Zenith Bank Grows Profit to N121bn, Total Assets Hit N4.7trn

Shareholders of Zenith Bank Plc should expect higher dividend at the end of the current financial year given the impressive results the bank has recorded for the nine months ended September 30, 2016.

According to results released monday, Zenith Bank recorded gross earnings of N380.4 billion in 2016, showing an increase of 12.9 per cent from N337.9 billion in the corresponding period of 2015. Net interest income grew by 17.6 per cent from N161.4 billion to N189.8 billion, while impairment charges rose by 124.8 per cent to N9.7 billion to N21.9 billion. However, other income soared from N9.7 billion in 2015 to N32 billion in 2016.

Hence, Zenith Bank ended the period with profit before tax (PBT) of N121.2 billion, showing an increase of 16.6 per cent above the N104 billion posted in the corresponding period of 2015. Profit after tax (PAT) recorded faster growth of 20.4 per cent to N100 billion, up from N83 billion.

Also, the bank attracted more deposits and also gave out more loans and advances. Deposits rose from N2.557 trillion to N2.692 trillion, while loans and advances grew from N1.841 trillion to N2.425 trillion. Total assets hit N4.654 trillion, up from N4.0 trillion in 2015.

Reacting to the results, analysts at FBN Quest said given the nine month profit before tax of N121 billion, the N123 billion made by the management for the full year would be surpassed.

The analysts said:” On the back of these results, we would expect consensus PBT for 2016 to move up strongly, from N123bn currently, given that the nine months result is N121 billion. The operating expenses and interest expense figures are disappointing and would draw some scrutiny from the market. However, we expect the fx-related gains to more than compensate for these, given their magnitude and the fact that it was the absence of such gains in second quarter (Q2) (especially on the non-interest income line) that led to a muted to negative reaction by the market.”

Also assessing the results, analysts at Cordros Capital Limited said
Zenith Bank reported an increase in earnings per share (EPS) to N3.18 for the period, compared with an EPS of N2.64 in the previous year. Return on average equity (RoAE) improved to 19.2 per cent versus the 14.8 per cent recorded as at the previous quarter.
“The result was impressive, outperforming both management guidance and consensus estimate,” they said.

Culled from Thisday

Judge: Amaechi asked me to help nullify Fayose’s election- Eric Ikhilae

Sylvester Ngwuta

ANOTHER Justice of the Supreme Court yesterday accused Transportation Minister Rotimi Amaechi and Science Minister Ogbonnaiya Onu of being the architect of his travails.

Justice Sylvester Ngwuta, who was arrested by Department of State Services (DSS) operatives for alleged corruption, blamed it all on his refusal to cooperate with the duo, who he said had requested him to influence some electoral cases in their favour.

He alleged that Amaechi and Onu asked him to assist them in relation to the governorship election disputes in Ekiti and Ebonyi states.

Justice Ngwuta alleged that Amaechi, who claimed to be acting on behalf of President Muhammadu Buhari, wanted him to facilitate the annulment of Ayodele Fayose’s election so that Kayode Fayemi (Minister of Solid Mineral) could participate in a rerun election.

Justice Inyang Okoro has also accused Amaechi of trying to bribe him.

Justice Ngwuta said Onu had sought his help to facilitate the victory of the Labour Party (LP) candidate in the Ebonyi State governorship election dispute.

Justice Nqwuta, in his October 18, 2016 letter to the Chief Justice of Nigeria (CJN) and Chairman of the National Judicial Council (NJC), Justice Mahmud Mohammed, accused DSS operatives of planting the money they claimed to have recovered in his home there.

“My Noble Lord, I am a victim of my own resolve never to violate my sacred oath of office as a judicial officer.  Politicians and their collaborators have been hunting me on that account.

“It started in Ebonyi State where I was falsely accused before a panel set up by NJC in August 2000.  It was replicated in 2009 when I was pulled from my division, Calabar, to preside over a motion filed by Senator Andy Uba seeking to be a Governor without going through the process of election.  In each case I was exonerated.

“My present plight started sometime between 2013 and 2014.  I represented the then Chief Justice of Nigeria in an event organised in the International Conference Centre.  Hon. Rotimi Amaechi came in late and sat next to me at the high table.

“He introduced himself to me and we exchanged contacts.  A few weeks after, Fayose’s case was determined in the Court of Appeal.  Amaechi called me by 6.45 am.  He said he had come to see me, but was told I had left for my office.

“When he said he would return in the evening, I demanded to know what he wanted, but he would not tell me.  He did not come that evening but came the following morning when I was already prepared to go to work.

