Connect with us

Trending News

Who is After EFCC Boss Abdulrasheed Bawa?

Published

on

Adulrasheed Bawa

 

If there is one person diligent in his business; Abdulrasheed Bawa the Chairman of the anti-graft agency, Economic and Financial Crimes Commission EFCC readily comes to mind the small but mighty eloquent youthful detective and law enforcement agent has remained one of the biggest nightmares to many fraudulent and corrupt person in the country. Since his confirmation as the head honcho of the Antigraft agency in 2021, he has hit the ground running and has recorded an unprecedented success in his fight against corrupt people and economic saboteurs. In fact, he is dreaded by many who live their lives on financial crimes as he and his team will fish them out with their technological-driven investigation that has caught up with many who are currently serving jail terms or many whose case is in court awaiting judgement.

 

While he does not care whose ox is gored; Bawa has remained true to the mantra of President Buhari which is to fight corruption and in the case of doing his job he has faced a serious crisis as some elements have tried hard to undermine his effort and some have dragged him with several campaigns of calumny but at every attempt to rub him, in the mud he comes out victorious and vindicated which naysayers and his traducers are not happy about. Since he assumed office, he was a united state trained investigator who knows his onions. He does his job with due diligence and he is never scared to say the truth at all times this is why he has gotten the support of Mr president over the years with the high-profile persecution he has secured.

 

A few months ago, he was alleged to have sold petrol bearing truck confiscated from a suspect among other allegations but on taking a proper investigation on the issues it was discovered that’s its just another tactic to ensure Bawa was blackmailed so he could hands off some high profile case he is chasing to get a conviction. Alas, that blackmail didn’t stop him as he continued chasing justices with much gusto. A court ordered his arrest for contempt of court over a non-compliance with a court order but he remained firm and unperturbed. With the numerous good work recorded under his supervision, his detractors have not backed off in their quest to ensure they see him sacked. They devised various means by sponsoring pocket protests, press briefings and media campaigns just to ensure he does not continue with the work he is doing.

 

Sources close to the Kebbi-born detective disclosed that he is unruffled and unperturbed as he is aware of the gimmicks of his enemies who want to oust him from office. “Bawa has gotten a vote of confidence from President Buhari so no matter how hard they try hard to make him look bad he won’t be sacked. Bawa is focused on doing his job. His tenure has ensured corrupt people cease-fire in their corrupt practices. So he is doing a good job and in this kind of job you don’t have too many friends if you do then you are not doing your job well. In his case he is doing something right that’s why they are hell-bent on wanting him out.”

 

Trending News

FIRSTBANK ANNOUNCES A NAME CHANGE OF ITS SUBSIDIARIES, REITERATES ITS COMMITMENT TO BOOSTING CROSS-BORDER BUSINESS OPPORTUNITIES IN AFRICA AND THE WORLD

Published

on

By

First Bank of Nigeria Limited, Nigeria’s premier financial services institution, has announced a phased corporate name change of its subsidiaries in the United Kingdom and Sub-Saharan Africa. FBNBank UK, FBNBank Sierra Leone, FBNBank Gambia and FBNBank DRC are the first set of subsidiaries effecting the name alignment. They are now known and addressed as FirstBank UK, FirstBank Sierra Leone, FirstBank Gambia and FirstBank DRC. The Ghana, Senegal and Guinea subsidiaries will be next in the phased name change implementation.

The name change is being implemented to align the subsidiaries with the parent brand and to enjoy the strong heritage and brand equity built by FirstBank Nigeria in its 129 years of banking leadership. This will further enhance the quality-of-service delivery resulting in better brand clarity, uniformity and consistency across all the markets where the Bank operates.

A leading financial inclusion services provider, FirstBank Group is committed to its nation-building goal. It has taken giant performance strides on its unique growth trajectory as it continues to build distinctive capabilities through partnerships and the constant drive to reinvent itself. This performance is evidenced in the numerous awards and recognitions bestowed on the institution.  These awards include Best Private Bank for Sustainable Investing in Africa 2023 by Global Finance Awards; Best Corporate Bank in Western Africa 2022 by Global Banking & Finance; Best CSR Bank Africa by International Business Magazine in 2022; and ranked as number one in Nigeria in terms of Overall Performance; Profitability; Efficiency and Return on Risk by the Top 100 African Bank Rankings 2022 released by The Banker Magazine from the stables of Financial Times.

In addition, in Euromoney Market Leaders, an independent global assessment of the leading financial service providers conducted by Euromoney Institutional Investor Plc., the Bank was crowned: Market Leader in Corporate and Social Responsibility (CSR); Market Leader in Environmental, Social and Governance (ESG); Highly Regarded in Corporate Banking and Digital Solutions and Notable: in SME Banking.

Speaking on the name change, Dr. Adesola Adeduntan, CEO of FirstBank Group, said ‘’ the name change which coincides with FirstBank’s 129th founding anniversary (March 31st, 2023) is indeed a milestone reflective of our resolve to continuously provide the gold standard of excellence and value as we put our customers First.  The new identity of the subsidiaries contributes to an enhanced brand presence. It helps our customers and stakeholders better appreciate the value of the diversified products suites, competitive pricing and extensive business networks the FirstBank Group offers. These include our commitment to boosting cross-border businesses including trade and investment opportunities essential to enhancing trade relations amongst countries, thereby strengthening the economies of host communities and reducing poverty,” he concluded. 

