Category: Business

Aristocrat Clothing Launches “The Christmas Collections” For Twice as Nice 

Posted on by The Elites
One of Nigeria’s luxury brands owned by a seasoned journalist turned designer, Kayode Olanshile Alfred has just launched another collections for Twice as Nice. The blooming partnership between the exclusive clothier and the foremost fashion store is being taken to another level with the Christmas Collections designed to get the rich and famous in the yuletide groove.
“We’re trying to give our customers something new and classy. Hence: The Christmas Collections and you can get it at all Twice As Nice outlets nationwide,“ opined the celebrity journalist and Aristocratic owner Kayode Alfred. Dubbed “The Christmas Collection”, the latest release from the stable of Aristocratic fashion combines the freshness of original designs with the classiness of premium fabrics to give its growing clientele list of fashion pillars and icons something novel to step out in this coming holidays.
Known for his headline-grabbing scoops as a journalist, and his trendsetting offerings as a designer, Kayode Olanshile Alfred is someone who goes all out where quality is concerned. As the years have multiplied the emerging glitterati and settled fashionistas have gravitated to his Aristocratic Clothing like mice to round, plump slices of cheese. He has become synonymous with style that makes a difference.
The Christmas Collections will be available in all Twice as Nice stores nationwide and as usual there will be a mad dash by the fashion conscious for the limited units available. It is testament to Kayode Olanshile Alfred’s growing reputation in the fashion industry that all his collections are usually sold out within a few weeks of landing on the shelves. Given the level of interest his latest offering for Twice as Nice is generating, The Christmas Collections will be no different.
 

Fitch Revises Outlook On FBNH to Positive; Affirms At ‘B-  

Posted on by The Elites

By Fitch RatingsDetails

Fitch Ratings has revised the Outlook on the Long-Term Issuer Default Ratings (IDR) of FBN Holdings Plc (FBNH) and its primary operating company, First Bank of Nigeria (FBN) to Positive from Negative and affirmed the IDRs at ‘B-‘. Fitch has also upgraded the National Long- and Short-Term Ratings of FBNH and FBN to ‘BBB(nga)’ from ‘BB+(nga)’ and ‘F2(nga)’ from ‘B(nga)’, respectively. A full list of rating actions is at the end of this rating action commentary.

The revision of the Outlooks reflects improving asset quality trends and our expectation that the bank’s largest impaired loans will be resolved within the Outlook horizon. It also reflects stronger loan loss allowance coverage of impaired loans, under IFRS 9, with this positive trajectory expected to continue. These factors have also driven the upgrade of FBNH’s and FBN’s National Ratings, given the improvement in their credit profiles relative to other Nigerian issuers

KEY RATING DRIVERS


IDRS AND VRs

FBNH’s and FBN’s IDRs are driven by their standalone credit profiles, as defined by their Viability Ratings (VR). Like all Nigerian banks, the VRs are influenced by the operating environment in Nigeria. The fragile economic recovery restrains banks’ growth prospects and asset quality. The VRs also reflect FBN’s position as one of the country’s largest banks and its resilient franchise, which provides robust revenue generation capacity, a solid funding base and sound liquidity.

The VRs also reflect a high, albeit improving impaired loan ratio and improving loan loss allowance coverage, which leaves capital buffers less vulnerable to unexpected shocks.

The operating environment in Nigerian remains tough, with the country having recently emerged from a recession. Although access to foreign currency has eased, many borrowers retain limited capacity to service obligations and there are few opportunities for banks to grow their loan portfolios.

Asset quality remains a relative weakness compared with other large Nigerian banks, illustrated by a far higher impaired loans (Stage 3 loans under IFRS 9)/gross loans ratio of 19.8% at end-9M18 and lower reserve coverage of impaired loans (69%) than peers. However, both metrics are on a positive trend, which we expect to continue in 2019. Loan impairment charges continue to weigh on profitability.

FBNH’s Fitch core capital ratio of 18.6% at end-1H18 has been supported by solid pre-impairment earnings and no dividend distributions. While higher reserve coverage takes pressure off capital, FBN’s regulatory total capital adequacy ratio would still fall below the minimum regulatory capital requirements if FBN was to fully provide for its impaired loans. This is not our base case, and the bank’s internal capital generation could easily make up the shortfall if needed.

