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Why Adeboye stepped down as head of Nigeria’s Redeemed Church

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General Overseer of the Redeemed Christian Church of God, Enoch Adeboye, stepped down as head of the church in Nigeria in line with a proposed Corporate Governance Code in Nigeria, PREMIUM TIMES has learnt.

Mr. Adeboye referred to the governance code as he announced his decision to give up the position on Saturday, church leaders who attended the session, said.

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The code, proposed in May 2015, limits the number of years heads of corporate organisations can stay in office. It is mandatory for the private sector.

The Code of Governance for Not-for-Profit entities is “Comply or Justify non-compliance.”

It is under the Not-for-Profit category that churches like the RCCG come under.

The code was later suspended, reportedly after the Attorney General, Abubakar Malami, opposed its implementation.

It was unclear whether Mr. Adeboye knew the proposal had been suspended.

While announcing the governance code in October 2016, the Financial Reporting Council, FRC, had said it would take effect from October 17, 2016.

FRC said, “In accordance with Section 50 of the Financial Reporting Council of Nigeria Act, 2011, which among other things requires the Directorate of Corporate Governance to develop the principles and practices of Corporate Governance applicable in Nigeria, the Council hereby releases the National Code of Corporate Governance effective 17th October 2016.”

It further said, the “Code of Governance for the Public Sector will not be applicable immediately until an executive directive is secured from the Federal Government of Nigeria. This is due to the fact that the enabling laws that set up most government establishments already carry some form of governance structure that will require an umbrella legislation to unify the different provisions of those laws to synchronise with this Code.”

Mr. Malami later wrote a strong opinion against it.

Mr. Adeboye had on Saturday surprised the top echelon of the RCCG by stepping down from direct leadership of the church in the country. He appointed Joshua Obayemi as the National Overseer of the church in Nigeria.

Mr. Obayemi, who was Special Assistant to General Overseer on Finance, was appointed at the annual Ministers Thanksgiving at Shimawa, Ogun State.

Mr. Adeboye will however remain the General Overseer of the RCCG Worldwide.

 

 

Daddy G. O.’s tactical resignation or retirement: An unpleasant development

 

While I agree totally with the call for Christians to go into politics én mass, I would rather call for the church first of all to go into prayers. Haven’t we seen sound Christians who went into politics and became compromised by the monstrous spirit of corruption and mammonry that has eaten dip into our political system and taken root in all the seats of power?

 

This ungodly law that is supposedly signed into law by the National Assembly did not start as a national issue but an expression of grief by one man who became aggrieved by his pastor and general overseer. This man is the current boss of the Financial Reporting Council of Nigeria.

 

This said man was a pastor with the RCCG who became envious of the success and power wielded by the General Overseer, because, he himself is a power hungry man. He became head of the FRC after repeatedly backstabbing his boss to whom he was number two with repeated petitions to the higher authorities against his boss until he had his way.

 

He has never had anything good to say about his G. O. He had always spoken I’ll of him to whoever cares to hear. While he was still a pastor under the RCCG, he bragged that he had not stepped his foot into the Redemption Camp in many years.

 

He had always complained that the G O has asked other pastors to step down after reaching 70 years and he himself has refused to do so. And had bragged on a few occasions that he would ensure the G O steps down.

 

Let me add that neither he the boss nor the parastatal he heads (FRCN) has the power to execute the law, but he did. Financial Reporting Council has its jurisdiction whose bounds this man has overstepped. Recently, the kangaroo Acts of the FRC he concocted alone to favour him and his draconian regime was repealed by the National Assembly or so it seems. His satanic high handedness style of governance has been a thing of concern in the parastatal.

 

He became so power drunk that he tried to insult the integrity of the G O four years ago when the G O asked that he comes to see him. Only then was his church file as a pastor reviewed and he got suspended from the church. He became all the more drunk with power when he got someone who introduced him to the then president. There, he found an opportunity to present this matter to the president and gave reasons why churches and mosques should start paying taxes. He convinced the president then by running down God’s servants.

 

He was an easy tool then because he came very handy to be used against the then Central Bank governor which led to his suspension from office. This drew him closer to the president and tactically had the president’s ear. It was at that point he made way to express his devilish desire against the church with his G O as main target.

 

When the church suspended him and the then president left office, he quickly joined himself to Latter Rain Church and got introduced to the pastor through a member of staff of the FRC who worships there. This he did subtly because of the closeness of the pastor to this present government so he can get introduced to the new Preside Buhari. That was done.