Continue Reading

News

Oando Boss, Wale Tinubu, Congratulates [email protected]

Published

on

By

Wale and Bola Tinubu

 

The Group Chief Executive, Oando Group, Mr Wale Tinubu, has described the President-Elect, Asiwaju Bola Tinubu, as an exemplary politician who possesses leadership qualities worthy of emulation.

In a message to felicitate the former Lagos State governor on his 71st birthday on Wednesday, the Oando boss also lauded the selfless sacrifices the President-Elect have made for the enthronement and sustenance of democracy in Nigeria.
In his message Mr. Tinubu wrote:‘ ’Happy birthday H.E Asiwaju Bola Ahmed Tinubu, an inspirational leader and President-Elect! Your selfless dedication to improving the lives of others, most especially Nigerians, is exemplary. As we celebrate another year of your remarkable accomplishment, may Allah (SWT) grant you courage and success in the leadership of our great nation.”
Popularly known as ‘Governor Emeritus’, Tinubu’s political career began in 1991 when he became a Senator of the Federal Republic representing Lagos West Senatorial District. The Third Republic was, however, truncated by the late General Sanni Abacha in 1993, following the June 12 debacle. But for fate, he would have been summarily dispatched for his outspokenness then.
The Lagos State-born politician came back in 1998, preparatory to the advent of the Fourth Republic. This time, he came out better, wiser and more determined. He was elected the governor of Lagos State in 1999 under the platform of the Alliance for Democracy, AD.
He survived the Peoples Democratic Party’s ‘Tsunami’ in 2003 when other AD governors in the South West region were swept away from office.
His political profile has been on the rise since, as he was among the top politicians who formed the ruling All Progressives Congress, APC, in 2014.

Continue Reading

Business

ZENITH BANK RECORDS IMPRESSIVE 24% DOUBLE-DIGIT GROWTH IN GROSS EARNINGS IN 2022

Published

on

By

Zenith Bank

Zenith Bank Plc has announced its audited results for the year ending December 31, 2022, achieving an impressive double-digit growth of 24% in gross earnings from NGN765.6 billion reported in the previous year to NGN945.5 billion in 2022. This is despite the persistent challenging macroeconomic environment and headwinds.

According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange (NGX), the double-digit growth in gross earnings was driven by a 26% year-on-year (YoY) growth in interest income from NGN427.6 billion to N540.2 billion and a 23% year-on-year (YoY) growth in non-interest income from NGN309 billion to NGN381 billion. Profit before tax also grew by 2% from NGN280.4 billion to NGN284.7 billion in the current year. The increase in profit before tax was due to the significant growth in all the income lines.

Impairments grew by 107% from NGN59.9 billion to NGN124.2 billion, while interest expense grew 63% YoY from N106.8 billion to N173.5 billion, respectively. The impairment growth, which also resulted in an increase in the cost of risk (from 1.9% in 2021 to 3.3% in the current year), was due to the impact of Ghana’s sovereign debt restructuring programme. The growth in interest expense increased the cost of funds from 1.5% in 2021 to 1.9% in 2022 due to hikes in interest rates globally.

Customer deposits increased by 39%, growing from NGN6.47 trillion in the previous year to NGN8.98 trillion in the current year. The growth in customer deposits came from all products and deposit segments (corporate and retail), thus consolidating the bank’s market leadership and indicating customers’ trust.

The continued elevated yield environment positively impacted the bank’s Net-Interest-Margin (NIM), which grew from 6.7% to 7.2% due to an effective repricing of interest-bearing assets. Operating expenses grew by 17% YoY, but growth remains below the inflation rate. Total assets increased by 30%, growing from NGN9.45 trillion in 2021 to NGN12.29 trillion, mainly driven by growth in customer deposits. With the steady and continued recovery in economic activities, the Group prudently grew its gross loans by 20%, from NGN3.5 trillion in 2021 to NGN4.1 trillion in 2022, which increased the Non-Performing Loan (NPL) ratio modestly from 4.2% to 4.3% YoY. The capital adequacy ratio decreased from 21% to 19%, while the liquidity ratio improved from 71.2% to 75%. Both prudential ratios are well above regulatory thresholds.

In 2023, the Group intends to expand its frontiers as it also reorganises into a holding company structure, adding new verticals to its businesses and growing in all its chosen markets, both locally and internationally.

As a testament to its commitment to shareholders, the bank has announced a proposed final dividend payoutof N2.90 per share, bringing the total dividend to N3.20 per share.

In recognition of its track record of excellent performances, Zenith Bank was recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named as Bank of the Decade (People’s Choice) at the ThisDayAwards 2020, Most Innovative Bank of the Year 2019 by Tribune Newspaper, Bank of the Year 2020 by Independent Newspaper, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

Continue Reading

Trending News