“He begged me to ensure that Fayose’s election was set aside and another election ordered for his friend Fayemi to contest.  I told him I would not help him and that even if I am on the panel I have only my one vote.

“After the Rivers State governorship election was determined by the Court of Appeal, he called to tell me his ears were full and he would like to tell me what he heard.  I told him I was out of Abuja at the time.

“On my return, he came in the evening and even before he sat down he barked ‘You have seen Wike’.  I asked him whether that was a question or a statement.  Then he made a call and asked me to speak with someone.  The man he called said he was a DSS man.  We exchanged greetings and I handed the phone to him.

“Next, he said ‘Oga is not happy.’  I asked him who is the unhappy ‘Oga’ and he answered ‘Buhari’.  I retorted ‘go and talk to his wife.’  He got very angry, and left, remarking ‘we shall see’ several times.

“Your Lordship may recall one morning when I pleaded not be on the panel for Rivers Appeal.  Your Lordship said I was already on the panel and asked me to explain why I made the request to be excluded.

“When I explained what transpired the previous night, Your Lordship told me Amaechi had also attempted to influence other Justices.  My Lord, on the day we heard the appeal with your Lordship presiding, we were allowed lunch break at 4.20 pm.

“The moment I got into my chambers he, Amaechi, called.  When he told who was calling, I said to him, ‘Your Excellency, you want to issue more threats?’  He replied ‘Have you been threatened before?’  I replied ‘I know a threat when I hear one even if veiled. In any case I will not talk to you’ and I switched off my phone.

 ”The people who failed in their attempt to destroy me in Ebonyi in 2000 and in Enugu in Andy Uba’s case in the Court of Appeal, Enugu in 2009 are now supplying Amaechi with information to fight me for my negative response to his demands, especially my answer to his statement that ‘Oga was not happy.’

On the role allegedly played by Dr. Onu, Justice Ngwuta added:

“When the governorship election appeal from my state, Ebonyi, came to the Court of Appeal, one Mr. Igwenyi, a senior staff of Federal Judicial Service Commission came to my chambers and told me that the former Governor of Abia State, Dr. Ogbonnaya Onu had pleaded with him to convince me to see him, Dr. Onu.

“I asked him to call Dr. Onu; he did and I wanted to know why he wanted to see me.  He said it was confidential.  I asked when he wanted to see me and he said he would like me to come in the evening.  I told Igwenyi that he would have to take me to Dr. Onu in his car and bring me back.

“I had wanted him to listen to what Dr. Onu had to say, but when we arrived, Dr Onu put him in a different room.  He asked me whether I know the Hon. President of the Court of Appeal and I told him that His Lordship was my Presiding Justice in the Court of Appeal, Benin division.

“He asked of my relationship with the PJA and I said it was cordial.  He nodded his head several times in apparent satisfaction.

 ”He told me that the candidate for the Labour Party was ready to switch over to APC if he could help him win the appeal in the Court of Appeal and that in appreciation of the undertaking to come over to his party, he had obtained the services of three Justices of the Court of Appeal to ensure victory for Labour Party.

“He said he needed one to convince the PJA to include his three Justices of the Court of Appeal in the five-man panel to hear the appeal.  I told him I would not help him and that I could not in good conscience convey such request even to a Customary Court Judge.

“He was disappointed and asked me whether I knew the husband of the PJA.  I told him I did not know the man.  I bid him good night and left.  Igwenyi joined me in the passage and when he drove me back to my home I told him what Dr. Onu wanted.  Igwenyi apologised to me and assured me that he would not have bothered me if he had known what Dr. Onu wanted me to do.

