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Skye Bank Swims in fresh crisis.

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  • Again, lender fails to declare accounts to regulators
  • Customers, shareholders express anxiety
  • As financial experts call for sack of GMD

 

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Sadly,  these are not the best of times for the Tokunbo Abiru-led Skye Bank Plc as the lender is said to be currently embroiled in a fresh crisis.

Investigation by THE WITNESS revealed that the struggling financial institution has again failed the statutory requirements to file its results and accounts for the period ended June 30, 2018 with the Nigerian Stock Exchange (NSE).

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A top management staff of the bank who spoke to our correspondent on condition of anonymity lamented, “Of a truth, all is not well with the bank. It is really struggling to stay afloat and the new management is doing nothing about it. Though they met the problem on ground, one expects that by now things should have changed. People are resigning every day because of uncertainties showing up in every of its departments.”

Recall that on July 4, 2016, the Central Bank of Nigeria intervened in the management of the bank by reconstituting the board of directors, shoring up the bank with N100bn capital injection, and accordingly, the apex bank gave the board a clear mandate to turn the institution around positively.

Ironically, two years after the CBN intervention into the affairs of the bank, the fortunes of the financial institution have continued to dwindle.

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This, THE WITNESS gathered, is not unconnected with the poor results of the bank due to lack of trust customers now have with the lender triggered by the lack of administrative experience and expertise of the new management led by Mr. Tokunbo Abiru. More so, weak asset quality, rising funding costs and increased customers’ wariness about the safety of their deposits have conspired to squeeze out the bank’s balance sheet and tear profit figures of the lender.

The development became worrisome to shareholders and customers of the bank as the lender last filed its accounts to the NSE in 2014. In a statement to the NSE in March 2017, Skye Bank had attributed the failure to file its 2016 accounts to the CBN’s intervention. Consequently, the Exchange tagged the lender MFR (Missed Regulatory Fillings). This is in contravention of Rule 1.1.4 of The Exchange on Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange, which requires listed companies to file their AFS.

A visit to the lender’s headquarters located at 3, Akin Adesola Street, Victoria Island, Lagos, will tell how its branches operate – in a low-key setting. The once-bubbling branches of the bank have now become a shadow of themselves as many depositors of the bank have started closing their accounts.

It would be recalled that prior to the sack of the Ayeni-led board, Skye Bank used to visit the discount window frequently.

With the current situation, the few depositors left are beginning to wonder if it is not back to square one for them, as they insist that the bank would have filed its account if there were indeed no problems.

A document obtained from the NSE unveiled Skye Bank as one of the financial institutions likely to be penalized by the NSE along with other organisations.

According to the document from the NSE, such default is marked out by the Exchange as a corporate governance failure, which attracts monetary fines, “naming and shaming” tag, suspension of shares from trading and delisting in incurable cases of default.

A source further confirmed that the Exchange “would apply relevant rules” in dealing with the defaulters.
The NSE regulatory deadline was on July 30. Under the rules, a late submission attracts a fine of N100,000 daily for the first 90 calendar days of non-compliance, another N200,000 per day for the next 90 calendar days and a fine of N400,000 per day thereafter until the date of submission.

Though, the CBN recently extended the tenure of Skye Bank directors for an additional two-year term, customers of the bank, financial experts have called for the sack of the bank chief to be replaced by a more competent and experienced hand to manage the financial institution.

A customer of the bank, one Mr. Oguntade Charles, while speaking with our correspondent said: “I don’t know what exactly is happening to Skye Bank. I have been banking with them for the past 7 years and it has never been this bad. Most of their ATM machines are always out of service; even their USSD banking code *889# is nothing to write home about, the same service which I enjoy seamlessly on my accounts with other banks. Most times, when I try to transact with it, it always fails. It’s either it brings error or no response at all. I have been to their bank several times to complain but still, no way. Their services are now so poor,” he lamented.

