Oyo pupils set classrooms ablaze over failure October 28, 2016

There was breach of the peace at the Isale-Oyo Community High School, Oyo town, after some pupils of the college reportedly set ablaze some classrooms over mass failure in their examination. It was learnt that the aggrieved pupils stormed the school premises on Thursday morning charting solidarity songs. They were said to have gone haywire afterwards, set fire to blocks of classrooms and fled the premises. The PUNCH gathered that the school authorities alerted men of the Oyo State Fire Service, who responded swiftly to put out the fire. Policemen were deployed in the school to restore peace but none of the pupils had been arrested as of the time of filing this report. The disturbance, observers noted, marked the worst phase of the unrest that began days ago over mass failure in exams. The school compound was deserted as teachers and other pupils reportedly fled for fear of being harmed. Our correspondents learnt that there had been lingering crises since Monday in some secondary schools in the state following mass failure in the last promotion examinations. The Oyo State Government has set a new promotion policy which states that only pupils with 50 per cent in Mathematics and English language will transit to the next class. Pupils of Anglican Secondary School in Oyo reportedly unleashed mayhem on their teachers and destroyed billboards bearing Governor Abiola Ajimobi’s picture. The Oyo State Commissioner for Education, Prof. Banji Olowofela, lamented poor performance of pupils in external examinations, saying public schools could no longer continue to breed substandard pupils. “What government says is that there is no automatic promotion again. Our external examinations from1999 till date have been abysmally poor. If we push them to the outside world, we are not helping them. We are trying to give them the opportunity to rediscover themselves. The school has been closed indefinitely,” he added

My manhood was too big for her –Okada rider nabbed for raping girl to coma in Benue September 24, 2016

On Wednesday, the arm of the law caught up with an okada rider identified simply as Daniel in Otukpo, Benue State, after he allegedly raped an eight-year-old girl in his room on Ogiri Okoh Street, to a point where the girl became unconscious. Saturday PUNCH learnt that vigilantes from Igbanonmaje arrested the suspect after the girl’s mother learnt of the incident. It was learnt that after the girl became unconscious, the suspect poured water on her to resuscitate her, after which he sent her home. A resident of the street on which the victim’s mother lived, said the girl explained that Daniel forced himself on her after he had told her to help him buy food. The resident said the mother became suspicious when the girl came back home, walking with her legs apart. The victim’s mother was said to have raised the alarm, after the girl said Daniel inserted his manhood in her and did not know anything again. “She said by the time she woke up in his room, he saw the man pouring water on her,” the resident told Saturday PUNCH. After vigilantes in the area were reportedly alerted, they went in search of Daniel and arrested him a few hours later. The suspect, a native of Ado Local Government Area of the state, said even though he had tried to rape the girl, he left her alone because he could not penetrate her. “Because my manhood was too big for her, I could not penetrate and had to leave her alone,” he told the vigilantes. He however denied raping the girl to the point of coma. Saturday PUNCH was told that Daniel had been handed over to the police. The Police Public Relations Officer in the state, Mr. Moses Yamu, confirmed the incident, stating that the victim was now in police custody. He said investigation was till ongoing on the case

Hoodlums set ex-Rivers lawmaker’s house ablaze

Hoodlums on Wednesday night burnt down the house of a former lawmaker, Dr. Chidi Lloyd, in Akpabu community, Emohua Local Government Area of Rivers State. It was learned that the development had caused panic in the community, as the incident was said to have happened less than 24 hours before an Appeal Court upheld the election of Sam Ogeh, the former lawmaker’s opponent in the March 19, 2016 State House of Assembly rerun election. While Lloyd, who was the former Leader of the State House of Assembly contested on the platform of the All Progressives Alliance, Ogeh vied for the election on the platform of the Peoples Democratic Party. The PUNCH learned that the hoodlums, who wore military camouflage, invaded Lloyd’s home at 8pm and set ablaze some aspects of his building. A community source, Mr. Chijioke (surname withheld), disclosed that the arsonists invaded the community and caused anxiety with heavy gunfire. Chijioke noted that the security quarters and the visitors’ lodge were burnt by the hoodlums, whose identity are yet unknown. He said that property worth millions of naira at the guest house and in the security building were burnt. The source further said it was the swift intervention of security operatives in the area that prevented the arsonists from attacking the main building. The source said, “The building of former leader of Rivers State House of Assembly, Chidi Lloyd, has been burnt by unknown persons. The security room and the boys’ quarters were burnt. They did not touch the main building.” Meanwhile, Lloyd has confirmed the attack on his house. He said that a group of men in military camouflage invaded his house and set it ablaze. He explained that he had earlier received a threat message by a person suspected to be a cult member before the arson. Speaking on the matter, the Commissioner of Police, Mr. Francis Odesanya, said the incident was caused by fire, adding that the main building was not burnt.

