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Thursday, September 26, 2019

TIMI FRANK CALLS THE BLUFF OF THE VP & LAWYERS. INSISTING THE VP HAS A CASE TO ANSWER

Comrade Timi Frank 

The saga between Vice-president of Nigeria, Prof. Yemi Osinbajo & one of his accusers, former Deputy Publicity Secretary of the APC, Comrade Timi Frank has not ended like many had thought it would happen. After the apology and retraction from the Vanguard which had earlier carried the accusations by Timi Frank that the VP had something to do with N90b which was despatched in very funny circumstances, many had thought Timi Frank would have gone scared to hide in his anonymous cocoon.

But alas no, that hasn't been the case. It seems like the threat of a robust litigation from the chambers of Femi Falana, SAN on behalf of the pastor turned politician VP of the country now hanging on his head has even given him more impetus, as he has now gone out more on the mountain top to shout out for all who cares to hear that the vice president should rather leave Vanguard alone and face him squarely to sue him instead.

Hear what Timi has to say,  N90bn scandal: Stop threatening media Houses, sue me, Frank tells Osinbajo
...Urges DSS, EFCC, others to investigate his allegation
...Urges VP to resign.

A political activist and former Deputy National Publicity Secretary of the All Progressives Congress (APC) Comrade Timi Frank, has challenged Vice President Yemi Osinbajo to sue him instead of threatening Media Houses over his latest revelation of N90 billion used for the last general elections.

Frank said he was anxiously waiting to receive court summons from the Vice President, assuring that such move will afford Nigerians and the international community opportunity to hear more about the activities of the Redeemed Christian Church of God (RCCG) pastor (Osinbajo).

He also asked Osinbajo to resign  as VP, to give room for thorough investigation and unbiased prosecution in court, saying "this is important so as not to influence the judiciary as well as use public funds to pursue the case as a sitting Vice President."

The political activist had revealed how the VP allegedly collected about N90 billion from the Federal Inland Revenue Service (FIRS) to fund the last presidential election.

Responding through a statement to a letter Osinbajo sent through his lawyer, Femi Falana to Vanguard Newspapers for a retraction, Frank said he is rather expecting the VP to sue him instead of threatening the media house for keeping the general public informed.

"I understand Prof. Osinbajo, through Femi Falana has written Vanguard Newspaper, demanding for a retraction. It is a move to silence the media and those of us speaking for Nigerians. I challenge Osinbajo to sue me and not Vanguard Newspaper. I'm prepared to meet him in court whenever he is ready to do so.

"The VP should know that I can not be intimidated by his threat. We shall meet in court
"The VP is trying to intimidate everyone including the media but he has forgotten how he accused others like former President Goodluck Jonathan and former Senate President Bukola Saraki without any evidence," Frank stated.
While urging Vanguard and other newspapers to stand firm, Frank called on the Economic Financial Crimes Commission (EFCC), Director of the State Security Service (DSS), Independent Corrupt Practices Offences Commission (ICPC) to investigate his claims objectively.

"Osinbajo is trying to use his position as Vice President to intimidate me and especially the Vanguard Newspaper but he won't succeed.

"I have also spoken with Femi Falana, the VP's lawyer who has confirmed that he has a letter from the Vice President for me but I'm yet to receive the letter," he stated.

Frank also challenged the EFCC to quickly release the reports of its earlier investigation of the activities of the Federal Inland Revenue Services (FIRS) under the current leadership.

Signed:
Comrade Timi Frank
Political activist
Abuja.

VANGUARD NEWSPAPER DOES QUICK RETRACTION & APOLOGIZE AS FEAR OF ROBUSTS LITIGATION & DAMAGE PAYMENT LOOMS

Prof. Yemi Osinbajo, VP, Nigeria 

In order not to fall victim to the threat of a very robust litigation against them for publishing what is tantamount to falsehood, one of Nigeria's biggest newspaper brand - Vanguard has done the most honorable thing possible, by issuing with immediate effect a retraction of one of their stories that had painted the current Vice-president of Nigeria, his excellency, Prof. Yemi Osinbajo in very bad light. The retraction also came with unreserved, public apology too.

