Advertisment

Business

President Buhari allegedly orders resignation of Amaechi, Fashola over corruption

Published

7 years ago

May 10, 2017

Sahara Weekly

Advertisment

President Muhammadu Buhari has allegedly ordered the resignation of the former Governor of Rivers State who is now the Minister of Transport, Rotimi Amaechi.

Advertisment

Also alleged to have been asked to resign are Minister of Power, Works and Housing, Babatunde Fashola and Chief of Staff to the president, Abba Kyari over various allegations of corruption, DAILY POST exclusively gathered.

A source in the Presidential Villa told DAILY POST that Buhari worried that having these persons in his cabinet could put so much to question about his personality and frustrate the present anti-corruption war had advised them to quietly resign.

The source also said the President reminded them of his earlier warning that if he sacked any of his appointees, such would be prosecuted.

It would be recalled that there had been several allegations of corruption flying in and outside the media about Ameachi. A leading Newspaper in the United Kingdom, UK, ‘The Mail Daily,’ on Sunday, May 15, 2016 published a report revealing how Rotimi Amaechi allegedly looted Nigeria’s treasury.

The report claimed that President Muhammadu Buhari’s ‘fantastically corrupt” friend, spent over $140 million on the president’s 2015 campaign and has been accused of stealing £500 million.

Also a Judicial Commission of Inquiry in Rivers State had allegedly indicted the former governor for looting the treasury of the state, when he served as Governor for eight years. Amaechi had, however, denied these various allegations.

His contemporary, Babatunde Fashola, had equally been petitioned over mismanagement of Lagos state funds. It would be recalled that the Economic and Financial Crimes Commission, EFCC, was petitioned by the Civil Society Network Against Corruption, a coalition of anti-corruption organisations in Nigeria, over an alleged “questionable expenditures” of the administration of Babatunde Fashola. He allegedly approved before he left office, N78.3 million from the state’s treasury for an upgrade of his personal website, an allegation he had since denied.

Relatively, it has been alleged that the Chief of Staff (CoS), Abba Kyari, took N500m from operators of MTN to help the telecommunications giant mitigate the fine imposed on it by the federal government.

The chief of staff was also allegedly involved in a deal of taking money from Jide Omokore, a shady businessman who was allegedly involved in corruption in the oil sector during the preceding administration.

”The president has been waiting patiently for them to resign,’’ The source stressed.

When DAILY POST contacted the Senior Special Adviser to the president on Media and Publicity, Garba Shehu, he simply said in a text message thus; ‘’I am sorry I am in Abuja and I can’t confirm or deny the report with the president who is now in London. If you can leave me out of this, I will appreciate.’’

Recall that President Muhammadu Buhari recently suspended the Secretary to the Government of the Federation, SGF, Mr David Babachir Lawal and ordered an investigation into the allegations of violations of law and due process made against him in the award of contracts under the Presidential Initiative on the North East (PINE).

The President had equally ordered a full scale investigation into the discovery of large amounts of foreign and local currencies by the Economic and Financial Crimes Commission (EFCC) in a residential apartment at Osborne Towers, Ikoyi, Lagos, over which the National Intelligence Agency (NIA) made a claim, hence suspending the DG, Ambassador Ayo Oke.

The investigation is also to enquire into the circumstances in which the NIA came into possession of the funds, how and by whose or which authority the funds were made available to the NIA, and to establish whether or not there has been a breach of the law or security procedure in obtaining custody and use of the funds.

Advertisment

Business

ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

Published

23 hours ago

May 3, 2024

Sahara Weekly

ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

Advertisment

Mubi, May 3rd, 2024

Sahara Weekly Reports That The Abdul Samad Rabiu Africa Initiative (ASR Africa) commences the construction of a 500-capacity lecture theatre and wash facilities for the Adamawa State University, Mubi. This project is coming after the nomination of the institution as a recipient of the ASR Africa Tertiary Education Grant Scheme (TEGS), by the Board of Directors of the Abdul Samad Rabiu Africa Initiative.