Culled from The Nation

Senate hires foreign forensic experts to probe MTN — Fred Itua

The Senate has revealed that investigation into the alleged repatriation of $13.9 billion by MTN has begun. It has also revealed that international forensic lawyers, accountants and other experts to assist in the investigation have been hired.
Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Ibrahim, disclosed this while briefing newsmen in Abuja yesterday.
He said the experts had already arrived Nigeria and were already working with other local forensic experts to uncover any hidden details from the documents that had been submitted.
“The Senate sees this as very important. It is a weighty allegation and we are going to deal with a lot of documents spanning 16 years. Based on that, we got the approval of the leadership of the Senate and we have engaged international and local forensic experts, accountants and lawyers.
“The team has been fully assembled and they have started working: this in not going to be a normal periphery investigation because it involves a lot of documents. We will be starting the investigative hearing tomorrow, we will listen to each one of them and we will take it from there,” he said.
The committee Chairman disclosed that a number of private individuals and government agencies had been invited to brief it on Thursday. He said that some of those invited had already submitted requested documents and had indicated their willingness to be at the hearing.
“MTN has submitted and they promised to attend, Diamond Bank has submitted, Standard Chartered Bank has submitted and they promised to attend; Stanbic has submitted and they promised to attend. Mallam Ahmed Dasuki has no submission yet, Col. Sani Bello; no submission , but we are expecting them tomorrow,” he said.
Others expected to appear before the committee are Minister for Industries, Trade and Investment Okechukwu Enelamah, Dr. Paschal Dozie, former Chairman of Diamond Bank and the Financial Reporting Council of Nigeria.
Others are Gbenga Oyebode and Dr Victor Odili.
In his remark, Senator Dino Melaye, who blew the whistle on the alleged repatriation, expressed happness that the Senate had taken the matter seriously.
“I am particularly excited that the Senate had engaged forensic auditors who also double as lawyers and who have already commenced work. I can tell you that even preliminary investigations have revealed that the $13.9 billion is far lower to what the outcome will look like.
“We have realised from these preliminary investigations that it is actually outrageously higher than the $13.9 billion. This committee has shown a lot of sincerity in their approach and I am very confident in the committee and the Nigerian Senate in investigating this matter. I want to assure Nigerians that the Senate will get to the bottom of this and at the end of the day this money must be returned to our Foreign Reserves,” he said.
Meanwhile, in a letter to the Committee, the Minister of Industries, Trade and Investment, Okechukwu Enelamah, denied any involvement with the alleged repatriation.
In the letter , Enelamah said he was never involved with MTN as he had never been a director with the company. He added that he had neither had any engagement with the company nor earned dividends.
“I was never owner of Celtelecom Investment Limited or a shareholder in Celtelecom as recorded on pages 402 and 403 of the Votes and Proceedings of the Senate of Tuesday, September 27.”
“Between 1998 and 2015 i served as the chief Executive Officer of Capital Alliance, a wholly owned subsidiary of African Capital Alliance (ACA), an investment company.
“Two funds managed by ACA together with some individuals and entities, invested in MTN with Celtelecom as the investment vehicle. I served as a director in Celtelecom representing the ACA management fund.
“I have never claimed that I invested in MTN neither did I obtain a Certificate of Capital Importation on 7th February 2008. The investment by Celtelecom in MTN was made in 2001.
“The Form A dated 7th February 2008 that i signed in my capacity as a director of Celtelecom was to enable the processing of payments due from the sae of part of its shares in MTN. This is evidenced by the letter to IBTC Chartered Bank Plc dated 7 February 2008,” he said.
He urged the senate to note that investors do not have responsibility for the remittance of proceeds from the company they invested in.
“So at no time was i ever in position to transfer funds out of Nigeria on behalf of MTN and at no time did I transfer funds out of Nigeria on behalf of MTN,” he said.

Culled from The Sun

Thais mourn death of revered King Bhumibol Adulyadej

Media captionJonathan Head looks back at the reign of King Bhumibol Adulyadej

The people of Thailand are mourning the death of King Bhumibol Adulyadej, the world's longest-reigning monarch, who died on Thursday aged 88.

An emotional crowd held a late-night vigil in Bangkok, and black-clad crowds are now lining the streets.
The king's body will be taken to the city's Emerald Temple later on Friday. The official mourning will last a year.
Crown Prince Maha Vajiralongkorn is expected be the new monarch, but has asked for a delay in succession.

Image caption Thousands have lined the streets of Bangkok for the funeral procession

Image copyright AP

Image caption Thais who have known the king as a stable point amid years of upheaval have been left shocked by his death

The cabinet has declared Friday a government holiday, and flags are to fly at half-mast for the next 30 days.
The government has also asked for people to wear black, and avoid "joyful events" during this period.
News websites have turned their pages black and white, while tributes have been paid by leaders around the world.
One person in Bangkok told the Associated Press: "There is no word to explain my feeling right now."
"I lost one of the most important people in my life. I feel like I haven't done enough for him. I should have done more," said Gaewkarn Fuangtong.
Thousands of mourners are filling the streets of Bangkok to await the king's funeral procession. His body will be moved from Siriraj Hospital to the Grand Palace on Friday afternoon.
The Crown Prince will conduct the bathing ceremony of the king's body - a traditional Thai Buddhist funeral rite - on Friday evening, said palace officials.

