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Chaos in House Of Representatives over stepping down of South-East development commission bill

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The House of Representatives was again thrown into a rowdy session on Thursday, forcing a hasty adjournment of proceedings.

The cause of the rowdiness was the rejection of a bill seeking to establish a South-East Development Commission.

The bill failed at the session, which was presided over by the Speaker, Mr. Yakubu Dogara, after it had been debated.

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A similar bill to establish the North-East Development Commission had since been passed by the National Assembly, awaiting the assent of President Muhammadu Buhari.

However, South-East lawmakers immediately protested the decision on the grounds that the House could have, at least, allowed the bill to pass the second reading for more views to be collated from Nigerians at a public hearing.

Tension had built up in the House since Wednesday when the bill was billed to be moved for second reading.

However, it was stepped down on Wednesday because the lead sponsor and Deputy Minority Leader of the House, Mr. Chukwuka Onyeama, was unavailable in the chambers.

He returned soon after the bill was stood down.

The bill was re-listed for Thursday (yesterday), but again, Onyeama was unavailable just as the bill was to be taken and it had to be stood down a second time in line with the rules of proceedings.

But South-East lawmakers began a loud protest, insisting that the bill must be taken.

In the midst of the rowdiness, Onyeama reappeared in the chambers, just like he did on Wednesday after the bill had been stood down.

Dogara had to bend backwards to approve a motion for the rescission of the earlier ruling stepping down the bill.

The speaker said, “Let me clarify that it was not as if the bill was stopped. The sponsor of the bill was not around and we followed the rules to step it down.

“Now that he is here, we will take it. Nobody will shut out anybody because we don’t have the right to do that.”

Dogara calmed frayed nerves and opened debate on the bill.

Onyeama, while leading the debate, said the South-East geopolitical zone needed the commission to develop collapsed infrastructure and the damage suffered by the zone as a result of the Nigerian Civil War.

“The war led to massive destruction of critical infrastructure in the region, including roads, houses and environmental degradation,” he said.

Onyeama added that the region was worst-hit by erosion and other ecological problems.

The lawmaker stated that the commission would be funded from seven sources.

The first is through “15 per cent” of the total monthly statutory allocations due to member states of the commission from the Federation Account.

The second source, he explained, would be from “three per cent” of the total budget of any oil-producing company operating onshore and offshore in the South-East states, including gas processing companies.

The third source is from “three per cent” of the total annual budget of any solid mineral extracting or mining company operating in the South-East.

The fourth source will come through “50 per cent” of money due to member states of the commission from the Ecological Fund.

Five to seven of the funding sources are ”Such monies as may, from time to time, be granted or lent to or be deposited with the commission by the Federal Government or a state government, any other body or institution, whether local or foreign.

“All monies raised for the purpose of the commission by way of gifts, loans, grants-in-aid, testamentary disposition or otherwise.

“Proceeds from all other assets that may, from time to time, accrue to the commission.”

All South-East members, who spoke, including Mr. Uzoma Nkem-Abonta, Mr. Henry Nwawuba and Mr. Toby Okechukwu, said they gave “100 per cent” backing to the bill.

For instance, Nkem-Abonta argued that he believed the bill was the solution to the renewed agitation for the Republic of Biafra.

“We have to stop the crisis that is building up in the South-East before it turns into something else,” he said.

Members from the South-South, led by the Minority Leader, Mr. Leo Ogor, also supported the bill.

“Every zone deserves a commission because this country needs to be restructured. We cannot continue this way,” Ogor told the House.

Mr. Kehinde Agboola, who spoke for the South-West, said, “History will not forgive us if today we fail to support this bill.”

However, trouble started when all the lawmakers from the North spoke against the bill.

Members from North-West, North-East and North-Central, all opposed the bill.

For example, Mr. Mohammed Sani-Abdu opposed the bill on the grounds that it was a move to “divide Nigeria in piecemeal.”

He observed that coming soon after the government was trying to address the devastation caused by Boko Haram in the North-East, the timing of the bill was wrong.

Sani-Abdu recalled that after the civil war ended in 1970, government made concerted efforts to rebuild the South-East and re-integrate the people into the rest of Nigeria.

He argued that funding of the commission, using “three per cent” of the annual budget of oil companies operating in the South-East was indirect funding by the Federal Government.

Another member from the North, Mr. Karimi Sunday, said some South-East states were already benefiting from the funding of the Niger Delta Development Commission by the oil companies.

“Are we going to ask the same oil companies to fund the South-East Development Commission again?