Speaking at the event, the Acting Vice Chancellor of the University, Dr. Stephen A. Lagu, expressed his appreciation to the Chairman of BUA group and ASR Africa, Abdul Samad Rabiu, for the rare philanthropy gesture towards the university. He stated that the intervention of the Chairman would reduce the physical infrastructure deficit at their new campus and promote sanitation and hygiene in the university. He added that the choice of the 500-seat lecture theatre with the four boreholes at different locations within the campus was identified and agreed to by the relevant organs of the institution with the ASR Africa team.

Dr Ubon Udoh (MD / CEO, ASR Africa), in his remarks, congratulated the institution for qualifying for the nomination by the Board of Directors of ASR Africa. He stated that the rigorous selection process which includes stringent criteria such as the quality of service delivered by the university and the pedigree of graduands from the institution at the national and international levels, proves that the university is keeping up with its vision as a leading institution of learning in the region. He encouraged the management and students to ensure proper use and maintenance of the facilities as a show of appreciation for the grant given to them.

The Tertiary Education Grant Scheme of the Abdul Samad Rabiu Africa Initiative is part of the efforts of the Chairman of BUA Group and ASR Africa, Abdul Samad Rabiu to give back to the African continent and make a lasting impact in education as a means of uplifting and restoring the dignity and lives of Africans.

About ASR Africa

ASR Africa is the brainchild of African Industrialist, Philanthropist and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

Advertisment

Business

Rano: Inspiring Story Of An Ice block seller who became billionaire

Published

1 day ago

May 3, 2024

Sahara Weekly

Rano: Inspiring Story Of An Ice block seller who became billionaire

Advertisment

Alhaji Auwalu Abdullahi Rano, popularly known as A.A Rano transformed from a humble boy from Kano Village into a billionaire magnate, overseeing a conglomerate that includes 120 filling stations across Nigeria.

Advertisment

Born into an average family in Lausu, Kano State, Rano started small, with an ice block and groundnut oil business, including other local items.

Rano has gone into building a multi-billion naira enterprise spanning various sectors of Nigeria’s economy.

Today, Rano owns AA Rano oil & Gas industry in Nigeria with 56 ML Tank farm in Lagos, with 120 retail outlet/ fillng stations across Nigeria and over 600 trucks & LPG terminals as well as acquired vessel (M.T LAUSAU).

His ventures include RanoGaz, a state-of-the-art Liquified Petroleum Gas (LPG) terminal, a rice milling company, Rano Lubricant, Rano Air, Lausu Marine and Logistics, AA Rano Terminal, and AA Rano Road Haulage.

@PUNCHNG

Advertisment

Bank

Fidelity Bank records a 120.1% growth in PBT to N39.5bn in Q1 2024

Published

1 day ago

May 3, 2024

Sahara Weekly

Advertisment

Fidelity Bank records a 120.1% growth in PBT to N39.5bn in Q1 2024

Advertisment

In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1% growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn for Q1 2024. This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.

According to the statement, Gross Earnings increased by 89.9% yoy to N192.1bn from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7% yoy) and non-interest income (84.0% yoy). 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, FX-related income, trade, banking services, and remittances, supported by increased customer transactions.

Commenting on the results, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc stated, “We are pleased to report another quarter of strong financial performance driven by our 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.”

In the period under review, the bank grew Net interest income grew by 89.5% yoy to N99.6bn from N52.6bn in Q1 2023, driven by interest and similar income as the yield on financial instruments improved to 14.7% from 10.1% in Q1 2023 (2023FY: 11.6%). In line with the steady rise in interest rates through the year, average funding cost increased by 80bps ytd to 5.2%. However, NIM came in at 8.8%

compared to 8.1% in 2023FY, as increafeatsed yield on earning assets surpassed funding cost to 15.1% from 13.3% in Q1 2023 (2023FY: 13.5%).

Similarly, Total Deposits increased by 17.2% ytd to N4.7tn from N4.0tn in 2023FY, driven by double-digit growth across all deposit types (demand, savings and term). Net Loans and Advances increased by 21.2% to N3.7tn from N3.1tn in 2023FY.

“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,” explained Onyeali-Ikpe.

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.

Advertisment