shehu Musa Yar’Adua, who had been second-in-command of the Military Government that ruled Nigeria between 1976 and 1979. Atiku was drawn by Yar’Adua into the political meetings that were now happening regularly in Yar’Adua’s Lagos home.

In 1989, Atiku was elected as National Vice Chairman of the Peoples Front of Nigeria, PFN, the political association led by Yar’Adua, to participate in the transition programme initiated by Babangida.

Atiku won a seat to represent his Constituency at the 1989 Constituent Assembly, set up to decide a new Constitution for Nigeria. The Peoples Front was eventually denied registration by the government (none of the groups that applied was registered), and found a place within the Social Democratic Party, one of the two parties decreed into existence by the regime.

Many of his followers have said time without number that a “tested hand” like Atiku, is surely needed to coordinate the proper integration of the youths into the economic mainstream.

“He is the highest individual employer of labour in Nigeria, and a believer in excellence. The truth that cannot be dismissed, is that among those jostling to convince Nigerians for their votes in 2019, only the Turaki has experience in job creation. This is the choice Nigerians must make in 2019, without sentiment and pandering to the propaganda of surrogates of past failures”, one of his followers said.

“The fragility of our mutual existence as a country cannot be over exaggerated. As a matter of fact, the erosion of our cultural, religious, and social commonalities, is an ever constant feature of the past two decades.

“There is need to undertake enormous reintegration of all divergent groups into a united country. Nobody can do it better than Atiku. He is a proven man of immense conviction and political muscles, to navigate us to the destination of unity.”

 

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Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

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*Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

 

 

Wema Bank, Nigeria’s foremost innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced the grand finale of the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics.

Launched in 2019, Wema Hackaholics is a groundbreaking initiative designed to harness the creativity and entrepreneurial spirit of Nigeria’s youth, providing them with a platform to turn their tech-driven ideas into reality. The highly anticipated Hackaholics 5.0 grand finale will take place on November 27th, 2024, under the theme, “Meta Idea: Capitalizing Africa’s Growth Through Innovation.” This year’s theme aims to showcase how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.

The grand finale will bring together the brightest innovators from universities and tech communities across the country. These innovators will pitch their Digi-Tech solutions designed to solve real-world problems and contribute to Africa’s economic and social progress. The event promises to be the culmination of months of intensive competition, collaboration, and mentorship, providing a platform for youth-led tech ideas to reach new heights.

Announcing the date of the grand finale, Moruf Oseni, MD/CEO of Wema Bank, highlighted the bank’s vision for Hackaholics. “Hackaholics is more than a competition; it is a movement to equip Nigeria’s youth with the skills, networks, and resources needed to drive Africa’s digital transformation. The Meta Idea theme for this year is a call to action for young innovators to think beyond the present and design solutions that will capitalize on Africa’s growth. We are excited to see how our participants envision and build the Africa of tomorrow.”

Speaking on the prizes, the MD/CEO said “At the grand finale, participants will compete for exciting cash prizes, grants, and access to Wema Bank’s extensive network of investors, mentors, and industry experts. The total worth of prizes for this year is ₦75,000,000. The winning team will receive ₦30,000,000, the first runner-up will receive ₦20,000,000 and the second runner-up will receive ₦15,000,000 worth of prizes. Additionally, we will be awarding a special grant of ₦10,000,000 worth of prizes to the female-led team to encourage gender diversity in tech innovation.” He concluded.

Wema Bank’s Hackaholics is a testament to the Bank’s commitment to shaping Africa’s future through innovation and entrepreneurship. Hackaholics 5.0 began with a nationwide call for entries earlier in the year and has engaged over 10,000 aspiring tech innovators and entrepreneurs across Nigeria. With 2,297 applications across 8 physical pitch centers and 1 virtual pitch center, 34 innovators across all locations are set to pitch their ideas at the pre-pitch stage ahead of the grand finale scheduled to hold in Lagos.

Through Hackaholics, Wema Bank has provided a platform for youth to channel their creativity and entrepreneurial spirit into actionable tech solutions that address Africa’s most pressing challenges. Over the years, Hackaholics has grown into one of the largest and most influential tech competitions in Nigeria, impacting thousands of young minds.

The competition not only offers winners cash prizes and grants, but also access to mentorship, industry networks, and resources to help scale their innovations globally. This initiative is a key part of Wema Bank’s broader strategy to harness technology as a driver of socio-economic growth in Africa.
Interested individuals can register to attend the grand finale via https://hackaholics.wemabank.com/grandfinale

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ATMs empty as banks ration withdrawals

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ATMs empty as banks ration withdrawals

ATMs empty as banks ration withdrawals

 

The Automated Teller Machines of Deposit Money Banks have consistently remained empty in recent months as banks grapple with a sustained low cash supply.

It was also gathered on Wednesday that some DMBs, particularly in the Federal Capital Territory, have begun another round of cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

While banks struggle to get cash, Point-of-Sales operators have been fulfilling the cash needs of customers.

Speaking at the Facts Behind the Rights Issue Presentation of FBN Holdings at the Nigerian Exchange Limited recently, the Executive Director/Chief Financial Officer of First Bank, Patrick Iyamabo, said that the matter was an industry-wide one and not peculiar to a specific bank.

He said, “It is an industry problem. Most customers after exhausting the options available in other banks, tend to settle at FirstBank to address their cash needs. The challenge differs by location but we know it is a challenge that the regulator is looking into to address. But as we speak of physical cash, we must appreciate that the direction of the industry is to go digital.