“Are we saying that every zone should come up with its own development commission?” he asked.

When Dogara put the bill to a voice vote, he ruled in favour of those rejecting the commission. For clarity purpose, he called the votes twice before bringing down his gavel.

But South-East lawmakers began another round of protests as Dogara handed over proceedings to the Deputy Speaker, Mr. Yussuff Lasun, and left the chambers.

Lasun quickly adjourned the House as the rowdiness worsened.

Outside the chambers, South-East lawmakers continued the protest.

Onyeama threatened that he would resign his position as a leader of the House.

“I am a leader in this House; you can’t just kill my bill like that. I will resign,” he fumed.

Another member from Abia State, Mrs. Nkiruka Onyejeocha, said her colleagues were not happy that the bill was rejected.

“At least, they could have passed it for second reading.

“At the committee stage, more work could have been done on it to remove the grey areas,” she said.

One member from Rivers State, Boma Goodhead, joined in the protest, saying the North was not fair to the South-East.

“They are using our oil money to address the issue of Boko Haram. Now, they are against this bill. It is not fair,” she shouted and walked away angrily.

 South-East, victim of orchestrated political, economic marginalisation  –Ohanaeze

In its reaction, the apex socio-political body of the Igbo, Ohanaeze Ndigbo, said the South-East was the victim of an “orchestrated” political and economic marginalisation.

The Deputy Publicity Secretary of Ohanaeze Ndigbo, Mr. Chuks Ibegbu, who spoke with one of our correspondents on Thursday, said the rejection of the bill was “tragic, unfair and ‘unfortunate.”

Ibegbu said the bill, if passed into law, would have helped to address the longstanding marginalisation of the South-East.

He added that the development highlighted the flaws in the country’s federalism.

“The South-East is the victim of a well orchestrated political and economic marginalisation; these things do not happen by accident, they are planned and the plan is being carried out.

“The development highlights the tragedy of our federalism, a federalism that is filled with injustice, a federalism that emasculates the will of the people.

“At this stage in Nigeria’s history, nobody should be in doubt that the South-East needs federal attention.”

Ibegbu added, “The South-East has five states and 95 local governments but the North-East has seven states and about 200 local government councils. How fair is that?

“As we speak, the Federal Government has deployed national resources to attend to self-inflicted problems the North-East brought on itself through the Boko Haram insurgency. Before now an amnesty programme was initiated for the Niger Delta, and South-East youths, who were supposed to be captured in the programme, were not included.

“It is tragic that the House rejected the bill; it is unfortunate and very unfair on the people of the South-East.”

 

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Analysts place “buy” on Fidelity Bank

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Analysts place “buy” on Fidelity Bank

 

 

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Highly-rated, independent investment advisory firms have picked Fidelity Bank as a very attractive stock with potential to generate high returns for investors.

Independent investment research reports by many market pundits reviewed at the weekend showed that Fidelity Bank was assigned “buy” ticker, a recommendation to investors to consider the potential attractive returns of the bank.

The research reports were based on the historical and current operational performances of the bank as well as the clear-sighted implementation of the bank’s growth plan. The reports also considered the quality of board and management and the general human capital and resources of the bank.

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The investment advisory reports included those of Afrinvest Group, FSDH Capital and CardinalStone among others.

Analysts were unanimous that Fidelity Bank’s share price could double in the period ahead given professional assessment of top traditional performance parameters including the company’s operational reports, investors’ preference and projections.

CardinalStone stated that Fidelity Bank’s share price could double citing the bank’s “robust earnings growth” and the increasing profitability of its core banking operations.

After an extensive review of the global and domestic stock markets, FSDH Capital selected Fidelity Bank as one of the “FSDH Top Picks”, a group of stocks that the investment advisory firm considered to be most attractive for discerning investors. FSDH Capital’s stock selection considered a stock’s pricing history, dividend history, fundamental values and peer ratios among others.

Providing background on analysts’ exhaustive research for stock selection, Afrinvest explained that the company’s fair value estimate “takes into account a weighted average of price estimates derived from a blend of valuation methodologies including the Discounted Cash Flow (DCF) and its variants as well as other relative and comparable trading multiples valuation models”.

“However, we attach the most weight to DCF valuation methodology, particularly the Dividend Discount Model (DDM), Free Cash Flow (FCF) model and Residual Income Valuation/Model (RIV/RIM). The utilization of comparable trading multiples is guided by the analysts’ understanding of the banks’ fundamentals, as well as key price drivers from the firm, industry and macroeconomic perspectives,” Afrinvest stated.

