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Ayobo land grabbing mess : Pastor Femi Adebayo Exonerated As Culprit Gets Exposed

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Following some media publications that pointed Pastor Femi Adebayo’s involvement in the land grabbing mess in Ayobo area of Lagos that saw violence and injuries being inflicted on several individuals, the truth of the matter has been exposed.

In the publications, Pastor Femi Adebayo, the General Overseer of Endtime Heavenly Revival Ministry, was said to have employed thugs to attack some property owners in Ayobo, meanwhile, reverse is the case.

In an interview carried out by this publication with the head of Olalore family, Alhaji Am­bali Olalore, who is in charge of properties in the community, it was revealed that a prominent tormentor, Chief Morufu Aremu Owonla, Popularly known as ‘Kaka’ is behind the mischiefs recently seen in the community.

Going down memory lane, he explained that trouble started when his family decided to discontinue a contract they had with Chief Morufu ‘Kaka’ after he failed to fulfil his part of the contract.

He made it known that ‘Kaka’ is just a resident in Ayobo who was introduced to his family when they needed sponsor to execute a judgment by the government. He was contacted to sponsor the execution, with an agreement of 60/40% on money made which wasn’t later actualized due to his faults.

‘Ayobo is peaceful, the only problem is chief Morufu Aremu Owonla AKA Kaka. He took thugs to Amule, Apata, Onikonga, Asipa, Megida, others over Ilogbo land in Ayobo.
Against the several media publications, I am the family head of Olalere and we have done several good to Ayobo, Kaka owns the thugs that have been disturbing, you can ask everyone in these towns, AIG Zone 2 once declared him wanted but he eloped oversea.

We once had a relationship with him, he lives in Ayobo but we no longer have that relationship, we went to him to sponsor an execution for us due to financial challenges, we went to him but he didn’t later fulfil his part, rather he caused trouble for us, we then went to our lawyer to legally discontinue the contract in 2015

We don’t owe him, we had an agreement of 40/60 with him but he didn’t even fulfil his part, he went ahead to sell lands out father had sold while we were still young, we were not part of it’’

On Pastor Femi Adebayo’s involvement, Chief Ambali noted that the cleric is like a younger brother to him, and he is known as a pastor in the community, declaring that no one in Ayobo can accuse him of anything that has to do with violence.
‘There is nothing like Pastor Femi Adebayo bringing in thugs, though he is like a younger brother to me, we have been together for years, I don’t know why he is being mentioned, it’s just slander, he is not involved at all.

Pastor Adebayo is not a tout, He isn’t involved in all this, I know him as a pastor and nothing more’’

Furthermore, several individuals have lamented their ordeals with Chief Kaka. They explained how he treated them, while blaming the police for not giving justice to the situation on ground.

In an interview with Adebayo Semiu, a former staff of Chief Kaka who left him after much pressure from his family, he made it known that Chief Kaka tried to kill him after he decided to quit working for him.

Also, he made some clarifications about claims that he works for Pastor Femi Adebayo, noting that such never happened. He also spoke on the claims the pastor Femi Adebayo inflicted an injury on one of Chief Kaka’s thugs, describing it as fals

‘‘I once worked for Alhaji Kaka, at a time I told him I am no longer interested in working again, after this, he ordered his boys to come and attack me on the road, they hit me with hammer, they were with guns and cutlass, if anybody doesn’t believe, he can ask those living in Ayobo, I worked with him for over 10 years.

Those in the publication are Ponle Tyson, we worked together alongside Pumping, Tunde Micheal, Afeez Majiyagbe, and others.

I don’t work with Pastor Femi Adebayo, I saw Ponle Tyson on the paper saying Pastor Femi Adebayo organized boys to give him injury, the injury on him was gotten in Oshodi while I was still working with Alhaji Kaka five years ago’’

Also, the daughter of the former social secretary of Nigeria sporter club, Surveyor  Benjamin Ogunbo had her case to  share. The lady, Kehinde Daramola explained that Chief Kaka encroached into their father’s house to start building on it.

‘I am Kehinde daramola, Daughter of late surveryor Benjamin Ogunbo, former social secretary of Nigeria sporter club, he has a two plots of land in Onibeji Ayobo, we  got a call from our neighbors that land grabbers are on our land, we went to police station to report, the DPO asked us to maintain status quo till the following Monday, but when we got there on Monday, they have started foundation and building on the land, since he DPO couldn’t do anything, we had to report at the Zone 2, yet nothing was done.

We also wrote a petition to the lagos state government but we are yet to get anything, we got to know its Mr Kaka that is behind it, we met him at the police station and he said there is nothing anyone can do, he encroached on our land, broke our fence and started building on it

We still have tenants living there, we can’t even go there because he is after our lives.’

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PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

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PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

President Bola Ahmed Tinubu congratulates Dr Adesola Adeduntan, the retired Group Chief Executive Officer of First Bank Nigeria Limited, for his exceptional service at Nigeria’s oldest bank.

In celebration of Adeduntan’s remarkable tenure, the 130-year-old First Bank will host a special send-off ceremony this weekend, expressing gratitude for his contributions over the past nine years.

President Tinubu commends him for steering the bank through transformative growth, which includes expanding customer accounts from 10 million to over 42 million and elevating Profit Before Tax from N10 billion in 2015 to an impressive N300 billion in 2023.

These milestones, the President said, reflected Adeduntan’s visionary leadership and commitment to excellence.

The President expresses his appreciation for Adeduntan’s willingness to serve the nation in various pivotal roles, including his contributions to the Nigerian Economic Summit Group and other prominent institutions. His extensive expertise in the financial sector has significantly bolstered Nigeria’s economic landscape.

President Tinubu also lauds the bank’s solid internal management ethos, which is responsible for the seamless transition from Adeduntan to the current CEO, Olusegun Alebiosu.

President Tinubu wishes Dr. Adeduntan continued success in all his future endeavors.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

November 1, 2024

 

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ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024  

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Zenith Bank Enhances E-Channel Services for Customers

ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024

 

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024. This performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment.

 

According to the Bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024.  Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.

 

The growth in the topline was driven by the expansion of both interest income and non-interest income. Interest income saw a notable 190% rise to N1.95 trillion, attributed to the high-yield environment. Non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period. The robust increase in profitability reflects the Bank’s focus on operational efficiency and strong risk management practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.

 

The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion. This growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty. Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.

 

Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset base. Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3%, underscoring the Bank’s proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.

 

Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.

 

Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.

 

The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.  In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.

 

With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business. The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.

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IPMAN: Setting the Record Straight

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Fueling Uncertainty: Investigating Nigeria's Subsidy Removal And Dangote Refinery Debacle* By Sylvester Audu

IPMAN: Setting the Record Straight

 

The Dangote Petroleum Refinery wishes to clarify that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to purchase refined petroleum products.

IPMAN: Setting the Record Straight

Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN Members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities.

The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us. In the same vein, NNPCL has neither approved, nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.

We would like to emphasise that we can meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel. At present, we can load 2,900 trucks per day and we have also been evacuating petroleum products by sea. We advise IPMAN to register with us and make direct payment as we have more than enough petroleum products to satisfy the needs of their members.

Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu. Conducting business through public speculation is counterproductive and unpatriotic.

In the interest of our country, we encourage all stakeholders to collaborate and heed the advice of President Tinubu, while promoting a unified approach, rather than engaging in media conflicts and needless propaganda.

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