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We ‘ll not tolerate needless killings of Nigerians- SP Ahmad Lawan



President of the Senate, Ahmad Lawan, has stated that the management of the Nationwide Meeting will now not tolerate the needless killing of Nigerians by means of criminals threatening the protection of the rustic.

This was once whilst he demanded an entire restructuring of the Safety Structure of the Nigeria Police Drive, equipping of Police coaching establishments and coaching of fellows and officials of the Police Drive.

Lawan made this identified in his concluding remarks on a Invoice for an Act to Repeal the Police Act and enact the Nigeria Police Invoice, 2019 to supply for a framework for the Police Carrier.

Talking at the safety scenario within the nation, he stated, “We’re in an overly bizarre time. When Nigeria was once at conflict at one degree, there was once an overly rigorous recruitment of squaddies since the scenario demanded that.

“I feel we’re in a equivalent scenario and it’s only truthful for us as leaders of this nation to take this problem.”

“This invoice will have to imagine the restructuring of the command and construction of the Police. The existing construction isn’t operating, the Police Believe Fund is already accruing, the ultimate rely I used to be informed there was once about N52 billion or so, however it isn’t about throwing cash to the Police. You want to regulate the construction, differently, that cash will simply be a sinking fund.

“So, we will have to be in a rush to recruit, to coach and retrain. Equipping the police coaching establishments is meant to be one essential side of having our safety preparations proper, and that is one thing that we need to do in a rush, even though it method going for a supplementary price range, so be it.

“The type of scenario we’re in, with the lives which can be misplaced each day is one thing we can’t tolerate, and in truth, we will have to be at the proper facet of historical past,” the Senate President stated.

Previous, sponsor of the invoice, Senator Haliru Jika, in his lead debate stated the piece of law seeks essentially to supply for the framework for the Police Carrier and make sure cooperation and partnership between the Police and Communities in keeping up peace and preventing crime and lack of confidence in Nigeria.

The lawmaker added that once handed, the invoice will amongst different issues cope with the recurrent demanding situations and deficiencies in construction, appointments, promotions, self-discipline, postings, coaching, kitting, weaponry, dwelling situation, pension, and retirement advantages.

“The overall welfare of our expensive gallant officials, inside the Nigeria Police Drive, have endured, in large part on account of the draconian and out of date statutes that guides policing in Nigeria.

“The existing Police Act isn’t just fraught with deficiencies, however unusually, the main group, tasks, and powers of the Nigeria Police Drive, as encapsulated within the reward Act, have in large part remained as set out within the 1943 Police Act.

“It’s in reputation of the inherent shortcomings within the extant Police Act and the apparently intractable problem of lack of confidence in our nation that has necessitated the proposed repeal of the extant Act and the enactment of a brand new one as a substitute, in consonance with the dictates of global easiest practices and realities of present-day, Nigeria”, Jika stated.

In step with the lawmaker, “the spate of lack of confidence and illegal activity in Nigeria has remained now not best alarming however unrelenting.”

He warned that violent crimes, equivalent to terrorism, kidnapping, armed theft and banditry, suicide bombing, ethnoreligious killings, suicides, election violence and different types of nefarious actions, have characterised day-to-day dwelling in Nigeria.

Mentioning a 2019 document by means of the International Peace Index (GPI), the lawmaker who Chairs the Committee on Police Affairs stated that Nigeria ranks 148th amongst 163 unbiased States and territories.

The invoice additionally seeks to amend the extant Police Act with admire to the appointment, elimination, and tenure of the Inspector-Common of Police.

Jika disclosed that since 1999, Nigeria had 10 Inspector-Common of Police, one that made for a mean tenure of two years in carrier.

He disclosed that the brand new invoice additionally supplies for the status quo of Group Police Boards and Forums by means of the Commissioner of Police of every State that shall encompass representatives of the Police Drive and the native Group.

The lawmaker defined that the creation of Group police by means of the invoice is a “paradigm shift from the normal police device to a community-participatory device of policing, uniting abnormal voters of their respective communities with the police within the prevention, detection and resolving crimes.”

He added that aside from there’s an modification to the extant Act of the Nigeria Police Drive, the brand new Police Believe Fund Act signed lately into regulation by means of President Muhammadu Buhari, would possibly not succeed in the extent of effectiveness and consequence desired.

Senators of their separate contributions condemned the spate of killings around the nation and known as for the rapid attention and passage of the brand new Police Invoice by means of the Nationwide Meeting.

Senator Abbo Elisha Ishaku (PDP – Adamawa North), who spoke passionately throughout the talk at the invoice stated, “Mr. President, everyone knows that the Nigeria Police is the lead company in keeping up inner safety. Every other company will best be supporting the police, however the police take the entrance lead.”

“South African has fifty million other people, but they have got 1.nine million policemen policing them. In Nigeria, over 200 million individuals are policed by means of 300 thousand policemen and we wish safety, how can we need to do it?

“If you happen to take a look at the investment of the police, it’s not anything to write down about. A couple of days in the past, we introduced the IGP right here, and he informed us that they’re doing operation someplace. Tomorrow it was once at the entrance web page of newspapers.