The “buy” rating, according to analysts, implies that “the expected total return over the next 12 months is 25 per cent or more. Investors are advised to take positions at the prevailing market price as at the report date”.

Afrinvest projected that Fidelity Bank, with a dividend yield of 9.3 per cent, has price upside potential of more than 35 per cent. This effectively makes the stock an inflation-hedging stock, implying that investors in the bank’s shares can retain money value despite the current inflationary environment.

Futureview Group said Fidelity Bank’s recent operational reports highlighted the bank’s “excellent operational performance and the breadth of its income sources”.

The audited report and accounts of Fidelity Bank for the year ended December 31, 2023 had shown that gross earnings rose by 65 per cent to N555.83 billion. The top-line performance was driven by significant growths across income lines including 55 per cent growth in interest income, 562 per cent increase in other operating income and 44 per cent growth in fee and commission income.

The bottom-line fared better with net profit after tax rising by 99 per cent to N99.46 billion in 2023. Earnings per share (EPS) thus jumped by 93 per cent to N3.11, providing a strong buffer for the bank to increase dividend payout without undermining its sustainability.

Interim report and account of the bank for the first quarter ended March 31, 2024 also showed that the bank started the current business year on stronger footing with three-digit growths across key performance indicators.

The three-month report, released at the Nigerian Exchange (NGX), showed that gross earnings increased by 89.9 per cent to N192.1 billion in first quarter 2024. The bank’s top-line performance continued to be driven by broad-based growths across income lines with interest income rising by 90.7 per cent and non-interest income growing by 84 per cent in first quarter 2024.

Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, foreign exchange (forex)-related income, trade, banking services, and remittances, supported by increased customer transactions.

Profit before tax doubled by 120 per cent to N39.5 billion in first quarter 2024 as against N17.9 billion in first quarter 2023. The bank’s performance was driven by expanding market share with total deposit rising by 17 per cent within the three months to N4.7 trillion, compared with N4 trillion recorded at the end of 2023. The bank also increased its supports for national economic growth with net loans and advances rising by 21 per cent from N3.1 trillion at the end of 2023 to N3.7 trillion by March 2024.

Managing Director, Fidelity Bank Plc, Nneka Onyeali-Ikpe said the bank’s performance was due to its strategic focus on customer-centricity, digital innovation and operational excellence.

“Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.

 

“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” Onyeali-Ikpe said.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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WEMA BANK UNVEILS NEW DIGITAL SOLUTION FOR COOPERATIVE SOCIETIES, COOPHUB

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WEMA BANK UNVEILS NEW DIGITAL SOLUTION FOR COOPERATIVE SOCIETIES, COOPHUB

WEMA BANK UNVEILS NEW DIGITAL SOLUTION FOR COOPERATIVE SOCIETIES, COOPHUB

 

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Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has officially launched CoopHub, a new digital solution for Cooperative Societies. The groundbreaking platform was unveiled at the launch ceremony held on May 10th, 2024, to commemorate the 79th anniversary of the Bank.

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WEMA BANK UNVEILS NEW DIGITAL SOLUTION FOR COOPERATIVE SOCIETIES, COOPHUB

CoopHub, the first of its kind in the Nigerian banking industry, is a digital platform designed strategically to transform the way Cooperative Societies operate by providing tailored solutions that bridge the gaps in the traditional framework of Cooperative Societies. The unique platform insulates Cooperative Societies against prevalent struggles like manual recordkeeping, limited access to loans, poor communication, insecurity, and other restrictions, supporting them with the solutions needed to not only mitigate these problems but also operate with the utmost efficiency.

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With CoopHub, leaders of Cooperative Societies can manage every aspect of their community’s operations from a simplified dashboard accessible on their phones, seamlessly managing their Cooperative Society’s finances, communication, member records, analytics and every other detail in real time and on the go. Members of the Cooperative Societies also enjoy increased access to loans, seamless contribution tracking, secure transactions, and easy communication with the leaders. Essentially, CoopHub helps Cooperative Societies maintain 100% transparency, reliability, and security, with the option of white labelling for a customised experience.
Disclosing the Bank’s motive for creating CoopHub, Wema Bank’s MD/CEO, Moruf Oseni, highlighted the Bank’s commitment to innovation and customer-centricity. “Cooperative Societies have many pain points. As a bank that is committed to empowering lives through innovation, we examined the end-to-end value chain of Cooperative Societies and launched CoopHub to provide solutions that address the pains and headaches in the Cooperative Society experience for both the leaders of these communities and the members. CoopHub is the future of Cooperative Societies and we have designed every detail to address the needs of every player in the Cooperative Society ecosystem and empower these communities for optimal productivity”, he said.