We’ll resist sale of national assets – NLC

The Nigeria Labour Congress has called on Nigerians to resist the planned sale of the nation’s shareholdings in the Nigeria Liquified Natural Gas and other national assets. The President of the NLC, Mr. Ayuba Wabba, said in a statement on Thursday that Nigerians must resist the surreptitious moves by some businessmen and the political class to acquire the remaining national assets which he said should be preserved in the interest of future generations. He said the NLC was prepared to join forces with other progressive movements in the country to resist the current moves to plunder the nation’s assets. He said it was in the interest of generations of Nigerians for the existing investments to be developed by investing in profitable areas. Wabba said the NLC was totally opposed to the recent calls by Africa’s richest man, Alhaji Aliko Dangote, and the Senate President, Bukola Saraki, for the sale of national assets to get the country out of recession. He said, “The recent call by Alhaji Aliko Dangote for the sale of the national share holdings in the NLNG and the suggestion by the Senate President that the shares, along with other sovereign assets in the oil and aviation sectors, should be sold as a way of stemming the current economic recession are unacceptable to us at the Nigeria Labour Congress. “Investments in the LNLG and joint venture oil upstream operations are profitable and represent potential sources of revenue into the future. “Inter-generational considerations require that we build on these existing investments by identifying other profitable endeavours to invest in. What we need is to leverage on the stream of potential earnings from these investments in seeking to turn around the economy. “We, therefore, call on Nigerians to resist these new schemings by those waiting and wishing to lap up these lucrative national assets. We need to preserve these assets for our children and future generations. “On our part, we are ready, in partnership with other progressive and nationalist forces in our country, to resist the further attempt to plunder our common patrimony.

Nigeria needs progressive economic policies – Sanusi

A former Governor of the Central Bank of Nigeria and Emir of Kano, Muhammadu Sanusi II, has said that the country needs policies that will boost economic growth. Sanusi spoke in Lagos on Wednesday at the public presentation of Funmi Oyetunji’s book, ‘A Conscious Life’. “We need to think through what we do and on the bigger picture too by coming up with policies that will lead us to where we simply want to go,” he said. The emir, who was recently in Rome for Pope Francis’ meeting with religious leaders and refugees on the occasion of the Assisi Peace Day, also stated that most of the religious crises being experienced in the country and the world at large had roots in poor economic policies and bad governance. “Being an economist, my perspective has always been that a lot of the problems we think are religious do have roots in bad economics and bad policies that create poverty and therefore lead to conflicts,” he said. The Chief Executive Officer, Stanbic IBTC Holdings, Mrs. Sola David-Borha, said that beyond the personal usefulness of the book, it was a call on state governments to create wealth rather than depend on statutory allocations. She added that it was also a call on the relevant authorities to open up the country’s financial market with minimal restrictions on the entry and exit of funds. “Our market should be able to create wealth in a sustainable manner. If we focus on wealth creation rather than sharing of money, we will be able to put the nation on the trajectory of growth,” she said. The former Chairman of Punch Nigeria Limited, Chief Ajibola Ogunshola, who wrote the foreword of the book, said a lot of research went into its production. “I am amazed at the volume of research that went into the production of the book,” he said. The author, who is also the Chief Executive Officer of Abitos Financial Services, said the book was a call on the nation and its people to become more conscious on both social and personal issues. “It is a clarion call for people to be awake in living their lives and not just to go by the flow. The inspiration came from counselling young people and seeing that there are no clear directions on how most of them are living their lives. For those who read, they should be able to rea

We’ll solve N’Delta problem soon – Buhari

President Muhammadu Buhari on Tuesday assured Barack Obama, the American President, that Nigeria was making steady progress towards resolving the Niger Delta region problem, which had led to economic sabotage on a grand scale. This, the News Agency of Nigeria reported that this was contained in a statement issued by Mr. Femi Adesina, the Special Adviser to the President on Media and Publicity. Adesina said the President gave the assurance at a bilateral meeting on the sidelines of the ongoing 71st edition of the UN General Assembly, holding in New York. “We are making definite progress on how many factions of the militant groups exist, their leadership and operational basis, and we have equally sought the cooperation of the oil majors. “In a short while, I believe the issues would be resolved,’’ Buhari said. He thanked the USA for assisting Nigeria in the provision of weapons, training for Nigerian troops, and sharing of intelligence, which had led to the degradation of the Boko Haram sect in the North-East. Buhari said the country was open to support in combating the humanitarian crisis currently ravaging the region. He said the farming season was good in 2016, with the prospect of a good harvest, and “Nigeria is on the road to food self-sufficiency soon. “We shall be able to feed ourselves, and utilise the billions of dollars spent on importing food on other productive areas.’’ The President reiterated that his administration came to power on the tripod promises of security, battle against corruption, and revamping of the economy. He stressed that there would be no let-up in fulfilling those electoral promises. Responding, Obama described Buhari as a man of “integrity and honesty,’’ saying “we have confidence in your leadership. “There are some difficulties you face, but this administration is willing to assist in the short time we have left. “You have made real progress in defeating the brutal organisation called the Boko Haram sect and that was achieved because of your leadership.’’ Obama offered a hand of fellowship to Nigeria “in the final and comprehensive defeat of Boko Haram, the resolution of the Niger Delta crisis, which would help ramp up oil production and increase revenue, resolving the humanitarian crisis in the North-East, recovering stolen money, and revamping the economy.’’