See the retraction and apology here-

*RETRACTION:*
*APOLOGY TO VP YEMI OSINBAJO*
*ON SEPTEMBER 25, 2019 7:25 PM* *IN NEWS BY VICTOR OGUNYINKA*

*On our website publication of  Monday, September 23, 2019, we published a story titled “N90 Bn FIRS Election* *Fund: Osinbajo’s problem, not 2023 politics.” We have since discovered that the story lacks factual substance and we hereby retract it in its entirety.*

*We tender our profound apology to Professor Yemi Osinbajo SAN, the Vice President of the Federal Republic of Nigeria on whom the story touches directly the All Progressives Congress, A.P.C.* *and the FIRS for any inconvenience or embarrassment the publication has occasioned them.*

*We hold Professor Osinbajo, S.A.N. in the highest esteem.*

*VICTOR OGUNYINKA*

© 2019 Vanguard Media Limited, NIGERIA.

The story as seen above had pointed fingers at the VP, the APC which is the VP's party & a Government institution - The FIRS, manned by the highly resourceful, Babatunde Fowler. One of the sponsors of the highly damaging story is alleged to be a former chieftain of the APC, Mr. Timi Frank who years back had been removed from the ruling party and had since then become a turncoat and a vociferous enemy of party and those now in charge of it.

Prior to the retraction, the solicitors to the VP, led by the Senior Advocate of Nigeria, Mr. Femi Falana had sent a strongly worded warning to the newspaper to do an immediate retraction and tender an unreserved public apology, or be ready to feel the full weight of the law which could result to them paying a very hefty fine.

The VP a legal luminary himself, who is also known to be pastor had confidently said he was ready to waive his immunity to allow for unfettered investigation into the matter, which had grossly insinuated that he had received slush money prior to the 2015 election. In a Twitter text that was authored in its entirety by him, he had said -

"In the past few days, a spate of reckless and malicious falsehoods have been peddled in the media against me by a group of malicious individuals.

“The defamatory and misleading assertions invented by this clique had mostly been making the social media rounds anonymously.

“I have today instructed the commencement of legal action against two individuals, one Timi Frank and another Katch Ononuju, who have put their names to these odious falsehoods.

“I will waive my constitutional immunity to enable the most robust adjudication of these claims of libel and malicious falsehood.

It was after the above that the robust letter from the chambers of Mr. Femi Falana, award winning legal luminary came out. Full text of which is below-

September 24, 2019

Mr. Eze Anaba,
The Editor,
Vanguard Newspaper,
Apapa, Lagos.

Re: N90 bn FIRS election fund, Osinbajo's problem, not 2023 politics-Frank

We are solicitors to Professor Yemi Osinbanjo SAN, the Vice President of the Federal Republic of Nigeria (hereinafter referred to as “our client”) on whose behalf and instructions we write this letter.

Our client’s attention has been drawn to your highly libelous story entitled “N90 bn FIRS election fund, Osinbanjo’s problem, not 2023 politics-Frank” recklessly published in the Vanguard newspaper edition of September 23, 2019.

In the story credited to one Comrade Timi Frank, your newspaper informed your large readership that our client’s travail “has nothing to  do with 2023 but alleged mismanagement of about N90 Billion Naira (sic) released by the Federal Inland Revenue Inland Service (FIRS) to prosecute the last general elections in favour of the APC”.

The false contextual background and specific untrue and defamatory statement include the following:

"The presidency discovered how Osinbajo allegedly mismanaged N90billion from the Federal Inland Revenue Service (FIRS).

When confronted by the presidency, he confirmed to General Buhari that he indeed allegedly took N90billion from FIRS but it was used for the 2019 presidential election campaign in strategic states of the South-west.

Gen Buhari asked for a breakdown of how the money was spent and he said he gave N11 billion to Lagos state APC leader but when the said national leader and one former APC chairman were invited for an explanation, it was confirmed that Osinbajo gave only N5billion and not N11billion to Lagos state.

'The cabal is asking to know how come they beat PDP in the South-west with less than 60,000 votes if the money was actually spent in the strategic states of the South-west as allegedly claimed.'

The activist insisted that if the information is true, Osinbajo must resign his position as Vice President, adding that such is akin to the characteristics of ‘yahoo boys."

It is clear that the entire publication was a vicious, wicked and reckless ploy to impugn the reputation of our client and lower him in the estimation of right thinking members of the public. Without any scintilla of evidence you deliberately gave the dubious impression that our client colluded with the Federal Inland Revenue Service to divert public funds to the tune of N90 billion to prosecute the 2019 general elections in the South west region.

In view of the foregoing we have our client’s firm instructions to request for the immediate retraction of the offensive and derogatory publication coupled with apology prominently published in your newspaper.

Take notice that if we do not receive your formal retraction and apology within 24 hours of the receipt of this letter, we shall proceed with our client’s instructions to seek legal remedies including aggravated damages in the appropriate High Court.