Pre-impairment earnings have been resilient, thanks to the group’s strong domestic franchise. FBN is the oldest and second-largest bank in Nigeria, with a market share of 14% of domestic credit at end-2017. The franchise has stood up well in the face of asset quality problems. Fitch believes that profitability will strengthen with improving asset quality.

Franchise strength is further illustrated by the group’s solid funding base of low cost retail deposits, driving one of the lowest cost of funding in the sector. Cheap, stable funding is complemented by strong liquidity. FBN’s regulatory liquidity ratio is well above the minimum requirement of 30% at end-9M18, at 43%. Liquidity is provided by a large book of domestic government securities.

 

FBNH’s and FBN’s National Ratings reflect their creditworthiness relative to the country’s best credit and relative to peers operating in Nigeria.

SUPPORT RATING AND SUPPORT RATING FLOOR

FBN’s Support Rating (SR) and Support Rating Floor (SRF) reflect uncertainty over the ability of the authorities to support banks, particularly in foreign currency. In addition, there are no clear messages from the authorities regarding their willingness to support the banking system. The SRF of all Nigerian banks is ‘No Floor’ and all Support Ratings are ‘5’, which reflects our view is that senior creditors cannot rely on receiving full and timely extraordinary support from the authorities should a bank become non-viable.

FBNH’s SR and SRF reflect our view that any support that could come from the authorities to domestic banks is unlikely to extend to the holding company, which does not have material creditors.

SUBORDINATED DEBT

Subordinated debt issued by FBN’s Netherlands -incorporated special purpose vehicle FBN Finance B.V. is rated one notch below FBN’s VR to reflect loss severity for subordinated creditors. Recoveries on the notes in the event of default are considered to be below average and therefore the Recovery Rating on the notes is ‘RR5’.

RATING SENSITIVITIES

IDRS, VRs, NATIONAL RATINGS AND SENIOR DEBT

FBNH’s and FBN’s IDRs are both sensitive to any change in their VRs. The Outlooks on the IDRs are Positive, reflecting Fitch’s base case that asset quality will see a material improvement. This ultimately considers the resolution of the bank’s largest NPL, which is around 8% of gross loans and is expected to be resolved during 2019. Should NPLs decline rapidly and loan loss allowance coverage continue to improve, then the VRs and IDRs could be upgraded.

A downgrade would most likely be as a result from a renewed deterioration in asset quality.

FBNH’s and FBN’s National Ratings are sensitive to a change in their creditworthiness relative to other Nigerian issuers.

SUPPORT RATING AND SUPPORT RATING FLOOR

FBN’s SR could be upgraded and the SRF revised upwards if Fitch sees an improvement in the authorities’ ability to support in foreign currency, particularly as a systemically important bank. An improvement in the ability to support could be indicated by further accumulation of external reserves and a sustainable exchange rate. An upward revision of the SRF could lead to an upgrade of FBN’s Long-Term IDR. As a holding company, we view an upgrade of FBNH’s SR and upward revision of the SRF as unlikely.

 

SUBORDINATED DEBT

The Long-Term Rating on subordinated debt issued by FBN Finance B.V. is sensitive to any change in FBN’s Long-Term IDR.

The rating actions are as follows:

FBN Holdings Plc and First Bank of Nigeria Limited
Long-Term IDRs affirmed at ‘B-‘; Outlooks revised to Positive from Negative
Short-Term IDRs affirmed at ‘B’
Viability Ratings affirmed at ‘b-‘
Support Rating Floors affirmed at ‘No Floor’
Support Ratings affirmed at ‘5’
National Long-Term Ratings upgraded to ‘BBB(nga)’ from ‘BB+(nga)’
National Short-Term Ratings upgraded to ‘F2(nga)’ from ‘B(nga)’

FBN Finance B.V.
Subordinated debt long-term rating affirmed at ‘CCC+’/’RR5’ 

Ogun 2019: Akogun Lanre Alfred, Other Young Professionals Launch Support Group, DAAG, For Dapo Abiodun

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A coterie of young professionals drawn from diverse backgrounds has launched the Dapo Abiodun Alliance Group (DAAG) with a mandate to propagate the ideals and vision of Prince (Dr) Dapo Abiodun, the All Progressives Congress, APC, candidate in the 2019 governorship election in Ogun State.

Launched at a colorful ceremony at Olusegun Obasanjo Library in Abeokuta, the Ogun State capital, Friday, November 30th, ahead of the kick off of governorship campaigns, a statement signed by the spokesperson of the group, Victor Alaba Ganzallo, a marketing communications expert, averred that the cardinal objective of the DAAG is the mass enlightenment of voters in order for them to make informed decisions that would bear tangible democratic dividends.

