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Adeleke defends appointment of new Obas, insists due process was followed

Published

2 months ago

March 11, 2024

NewsDirect

…As Osun APC accuse Governor of causing division in selection

Governor Ademola Adeleke has insisted that he followed due process in the appointment of new Obas in the state.

The Governor in a statement issued on his behalf by Oluomo Kolapo Alimi, the Commissioner for Information described the allegations of misconduct, corruption and abuse of power as unfounded and baseless.

The Governor was responding to a statement credited to the the Osun State chapter of the All Progressives Congress (APC) accusing the Governor of needlessly promoting crisis in Igbajo and Iree by tinkering with the choice of the legally installed monarchs of the two towns, Oba Phillips Adegboyega Famodun, the Owa of Igbajo and Oba Raphael Oluponle of Iree, according to the tradition and custom of the two communities.

Specifically, the party noted that when the Adeleke-led government met a stumbling block in rallying the support of the authentic kingmakers of Igbajo to do the hatchet job of the illegal re-selection of another Owa of Igbajo, it resulted to the recruitment of five non-indigenes of the town on Friday who were instantly appointed one-day warrant chiefs for a gratification of N250,000 each just for them to pose as kingmakers at the Multi-purpose Conference Hall of the Local Government Service Commission, State Secretariat, Abere, Osun State, to elect a new Owa of Igbajo.

In his remark on the bizarre development, the Osun State APC chairman, Sooko Tajudeen Lawal, in a statement issued by the party’s Director of Media and Information, Chief Kola Olabisi, today, said the unsavoury development smacked of desecration of the culture and custom of the ancient town of Igbajoland.

Lawal pointedly stated that it was unfortunate that Osun State with the level of her advancement in education could be experiencing this type of shame that Governor Adeleke is bringing on to the people of the state by this time in the history of this nation.

He protested that the founding fathers of the state and Allah would not forgive those who foisted a registered liability in the person of Adeleke as the state governor of Osun State.

Lawal told Adeleke and his co-travellers that they are quite aware that the illegality woven together in a form of political vendetta against the authentic Oba Phillips Adegboyega Famodun, the Owa of Igbajoland and Oba Raphael Oluponle of Iree, cannot stand as it cannot withstand the legal fireworks which was the reason their illegal re-selection process was rushed because the state courts shut by Adeleke for four months by proxy are reopening on Monday.

In the state APC chairman’s words: “If it is the Igbo background that is working against the mastery of Yoruba culture and custom by Governor Adeleke, one would have expected his retinue of aides to guide him aright that the executive cannot assume the position of the judiciary.

“Is Adeleke not aware that the state government is a defendant in the Igbajo and Iree Obaship conundrum in the courts of competent jurisdiction?

“When has it become a norm for the government to reselect a monarch for a community in the Governor’s Office and make use of urchins and impostors who are not even from such a community as one-day warrant chiefs?

“How can such an impostor monarch who emerges from such an illegal arrangement earn and command the respect of the people who did not have an input in his illegal re-selection?

“It is a pity that Makinde allowed himself to be a willing tool in the hands of disgruntled political actors who are only interested in throwing the hitherto peaceful Igbajo community into avoidable turmoil.

“How much success does Makinde think he can make in the ancient town of Igbajo as an imposed Owa who can neither sit nor fly?

“What does Makinde want history to say about him and his co-travellers for attracting confusion, violence and schism into his place of birth because of a mere desperation to become an Oba which cannot and will not fly?

“Enough of the ridiculing of all Osun traditional and academic institutions by the kick-and-start Governor Adeleke out of his lack of grasp of anything in governance, management, or even rationality.

“We have witnessed a lot of commotions and anomalies in the State of the Virtuous since Adeleke came into the saddle in the state Judiciary, State Polytechnics, State Colleges of Education, royal palaces etc and are still counting.

“One fact remains that Oba Phillips Adegboyega Famodun remains the Owa of Igbajoland as he was duly selected by the people through their kingmakers and ratified by the state government, legally installed and given a staff of office after he had completed the necessary traditional rites while the traditional stakeholders in the ancient town had stated that it is a taboo for them to perform another series of traditional rites for another person when the substantive monarch is very much alive.

“We are appealing to the peace-loving people of Igbajo not to take the laws into their hands but to continue to put their hope and expectation in the hand of God and supremacy of the rule of law which has been the pillar of strength of every reasonable and responsible community,” Lawal counselled.

He also described the drama in Iree, where their newly imposed Oba, Prince Muritala Oyelakin, broke into the seclusion and forced his way in against the wish of the custodian of the area.