 Culled from BBC News

EFCC declares Goodie Ibru wanted for money laundering

The Economic and Financial Crimes Commission (EFCC) has declared businessman, Goodie Ibru, wanted.
The anti-graft agency said he was wanted in connection with a case of “conspiracy, capital market fraud, stealing, diversion of funds and money laundering.”
“He allegedly diverted billions of naira and assets belonging to Ikeja Hotels Plc, owners of Sheraton Hotel, Lagos; Federal Palace Hotel; Capital Hotel; and Sheraton Hotel, Abuja,” the EFCC said in an advertorial yesterday.
The EFCC said Ibru is 74, 5’11 feet, dark in complexion and a native of Agbarha Otor in Delta State.

Culled from Sun

Malami Justifies Judges’ Arrest, Insists No One’s Above the Law-Tobi Soniyi, Omololu Ogunmade, Damilola Oyedele and Alexander Enumah

· NJC ‎extends emergency meeting, to take decision today

· Senate asks Buhari to call his men to order, declines to summon DSS DG

· Undeterred, president elevates two judges to S’Court

· House to probe activities of DSS

The Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami (SAN), has justified the arrest of seven judges by the Department of State Services (DSS) at the weekend.

The minister spoke in Abuja yesterday at the inauguration of the Country Expert Review Committee for the second cycle of the review of the implementation of the United Nations Convention against Corruption (UNCAC).

Malami’s reaction came against the backdrop of mixed reactions that have trailed the arrest of the seven judges and the threat by the Nigeria Bar Association (NBA) to declare a state of emergency.

The judges — Justices John Inyang Okoro and Sylvester Nwali Ngwuta of the Supreme Court; Justice Muhammad Ladan Tsamiya of the Court of Appeal; Justice Kabiru Auta of the Kano High Court; Justice Mu’azu Pindiga of the Gombe High Court; Justice Ibrahim Auta, Chief Judge of the Federal High Court of Nigeria; and Justice Adeniyi Ademola — were arrested between Friday and Saturday by operatives of the DSS on allegations of corruption.

All seven judges were released on bail on Sunday night, owing to what the DSS said was the lack of co-operation of the National Judicial Council (NJC).

THISDAY yesterday had exclusively revealed the correspondence between the DSS and NJC over the last 10 months, showing the attempts by Nigeria’s secret police to investigate the judges and the refusal by NJC to co-operate with the DSS.

It was the lack of co-operation that prompted the DSS to obtain search warrants from a magistrate’s court in Abuja on October 5, and subsequently effected their arrest two days later.

According to Malami, what happened in relation to the affected judges was a mere investigation of criminal allegations, contending that no one was immune to investigation under the Nigerian law.

He pointed out that once an allegation of criminality was raised, it was the duty of the relevant investigating agencies to carry out the investigation.

When asked by journalists to provide more insight into the judges’ arrest and release on bail two days later, he said nobody is exempted from being investigated, not even the president, vice-president, governors and their deputies who are covered by the immunity clause under Section 308 of the 1999 Constitution.

“The fundamental consideration is whether there is an allegation of the commission of a crime, whether there is the need for investigation, and whether the relevant provisions of the law and indeed, all circumstances, as provided in the Administration of Criminal Justice Act (ACJA) are put into consideration in our conduct as regards the fight against corruption.

“The bottom line is that we have a responsibility to fight corruption. Corruption is a crime and nobody, regardless of how highly placed is exempted as far as issues that border on crimes and criminalities are concerned.

“The limited exceptions as we know constitutionally are the exceptions of immunity. And to the best of my knowledge, those exceptions do not apply to investigation.

“For those that are conferred with the immunity, the right to investigate has not been taken away constitutionally.

“So I think the framework and the circumstances within which we are operating are clearly whether there exists the right to investigate or not, and whether the action borders on criminality.

“Once crimes and criminality are concerned, nobody is an exception. I think the undertone should be exclusively the consideration of the existence of a prima facie case; existence of reasonable grounds for suspicion of commission of a crime.

“And if there are, no member of the legislature, judiciary and executive can definitely be exempted from investigation. I think where we are now is the point of investigation and that is what is taking place,” he said.

The minister expressed confidence in the ability of members of the review committee to execute their responsibilities.

He said: “The extant review focusing on Chapter II and V of UNCAC, relating to preventive measures against corruption in public and private sectors and assets recovery, is both necessary and timely at this time in the annals of our country, when endemic cum systemic corruption has created a great disconnect between our nation’s wealth and the quality of life of ordinary citizens.”