A financial expert, Mr. Adebayo Faleti who spoke to our correspondent argued that if no drastic steps are taken by the CBN concerning the bank, the worse may still come.

All efforts to reach the Corporate Affairs Manager of the bank, Mr. Rasheed Bolarinwa for the lender’s angle proved futile as calls and text messages placed to his mobile number were not responded to as at press time.

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COURT DISMISSES LAND SUIT AGAINST NIGERIAN BREWERIES

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COURT DISMISSES LAND SUIT AGAINST NIGERIAN BREWERIES

COURT DISMISSES LAND SUIT AGAINST NIGERIAN BREWERIES

 

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The Imo State High Court of Oru Judicial Division sitting at Mgbidi and presided over by his Lordship Hon. Justice Onyekachi has dismissed Suit No. HOU/71/2019, which was instituted by Chijioke Nwadika against
Nigerian Breweries Plc in the said suit, the claimant Mr. Chijioke Nwadika prayed the court to declare that the entire Ama Ogbejelem farm land at Awo-omamma in Imo State where Nigerian Breweries Plc constructed it’s drainage for waste disposal at its Awo-omamma
Breweries plant belongs to him and his family.

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COURT DISMISSES LAND SUIT AGAINST NIGERIAN BREWERIES

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The claimant also sought the court to order Nigerian Breweries Plc. to remove the drainage system from the land and pay the sum of N500,000,000 (Five Hundred Million Naira) as damages for unpaid
royalty, and destruction of the family’s economic trees as a result of disposal of waste through the drainage that runs through the claimant’s
farm land as claimed.

The claimant Mr. Chijioke Nwadika was represented through-out the
Suit by his counsel Damian Uneze Esq. who urged the court through his
submission to grant the reliefs. Dr A.A Orunkoya Esq counsel to Nigerian Breweries Plc vehemently challenged the claims of the claimant and urged the court to dismiss the suit on grounds that the
claimant failed to prove with empirical evidence the ownership of the and where Nigerian Breweries is situate or any part of it where the
drainage system of Nigerian Breweries passed.

It was his contention
that the claim of Mr. Chijioke Nwadika is predicated on tittle; hence the onus was on him to prove ownership of the land before he can be
entitled to any other relief or claim for damages connected to the land.
Dr. A.A Orunkoya Esq. further informed the court that the claim of Mr. Chijioke Nwadika was statute barred as the entire suit was centered on
a contract he purported his father had with Nigerian Breweries in 1983
whereas the action was instituted in 2019 in breach of limitation of
Action Laws that requires actions founded on breach of contract to be
instituted within six years.
The trial judge Hon. Justice Onyedikachi after considering the argument
and evidence put before the court dismissed the suit in favour of Nigerian Breweries Plc. Dr. A.A. Orunkoya Esq defence counsel to
Nigerian Breweries Plc while addressing the press after the judgment,
reiterated that the judgment has further rekindled the hope of investors and corporate organizations to invest in rural communities.

He stated that private companies are usually sued by unscrupulous
persons in their host communities thereby discouraging investors.
Dr. A.A Orunkoya Esq. further stated that the suit of Mr. chijioke
Nwadika was capable of frustrating the continuous existence of the Nigerian Breweries in Awo- Omamma but because the claims lack
merit, the court appreciated the issues of law that was canvassed as a defence and entered judgment in favour of Nigerian Breweries by dismissing the suit.

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Palliatives: Dangote donates 80,000 bags of rice to Lagos residents

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Palliatives: Dangote donates 80,000 bags of rice to Lagos residents

 … Sanwo-Olu says Dangote prioritize Nigerians’ welfare above profit

 

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The Aliko Dangote Foundation, (ADF) has flagged off the distribution of 80,000 10kg bags of rice to the vulnerable in Lagos state.

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President of Dangote Group and Chairman of the foundation, Aliko Dangote, noted that the gesture is part of the over one million 10kg bags of rice that would be distributed to reach one million vulnerable people in the 774 local government areas of the country.