“The whole world must be alert to the fact that Governor Ademola Adeleke of Osun appears to be on the loose. But we want to caution him not to precipitate crises in Igbajo and Iree.

“One only knows the beginning of an affliction, especially when one ignites it, but no one can predict those that will survive it,” the APC chairman added.

Alimi in his response on behalf of the Governor called on the public to recall that the present administration at its inception set up a number of committees to review the activities of the immediate past administration particularly towards the end of its tenure in response to the yearnings of the people of the State who felt some of the activities were detrimental to the progress of the State.

Speaking further, he said, “One of such committees was the one that reviewed activities on Chieftaincy matters from July 16 to November 26 2022. The Committee held public sessions and received several petitions on which it wrote its report. A White Paper Drafting Committee reviewed the report of the Committee before it was further reviewed by the State Executive Council and a White Paper was issued.”

“The White Paper touched upon several Chieftaincy matters handled by the immediate past administration towards the end of its tenure and gave succor to the people in line with their yearnings. Prominent among the Chieftaincy matters are the stools of Aree of Iree, Akirun of Ikirun and Owa of Igbajo.”

“On the stool of Aree of Iree, it was discovered that the immediate past administration deliberately bypassed the town’s kingmakers and made use of warrant chiefs to select and approve an Oba for Iree. The White Paper therefore advised the Iree Kingmakers who were in court to protest the action of the immediate past administration to withdraw the suit with an assurance that they would be allowed to perform their traditional duty.

“In response, the Kingmakers’ lawyers presented necessary documents which indicated they were prepared and willing to withdraw their suit which would be filed once the courts which were on lockdown resumed.With this, preparations to re-fill the stool following due process began and after a keen contest, Prince Muritala Oyelakin was selected by the Iree Kingmakers and his appointment was duly ratified by the State Executive Council as the Aree of Iree.

“On the stool of Akirun of Ikirun, the White Paper stated that all contending parties should await the decision of the Court of Appeal on the suit filed by one of the ruling houses in Ikirun which was dissatisfied with the action of the immediate past administration on the Akirun stool.”

“The White Paper stated that a fresh selection process would take place in Igbajo to enable all eligible princes from the Owa Oke Odo Ruling House participate in a free and fair selection in the interest of fair play, equity and in line with the custom and tradition of Igbajo.”

“Consequently a fresh selection process began and all interested princes from the eligible ruling house participated in the selection process. When it became expedient for the Igbajo Kingmakers to hold their selection meeting to appoint an Owa-elect, five surviving Kingmakers out of the six recognized by the Owa of Igbajo Chieftaincy Declaration deliberately refused to do so.

“After refusing to attend several meetings to which they were invited by the Local Council, Government had no other option than to invoke the provisions of Section 17 of the Chiefs Law of Osun State which permitted the revocation of the performance of any delegated function by any one and the appointment of other persons to perform such a delegated function.

“Thus, warrant kingmakers appointed according to law performed their duty and selected an Owa of Igbajo elect whose appointment is to be ratified by the State Executive Council.

“The Government has gone to this length to explain the course of action it took so that members of the public would be adequately informed and enlightened to understand that the actions were taken to correct the injustice perpetrated by the immediate past administration on some Chieftaincy stools towards the end of its tenure in office and in response to the yearning of the majority of the people of the affected communities who appeared before the committee set up by this administration and requested for fresh processes which would be free and fair and in line with the tradition and customs of their respective communities. This, the Government has done.

“We therefore affirmed that as a government, we acted within the law and tradition as well as in the best interest of the people of the affected towns,” the statement read.

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NDIC increases deposit insurance coverage for financial institutions

Published

19 hours ago

May 3, 2024

Walewale

…New review ensures safety of depositors’ funds — MD

…Warn depositors against patronising unregistered operators

By Matthew Denis, Abuja

The Nigeria Deposit Insurance Commission (NDIC) has announced an increase in maximum deposit insurance coverage for financial institutions in the country.

The new review was announced at a press briefing held at the NDIC headquarters in Abuja.

The Managing Director of the NDIC, Mr. Bello Hassan revealed that the increase of the maximum deposit insurance coverage from N500,000 to N5,000,000, would provide full coverage of 98.98percent of the total depositors compared with the current cover of 89.20 percent.

The MD said, “Findings indicate that high percentages of depositors ranging from 89.20 percent to 99.99 percent were fully insured under the maximum deposit insurance coverage levels across different bank categories (DMBs, PMBs, MFBs, and PSBs), meanwhile, a substantial portion of the total value of deposits, remain uninsured.