Malami said that the objectives of UNCAC were in harmony with the conviction of the current federal government to curb corruption.

He said it was necessary for members of the committee to understand the important task of nation building which was being committed to their hands.

“Let me emphasise that the guiding principles of the review is non-adversarial, non-punitive and not aimed at ranking state parties.

“Nevertheless, members of the expert committee should understand that those selected, appointed or nominated by my office or your various agencies are chosen based on skills, expertise and commitment.

“It is therefore important to note that your performance in this assignment will be a step in the direction for us as a country and people to achieve the goals that we have set for ourselves – prevent corruption, recover, return and manage stolen assets,” he explained.

Members of the committee are drawn from 22 federal agencies including the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Economic and Financial Crimes Commission (EFCC), the Special Control Unit Against Money Laundering (SCUML), and the Technical Unit on Governance and Anti-corruption Reforms (TUGAR).

Malami, therefore, charged the committee to be transparent and efficient as much as possible in carrying out its mandate.

NJC ‎to Take Decision Today

But as Malami justified the arrest and investigation of the judges, the NJC held its emergency meeting yesterday on the weekend’s raids and arrests.

However, the meeting was inconclusive and would continue today after which the council may make its decision public on the fate of the judges being investigated.

But as the public awaits the outcome of the meeting, a source in the presidency told THISDAY that the Chief Justice of Nigeria (CJN) and Chairman of the NJC, Justice Mahmud Mohammed, has written a letter to President Muhammadu Buhari on the situation, but did not protest the arrest of his colleagues.

However, this claim could not be confirmed as the office of the CJN declined to comment.

Another source at the NJC meeting informed THISDAY that the meeting could not be concluded yesterday, forcing the council to adjourn further discussions to today.

Apart from the arrest of the judges, the council took the decision to present Justice Walter Onnoghen for appointment as‎ the next CJN.

“Tomorrow, we will make a definite statement on the issue,” the source said.

Justice Mohammed on Monday had appealed for calm over the unprecedented arrest of two of his colleagues and other judges of lower cadre.

He described the arrests as regrettable, adding that he was saddened by the event.

‘Call Your Men to Order’

Wading into the issue yesterday, the Senate deplored last weekend’s invasion of the homes of the seven judges by the men of the DSS and asked Buhari to call the rampaging security operatives to order.

The upper legislative chamber, which expressed grave irritation over the action of the DSS, also instructed Buhari to henceforth direct the security agencies to ensure full compliance with the rule of law in the discharge of their functions.

The Senate also mandated its Committee on Judiciary, Human Rights and Legal Matters to commence the review of all extant laws on the powers of security agencies with a view to ensuring that they are consistent with the dictates of democracy.

The committee has four weeks to complete its assignment.

The Senate also condemned in strong terms the action of the DSS, insisting that the security agency abused its powers, flouted constitutional provisions and simultaneously usurped the powers of the NJC.

However, the Senate rejected a prayer that the Director-General of the DSS, Lawal Daura, should be summoned to explain why his agency opted to launch a “ferocious attack” on judges without paying cognisance to the provisions of the law.

Moving a motion on the action of the DSS, Senator Joshua Lidani (Gombe South) said while the Senate was in full support of the fight against corruption by the government of the All Progressives Congress (APC), the war must be fought with strict observance of the principles of the rule of law and democracy.

Lidani described the action of the DSS as unconstitutional, noting that the fight against the rule of law would be counter-productive if it is not fought within the laid down principles and procedures.

“I am alarmed that the extra-constitutional approach to sanitise the judiciary in line with the war against corruption is bound to prove counter-productive because it erodes the role of the judiciary and undermines the importance of the judiciary, as well as demoralises the morale of many patriotic and upright judges who have determined to support the crusade against corruption,” he said.

Supporting the motion, Senator Dino Melaye (Kogi West), who said it was incontrovertible that the Nigerian judiciary, as currently constituted, was very corrupt, adding however that the shameful corrupt acts of this arm of government, notwithstanding, the DSS exceeded its professional competence and must be called to order before it puts Nigeria’s hard earned democracy in jeopardy.

“I rise this morning to state unequivocally that it is true that there is corruption in the judiciary and this truth was established last week by the expulsion of three judges by the NJC.

“It is also a celestial truth that judges have been dishing out what I call commercial rulings. It is also a fundamental truth that judges need to face the full wrath of the law, especially where the issues of corruption are concerned.