 

 

His staff in the office are groaning under his hard leadership and cannot speak out because he had held them bound with threats and fear. This man who today is an enemy of the church has been implicated in wizardry and witchcraft and belonging to the occult. He has some cases of abuse of office and immoral activities going on in court against him which he lost recently.

 

Today, he is laughing because it seems his agenda is playing out. He is boasting that it will spread to all the other long serving G.O.s This, he will achieve if the church does not arise to both pray and cease power first from the realm of the spirit.

 

In Acts 12:1-10, when Herod took James and killed him and no one did anything, he proceeded to take the leader of the apostles- Peter. That’s when the church woke up to prayers and intervention came in verse 5-10.

 

In Acts 7:1-end, Saul ensured Steven died and no one stood against him, so he proceeded to Damascus to clean up the church until the Master intervened because the church prayed.

 

Who said the bill can not be reversed? Why should the church be dictated to by the state when the state has no hand in leading the church? Didn’t our Lord Jesus say He will build His church and the gates of hell cannot not prevail against it? Why is hell raging now and we are complying?

 

Haman’s Bill in the book of Esther was countered. Joshua stopped time until he overthrew evil kings. Where is the power today in the church? We see not our signs. (Ps. 74:9)

 

The state cannot dictate to the church when her leaders should come in and out and who they should handover to. If we don’t fight this evil now, it will develop into something worse that will bring regrets to the church. Who knows; they could start telling the pastors what to preach and what not to preach. What pastors should wear and not wear etc.

 

Let’s call for a Solemn Assembly and let the priests weep between the porch and the altar until this evil quickly dies out.

 

Awake O Zion and trim your light. Arise O church and shine for your light is come and the glory of the Lord is risen upon you.

It is a dark period for the world but the best time for the church to shine (Is.60:2)

 

*Resolving the Obazee sack angle…*

 

Many people wonder why PMB must have sacked Obazee and ordered for a replacement. Let us get the facts away from fiction.

 

* A lot of complaints have been tendered against Obazee from the private sector for years which got worse in the past few months.

 

* He had a right to carry out his assigned duties, but one of such allegations against him was that of vendetta.

 

* He was once sacked while reportedly working under baba Adeboye of the RCCG.

 

* He was instructed days ago by the minister of industry trade and investment to hold on while issues concerning him are sorted out.

 

* The minister is the boss and head of the FRN.

 

* He defied the orders of the minister to suspend the regulation, and went ahead to enforce the act. His first point of call was the RCCG, ensuring that daddy Adeboye obeys the law.

 

* The minister reported him to the president. His case is that of insubordination. He disobeyed and was in the process rude to a senior official.

 

* PMB recommended immediately that he should be sacked and replaced for defying the orders of his superior to look into the matter, deliberately further about it and clear issues bordering on revenge as regards his person.

 

Those are my findings regarding the sack by PMB, it truly had nothing to do with weakness or succumbing to pressure by PMB nor is it karma of the history of the Obazee guy drafting the recommendation which removed Sanusi under GEJ.

 

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

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

 

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

 

 

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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.

 

 

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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.

 

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

 

 

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.

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TY BURATAI HUMANITY CARE FOUNDATION CALLS FOR EXPULSION OF A CHINESE FAMILY OWNERS OF A SUPERMARKET THAT SEGREGATES NIGERIANS

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TY BURATAI HUMANITY CARE FOUNDATION CALLS FOR EXPULSION OF A CHINESE FAMILY OWNERS OF A SUPERMARKET THAT SEGREGATES NIGERIANS

 

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In a bold statement released by the TY Buratai Humanity Care Foundation, a call has been made for the expulsion of the Chinese family owners of a supermarket in Abuja, Nigeria, who deny Nigerians access to shop. The foundation, led by it’s Chairman Amb Ibrahim Dahiru Danfulani Sadaukin Garkuwan Keffi and Betara of Biu, expressed deep concern over the discriminatory practices of the supermarket, which only allows Chinese citizens to enter and purchase goods while barring Nigerians from doing the same.

