Business

Exclusive account of how Olorogun Oskar Ibru Loses Confidant, Felix Ibru

Published

9 years ago

March 13, 2016

Olorogun Oskar Ibru has lost his closest confidant, Senator Felix to the cold hands of death just two months after celebrating a superlative 80^th birthday in January, 2016. Inside source squealed to us that Felix died on his way to the hospital on Saturday, March, 12, 2016 enroute Eko hospital, Ikeja, Lagos. The source revealed to us that the deceased was at home in his residence at Ikeja with his cook and driver at exactly 10:18am and was playing games with them when he complained of cold and weakness of his body. Due to his persistent complain and request to see his personal doctor situated along Idowu Martins, Victoria Island, Lagos, his domestic staff decided to drive him down but when they were confronted with traffic jams along Mobolaji Bank-Anthony way, Ikeja, they decided to rush him to the nearest hospital which was Eko Hospital, Ikeja. Upon arrival at the hospital around 11:28am, the doctor on duty declared him Dead on arrival { DOA}. We reliably gathered that the entire Ibru’s dynasty have been thrown into mourning due to his demise. His son, Otu and other family members wept uncontrollab;y and are yet to get over the shock.

Felix Ovudoroye Ibru (7 December 1935 – 12 March 2016) was a Nigerian architect, Senator and the First democratically elected Governor of Delta State. Until his death he held the position of President General of the Urhobo Progressive Union (UPU). As a traditional chieftain of his homeland, Ibru bore the tribal honorific Olorogun and often used it as a pre-nominal style. This title is also borne by many of the members of his large family in the same way.

Background

Ibru was born on 7 December 1935 at Agbarha-Otor in the Ughelli North local government area of Delta State to Chief Peter Epete Ibru and Chief (Mrs). Janet Omotogor Ibru, the second of seven children. His brother Michael Ibru is the founder of the Ibru Organization, a major conglomerate. He was educated at Yaba Methodist School, and later Igbobi College where he was Head Boy in 1955. He won the Elder Dempster Lines Scholarship to travel to the United Kingdom. After his secondary school education at Igbobi College, Ibru proceeded to the Nottingham School of Architecture in England where he qualified as an architect in 1962.

While a student in Nottingham, he was elected the first Black President of the British Council with responsibility for Nottinghamshire, Derbyshire, Lincolnshire and Leicestershire. As a result, he was presented to Queen Elizabeth II and his Prince Philip, the Duke of Edinburgh at a ceremony in Buckingham Palace in 1960.^{[citation needed]} Shortly after his qualification as an architect in 1962, he worked briefly with the Jewish Agency SOCHNUT, on various projects relating to farm settlements (kibbutzim and moshavim) and prefabricated buildings in Jerusalem and Haifa. He later enrolled at the Technion – Israel Institute of Technology for post-graduate studies and qualified with an MSc (Arch) in 1963. He returned to Nigeria at the end of that year and took up an appointment with the Federal Ministry of Education as the first resident Lecturer in Architecture at the Yaba College of Technology.

He was elected member of the Nigerian Institute of Architects (NIA) in 1969, registered by the Architects registration Council of Nigeria in (ARCON) 1971, and elected Fellow of the Nigeria Institute of Architects in 1995. In 1997 he was awarded an honorary degree of Doctor of Laws (LL.D) by the Delta State University and a Fellowship of the Nigerian Institute of Public Relations (NIPR).

Business career

Ibru established an architectural firm, Roye Ibru Associates, which, in 1971, went into partnership with Alan Vaughan-Richards and Associates to establish the firm of Ibru Vaughan-Richards and Associates (Planning Partnership). As one of the two principal partners of the firm, Chief Ibru was involved in the design and supervision of more than 40 projects across the country. They include: University of Lagos Sports Centre, Oguta Lake Resort, The Diette-Spiff Civic Centre, Port Harcourt, Office extension for Elf Nig. Ltd. Victoria Island, Lagos University master plan, New Layout Market, Port Harcourt, Mile 3 Diobu Market, Port Harcourt, Sheraton Lagos Hotel & Towers, Ikeja, University of Benin sports centre, University of Benin Master plan, Faculty of Science buildings, University of Benin & Ogun State, Ogun State Polytechnic Master plan.