 

 

 

 

Speaking at the flag off in Alausa, Dangote, said the distribution of the 80,000 bags of 10kg rice is another demonstration of the foundation’s commitment to upholding the values of compassion and solidarity that are at the core of humanity.

Noting that the distribution of the rice is in addition to the daily distribution of 12,500 loaves of bread in Lagos, Dangote stressed that with the initiative, the foundation aspires to ameliorate some of the burdens faced by vulnerable communities across Lagos State.

In his remarks, Governor of Lagos state,  Babajide Sanwo-Olu, applauded the many initiatives of Dangote to ameliorate the sufferings of Nigerians, while praiseing him for showing compassion to the needy in the society.

Sanwo-Olu said the gesture of distribution of 80,000 bags of 10kg rice shows that the leadership of the Foundation prioritize the welfare of the people beyond the pursuit of profit and accumulation of wealth.

The Governor said: “Aliko Dangote is a Nigerian that has chosen to be different. You have choices but you have made the right one which is caring for the vulnerable. I appreciate Mr. Aliko Dangote for extending his kind gestures to the people at the bottom of the pyramid and we are grateful for supporting us in government. There is a lot of global disruption in different parts of the world, and it is a tough time to be in a position of leadership,” he said.

While encouraging other wealthy Nigerians to emulate Dangote, the Governor said the distribution of the rice would support the initiative of the state in addressing the effects of the economic hardship.

Justifying the food intervention in Lagos, Dangote said: “While our traditional Ramadan food distribution has been focused on the Muslim Community, we recognize that the current circumstances where a significant proportion of Nigerians across the nation are experiencing severe hardship due to the prevailing high prices of food, require that we broaden our program to cover communities of all faiths. This is why we are extending the Ramadan initiative to cover all the thirty-six states and the Federal Capital Territory as a testament to our commitment to supporting our communities in line with our core values and the spirit of the Holy Month of Ramadan,” he said.

The CEO of the ADF, Zouera Youssoufou, said the Foundation is partnering credible NGOs, civil societies, religious bodies among others to ensure the donations go to the most vulnerable in Lagos State.

She said the Foundation is guided by a vision of empowering Africans to achieve their self-actualization and full potential as it believes that every individual, regardless of their circumstances, deserves the opportunity to thrive and succeed.

“In times of hardship, it is imperative that we stand together as one nation, one community, extending a helping hand to our brothers and sisters in their time of need as we have done with our female empowerment programme in Lagos State which targeted 40,000 (Forty thousand) disadvantaged women,” she added.

Group Executive Director Commercial Operations at Dangote Industries Limited (DIL), Fatima Aliko-Dangote, noted that the flag off in Lagos is a follow-up to the 120,000 bags distributed in Kano on Saturday, said the intervention is targeted to reach the 774 local government areas in Nigeria.

“We have been doing this for a while but we didn’t publicize  it because  our chairman  believes  this is between him and God but this year we decided  to publicize  it so that we can encourage  and inspire others to do so.

“There are many other things the Dangote foundation is also doing. We are also serving 2,500 breads all over Lagos daily. We started this in 2020 during COVID-19. Also in our hometown in Kano, we have been doing breakfast, lunch and dinner for the past 35 years. The foundation has invested in many things. Years back, we gave women some money to be able to invest in their businesses,” she said.

Speaking further, Dangote noted that Lagos state holds a special place in the hearts of the Group, hosting two of its major investments – Dangote Petroleum Refinery and Dangote Fertiliser Plant.

He disclosed that the Dangote Group is also working on the nutrition agenda and has made significant strides in food fortification, investing in iodized salt and vitamin A fortified sugar. He stressed that the Group actively promotes food fortification within the Nigerian food industry and is exploring fortification methods for staples like rice and wheat and bouillon cubes to help ensure improved nutrition nationwide.