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The Grand Patron of the Foundation, His Excellency Ambassador Lt Gen Tukur Yusufu Buratai (Rtd) CFR, former Chief of Army Staff, condemned the discriminatory actions of the supermarket owners, likening it to racism. He emphasized that no foreign citizen should be denied his rights in Nigeria as long as he or she abides by the country’s laws. Gen Buratai questioned the audacity of foreigners dictating terms to bona-fide citizens on how to live or stay in their own country.

Gen Buratai further criticized the discriminatory policies of the supermarket owners, stating that there is no valid reason for a company in Nigeria to refuse to sell to Nigerians. He labeled the actions of the Chinese family-owned establishment as a clear case of racism and called for decisive action by the federal government against any individuals, foreign or Nigerian, who flout the rules and regulations of the nation.

The TY Buratai Humanity Care Foundation’s stance on the issue serves as a strong message against segregation and open hatred towards Nigerians. The foundation urges the government to address such discriminatory practices swiftly and firmly to uphold the rights and dignity of all citizens in Nigeria and even abroad.

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$87m Theft: Abayomi Remanded in Suleja Until Bail Perfection As Court Adjourns Till 14th (Video)

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$87m Theft: Investors of Afriq Arbitrage System Boos,Jeer At Abayomi, Remanded in Suleja Until Bail Perfection As Court Adjourns Till 14th

$87m Theft: Investors of Afriq Arbitrage System Boos,Jeer At Abayomi, Remanded in Suleja Until Bail Perfection As Court Adjourns Till 14th ( Video)

 

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The arraignment of Abayomi Oluwasesan over the lingering theft saga to the tune of $87m commenced today with the review of his bail conditions.

Abayomi Segun Oluwasesan who allegedly committed the heinous crime of defrauding the leading global crypto space known as Afriq Arbitrage System was arraigned alongside his wife at the FCT High court, Jabi in Abuja.

Earlier, the defendants’ lawyer appealed for leniency on the stringent bail condition on behalf of Abayomi OluwaSesan citing their prolonged detention and promising their availability for trial if granted bail. However, the complainant lawyer, Sidi Abdulrasheed, opposed the bail request, highlighting previous instances where the defendants had allegedly fled after being granted bail.

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Responding to the bail review, the presiding judge, Ms. Idris insisted the earlier bail conditions remain valid with little modification. It would be recalled that the conditions initially given included provision of two sureties each with 500 million Naira, owning property in Maitama, and also two directors in the federal civil service. Additionally, the sureties must deposit the title documents of their properties in court. However, in his ruling today, he said the sureties should be owners of properties anywhere within the FCT and worth 400 million naira and above. He also reiterated that the two directors should be serving directors and the properties be valued by a licensed estate valuer registered with the federal government.

Thereafter, he adjourned the proceedings till 14th ,15th and 16th of May 2024 for speedy trials.

 

Speaking to Jesam Micheal, the CEO of Afriq Arbitrage System (AAS) after the court proceedings, he clarified the wrong narratives about the case. He said the appearance of Abayomi in court has justified the truth that he defrauded the company to the tune of $87m and that he has confessed to his crime. He narrated how Abayomi who was entrusted with the platform while he went for liver transplant tempered with the systems and defrauded the community of the staggering sum of $87m. He stated that all he is after is for him to refund the stolen funds.

Also, the complainant’s counsel, Barrister Obeten revealed that justice will be served at the court as the suspect has allegedly admitted to committing the crime.

 

Meanwhile, there was mild drama in court as thousands of investors stormed the court today, booed and jeered at Abayomi and his wife. Their anger was not unconnected to the fact that his actions gravely affected them and their means of livelihood.

 

 

It would be recalled that Abayomi and his wife were tracked to an estate in Lagos and brought back to Abuja on Sunday, March 24th, 2024 over the lingering financial scam to the tune of 87 million dollar and criminal activities he perpetrated against AAS and the CEO, Jesam Micheal.

 

 

The arraignment of Abayomi by the IG of police at the Federal High Court in Abuja witnessed a significant development on Thursday, March 28th, 2024, as the case involving the alleged theft of 87 million dollar by Abayomi OluwaSesan charged by the Inspector General of Police, Kayode Egbetokun, proceeded with significant deliberations.

 

 

The accused individuals were charged for purportedly accessing millions of subscribers’ investments at the Afriq Arbitrage Company’s online trading platform until October 9th, 2023.

 

$87m Theft: Investors of Afriq Arbitrage System Boos,Jeer At Abayomi, Remanded in Suleja Until Bail Perfection As Court Adjourns Till 14th

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