 

 

 

Delving into the unique features of CoopHub, Solomon Ayodele, Wema Bank’s Head of Innovation, added, “CoopHub is taking Cooperatives to an era where conflicts, stressful physical meetings, mistrust, inadequate capital, poor recordkeeping and inefficient governance are all a thing of the past. With a digitised database for all records, a dedicated User Management section for leaders to manage members efficiently, a transparent overview of contributions for both leaders and members, seamless communication framework that allows for easy planning of meetings and events, and a host of other unique features, CoopHub truly is the solution that every Cooperative Society needs. To promote community and financial security, CoopHub also offers a three-factor authentication system that ensures that every withdrawal from the Cooperative Society’s account is subject to an approval of three members of the Cooperative Society, including the Admin. We have been very intentional with CoopHub and I encourage every Cooperative Society to come on board and experience the future of Cooperative Societies through CoopHub”, Ayodele concluded.
CoopHub is now live and open to every Cooperative Society across the world. This futuristic solution is set to not only empower Nigerian lives with increased access to their needs through Cooperative Societies, but also revolutionise Cooperative Society operations for the best.
To onboard a Cooperative on CoopHub, simply register at https://coophub.alat.ng/

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Maxwell Opara Goofed Says AAS Investors As They Stand By Jesam Michael, Demand For Justice

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Maxwell Opara Goofed Says AAS Investors As They Stand By Jesam Michael, Demand For Justice

Maxwell Opara Goofed Says AAS Investors As They Stand By Jesam Michael, Demand For Justice