The statement reads, “We are a self-funded, not-for-profit group whose only interest is to make the people of Ogun State know that if they want a governor that has the character, competence, local and international connections and vision to take the state forward, unify party members after the factious party primary and lead selflessly; a man that has their interests at heart, Dr Dapo Abiodun is the man.”

It also states, “For us to have come together to form this group underscores the unanimity of our belief that Dr Abiodun’s entrepreneurial successes and strong commitment to good governance, fairness and prosperity for all make him a very well-rounded candidate for the office of governor. It is for these reasons that our group, the DAAG, undertakes to galvanise and mobilize human and material resources for him across the length and breadth of the state to achieve success in 2019.”

The statement posits further, “We are not oblivious of the fact that the task before us is arduous considering the political atmosphere in the state. However, we firmly believe that it is a surmountable challenge that requires the collective efforts of people of good conscience whose love and passion for a more prosperous Ogun State is not in doubt.”

While highlighting the composition of the DAAG, the statement clarifies that members are not necessarily from the state; “We are young successful professionals united by a shared reverence for the inspirational leadership of Dr Abiodun and feel that none of the other contenders can tie his shoelace in a free and fair contest. We also feel that the indigenes would be doing themselves a world of good by voting for the APC in the general election. The electorate needs to know the good fortune that is in stock for them with an Ogun State led by one of Nigeria’s most successful businessmen.”

While promising that the group would unveil some of its other plans as electioneering intensifies, the statement concludes that Dr Abiodun has well-defined and fully developed plans for addressing major issues bedevilling the state and would hit the ground running when elected.

 

 

 

Thousands of UBA Staff Across Africa Give Back To Their Communities

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UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, on Friday, November 23, 2018 launched its Each One, Teach One initiative, hosting a huge impact day in Nigeria and across all its subsidiaries in Africa.

The UBA Community Service presents an opportunity for UBA staff members to give a little of their time and skills to their communities. All across the continent, staff members of the pan- African bank were seen within their communities, teaching and assisting the less priviledged.

UBA Group Managing Director, Mr. Kennedy Uzoka, who attended the event in Lagos, Nigeria, expressed his excitement over the initiative, adding that as a corporate entity, UBA, through the Foundation decided to give back as a family, starting by impacting knowledge to students and participants.

Uzoka, who is also the Chairman, UBA Foundation, said, “Our goal with this initiative is to help the under privileged and young children learn vocational skills that will assist them along the path to financial freedom as they start businesses of their own. We have therefore, created a platform to encourage people who have various skills and talents to pass this on to the younger generation.

Continuing, he said, “Interestingly, we have over 15,000 staff across the UBA network and we know that if each of them can teach two people, then a lot of people would be impacted with a lot of skills within a very short period’.

After engaging in a group reading session with the students, Uzoka seized the opportunity of the event to educate the youths and the students present, on Financial Literacy, and the gains of savings and investing from a young age.

“As a bank, we want students to inculcate the habit of savings, especially for the rainy day. It is important that you are cautious about the future, because nothing is guaranteed. Therefore ensure that you bear this in mind when you receive your allowance no matter how little.’ Uzoka said to the students who filled the Onikan Community centre in Lagos.

The Chief Executive Officer, UBA Foundation, Mrs. Bola Atta, who threw more light on the initiative stated that it is aimed at helping to impact lives positively and in a very meaningful way. She added that the initiative, which was going on simultaneously in Africa, was being driven by UBA staff members who were very happy to be giving back to society.

“At UBA Foundation, we really genuinely care about our communities and about doing good. I see how excited staff members are when they get involved in any of our CSR initiatives. There is something really gratifying about giving back. It helps the communities and helps you grow as an individual. Today was an extremely productive exercise’ said Atta.

The Group Head of Corporate Bank, Mr. Muyiwa Akinyemi and Regional Head, Lagos Bank 2, Mrs. Emem Usoro were also present at the event to encourage the students.

Thousands of UBA staff members across Africa voluntarily committed their time today to teaching youths various activities such as foreign languages, photography, tae kwon do, fashion design, martial arts, first aid, music and much more.

UBA, Africa’s global bank, is committed to being a socially responsible company and role model for all businesses in Africa. UBA recognises the need for a social contract between the bank, the community and its people.