“We need to stress at this juncture that high levels of uninsured deposits pose a risk of bank runs. Indeed, the International Association of Deposit Insurers (IADI) Brief No. 9 of 2023 that examined the recent bank failures in the United States of America and Switzerland, concluded that, high levels of uninsured deposits in insured institutions might increase the likelihood of bank runs with dire impact on the stability of the financial system,” he explained.

Mr. Bello stressed “that based on these considerations, and in line with our commitment to enhancing depositors’ protection, public confidence, financial inclusion, and stability of the financial system, I am pleased to announce that the NDIC’s Interim Management Committee (IMC), during its 18th meeting held on April 24th and 25th, approved an 3 increase in the maximum deposit insurance coverage levels for all licensed deposit-taking financial institutions with immediate effect.

“The adjustments are as follows: i. Deposit Money Banks (DMBs) The increase of the maximum deposit insurance coverage from N500,000 to N5,000,000, would provide full coverage of 98.98 percent of the total depositors compared with the current cover of 89.20 percent.

“In terms of the value of deposit covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37 percent compared with the current cover of 6.31 percent of total value of deposits.”

The NDIC boss explained that at the Microfinance Banks (MFBs) the increase of the maximum deposit insurance coverage from N200,000 to N2,000,000, would provide full coverage of 99.27 percent of the total depositors compared with the current level of 98.76 percent and would increase the value of deposits covered by deposit insurance to 34.43 percent compared with 14.38 percent of total value of deposit, currently covered.

He revealed that Primary Mortgage Banks (PMBs) The increase of the maximum deposit insurance coverage from N500,000 to N2,000,000 would provide full coverage of 99.34 percent of the total depositors compared with the current 97.98 percent and would increase the value of deposits covered by deposit insurance to 21.04 percent compared with 10.77 percent of total value of deposit, currently covered.

”While the Payment Service Banks (PSBs) the increase of the maximum deposit insurance coverage from N500,000 to N2,000,000 would provide full coverage of 99.98 percent of the total number of depositors and would increase the value of deposits covered by deposit insurance to 43.10percent of the total value deposits from the current cover of 40.60 percent.”

“Subscribers of Mobile Money Operators: The increase of the maximum Pass-through deposit insurance coverage from N500,000 to N5,000,000 per subscriber per MMO as the applicable coverage level for depositors of DMBs. 4 7.0 I must emphasise that, the revised deposit insurance coverage has balanced the NDIC’s goals of deposit protection and financial system stability with incentives for depositors to practice market discipline and prevent banks from unnecessary risk-taking and moral hazard. Consideration was given to ensure that the coverage was limited but adequate enough to protect a large number of depositors and credible enough to prevent the destabilizing effect of bank runs,” he said.

Speaking further, Bello said the adoption of the revised maximum deposit insurance coverage is supported by the Corporation’s current funding, represented by the balances in the various Deposit Insurance Funds (DIFs), expected annual premium collection, enhanced supervision that would reduce the likelihood of bank failures, effective bank resolution frameworks and other funding arrangements provided by the NDIC Act No. 33 of 2023.

He buttressed further by noting, “I would like to reaffirm the NDIC’s unwavering commitment to protecting depositors and contributing to the stability of the financial system. These adjustments to the maximum deposit insurance coverage reflect our dedication to adapt and evolve in response to the changing landscape of the financial industry, and we remain steadfast in our pursuit of a secure and resilient banking environment for all.”

The MD also advised depositors to patronise only licensed and registered financial operators by the Central Bank and NDIC to avoid falling prey to mouth-watering Fintech operators who deceive customers with a lot of incentives and high interest rates.

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Minimum wage: Governors await committee decision, assure workers of increased wages

Published

19 hours ago

May 3, 2024

Walewale

The 36 states Governors of Nigerian states have stated that they are awaiting the decision of the 37-member tripartite committee inaugurated on the National Minimum Wage before taking an action on minimium wage.

Recall that the Federal Government had earlier set up a committee to look into the demands of the Organised Labour regarding measures to cushion the effects of the removal of fuel subsidy.

Edo State has since go on to increase her minimium wage to N70,000 while other Governors have initiated wage awards for workers in their respective states.

In a statement signed yesterday by the Nigeria Governors Forum (NGF) Chairman and Governor of Kwara State, AbdulRahman AbdulRazaq, at the end of the virtual meeting held Wednesday night, the state executives disclosed that they were committed to looking into issues bordering on the remuneration of state judicial officers and the infrastructure of the courts.