Yours Sincerely,

FEMI FALANA, SAN

So with the first part now done, with the apology and retraction done by Vanguard, would the duo of Timi Frank & Katch Ononuju who are said to be the authors and sponsors of the blatant falsehood, now tow the honorable path too and admit they had lied with extreme vigor against the VP? 

GTBank Fashion Weekend 2019: Get Ready For Africa’s Biggest Fashion Experience


Segun Agbaje, MD GTBank 

Lagos, Nigeria. This November, industry leaders, style connoisseurs and fashion enthusiasts from across the globe will converge in Lagos, Nigeria for the 4th edition of the GTBank Fashion Weekend. Holding Saturday the 9th and Sunday the 10th of November 2019 at the GTCentre, Plot 1, Water Corporation Drive, Oniru, the 2-day event will put a spotlight on Africa’s emerging fashion industry whilst showcasing the talent and creativity of indigenous small businesses in the fashion space.

Since 2016, the GTBank Fashion Weekend has been at the forefront of promoting enterprise in Africa's rapidly growing fashion industry. Over the years, the event has brought together renowned fashion experts and personalities to interact with hundreds of thousands of young Africans who are passionate about fashion and entrepreneurship. This year, the GTBank Fashion Weekend, which is free to attend, will feature over 30 distinguished fashion leaders, designers, and industry experts, whilst providing more than 130 indigenous small businesses with free stalls to showcase and sell Africa's finest ensemble of apparels and fashion accessories.

Attendees at the 2019 GTBank Fashion Weekend will be treated to an exciting repertoire of fashion moments, from fashion and entrepreneurial masterclasses facilitated by internationally renowned fashion experts to enthralling runway shows that will present the latest in fashion styles and design trends. There will also be pop-up stands where talented indigenous designers will display their works and interact with some of Africa’s most passionate fashionistas, an Arts & Crafts Village that showcases the beauty and dexterity of traditional African design.

Commenting on the 2019 GTBank Fashion Weekend, the Chief Executive Officer and Managing Director of Guaranty Trust Bank plc, Segun Agbaje, said; “Africa is home to some of the most creative fashion talents on the planet, and we are delighted and proud to provide them with a global platform that connects them to the world. As we work towards the 4th edition of the biggest fashion showcase in Africa, our goal is to not only showcase the wealth of talent, innovation, and enterprise that abound in Africa’s fashion space, but to also, grow the continent's contribution to the global fashion industry by empowering budding entrepreneurs at home with everything they need to thrive on the world stage.

He further stated that “At the heart of the GTBank Fashion Weekend is our vision of promoting enterprise in industries where we believe that we can help small businesses grow and dominate. In fashion, as well as in food and the creative industry, we see not just the amazing talents and passion of our people, but how, by championing their entrepreneurial spirit, we can enrich millions of lives, uplift communities and grow our economy.”

GTBank has consistently played a leading role in Africa’s banking industry. The Bank is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world-class corporate governance standards, excellent service quality and innovation. The Bank is also going beyond the traditional understanding of Corporate Social Responsibility as corporate philanthropy by intervening in key economic sectors through non-profit consumer-focused fairs and capacity building initiatives for small businesses.

https://www.youtube.com/watch?v=C7eNNRneY8I

Friday, September 20, 2019

SUSPECTED PORT-HARCOURT SERIAL KILLER FINALLY NABBED!

Gracious David West 



https://twitter.com/policeng/status/1174777726877818880?s=12

After a killing spree said to have consumed at least 15 ladies in various hotels in the oil rich Port Harcourt, Rivers State over a period of time, the long arm of the law has finally nabbed the perpetrator of the evil spree and he is none other than a self confessed former militant from Buguma LGA and a cult guy from the Degbam cult group by name Gracious David West.

The dude whose capture was aided by a CCTV recording at one of the locations of his last killing, where he had stylish escaped after committing the dastardly act was caught along East-West Road en route Uyo from PH. The video that saw him and the lady entering the hotel and him leaving much later after committing the murder had gotten loads of shares and had gone viral which aided the search for him. Though many had abused those who released the video earlier to high heavens, as they thought it would have alert the culprit to flee, so that it would be very difficult for him to be caught as he would have gone totally underground.

Now that he had been caught, maybe they would now heave a sigh of relief. The dude already in police custody, is being interrogated and from all accounts, he is already singing like a canary. The police would quickly want to find out from him, the remote cause of why he would have engaged in the terrible acts.

Like we already made mention at the beginning of the story, the suspect who is only 26, snuffed out the lives of at least 15 ladies, he had lured to various hotels, before taking their lives.