“This Senate, therefore, will continue to celebrate the war against corruption either in the judiciary, the legislature or the executive.

“I support the fight against corruption irrespective of who is involved, either a Supreme court judge, judge of the Court Appeal or of the High Court or even Magistrate’s Court.

“But while I support the fight against corruption, it is a misnomer, it is absurd for the Department of State Security Services to operate outside its mandate.

“The responsibility of the State Security Services is clearly defined in the National Security Agencies Act 2010, Cap 350, which states clearly that the State Security Services shall be charged with the responsibility of the prevention and detection within Nigeria of any crime against the internal security of Nigeria.

“The second responsibility, as enshrined in the law setting up the DSS, states that it is responsible for the protection and preservation of non-military classified matters concerning again the internal security of Nigeria.

“The third and the last responsibility, as enshrined by law, is such other responsibility affecting internal security within Nigeria as the National Assembly or the president, as the case maybe, may deem necessary.

“Mr. President, my respected colleagues, how does bribery and corruption become an issue of internal security? How does bribing judges or official misconduct in their official capacity become a threat to internal security?

“The point here is that the DSS, in her fight against corruption, overstepped its boundaries and abused its mandate,” he insisted.

Also speaking, Deputy Senate Leader, Ibn Bala Na’Allah, recalled that the massive support that APC secured during the electioneering period was spurred by the commitment of Nigerians towards a corrupt-free nation and cautioned the government of President Buhari against betraying the people’s trust.

According to him, the initiators of the 1999 Constitution were not out of their minds when they empowered the NJC to discipline any erring judge, observing that last weekend’s move was particularly in bad faith because the NJC had in recent times been committed towards cleaning the Augean stables.

He said: “The framers of our constitution, in their wisdom, decided that a body called the National Judicial Council should be established as a constitutional body to deal with the issue of appointments, promotions and discipline of judicial officers.

“In the discharge of that sacred duty, the NJC acted on petitions that were validly submitted to it, recommended the dismissal of some judges; recommended the retirement of some, and even went further to say that a particular judge went beyond his bounds and therefor, must be referred to the police for proper investigation and prosecution.”

Senate President Bukola Saraki, who presided over the session, emphasised that the fight against corruption must be fought within the ambit of the law.

“We must eradicate corruption in all spheres of our society and this is a matter that we must continue. I think the National Assembly has been playing its role to continue to support government in its fight against corruption.

“However, we must ensure that this fight against corruption is within the rule of law; any act of anti-corruption that goes against the rule of law does not help the corruption fight.

“That is why this action, as has been seen in this manner, is condemned by the Senate and all agencies of government must ensure that they act within the confines of the law,” he said.

But as the reactions over the action of the DSS continued pouring in, Buhari yesterday forwarded the names of two Appeal Court justices to the Senate for confirmation as justices of the Supreme Court.

The judges are Sidi Dauda Bage (North-central) and Paul Adamu (North-east).

Buhari, in a letter dated October 6, 2016 and read on the floor of the Senate by Saraki, said their appointments were in compliance with Section 231(2) of the Constitution.

House to Investigate DSS

The reaction in the House of Representatives yesterday was not dissimilar to that of the Senate, with the lower chamber stating that the DSS was acting outside the duties assigned to it by the National Securities Act, and resolved to constitute an ad hoc committee to investigate the activities of the agency since the inception of the present administration.

The committee’s terms of reference would include the investigation of all cases of invasion of property and arrest of persons for reasons outside the general duties of the DSS since May 29, 2015.

The resolution was as a result of the adoption of a motion of urgent public importance sponsored by Hon. Kingsley Chinda (Rivers, PDP).

Chinda said the powers of the DSS as enumerated in Sections (2), (3) and (6) of the NSA Act do not include the investigation and prosecution of corruption, and abuse of office.

“Recall past incidents of similar invasions and arrests by the DSS including the Akwa Ibom State Government House, and the Ekiti and Zamfara States Houses of Assembly for matters unrelated to its lawfully prescribed duties,” he said.

Chinda added that if the trend is left unchecked, it was capable of truncating the nation’s democracy or could result in the introduction of self-help by concerned citizens, which could lead to anarchy.

The motion, however, caused some rumbling among the lawmakers, prompting Speaker Yakubu Dogara to shelve the debate on the matter.

Hon. Mojeed Alabi (Osun, APC) had cited Sections 4, 5 and 6 of the constitution as guaranteeing the separation of powers among the arms of government.

This matter is not something that concerns us, Alabi said.

However, the murmuring by several lawmakers showed that they were not in agreement with him.