The 36 state governors under the aegis of the NGF said that they celebrate with workers across the country for their dedication to service and patience, as all have worked with the Federal Government, labour, the organised private sector, and relevant stakeholders in arriving at an implementable national minimum wage.

According to the governors, while they acknowledge various initiatives adopted recently by way of wage awards and partial wage adjustments, it was imperative to state that the 37-member tripartite committee inaugurated on the National Minimum Wage was still in consultation and yet to conclude its work, just as they said that they would remain committed to the process and promise that better wages would be the invariable outcome of their ongoing negotiations.

The statement read, “We, members of the Nigeria Governors’ Forum (NGF), at our meeting held today, deliberated on various issues of national importance.

“The Forum celebrates with workers across the country their dedication to service and patience as we work with the Federal Government, labour, organised private sector, and relevant stakeholders to arrive at an implementable national minimum wage.

“While we acknowledge various initiatives adopted recently by way of wage awards and partial wage adjustments, it is imperative to state that the 37-member tripartite committee inaugurated on the National Minimum Wage is still in consultation and yet to conclude its work.

“As members of the committee, we are reviewing our individual fiscal space as state governments and the consequential impact of various recommendations to arrive at an improved minimum wage we can pay sustainably. We remain committed to the process and promise that better wages will be the invariable outcome of ongoing negotiations.

“Members received the outgoing Country Director, Mr. Shubham Chadhuri, and the incoming Country Director, Mr. Ndiame Diop, of the World Bank, to discuss the Bank’s vision for transitioning. Mr. Chadhuri appreciated the Forum for the strategic role it continues to play in coordinating collective action for developmental change.

“He applauded the non-partisan character of the Forum, the professionalism of its Secretariat, and state governments’ commitment to mutual accountability mechanisms such as performance-based financing interventions by the Bank. Members expressed confidence in the choice of Mr. Diop to lead the collaboration going forward and look forward to a sustained and deepened relationship.

“The Forum discussed the revised National Policy on Justice (2024–2028) from the just concluded National Summit on Justice on 24th & 25th April 2024. Members agreed to consider the submissions from the summit as may concern their individual states, including recommended legal amendments, administrative improvements, and policies to strengthen the justice sector. Also, the Forum committed to looking into issues bordering on remuneration of state judicial officers and the infrastructure of the courts.”

“The Forum received a presentation from the National Human Capital Development (HCD) Programme—Core Working Group Secretariat, led by Ms. Rukaiya El-Rufai and Dr. Ahmad Abdulwahab. Both highlighted the marginal progress made by states and its contribution to Nigeria’s Human Development Index (HDI), especially across health, nutrition, education, and labour force participation.

“Having reviewed the previous program design and national strategy, a revised governance and implementation roadmap was proposed to scale up impact and ensure sustainability. Members pledged to support the effective domestication of proposed revisions to the national HCD strategy.

“Members received a briefing from Mrs. Oyinda Adedokun, Program Manager, State Action on Business Enabling Reforms (SABER) Federal Ministry of Finance Programme Coordination Unit.

“The briefing highlighted states’ performance in implementing advocated reforms relating to land administration; regulatory framework for private investment in fiber optic infrastructure, services provided by investment promotion agencies and public-private partnership units; efficiency and transparency of government-to-business services, under the World Bank financed program.

“The Forum commiserated with the Governors of Rivers State, H.E. Siminalayi Fubara, and Ogun State, H.E. Prince Dapo Abiodun, over the petrol tanker explosion and gas explosion that occurred on April 26th and 27th, 2024, respectively. Members called for proper maintenance of trucks, especially those fitted to convey Compressed Natural Gas (CNG), and recommended appropriate training for truck drivers.

“On enforcement of regulations, members resolved to engage relevant Ministries, Departments, & Agencies (MDAs) in order to align the activities of federal regulators with the operations of officials at the sub-national level.”

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

Published

19 hours ago

May 3, 2024

Walewale

In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1 percent 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.

According to the statement, Gross Earnings increased by 89.9 percent yoy to N192.1bn from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7 percent yoy) and non-interest income (84.0 percent 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.

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 percent 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 percent from 10.1 percent in Q1 2023 (2023FY: 11.6 percent). In line with the steady rise in interest rates through the year, average funding cost increased by 80bps ytd to 5.2 percent. However, NIM came in at 8.8 percent compared to 8.1 percent in 2023FY, as increased yield on earning assets surpassed funding cost to 15.1 percent from 13.3 percent in Q1 2023 (2023FY: 13.5 percent).

Similarly, Total Deposits increased by 17.2 percent 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 percent 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.