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‘Ibrahim Magu wants to destroy my family’ – Former First Lady, Patience Jonathan cries out

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Former First Lady, Dame Patience Jonathan, has accused Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, of plotting to destroy her family.
She has, therefore, petitioned President Muhammadu Buhari to call the EFCC boss to order, stressing that Magu’s disposition towards her former First Family, was portraying the organization as an agency for revenge.

In the statement signed by her media aide Belema Meshack-Hart, the former First lady also accused Magu of bias and intimidation, lamenting that the EFCC boss had been spreading barefaced falsehood and propaganda against her in the name of investigations. Mrs Jonathan further claimed that Magu’s actions were tantamount to “unjustified witch-hunt”, stressing that no other first lady had faced such fate of brazen intimidation in the history of this country.

The statement reads in full: “We wish to bring to the attention of Nigerians, the unjustified witch-hunt and media propaganda against the former First Lady, Dame Patience Jonathan and her family by the agents of the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu and his media hirelings.

“For almost three years, this agency of Government has beamed its searchlight on her, her family members including siblings and parents, as well as her Foundation and Non-Governmental Organisation; A. Aruera Reach Out Foundation, and Women for Change and Development Initiative, in the name of investigating their activities. However, we have since discovered that the real intention is to disgrace, intimidate, dehumanize and ridicule her and her family, through sheer cheap propaganda, sensational investigation and media trial that have been going on for too long.

“We wish to place it on record that in the history of this country, no wife of any President had been so far investigated in such flagrantly vindictive and disgraceful manner, as has been the fate of Mrs.
Jonathan, in the hands of Magu’s EFCC.

“As a tradition, every First Lady in this country has had one pet project or the other, with which they sought to intervene in the lives of the less privileged. Mrs. Jonathan started her NGO in Bayelsa State
11 years ago when her husband was the Governor of the State. With it, she has, over the years, touched the lives of many Nigerians in different ways. It is then surprising that while other First ladies
and their pet projects were left alone, it is only her activities and that of her NGOs that are being subjected to indefinite probe and microscopic scrutiny by the Buhari administration.

“In a method that clearly bears out the axiom of giving a dog a bad name in order to hang it, Magu’s EFCC had maliciously linked Mrs. Jonathan to all kinds of fake possessions and properties around the country, including the Local Content Office in Yenagoa which is an arm of NNPC, Shoprite Complex, Nigerian Customs Guest House and Park View Hotel, both in Port Harcourt, as well as the residence of her neighbor who is a serving Senator. It has now come to a point where all the magnificent edifices in Abuja, Yenagoa or Port Harcourt are presented to the media as belonging to Mrs. Patience Jonathan. Not done, they also accuse her of owning several plots of land in many cities across the country, including places she has never visited. The most astonishing of all is that her close relatives are viciously being
victimized, as their personal properties are also being investigated.

“It is either the EFCC is now led by people who cannot conduct proper investigations, or they are deliberately feeding the public with false information, in line with their sinister script to embarrass and browbeat the former First Family.

“We wish to remind President Muhammadu Buhari that what Magu and other agents of his Government are doing is tantamount to desecrating the hallowed and dignified office of the President, and exposing it to public ridicule before the rest of the world.

As the elected President, Muhammadu Buhari has become a father to all Nigerians. He should therefore resist the snare of those vile advisers who portray
him as a sectional and vindictive leader, out to disgrace his predecessors.

“We implore President Buhari to call Magu and his goons to order so he does not further defile and do more damage to the dignity of the seat of the nation’s President. The seat of the President of any country is sacred and the occupant must be respected. As a former First Lady, Mrs. Jonathan has been falsely called all manner of names, including drug peddler, by Magu’s well-oiled propaganda machinery.

“We believe that she is being systematically persecuted and punished because of her unflinching support for her husband during the 2015 elections. President Buhari should be reminded that his wife also supported him in all the elections he contested against her husband, former President Jonathan, but Dr. Jonathan did not at any point in time, carry out personal vendetta or go after Buhari’s wife.

That is the standard practice in all democracies around the world. For instance, Michelle Obama campaigned vigorously for her husband’s party during their last Presidential election, but we are yet to see President Donald Trump move against her. One thing is clear: No matter what they do to Mrs. Jonathan, she will continue to stand by her husband, the father of her children, even if it means paying the
supreme price with her life.

“We are inclined to believe that there is a well orchestrated plan to destroy her and her husband by Magu. The signs are ominous and obvious. Her children had been harassed with her daughter’s house burgled. Her vehicles have been attacked on the road four times, since 2015. Their house in Abuja was vandalized allegedly by security agents sent by Government to secure it, and the items stolen are yet to be recovered.

We are inclined to remind President Buhari that when he was attacked in Kaduna, the former first Lady’s husband, Goodluck Jonathan, as the then President, immediately fortified his security to ensure his safety.

“There is no doubt that the grand plot to hound and humiliate the Jonathan family by Magu, is afoot. But we are consoled by the fact that duplicity and treachery have an expiry date. Today’s dance of victory is only temporary.

No one can deceive the masses forever. The truth will rise up one day to trounce all the massive lies and propaganda that are today being spread against Mrs. Jonathan and her family.”

 

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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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