The Rivers state Police Command needs to be commended for the swiftness of their action in arresting the suspected murderer! 

Saturday, September 7, 2019

SEYI AFOLABI TINUBU FOR 2023. TO BE OR NOT TO BE, THAT'S THE QUESTION.


Seyi Afolabi Tinubu



We are too sure that the title of this particular article would have hit some like a thunderbolt. The shock of what we are insinuating would have gone through their bodies like a shock wave too and we are too sure that it would have caused many kinds of unbelievable reaction too.

What does it actually mean, Seyi Tinubu for 2023? Would the young dude, who is a super successful business owner and multimillionaire many times over in his own right, who is currently the eldest son of the indefatigable leader of the ruling party, the APC getting set, getting prepared to hold political office come the year in question? If all we hear, if all that is getting discussed in very hush-hush tones is to be believed for certain, then maybe, just maybe, 'his excellency' come from that year-2023, might just be a title that could be added to the young man's name. Seyi a father of one, who is married to a stunning beauty by name Layal-Holm Tinubu, is the majority owner and chairman/CEO of one of the fastest growing advert agencies in Nigeria by name Loatsad Promomedia with headquarters in Lagos.

Though Loatsad is probably one of Seyi's main cash cow, which brings in a majority or very large percentage of his earnings, he is not limited to just that brand alone, the young, highly energetic dude, who is always on the lookout for profitable business opportunities to invest in, is also into very many other pies, that are yielding extraordinary results too. He is in fact into construction too, by that we mean roads, roads marking, housing etc.

One of the major reasons for him vigorously enlarging his coast business wise and doing his own personal steez, is because he made up his mind quite early to do all that's possible, to personally build wealth for himself too by the dint of hardwork, be able to stand as a man of his own, even as it is obvious that come what may, he would inherit a staggering amount of wealth in cash, properties and connections, whenever his dad would would decide to hand over the reigns of the vast and supposedly quite intimidating empire to him. The dude is already undergoing tutelage to handle such enormity, when the time comes.

Loatsad, which is Seyi's most visible hand has some of the biggest and best LED screens in Lagos, located at the most strategic of places. The 4 on the Lekki toll gates, by that we mean inwards and outwards on the Lekki-Ajah expressways are all, always booked. By conservative estimate, a brand pays 10million Naira to advertise per month on the screen, for just one brand in 12 months alone, that's 120m, now multiply the nos of brands by about 7, that comes to a staggering 840 (Eight hundred and Forty million Naira) in just a year from just 2 screens in one location alone. Plus or minus, if a sizeable discount is given, like it applies to series adverts, at least an estimated amount of not less than 500 million Naira comes in from the Lekki toll gate location LEDs alone. That's the one by Oriental Hotel alone. There's the one by the other toll gate further down after Chevron roundabout, there's also the LED by Lekki bridge-Alexander Street roundabout, there's also now the new one by the bridge near the Law School if you are climbing from Ozumba Mbadiwe going towards Falomo, the 2nd of that one facing another side is still upcoming too. That's 4 locations right now and more still upcoming. All of these haven't added at all, the several lampposts they own, that dots strategic streets or roads in Lagos.

So conservatively estimated, earnings from Loatsad alone could amount to in the excess of 1 billion plus per year, from the different locations! So when you see the young man, a lawyer by training and businessman by vocation riding around in wonders-'on-wheels of any kind, a few of the outstanding ones that he has in his collection in his enviable garage, you must know for sure that he has the personal wherewithal/resources to afford them without yet touching his father's perceived, humongous wealth.

Seyi is viewed or perceived by many, as a Davido on steroids, but way way quiet. Yeah, Davido can afford to be loud as he is in the entertainment industry and that's one of the requirements. Both have stunningly liquid fathers. Lest we forget, Seyi is also into the entertainment industry in a quiet way, as he has invested into it too. He is known to be close to Olamide Adedeji, arguably the king of the streets. We know for sure that there was a time, he was a quiet owner of a record label.

For those who do not know, this young man, who has won several local and international awards for his exploits so far in business and who has in his employ at least close to a hundred staff members (100), is a philanthropist par excellence. Stories abounds of several unbelievable interventions, personally and through his 'Noella Foundation', which is his official CSR arm to reach out to people. The foundation in the last year have done outstandingly well.