As the Corporate Social Responsibility arm of the UBA Group, UBA Foundation is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Environment, Education, Economic Empowerment and Special Projects.

FirstBank’s FirstGem Clocks 2, Promotes Female Independence

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On Friday, 23 November 2018, women from all walks of life would converge at the Harbour Point Event Centre, Victoria Island, Lagos for the second anniversary of the launch of FirstGem, the FirstBank lifestyle product designed specifically for women to promote female independence and entrepreneurship. The event is themed “Building Sustainable Wealth”.

Since the launch of FirstGem in October 2016, a series of female empowerment initiatives, trainings and seminars have been organized across the country and in the UK to harness and financially mobilize the growing percentage of women in the country whilst empowering them through the nuggets of financial independence. These empowerment sessions include; Oyo State Women Empowerment Programme; Southern States Governors Wives’ Forum; Benue State Women Empowerment Program; Mentoring Women to Posterity held at Enugu, Enugu State; OAU International Law Students Women Conference and the FirstGem in the UK. The Bank has also supported over 8,000 women with finance to grow their businesses.

The speakers and plenary session discussants at the second anniversary event will include; Dr. Doyin Salami, CEO, Kainos Edge Consulting Limited; Aruma Oteh, Treasurer and Vice President of World Bank; Nimi Akinkugbe, CEO Bestman Games and author of A – Z of Personal Finance and Arese Ugwu, author of The Smart Money Woman, amongst other discussants.

According to the Bank’s Group Head, Products & Marketing Support, Mr. Abiodun Famuyiwa, ’at FirstBank, we recognise that promoting female entrepreneurship and independence is key to economic development and building the economic viability of every home in the country. FirstGem is adeliberate strategy by the Bank to drive financial inclusion and all-round development of women through gender-advancement programs wrapped around savings culture, Financial Literacy, Loan Management and building Investment portfolio.”

Are you an upward mobile lady and entrepreneur and enthusiastic about giving your business and lifestyle a boost? Then walk into the nearest FirstBank branch to open a FirstGem account and stay financially secured.

 

Alleged $3m Bribe: Femi Otedola Appears In Court Against Farouk Lawan

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Chairman of Zenon Oil, Femi Otedola, on Wednesday, appeared before an Abuja High Court to testify in the trial of a former member of the House of Representatives, Farouk Lawan for alleged fraud.

Otedola who is a prosecution witness in the trial was allegedly pressured by Lawan to part with a three-million-dollar bribe while Lawan was chairing a subcommittee investigating a multi-billion-dollar fraud associated with government fuel subsidy during the administration of former President Goodluck Jonathan.

Otedola entered the witness box after he was introduced by the prosecution counsel, Adegboyega Awomolo, after which a video where Lawan was seen receiving $500 000 from the Zenon oil boss, was played.

According to Otedola, the accused had indicted his company in the alleged fraud and demanded three million dollars to exonerate him.

He added that after the initial deposit of $500,000 was paid into his account, Lawan declared Zenon Oil and Gas free of the initial indictment.

When asked by the prosecution counsel about the claim by Lawan that the witness forced him to take the money, Otedola denied it.

Otedola also denied a claim by Lawan that Zenon Oil and Gas was exonerated on the basis of documents later provided by the company.

The defence counsel was, however, unable to cross-examine Otedola as he requested for an adjournment to enable his principal to attend the next trial and conduct the cross-examination.

Lawan was first arraigned in February 2013 along with another accused, Boniface Emenalo, for allegedly receiving $620,000 of the alleg

12 Finalists Selected In UBA Foundation National Essay Competition 2018 Amidst Increase In Entries

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UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, has announced the twelve finalists for the 2018 edition of its annual National Essay Competition.

The 12 finalists will sit for the second round of the competition, where three winners will emerge after undergoing supervised essay writing on a different topic from the original entry, on Saturday November 25, 2018 at the Bank’s headquarters in Lagos

The 12 finalists were selected after a very tedious grading process undertaken by a distinguished panel of judges made up of top professors from reputable higher institutions from the four geographical zones in Nigeria. The students were graded using some parameters including grammar, articulation, arrangement, handwriting, punctuation and strength of argument.

Interestingly, this year’s edition recorded the highest participation, with more entries coming in from various secondary schools across the country – even after entries had been closed. In all, over 6,000 entries were received for this year’s edition.