The speaker then ruled on the motion urging members to allow the investigation to be conducted.

Meanwhile, in line with the opinion held by several of his colleagues, Hon. Dennis Agbo (Enugu, PDP) condemned the actions of the DSS, adding that it should be condemned by all Nigerians.

He said that the present government does not seem to be interested in governing by the rule of law.

“We are fast descending into anarchy and the law of the jungle, where might is right,” the lawmaker told THISDAY while reacting to the development.

“Why the militarisation of the whole process for unarmed judges that had not resisted or evaded arrest? Why all the orchestrations? Had these judges ever been invited for interrogation and did they refuse to honour the invitation?” Agbo queried.

The lawmaker said the “the brazen act of lawlessness” was first visited on the National Assembly leadership, and has now been extended to the judiciary.

“Who knows who or what is next?” the lawmaker said.

Culled from Thisday

Police Recover N14.7m from Nine Suspected Kidnappers of CBN Gov’s Wife-Dele Ogbodo

The Nigeria Police Force (NPF) monday exhibited N14,725,000, two Honda cars, one Audi car, one AK47 magazine, and two cartridges recovered from the nine suspected kidnappers of Mrs. Margaret Emefiele, wife of the Central Bank of Nigeria (CBN) governor, and her three relatives.
Mrs. Emefiele and her relatives were abducted on Thursday, September 29 at Ogoneki Hills along the Benin-Agbor Road in Delta State. She and others were rescued 36 hours after their kidnapping, following a massive manhunt involving all the security agencies in the country.

Among the nine suspects paraded by the police yesterday were two serving Nigerian Army lance corporals — Musa Maidabra (28) and Edwin George (32) – and a dismissed soldier of the army, Ernest Anthony Uduefe.

Other arrested suspects included: Mohammed Abubakar (29), also known as Dogo, the alleged gang leader; Mohammed Musa (26); Mohammed Sule (26); Ibrahim Abdullahi (30); Aliyu Musa (30); and Mohammed Yusuf (36).

In a statement issued in Abuja on behalf of the Inspector General of Police (IG), Mr. Ibrahim Idris, the Force Public Relations Officer, DCP Donald Awunah, explained that the ransom paid for the safe return of the CBN governor’s wife was used as a bait or bargaining chip to save the lives of the victims, which was primary to the objectives of the security operatives.

However, he said the police would not encourage the payment of ransom by relatives of kidnapped victims, cautioning relatives to exercise considerable restraint while the police do their intelligence gathering to rescue the victims.

He advised that at all times of kidnapping, the public should immediately involve the police because paying ransom in some cases could be counter-productive.

The IG said: “The curtailment of the activities of kidnappers in our communities will be ultimately successful through the cooperation and collaboration of all stakeholders. There must be collective ownership of law enforcements.”

On how Mrs. Emefiele and her relatives were rescued at Ugoneki hills, the IG said he ordered the Intelligence Response Team and other tactical teams to swing into action to rescue her when they got information of the abduction, adding that it yielded positive result, as they were rescued the following day.

All the suspects, according to the police, admitted being part of the kidnapping gang that abducted Mrs Emefiele and others, adding that through their confessional statements, they alluded to have partaken in sharing the ransom money.

While the two serving soldiers confessed to sharing N6.5 million each, the others got between N10 and N11 million each, adding up to about N54 million extorted from their victims’ families.
The two lance corporals provided the army uniforms and gun, THISDAY learnt.

On the injury sustained by Mohammed Musa, the IG said: “The suspect is 26 years old and hails from Yabo LGA of Sokoto State. He confessed to receiving the N10 million from the ransom paid.
“He sustained bullet wounds after a gun duel with the police while trying to leave the forest where they had kept their victims. N7.7 million was recovered from him. Useful information was gotten from him that led to the arrest of other gang members.”

He also revealed that Lance Corporal Maidabra is a 30-year-old native of Katau Village in Billiri LGA of Gombe State.

“A lance corporal with the Nigerian Army serving at 122D30 Regiment in Maiduguri, Borno State, he was arrested for the active role he played in the kidnapping.

“Upon his arrest, he made a confessional statement to the police admitting to be part of the gang that kidnapped and collected ransom from the victim’s family.

“In the course of investigation into the crime, an SUV worth N1.5 million and a sum of N4 million, which was his own share of the ransom money, was recovered from his possession.