So back to the permutations about 2023. Seyi is known to have the ears of his powerful dad-Asiwaju Bola Ahmed Tinubu. And the growing speculation is that he is being prepared for higher office, the office of the Governor of Lagos. Though some have laughed hilariously at the idea, in the same vein, some have taken it serious too and are not seeing it as an expensive joke at all. They point at various chess moves that have already taken place and that would still take place too, to make the move happen.

If the idea were to be true, what that would imply is that the current Governor, His Excellency, Babajide Olusola Sanwoolu and his team would then be doing just one term, with BOS as the Chief executive of the State of Excellence for just 4 years only?

Would that be allowed to happen?

Or are we going to be seeing another Ambode type of resistance upcoming ????

 Or better still would the ambition be pushed till 2027 instead? 

Monday, September 2, 2019

UBA Delivers 21% Growth in Profit, 21.7% Return on Average Equity; Declares N0.20 Interim Dividend:

Kennedy Uzoka, GMD UBA Group

Tony Elumelu, Group Chairman 

Africa’s leading financial institution, United Bank for Africa Plc has announced its audited half year financial results for the period ended June 2019, showing impressive growth across key performance indices as well as a significant contribution from its African subsidiaries.

In spite of the increasingly unpredictable environment witnessed in some of its countries of operations, the pan African financial institution delivered double digit growth in its profit before tax as it rose by 21 per cent to N70.3bn for the half year to June 2019, up from N58.1bn recorded in the similar period of 2018, just as the Profit after Tax also improved to N56.7 billion, a 29.6 percent growth compared to N43.8 billion achieved in the corresponding period of 2018. The profit for the first half of the year, translated to an annualised return on average equity of 21.7 per cent.

According to its results filed with the Nigerian Stock Exchange, UBA recorded a 14 percent year-on-year rise in top-line, with gross earnings of N293.7 billion, compared to N257.9 billion recorded in the corresponding period of 2018. Analysts say that this result emphasises the capacity of the Group to deliver a strong performance through economic cycles in spite of the overall challenging business environment.

As at 30 June 2019, the Bank’s Total Assets grew by 4.8% crossing the N5 trillion mark to N5.10 trillion. Customer Deposits also rose by 4.8 per cent to N3.51 trillion, compared to N3.35 trillion as at December 2018. This growth trajectory underscores UBA’s market share gain, as it increasingly wins customers through its revitalized customer service culture coupled with innovative digital banking offerings. The bank’s Shareholders’ Funds remained strong at N542.5 billion, reflecting its strong capacity for internal capital generation.

In line with its culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held by its shareholders.

Commenting on the results, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), Mr. Kennedy Uzoka said: “I am pleased with the half performance of the Group, having delivered 14% growth in gross earnings and 21% growth in profit before tax. Despite the subdued yield environment in some of our large markets, we achieved a 9% growth in interest income and defended the net interest margin. We also achieved a 39% growth in our electronic banking revenues, as we broaden and deepened our digital banking play across Africa. Revenues from our remittance and funds transfer businesses grew 69% and 53% respectively. All these factors attest to the efficacy of our strategies and the resilience of our business model.”

He further stated “I am very optimistic that the ongoing Group-wide transformation program, will in the quarters ahead, enable the Bank deliver substantial operational efficiencies and best-in-class customer service, which will ultimately boost earnings. We sustained our asset quality with the NPL ratio down to 5.62%, from 6.45% as at 2018FY. We will continue to adopt best practice standards to grow and manage the portfolio in the quarters ahead.”

Also speaking on UBA’s results, the Group CFO, Ugo Nwaghodoh said; “We had a strong start in the year given the prevailing macroeconomic environment across our various markets.  There is better diversification in profit contribution as our banking subsidiaries across Africa contributed 38% of the profit before tax, whilst our recently repositioned UK business contributed 4%. We expect this dispersion to continue, as the subsidiaries consolidate on their share of the various markets.”

“I am particularly delighted that the key ratios are trending in the right direction. The net interest margin is trending upwards and will continue to improve as we responsibly grow the risk asset portfolio and realign the funding mix to lower our cost of funds. The cost-to-income ratio trended down to 60% with our focus on balance sheet and operational efficiencies which should enable us deliver our medium term CIR target. Capital adequacy ratio increased to 28% from 23.6% in December 2018, providing  a very strong buffer for asset growth,” he stated.

United Bank for Africa, Africa’s global bank, was founded 70 years ago in Nigeria and today, operates in 20 African countries and in the United Kingdom, the USA and with presence in France. UBA serves over 17 million customers across the globe with more than 1000 branches and touch points. In 2018, the bank received the award of Africa’s Best Digital Bank by the Banker’s magazine.