The names of the finalists in no particular order are: Ugwuagbo Chinweizu of Lydia of Shalom Academy Nsukka; Israel-Olusegun Daniel of The Fountain Comprehensive Secondary School, Ogun State; Alo Praise Ayomiposi of Lagos African Church Grammar School, Lagos State; Adeyemi Abdul-Lateef of Pivic Colege Iba, Lagos State, Adetola Ibukunoluwapo from Vivian Fowler Memorial College, Lagos; Odjegba Omesiri Divine of International High School, Delta State; Hezekiah Tiffany Uruaku of Faith Academy Rivers State.

Others are Ozemoka Halimat Emesomi, University Preparatory Secondary School, Edo State; Idogbo Sharon O. of Holy Child College, Lagos; Adiankpo Ini- Iso Christopher of Nigerian Christian Institute, Uyo and Komolafe Justice Babatunde of Kingsfield College, Lagos State.

The essay competition, which targets senior secondary school students is organized annually, as part of UBA Foundation’s Education initiative aimed at promoting the reading culture and encouraging healthy and intellectual competition amongst secondary school students in Nigeria and across Africa.

This year, the topic is “What is the biggest environmental issue you think your generation will face? How can it be avoided and how can it be solved?”

The Chief Executive Officer of UBA Foundation, Mrs. Bola Atta, who announced the new prizes explained that the first prize for the UBA National Essay Competition is a N2 million educational grant for the winner to study in any African university of his or her choice, a 100% increase from N1m which was awarded last year, while the second and third prizes have increased to N1.5 million and N1m educational grants respectively, up from N750,000 and N500,000 previously obtained.

Atta also explained that the choice of topic for this year’s competition is one that helps promote creative and analytical thinking in students and encourages them to be problem solvers.

UBA Foundation’s National Essay Competition has been taken to other African countries including Ghana and Senegal as well as Mozambique and Kenya. The initiative will spread to more African countries in 2019.

UBA is one of Africa’s leading banks with operations in 20 African countries. It also has presence in the global financial centres; London, New York and Paris.  UBA provides banking services to more than 15 million customers globally, through diverse channels.

 

 

 

 

 

 

IN PICTURES: Ambode, Fashola, Dangote At Flag-off Ceremony For Reconstruction of Apapa-Oworonsoki-Ojota Expressway

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Lagos State Governor, Mr. Akinwunmi Ambode (3rd left); with Alhaji Aliko Dangote (2nd left); Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman (left); Minister of Power, Works & Housing, Mr. Babatunde Fashola (3rd right); Chairman Senate Committee on Works, Senator Kabiru Gaya (2nd right) and Senator Oluremi Tinubu (right), during the Flag Off Ceremony for the Reconstruction of Apapa-Oworonshoki-Ojota Expressway in Apapa, on Saturday, November 17, 2018.
                     

 

 

                                 

Buhari Appoints Shonubi CBN Deputy Gov, Others

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President Muhammadu Buhari has confirmed the appointment of Folashodun Adebisi Shonubi as the deputy governor of the central Bank of Nigeria for a period of five years.

This was contained in a statement by the permanent secretary (General Services Office) Office of the Secretary to the Government of the Federation, Olusegun A. Adekunle.

According to the statement, the president also confirmed the appointment of Banire Muiz Adeyemi as the chairman of Asset Management Corporation of Nigeria (AMCON).

Other new appointments include the appointment of Engr Sule Yakubu Bassi as secretary of the Nigerian Diaspora Commission, Abba Ali and M Mohammed Sagir as members, (non-legal) Federal Judiciary Service Commission.

The appointment of five chief executive officers and two executive directors of federal agencies were also confirmed in the statement.

President Buhari enjoined the new appointees to regard their appointments as a call to national service and to carry out their responsibilities with uprightness, diligence and prompt response to the yearnings of the public.

He also charged them to bring their wealth of experience to bear in the discharge of their responsibilities.

NEMA: Osinbajo saved thousands of Nigerians by approving N5.8bn – Adagbon

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With international organistaions and local agencies running out of funds, and with food shortage at its crescendo, the acting President of Nigeria, Prof Yemi Osinbajo approved N5.8 billion for supply of food to Internally Displaced Persons (IDPs) in the NorthEast, thereby saving hundreds of thousands of Nigerians who were going to die out of starvation. The noble action of the Vice President has been misinterpreted in some quarters even though he acted within the ambit of the law. In this interview, Gloria Adagbon, a human rights activist makes a case for the Vice President and warns against politicizing everything.

