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Post election trauma: Confusion as LP leaders fight dirty over positions

Published

1 year ago

April 7, 2023

NewsDirect

…Party NWC declares replacement

…Embattled Chair cries foul, accuses APC of attempt to inaugurate “illegitimate executive”

…Call your party to order from suffocating political structures in Nigeria – He tells Buhari

…NLC faults court judgement on sack of party executives

…Says it is meant to decapitate leadership to weaken party

…Vows to storm court with members

By Moses Adeniyi

Aftermath of the 2023 general elections which have rattled major political parties with the woes of party leadership crises further deepened in the bloc of the Labour Party (LP), with the structure of the party threatened with factional divisions.

The crisis rocking the LP deepened on Thursday as seven members of the National Working Committee (NWC) of the Party, announced the National Vice-Chairman (South), Lamidi Bashir Apapa, as the acting National Chairman to replace the suspended Chairman, Julius Abure.

The leadership crisis wrangled the structure of the party leading to police officers taking over the secretariat of the party in Abuja on Thursday.

Speaking after an emergency meeting held at the party’s secretariat in Abuja, Apapa said the NWC members acted on the judgement of the Federal Capital Territory High Court which restrained Abure from parading himself as the National Chairman of the LP.

The Court had restrained Abure, and three other key officials of the party, including the National Secretary, Umar Farouk Ibrahim; the National Treasurer, Oluchi Opara; and the National Organising Secretary, Clement Ojukwu from parading themselves as executives of the party over alleged forgery.

The presiding judge, Justice Hamza Muazu of the FCT High Court also ordered that the originating processes of the court be served on the restrained officials.

The judge held that the ex parte application for an interim injunction restraining the four officials by aggrieved members of the LP before the court has merit and granted the same.

Apapa who was appointed acting chairman to replace Abure told journalists that the NWC also reviewed the suspension of party members and executives that had earlier been suspended by the party leadership.

The three other officials restrained by the court were also replaced by Alhaji Saleh Lawal- acting National Secretary, Rowland Daramola – acting Treasurer, and Prince Reuben Favour – acting Organising Secretary.

“The NWC equally reviewed that recently there are some cases of suspensions that were badly handled. And this National Working Committee meeting has reviewed them, and the suspension all over are hereby reviewed and the officers are reinstated.

“With effect from now, the so-called officers who the court had barred should not parade themselves as officers of the party until cases against them are treated or handled by the partypart,” Apapa stated.

He also denied the allegation that the party has been invaded by the ruling All Progressives Congress (APC), saying the current leadership believes extensively in the presidential candidate of the party, Peter Obi.

…Embattled Chair cries foul, accuses APC of attempt to inaugurate “illegitimate executive”

On his part, Abure had in a statement, raised allegation against the APC of using thugs and a detachment of the Police Force to invade the party’s headquarters in Abuja.

The embattled LP chairman stated that the invaders who are armed reportedly pulled down the fences, burglaries, doors and windows to have access to the secretariat and in the process sacked workers and party executives.

“Though, I was out of town but information has it that the agenda of the invaders was to inaugurate an illegitimate executive which has been chosen for them by their sponsors.

“This incident is coming days after a similar invasion in our Imo state Secretariat which up till now is still being occupied by the agents of the Imo state government.

“Only yesterday (Wednesday), our presidential candidate, Peter Obi through the LP Presidential Campaign Council alerted Nigerians of a plot to hound him out of the Country over APC’s covert plot in collaboration with some security agents to frame him up allegedly on matters bothering on treason.

“Labour Party is only a political party which is contesting for power. The Independent National Electoral Commission, INEC has conducted an election that ranked us third, a position we have rejected and have approached the Tribunal to contest. That is our only offence.

“We, therefore, call on President Muhammadu Buhari to call his party, the APC to order and also rein them in from using unorthodox means to suffocate political structures in Nigeria.

“Few minutes ago, the national headquarters of the Labour Party in Abuja witnessed massive attack and was broken into by a detachment of the Nigerian Police and thugs believed to be working for the All Progressives Congress, APC.

“A court of competent jurisdiction only yesterday ordered that I, Julius Abure remain the National Chairman, and should not be restrained from performing my duties, it therefore baffles me why the Nigerian Police should allow itself to be used to perpetrate illegalities.

“We advise the Police, APC and their sponsors to play by the rules. We will no longer tolerate the often intimidation and deployment of brute forces against the party and their personnel.

“We demand they put a stop to abuse of power and respect the rights and privileges of other political parties, particularly, the Labour Party to contest for power.”

There was confusion within the ranks of the party on Thursday with the invasion of the National Secretariat at Utako by a faction accompanied by Policemen to take control of the structure.

…NLC faults court judgement on sack of party executives

Meawhile, the Nigeria Labour Congress (NLC), an affiliate of the Labour Party has described the sacking of the party leadership including the National Chairman, the National Secretary, National Treasurer and the Publicity Secretary of the Party, by the High Court, FCT, in Abuja as an attempt to decapitate the leadership of the party and weaken it.