As consultant to Ibru Prefabs Limited he was responsible for the design and supervision of several Geodesic Domes of various dimensions in many parts of the country. In 1971, under the auspices of the United Nations, he was invited to Tokyo, Japan as a member of a panel on foreign investment. In 1974, he delivered a lecture at the Harvard Business School, in the United States on Multinationals. It was titled, Emerging Role Of The African Entrepreneur In The Economy And Its Relationship With Multinational Corporations:Competition,Partnership,Cooperation and Absorption.

Political career

His political activities began in 1983 when he unsuccessfully contested for a seat in the Senate.^{[citation needed]} He ran for the Governorship of Delta State in 1991 and emerged as the First Executive Governor of the newly created Delta State in 1992.^{[citation needed]}

He won the 2003 Senatorial elections for Delta Central.

Personal life

The senator was married with 6 children and 2 grandchildren. He died on 12 March 2016

Business

ATMs empty as banks ration withdrawals

Published

16 hours ago

November 14, 2024

Sahara Weekly

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.

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.

Business

NNPCL Makes New Leadership Appointments

Published

16 hours ago

November 14, 2024

Sahara Weekly

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

Business

Oil Cabals crippled Govt Refineries, now working against Dangote Refinery – Pastor Adeboye

Published

1 day ago

November 13, 2024

Sahara Weekly

How Prophet Kingsley Predicted The Rumble In Pastor Adeboye Led RCCG

Oil Cabals crippled Govt Refineries, now working against Dangote Refinery – Pastor Adeboye

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has urged Nigerians to pray for divine intervention in the face of efforts by unscrupulous oil marketers to thwart the operations of the Dangote Petroleum Refinery, following the previous sabotage of Nigeria’s four state-owned refineries.

The respected clergyman made the call for nationwide prayers during the November 2024 Abuja Special Holy Ghost Service themed ‘Total Restoration’, which held in the capital city. While Adeboye did not explicitly name the Dangote Petroleum Refinery, his remarks echoed the ongoing attempts by oil marketers to prevent the refinery from functioning as it was designed to.

The Dangote Refinery based in Ibeju-Lekki, Lagos is the only facility currently refining petrol in Nigeria, and Adeboye’s comments reflected the dispute between the refinery and oil marketers, who seek to continue importing fuel for personal gain.

Pastor Adeboye reminded the congregation that it was God who raised Aliko Dangote to establish a refinery after years of failed attempts to revive Nigeria’s four public refineries, which had consumed billions of Naira with little result. He questioned the persistence of fuel imports despite Nigeria’s status as a major crude oil producer.

“Are we under a curse?” he asked. “We have four refineries, we poured all kinds of money into them, none of them is working. But God raised someone to build a refinery that works. He is not my relative, he is not from my village. He is not even a Christian, but he is a Nigerian who says, ‘Why should my people suffer when I have the means to build a refinery that can work?’ Now he is refining petrol, and some people want to stop him from selling it, so they can keep importing.”

Adeboye also pointed out the damage caused by the fuel subsidy, describing it as a significant drain on Nigeria’s resources, contributing to the country’s mounting debts and corruption. He stressed that when President Bola Ahmed Tinubu announced the end of the subsidy in 2023, Nigerians largely welcomed the decision, but oil marketers, who benefitted from the subsidy regime, were furious.

These marketers, the renowned pastor claimed, have formed alliances with some International Oil Companies (IOCs) and other powerful interests to obstruct the Dangote Petroleum Refinery. This includes restricting access to crude oil, forcing Dangote to import crude from countries like the United States, among others.

He called for prayer for the total restoration of the country, noting that the Nigerian people are suffering the consequences, as the prices of essential goods have soared, pushing many items beyond the reach of ordinary citizens. “The masses are the ones suffering because these marketers, who are bent on keeping imports alive, already have more money than they can ever spend,” he said.

Despite the Dangote Petroleum Refinery’s capacity to meet Nigeria’s entire demand for petroleum products – and even to export surplus fuel – oil marketers continue to pressurise the government to allow ongoing petrol imports. This has placed additional strain on the Naira, which has continued to depreciate.

Recently, the Crude Oil Refineries Owners Association of Nigeria (CORAN) urged the government to protect local refineries from unfair competition posed by importers and international petroleum traders, in line with provisions in the Petroleum Industry Act (PIA).