Why didn’t the acting President involve NASS in the process before releasing N5.8bn?

Given that the law allows the Vice President to release such funds in an emergency, he seized the opportunity to do so. The national assembly has proven to be anti-progressive, it took them over six months to pass the budget, we could not let Nigerians die away while they padded the North East Emergency budget. The acting President needed to act and that was why he constituted the Presidential Committee which included Minister of fast Finance, Minister of Budget and National Planning, Minister of Agriculture, CBN governor, Deputy Chief of Staff to the President, SSA to the President, Office of the Chief of Staff, SSA to the President Planning and Coordination among others. It was an emergency and it would have been suicidal to go through the national assembly, given their greed and self-centeredness. The process was transparent, FG bought local grains from Nigerian farmers and the Nigerian Police, Nigerian Military including the Air Force, were actively involved providing essential and logistical support. There is nothing clandestine by the process, it was there for all to see.

Why was procurement process ignored before money was released?

The procurement process wasn’t ignored or bypassed. Like I explained earlier, this is an emergency and the acting President needed to act fast. Waiting for the agencies to ponder over procurement would have translated to massive loss of lives. The VP was never going to allow that happen under his watch as Acting President. Section 43 of the BPP Act empowered him to approve the funds in an emergency, which was what he did. He acted in good faith and he saved hundreds of thousands of lives by doing this. We must understand that international organisations including the World Food Programme, UNHCR, International Committee of the Red Cross and others were involved in this process, this was carried out transparently and in order. The international aid agencies like WFP were already dealing with shortage of funds to provide humanitarian aid, as funding was cut down by about 85%. This necessitated urgent collaboration between the Government and NGOs, in order to save lives of Nigerian citizens

Why didn’t the VP oversee and ensure the distribution of the rice donated by the Chinese govt?

You will recall that the acting President kicked off the multi-billion naira relief intervention plan for grain distribution in the NorthEast. At the time, about 1.8m people would be reached regularly and 40,000 metric tonnes comprising rice, maize, sorghum and soya beans grown locally by Nigerian farmers would be distributed. But to ask the acting President to monitor NEMA activities alone and leave other pressing issues in the country is ignorance on the part of such persons. Agencies were set up to be managed on day-to-day basis by persons that have been appointed and were qualified to do so. It’s not the duty of the acting President to micro-manage and monitor the delivery or distribution. Duties were delegated, and this was done appropriately.

What is the scope and job duties of the VP as NEMA chairman?

He has an oversight function he does not oversee the day to day running of the agency. It’s like asking the Chancellor of a university why some lecturers involve in sex for marks. This falls on the lap of the Vice Chancellor because he is involved in the day-to-day administration. It’s important to understand that the role of the chairman is somewhat ceremonial and that is why you will not find his picture or profile on the website of the agency. People demanding that he did not act as chairman are uneducated and mischievous, and if adults cannot understand the organogram of agencies, you fear for the kind of orientation of what they are passing on to the younger generation.

Why is the House calling for the reinstatement of the six NEMA directorsand sack of the NEMA DG?

This is the clearest case of corruption fighting back. The directors in NEMA were accused of corruption and financial misappropriation. EFCC found monies in their accounts that could not be accounted for, but instead of insisting that these directors be probed, House of Reps led by a certain Ali Isa jumped to their defence insisting that they be reinstated. The House had claimed that Civil Service Rule was grossly abused, and natural justice turned upside down even after the Head of the Civil Service of the Federation, Mrs. Winifred Oyo-Ita and acting EFCC chairman Ibrahim Magu had appeared before the Committee to explain that their suspension was in order. EFCC explained that they were suspended in order to allow detectives unfettered access to vital documents. The directors knew what investigators would find and they immediately got corrupt lawmakers to make noise out of nothing. This is a shame and that is why this administration has insisted that if we don’t kill corruption, corruption will kill us.

 

Did the VP release N5.8bn or N33bn?

The VP only approved N5.8billion as against the N33billion peddled about in the media by some unscrupulous persons. These are agents of fake news who are trying all they can to tarnish the blistering career of Vice President Yemi Osinbajo but unfortunately for them, Nigerians are wiser now. We know our left from our right and we can see clearly. If you have read all the reports from NEMA to the House of Reps report, you will find that the VP approved N5.8 billion which was very much in order. We must not allow agents of fake news to derail us in our fight against corruption.