The President of the Nigeria Labour Congress (NLC) Joseph Ajaero, in a statement in Abuja, on Thursday, said the sacking of the Executives of the party was a calculated attempt and suspicious.

The Labour union argued that it cannot be far from the intent to weaken the party from within or distract it from its fight to reclaim its stolen mandate at the polls.

The NLC in its statement said the allegations of corruption, perjury and forgery on which the Judge based his ruling on the application were unfounded, unproven and highly speculative, moved by elements whose interest, in the party, it said, could best be described as doubtful or dubious.

The NLC said that the judgement was meant to decapitate the leadership of the party with the suspected intent to weaken the party from within or distract it from its fight to reclaim its victories at the polls.

The statement reads: “We are alarmed by the decision of Justice Hamza Muazu of the High Court in the Federal Capital Territory, Abuja via exparte to suspend from office the National Chairman, the National Secretary, National Treasurer and the Publicity Secretary of the Labour Party, Messrs Julius Abure, Alhaji Farouk Ibrahim, Clement Ojukwu and Opara respectively on unfounded/unproven and highly speculative and malicious allegations of corruption, perjury and forgery by elements whose interest in the party could best be described as doubtful or dubious.

“The court order according to Justice Hamza Muazu is to subsist pending the hearing and determination of a motion on notice for interlocutory injuction.

“The ruling was sequel to a motion exparte filed along the substantive suit by eight so-called aggrieved members of the party including the Chairman of the party in Abure’s ward.

“We view the decapitation of the leadership of the party with great suspicion which cannot be far from the intent to weaken the party from within or distract it from its fight to reclaim its victories at the polls.

“In light of this, we urge the courts to exercise utmost caution in entertaining frivolous suits and spurious prayers from mercenary party members as they are capable of compromising the integrity of the courts.

“We similarly join the league of those who canvass against the casual use of exparte in light of the grieviouness of the injuries they quite often inflict.

“We also note that this extant court order does not only violate the principle of presumption of innocence, a cardinal pillar of our judicial system, it is an affront to justice itself. We find it curious that while ex-convicts continue to occupy ample space in the public service or space without let or hindrance, those yet to be found guilty are already being harangued or hounded are being debarred from holding office.

“Finally, the continued relevance of our courts cannot be divorced from the quality of their decisions or rulings. Accordingly, our courts are advised to refrain from taking decisions which portray them as having descended into the arena, or worse still, make them pocketable.

“On our part, the grounds for suspending the quartet, either in the courtroom or outside it, are not there even as mischievous forces orchestrate evil. The quartet, therefore, remain executives of the party. In light of the foregoing, we invite the honourable court to review its decision forthwith.

“On the next adjourned date we are going to be in court in our numbers to listen to the Judge.”

The party leadership crisis which has struck the LP is coming at a time it is struggling to establish balance amidst a legal battle it is fighting against the outcome of the presidential election to claim victory at the court, having said it was cheated in the presidential polls.

Meanwhile amidst the struggles, its presidential candidate in the last general elections, Peter Obi, has been brought into allegations levelled against him of inciting violence, with specifics laid of attempt to treason by the Federal Government.

Obi who has faulted the Government’s position, describing it as malicious, Wednesday night had said that there was pressure on him to leave the Country.

He accused the ruling APC and some government agencies of trying to divert the Country’s attention from the infractions that marred the just concluded general elections.

He said they are doing this by raising unfounded allegations against him, using a viral audio recording he described as ‘fake.’

He had said, “The present attempts by the APC as a party, and the APC led-government through some government officials and agencies to divert our attention from our blatantly stolen mandate is unfortunate and sad.

“These have come and continued to manifest in different ways, such as the malicious accusation of the Minister of Information, Mr Lai Mohammed, the circulation of a fake doctored audio call, and a pressure on me to leave the country.

“Let me reiterate that the audio call being circulated is fake, and at no time throughout the campaign and now did I ever say, think, or even imply that the 2023 election is, or was a religious war.”

The aftermath of the General Elections have seen Political Parties in the Country brought under the storm of leadership crises. There have been series of suspension and expulsion of party bigwigs over alleged anti party activities, among other interest based contentions.

The use of court injunctions have been employed in some quarters to oust party leaders as the crises deepen, while other pending suits are still before the Court.

Barely nine days to LP’s Thursday’s shaking, the Peoples Democratic Party (PDP) had a chunk of the display of ousting party leaders as the party NWC announced the ousting of Senator Iyorchia Ayu as the party National Chairman and his replacement with the National Vice-Chairman (North), Umar Damagum, as the acting Chairman of the PDP.

Ayu’s replacement trailed an order of the court restraining him from parading himself as the National Chairman of the PDP, having been suspended from his Ward.

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NDIC increases deposit insurance coverage for financial institutions

Published

7 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

7 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

7 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.