Banks to close branches as recession bites hard September 20, 2016

A number of Deposit Money Banks in the country will close many of what they described as unprofitable branches as the economic recession continues to bite harder, investigation by our correspondent has shown. It was similarly gathered that most of the banks would lay off hundreds of workers between now and December. The revelation came barely 24 hours after Unity Bank Plc laid off about 300 workers, more than the 220 that was mentioned last week. Diamond Bank Plc, Ecobank and Skye Bank Plc had earlier in the year sacked over 3,000 members of their workforce. It was learnt that following the economic downturn in the country, a number of bank branches could no longer justify their existence as cost analysis had shown that the financial institutions were spending more on salaries and overheads than the income from the branches. Some top bank executives, who confirmed the development to our correspondent under the condition of anonymity on Monday, said some lenders might be forced to relieve more workers of their duties before the end of this year. An executive director in one of the banks that recently asked some of its workers to go said, “We have laid off some of our staff members but that it still not enough. Many branches are just existing for the sake of being there. They are not generating enough income. What they are bringing in is far less than what the bank is incurring as costs on them. “We may have to close such branches before the year ends. I know a number of other banks that are planning something similar.” Commenting on the development, an ex-banker and Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, described branch closure as an ongoing action in the banking sector, especially in times of economic downturn. He, however, noted that banks were required to notify the Central Bank of Nigeria before closing any branch. “It is an ongoing administrative thing in the banking industry. Banks will want to rationalise branches, especially in a difficult economy. Banks are planning to cut costs. Branch rationalisation is normal but the CBN has to be notified,” Chukwu explained. The banking sector has been facing a number of challenges following the downturn in economic activities. The slowdown in the economy, which has led to a high rate of non-performing loans in the banking system, made four lenders to lose at least N17bn in profits in the first quarter of this year. Specifically, Ecobank Transnational Incorporated, Guaranty Trust Bank Plc, Unity Bank Plc and Diamond Bank Plc recorded a combined decline of N17bn in their profits before tax for the three months ended March 31, 2016, when compared with the corresponding period of 2015, according to the results of the financial institutions posted on the website of the Nigerian Stock Exchange. When compared with the PBT of N30.52bn, N32.65bn, N4.26bn and N7.94bn recorded by the banks in the first quarter of 2015, the combined PBT of the four banks dropped by N17bn from N75.4bn in the first quarter of last year to N58.4bn in the same period of this year. While Ecobank’s PBT fell from N30.52bn in the first quarter of 2015 to N20.63bn in a similar period of this year, GTBank’s dropped from N32.65bn to N30.68bn. That of Unity Bank dropped from N4.26bn to N1.05bn, while Diamond Bank’s came down from N7.94bn to N6.04bn. In terms of their profit after tax, the four banks recorded a decline of N14bn. Banks in the country had been posting sharp increases in profits before tax and profits after tax since 2011 after the establishment of the Asset Management of Corporation of Nigeria in 2010 following the banking sector crisis in 2009. However, consistent drop in the global prices of crude oil, Nigeria’s main foreign exchange earner, since June 2014, caused banks’ profits to start declining at the end of 2015. Majority of the 15 banks listed on the NSE recorded declines in their full-year profits in the 2015 financial year. However, a few ones such as Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc and GTBank outperformed the market despite sizeable volume of bad loans. In the first quarter of 2016, 13 out of the 15 banks posted a combined PBT of N135.36bn, compared to N148bn in the corresponding period of last year. Similarly, the 13 banks posted profits after tax of N116.6bn in the first quarter of 2016, compared to N126.4bn in the first quarter of 2015. The 13 banks are Access Bank Plc, Diamond Bank Plc, Ecobank Transnational Incorporated, First Bank of Nigeria Limited, GTBank, FCMB Limited, Sterling Bank Plc, Fidelity Bank Plc, UBA Plc, Unity Bank, Wema Bank Plc, Union Bank Plc and Zenith Bank Plc. Skye Bank Plc and Stanbic IBTC Bank have yet to release their full-year 2015 and first-quarter 2016 financial results. An economic analyst and Head, Investment Advisory, Afrinvest West Africa Limited, Mr. Ayodeji Ebo, said the declining profit in the financial services sector was a reflection of the challenges facing the Nigerian economy