Continue to speak out against all forms of injustice to yourselves and others, and you will set a mighty example for your children and for future generations.”
— Bernice King
Martin Luther King Jr. once said, “Injustice anywhere is a threat to justice everywhere. We are caught in an inescapable network of mutuality, tied in a single garment of destiny. Whatever affects one directly, affects all indirectly.”  This aptly described the mood of Investors of leading global financial platform Afriq Arbiritage System as they  demanded for justice against  Abayomi Oluwasesan who stole the company’s $87m money and his cronies, Humble Prince Etang, Donald Michael, Fifeyin Awajumo and Michael’s Okoh who have used the instrument of cyber bully and cyber stalking to attack their CEO, Jesam Michael.
Maxwell Opara Goofed Says AAS Investors As They Stand By Jesam Michael, Demand For Justice
Also, they have unanimously condemned the ungodly role of the legal practitioner of the accused, Maxwell Opara, who has been narrating a dangerously false narration about the incident knowing full well that the perpetrators of these alleged crimes are the villain not the victims.
Consequently, some representatives of the global community of AAS known as Spartans have penned an open letter condemning the unfortunate incident against their CEO and the company. Excerpts…
Maxwell Opara must be called to order by the Nigerian Bar Association (NBA).
The Spectacle created by the so-called Maxwell Opara, a lawyer hired by ponzi hawks led by one Michael Okoh has exposed the short-comings of the legal profession in the country.
It’s so daft and unprofessional for a supposed lawyer to go to the press and talk about a case ongoing in court. A case he is himself representing in the court of law.
Those he is representing are tied to the chief culprit that is Abayomi and we believed by now as a lawyer he should have gotten all the facts related to the case he was brought in to litigate.
The accused, Abayomi has since confessed to his crime of stealing a whooping 87 million dollars from the confers of AAS. His lawyer has publicly stated this in court. How then Opara was not so informed as to guide his utterances?
This indiscretion on the part of a lawyer cannot be swept under the carpet. Whatever his motives are, we know he is part and parcel of the propaganda machinery to bring down AAS and its CEO, which is a defeated endeavour as everyone already knows. Their plot has failed as the truth is already in the public domain.
While AAS and its CEO will never take the laws into its hands, we are calling on the Nigerian Bar Association (NBA) to effectively call their member to order, and impose disciplinary measures for such flagrant flouting of the legal profession’s code of conduct.
However, irrespective of what the NBA do or fail to do, the security agencies have taken the lead to call him to order as a polite invitation to turn himself in to the Nigeria Police Force or be arrested has gone out. The choice is his to make.
As stated before, there are consequences for our words and actions. The said assault on him as reported by some media pools is a misinformation. Opara was never assaulted by the complainant. He was stopped from further spreading lies about a case in court of which the obvious is clear;  that ABAYOMI OLUWASESAN, has confessed to stealing 87 million dollars from AAS.
We should also remember, Abayomi was an employee of AAS, with the knowledge of the key codes to the system, a privilege afforded him by the CEO in trust which he swiftly betrayed.
He did not hack the system, because the system is unhackable. He simply entered because he has the keys. No one has the keys to a door and rather break in, they simply go in with the keys.
So gentlemen of the press, Abayomi stole from AAS, and every lawyer involved in this case must go the extra mile to get to the bottom of the truth before saying anything about the case.
Maxwell must be disciplined and possibly disbarred for bringing shame to the law profession. AAS will leave no stone unturned and will not fold its arms while naysayers and haters run riot.
Never Again.
RICHARD
This is pretty absurd that individuals and institutions make comments without appraising themselves of the circumstances or the facts. 
A crime was not committed against Maxwell Opara, a crime was committed against Investors and the CEO of the company they invested in, Afriq Arbitrage Systems. The defendants Maxwell Opara is representing, have already been deeply apologetic of their actions and the principal defendant, Mr. Abayomi has even confessed to the crime of stealing 87 Million dollars from the coffers of AAS.
Maxwell Opara takes sensationalism to the next level when he demonstrates his limited knowledge of the case by stating that the money that was stolen was 100 Million dollars… In so doing, he perjured himself and deeply affected his credibility in exercising his legal profession.
What I see playing out here is a drama where most actors are attempting to have their 5 minutes of fame in the spotlight. This case is huge, and such actors like Maxwell Opara, do not have to be paid any attention to as they attempt to have a spin off show on this main event. The law is going to deal with Maxwell, and as for the rest of us investors, we shall drown the noise and concentrate on how to get our stolen investment of 87 Million dollars from Mr. and Mrs. Abayomi.
Opara’s actions have raised serious concerns about legal ethics and the objectivity of legal practitioners.
The situation involving Maxwell Opara, who was responsible for defending individuals in a cyberbullying case, has taken a dramatic turn. While Opara was representing Michael Okoh, Humble Etenge, and others, another legal matter involving Abayomi Oluwasesan and Afriq Arbitrage System came to light.
Abayomi’s involvement in a $87 million theft and subsequent confession added a layer of complexity to the situation. Despite not directly representing Abayomi in legal proceedings, Opara was seen commenting on the case between Abayomi and Afriq Arbitrage System.
Opara’s actions have raised serious concerns about legal ethics and the objectivity of legal practitioners. This revelation highlights the paramount importance of upholding ethical standards and integrity within the legal profession.
The consequences of Opara’s conduct underscore the necessity for transparency and accountability in the legal field. This scandal serves as a stark reminder of the risks associated with allowing personal gain to compromise the pursuit of justice and the equitable execution of the law. It serves as a cautionary tale about the importance of maintaining ethical standards in legal practice to uphold justice and fairness.
This Lawyer goofed 
He contravene the rules  of Professional Ethics  as Legal Practitioners in Nigeria
Once a case is under the jurisdiction of a Court, it’s a common principle of judicial practice that none, not even the parties involved, nor any lawyer engaged for that matter must go to the media to begin another trial or hearing. It’s Contempt of the Court. The Court usually frowns at such conduct.
A case is subjudice when anyone goes outside the court to make any forms of comment, conference or conclusion with respect to such a case.
The Maxwell Okpara stands to be seriously reprimanded with the appropriate sanctions by the Legal Practitioners Disciplinary Committee.
In addition to the police investigation ongoing against Maxwell Okpara, I humbly advise once again that our AAS Legal Team submit a Petition to the Legal Practitioners Disciplinary Committee ( LPDC ) against Barr. Maxwell Okpara for his breach of the rules of Professional Ethics which forbids Lawyer from discussing or granting interviews with respect to matters or proceedings ongoing in the Courts.
I felt ashamed of Maxwell Okpara conducts as a Lawyer too when I saw him delved into the live issues already before the Court in his Press interviews.
This is too bad for a Lawyer’s conduct!
Our AAS Legal Team appears more professional and must be guided always too, because the Newshounds would always come to them to scoop or scout for headlines.
When approached by the media, all a Lawyer could say is “ the Court has spoken, the next date of adjournment is “xyz “ it is subjudice to say anything further on this case. Thank you gentlemen of the Press for your interest .
Pronto ! You discharge the Press and go your way .
This is best practice we all learn as Lawyers.
Anyone as a Lawyer , including Maxwell Okpara who contravene the rules must face the consequences of their actions.
LEKAN OLANISEBE

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