“At the heart of the Aliko Dangote Foundation lies a deep-seated belief in the importance of nutrition in human capital development. We understand that access to nutritious food is not only a basic human right but also a critical determinant of good health and well-being. By providing these modest bags of rice to those in need, we are not only looking to alleviate immediate hunger, but also investing in the long-term health and prosperity of our communities,” he added.

While commending Lagos state governor, Babajide Sanwo Olu as a Governor with a penchant for overcoming adversity and enormous capacity in handling emergencies, Dangote urged other well-meaning individuals and corporate organisations to emulate the efforts to support the less privileged in the communities, especially during Ramadan, which is a time of self-reflection, empathy, and charity.

Palliatives: Dangote donates 80,000 bags of rice to Lagos residents

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NIFESAF ESUT Lagos Holds 4th Edition Of Business, Career Exposition

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The Lagos State Alumni Fellowship of Nigerian Fellowship of Evangelical Students (NIFESAF) has held the fourth edition of its Business and Career Exposition programme themed ‘Maximizing Technology and Strategic Customer Loyalty For Sustainable Business Growth In Today’s Economic Condition’ on Saturday, 23rd of March, 2024 in Lagos.

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The programme which was basically for Small and medium-sized enterprises since its inception has served as a major platform for the promotion of Nigerian-owned businesses and created several opportunities for SMEs to thrive and have access to the world through the global reach of NIFESAF ESUT.

Just like the previous editions, the fourth edition wasn’t any different; it featured an avalanche of exhibitions by several Nigerian businesses with guests who were ready to patronize them and a huge platform to publicize their businesses.

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Some of the businesses involved in the exhibition include Finet Mobile, Purch Gadgets, Congratulations Corporate Events, Exceptional Intensive Vocational Training, Farmskills Limited, Jigsimur health drink, De Luxe flour, Royal Almonds, Ifiefruit, Ihubest trading enterprise, K-shape fashion designer, Zara Caps and Hats, Chee Havillah Royal Services Ltd, Lowan Enterprises, Mace Ventures, Arif Bureau, Davis Exotic Homes, Whiztech Global Ltd, Earthblend flavours, to mention but a few.

Speaking at the event, the Chairman of the Global Body— Nigerian Fellowship of Evangelical Students (NIFES) ESUT Alumni Fellowship, Mr. Fred Nnadike, said the essence of the business exhibition was to support and build a community of excellent, Christians who would be role models in their respective careers.

Nnadike who urged believers under the umbrella to keep the faith alive equally charged them to uphold ethical standards, sound corporate governance, and avoid sharp practices in their respective professions and business endeavors as ardent followers of Christ.

“We want to encourage what we produce and link our entrepreneurs to the global space. SMEs are indispensable for economic growth and development. The government across board should do something urgently to revive the economy by making the environment conducive for businesses to thrive” he implored.

On his part, the Lagos State Chapter Chairman of the Fellowship, Mr Henry Nnadike, said the leadership of NIFESAF has often reminded the government that MSMEs are still the engine room of every strong economy.

“Government must address multiple taxation, epileptic power supply, dilapidated road network, and general scorching economic environment. Governments must be transparent in their reforms and interventions. Besides, we need informed ideas, programs, and policies that must be designed by the best brains. The government should learn to put the interest of the masses above their personal interest for posterity’s sake” he urged.

Similarly, the Vice Chairman of NIFESAF, Lagos Chapter, Mrs. Chika Idalah–Allison, called on the state and federal government to partner with NIFESAF and related organizations which are poised to promote skills and craftsmanship, particularly for youths.

“Government should partner with organizations promoting skills acquisition, innovation, human capital development, and creative industry. In NIFESAF we are under the mandate to support every entrepreneur under its umbrella even beyond.

Idalah – Allison told newsmen that she was able to travel to different countries for business purposes, not by her academic certifications but by the salability of her skills in artwork and design.

“Nigeria is our only country, we must build it because the world is waiting for us to step out, and that is what we must all do collaboratively, however, our education curriculum should be designed fit- for -purpose” she asserted.

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