“It was also discovered that he, in the company of NA/65/6582 Lance Corporal Edwin George and one Ernest Anthony Uduefe, a dismissed soldier, while dressed in army uniforms, escorted some of the kidnappers and the ransom money in a maroon coloured Audi car out of the forest where they had kept the victim, to Benin City, Edo State,” the IG stated.

In the case of Lance Corporal George, he is a native of Otukpo town, Otukpo LGA of Benue State. He is personnel of the Nigerian Army serving at 122D Regiment in Maiduguri, Borno State.
“As earlier mentioned, he was part of the trio that escorted the ransom money to Benin City, Edo State. A Honda car worth N1.1 million, which he used part of his loot to purchase was recovered from him.

“The suspect was arrested on October 5, 2016 at about 1300hrs in his home town,” the IG divulged.
Uduefe, the dismissed soldier, is a native of Igbuku village, Ndokwa East LGA of Delta State. He also volunteered a confessional statement to his involvement in the crime.

“Investigations revealed that he also bought a Honda car worth N1.5 million and furnished an apartment in Benin City, Edo State within 48 hours of the kidnapping.

“The sum of N1.5 million in cash and the said Honda car were recovered from him,” he said.
Mohammed Abubakar, also known as Dogo, is a native of Mubi town, in Mubi LGA of Adamawa State and the leader of the group.

The IG said he confessed to the crime and admitted that he received the sum of N11 million in cash from the ransom, adding that the suspect, however, claimed to have given one Danjuma who is presently on the run, the said sum to keep for him.

Mohammed Sule hails from Awe village in Awe LGA of Nasarawa State, the IG added. The suspect, he said, confessed to have received N10 million in cash as part of his share of the ransom paid and claimed a soldier and gang leader escaped with the loot.

Ibrahim Abdullahi from Fondogeri LGA of Niger State, admitted to have received N10 million in cash as part of his share of the ransom money, while Aliyu Musa and Mohammed Yusuf were arrested for their involvement in the kidnapping based on information availed the police by Mohammed Musa.
Musa and Yusuf are being investigated further on the roles played by them in the commission of the crime, said the IG.

  Culled from Thisday 

Banks to pay for fraud on mobile money transactions – CBN-Tonye Adikumo

Customers who lose money to fraudsters through the mobile money-driven Unstructured Supplementary Service Data (USSD) banking will be reimbursed by their banks, the Central Bank of Nigeria (CBN) has said.
The USSD Banking platform allows customers to transfer money to third party, buy airtime, open accounts, pay bills and book travels, among other services, using their mobile phones, but the level of customer protection is still below regulatory threshold.
CBN Director, Banking and Payments Department, ‘Dipo Fatokun, said the apex bank reviewed the process of USSD deals and directed banks to allow their customers transacting through the platform to use a Personal Identification Number (PIN) instead of the last four digits on their Automated Teller Machine (ATM) cards. He spoke at a forum organised by financial correspondents in Lagos.
Banks are yet to perfect the security around the USSD transaction plan. They are not providing additional security, such as allowing PIN into the transaction process as against the current practice whereby customers rely on the last four digits of their ATM cards for transactions.
This has resulted in many customers losing their money to fraudsters or people who have access to their ATM cards.

Fatokun said until the banks are able to provide OTP or token to customers transacting through the USSD platform, they will bear the cost of any loss of funds through the process.
“Meanwhile, until that is done, the banks assured us, in writing, that any customer that suffers losses, they would pay. So, if you have cases of people who have suffered losses on USSD platform and their money has not been refunded, let us have it,” he said.
CBN data showed that about N40 billion transactions pass through the mobile money network monthly. It also showed that although e-fraud rate in terms of value dropped by 63 per cent last year, after the Bank Verification Number (BVN) introduction and improved collaboration among banks via the fraud desks, the total fraud volume rose significantly by 683 per cent within the year compared to 2014 figures.
Also, the country experienced 3,500 cyber-attacks with 70 per cent success rate and loss of $450 million within the last one year mainly through cross channel fraud, data theft, email spooling, phishing, shoulder surfing and underground websites.

Culled from Todays News

Bill Clinton Pardon Recipients Back Trump Over Hillary: 'I Don't Like Her Attitude

'

AP

By S.A. Miller - The Washington Times
President Bill Clinton granted Marcos Arcenio Fernandez one of 396 pardons doled out during his eight-year tenure — but Mr. Fernandez said his gratitude doesn’t extend to Hillary Clinton.
In fact, the 73-year-old Floridian is not only voting for Donald Trump, he donated $80 to the GOP nominee’s presidential campaign.

Culled from fox