“A lot of our customers do most of their transactions digitally, and you heard the GMD speak to this, very often people don’t want to transact in cash. In terms of this new order, your bank, FirstBank is very well positioned so if you look at the statistics and I’m speaking to independent statistics, just pick up your NIBSS report, the bank with the most stable platform meaning availability to always transact digitally is FirstBank. So, all our customers have the benefits of having their cash in First Bank and having access to this cash anytime anywhere and as necessary. It’s a huge advantage.”

Speaking anonymously with The PUNCH, a banker at a tier-1 bank put the blame on the Central Bank of Nigeria.

“It is what CBN has given us that we are using. We are confined within the limits of what is available to us. Also, because we are a big operation, we have to deal with many other businesses.

“Have you also noticed that there is a boom in the PoS business? Those people don’t take their money to the banks. The money comes out of the banks and it stays within their circle. They warehouse their funds, unlike you and I who would withdraw money and spend it which will eventually find itself back into the formal banking system. It is not the same with them. They warehouse their funds and distribute it among themselves.”

According to data from the CBN, currency outside the banks hit N4.02tn in September from N3.86tn in August. This brings it closer to the value of currency in circulation which stood at N4.31tn in September.

Meanwhile, some PoS operators on Lagos Island have increased their charges from N200 for cash of N10,000 to N300.

This was observed at both the CMS bus stop and at Obalende. However, off Lagos Island, the rates had remained at N200 for cash withdrawal of N10,000.

It was further gathered that banks have begun cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

Findings by The PUNCH showed that the development is gradually leading to cash shortage, as many ATMs were non-functional, leaving customers with no choice but to seek alternative means of withdrawing cash.

As a result, many people have turned to Point-of-Sale operators, who have become the primary channel for cash withdrawals, albeit often at higher transaction fees.

Major commercial banks visited by one of our correspondents on Wednesday claimed not to have sufficient cash allocation hence the ration withdrawals to serve more customers.

The banks visited include Guaranty Trust Bank, Zenith Bank along Airport Road, and EcoBank at Jabi in Abuja.

A bank customer at EcoBank, who spoke without mentioning her name, said she was only allowed to withdraw N5,000 from N20,000 previously allowed.

“I was just informed that I can only withdraw N5,000 from my account. Can you imagine? The amount will can’t even take me home.”

Our correspondent received the same answer when he attempted to obtain cash.

At GTBank and Zenith Bank along the airport road, customers were permitted a maximum withdrawal of N20,000 from N100,000 previously disbursed as a daily limit.

 

A customer, Mr Faith, who visited the bank expressed shock about the new limit. He said the banks didn’t give any cogent reason for reducing the withdrawal limit.

“I just visited these banks, and I was informed that I can only withdraw N20,000 from N100,000, which was the previous limit. They didn’t even give any reason for reducing, now I have to start looking for cash elsewhere. This country is just so annoying,” He vented.

Cash scarcity became a recurring and widespread issue across Nigeria after the Central Bank of Nigeria introduced a controversial policy in January 2023, which significantly reduced the daily and weekly cash withdrawal limits to N100,000 daily, N500,000 weekly for individuals, and N5m for business entities.

This decision, aimed at encouraging a cashless economy, led to long queues at ATMs, increased difficulty in accessing physical cash, and a general disruption of daily financial transactions for millions of Nigerians.

The policy’s impact was felt particularly by those in rural areas and lower-income groups, who rely heavily on cash for their day-to-day needs, exacerbating economic hardships across the country.

Last week, data from the CBN showed that currency in circulation climbed 56.1 per cent year-on-year to reach N4.31tn, up from N2.76tn in September 2023, reflecting an increase of N1.55tn.

This is just as currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year.

This indicates that the volume of currency retained outside the banking sector outpaced the total released for circulation within the past year.

Compared to August 2024, currency in circulation rose by 4.0 per cent month-on-month, adding N166.2bn from the previous figure of N4.14tn.

The CIC is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses. It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Earlier in September, the CBN announced plans to sanction banks that fail to dispense cash through their automated teller machines, as part of efforts to improve cash availability in circulation.

The CBN also revealed plans to release an additional N1.4tn into circulation over the next three months to ease cash flow within the banking system.

This strategy aims to ensure that ATMs and bank branches have sufficient cash, addressing ongoing challenges faced by customers over cash shortages.

Efforts to get a reaction from the apex bank on the new situation proved abortive as the acting Director, Corporate Communications, Sidi Ali Hakama, did not respond to enquiries sent to her phone number.

 

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NNPCL Makes New Leadership Appointments

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NNPCL Makes New Leadership Appointments

NNPCL Makes New Leadership Appointments

 

The Board of Directors of Nigerian National Petroleum Company Limited (NNPCL) has just made fresh leadership appointments.

A communication by Olufemi Soneye, Chief Corporate Communications Officer of the nation’s oil company, announcing the development reads…

The Board of Directors of NNPC Limited is pleased to announce a series of strategic leadership appointments. These changes
reflect our continued dedication to enhancing corporate governance, improving operational efficiency, and ensuring long-term success in Nigeria’s energy sector.

The following key appointments have been made:
1. Mr. Adedapo A. Segun has been appointed as the Chief Financial Officer (CFO). Mr. Segun previously served as the Executive Vice President, Downstream, where he made significant contributions to the company’s downstream operations.
2. Mr. Isiyaku Abdullahi has been named Executive Vice President (EVP), Downstream.
3. Mr. Udobong Ntia has been appointed Executive Vice President (EVP), Upstream.

These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organization’s strategic objectives.

The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.

NNPC Limited remains committed to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritizing the interests of the Nigerian public in the petroleum industry.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Limited
November 13, 2024S

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