“They attacked trains in Kaduna and it was once a hit, and their helicopter was once shot at with AA-52 rifles. Lately, the Nigerian police are nonetheless bearing AK-47 riffles and Boko Haram is the use of GPMG.

“Mr. President, I’m supporting this invoice holistically. We will have to imagine setting up a police coaching college in every command in order that we will put as many males as conceivable within the Nigerian police.

“If they want particular coaching, they will have to take them to these premier police schools, however we’d like sufficient manpower now on this nation”, Senator Ishaku added.

The invoice which scaled 2nd studying throughout plenary was once referred by means of the Senate President, Ahmad Lawan, to the Committee on Police Affairs for additional legislative paintings.



Fidelity Bank Eyes Oversubscription To N127.1 Billion Combined Offers




Against the background of groundswell of supports and enthusiasm for the bank’s ongoing offers, Fidelity Bank Plc has started preparations to allow the bank absorb oversubscriptions.

With investors rallying behind the bank’s N127.1 billion combined rights and public offer, market pundits had indicated that the bank would raise more than initial size of the combined offer.

Reports have shown high subscription levels for the offers early weeks of the offer period, riding on the back of acceptances by existing shareholders and demand by the general investing public.

Fidelity Bank is offering a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share. The bank is also simultaneously offering 10 billion ordinary shares of 50 kobo each to the general investing public at N9.75 per share.

The acceptance and application lists for the rights issue and public offer, which opened on Thursday, June 20, 2024, are scheduled to close on Monday, July 29, 2024. The rights issue has been pre-allotted on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on Friday, January 05, 2024.

With promising feedbacks from receiving agents and as shareholders, investors, experts and other stakeholders continue to rate the combined offers high, the board of Fidelity Bank has called an extraordinary general meeting (EGM) to enable the bank to absorb expected surplus funds.

Shareholders are scheduled to meet later this month to authorise the company “to accept surplus monies arising from potential oversubscription of the combined offer in such proportion as may be determined by the board of directors, subject to the company’s issued share capital and obtaining relevant regulatory approvals”.

Shareholders are also expected to increase the issued share capital of the company from N22.6 billion divided into 45.2 billion ordinary shares of 50 Kobo each to N26.70 billion through the creation of up to 8.2 billion in order to “accommodate potential oversubscription of the combined offer in the proportion of 5.0 billion additional ordinary shares under the public offer and 3.2 billion additional ordinary shares under the rights issue”.

The meeting will also mandate the board to take all necessary actions in line with the absorption of the oversubscription funds.

The board of the bank reiterated its commitment to retain the bank’s international banking license by meeting the new capital requirement within the regulatory timeframe.

According to the board, the resolutions proposed for shareholders’ approval at the upcoming EGM of July 26, 2024, are to enable acceptance of potential oversubscription from the combined offer, subject to relevant regulatory approvals.

The board pointed out that with the resolutions to accept oversubscription, the bank will be in stronger position to take advantage of emerging business opportunities and secure long-term profitability and competitive advantage, while ensuring increased shareholder value.

The net proceeds of the offer would be applied to investments in information technology infrastructure, business and regional expansion, and product distribution channels.

“The company is on a strong growth trajectory and requires additional capital for improved profitability, expansion- domestic and international, and enhancement of its digital capabilities.

“Continuing advances in technology, the rapid evolution of the business of banking, and changes in the operating landscape also make it imperative that the bank remains agile, adaptable and properly positioned to respond appropriately to developments, whilst remaining a competitive and forward-looking institution,” the board stated.

Directors of the bank assured that notwithstanding the continued rapid evolution of the banking industry, Fidelity Bank has been placed on foundation for strong and sustainable growth.

Fidelity Bank Plc’s combined N127.1 billion rights and public offer had struck early success as enthusiastic shareholders mobilise to pick their pre-allotted shares and buy more stakes in Nigeria’s most-widely owned commercial bank.

Shareholders have said they would pick their rights and buy more shares from the public offer in a massive show of support and positioning in the bank. Fidelity Bank had delivered an average annual capital gain of more than 100 per cent over the past five years and ranked among the elite stocks with the highest corporate governance rating at the Nigerian stock market.

In separate interviews, shareholders across Nigeria’s leading shareholders’ associations, said the pricing of the highly discounted rights issue and public offer, the operational growth of the bank over the years, dividend records and capital gains were attractions to buy more stakes in the bank. Fidelity Bank is one of the few companies that pay dividends twice a year at the stock market.

They envisioned that a post-recapitalisation Fidelity Bank would deliver higher returns and continue to be a leading preserver of values for shareholders’ wealth.

The shareholders, who spoke through their leaders, said recapitalisation has offered good opportunity to the investing public to buy into good banking stocks at reduced prices, noting that banks are the most influential stocks at the Nigerian market. Subscribers to primary market issues are exempted from paying transaction costs, unlike direct purchase through the secondary market.

Shareholders, under the auspices of Independent Shareholders Association of Nigeria (ISAN), Ibadan Zone Shareholders Association (IBZA), Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Pragmatic Shareholders Association of Nigeria and Progressive Shareholders Association of Nigeria among others, said they were picking up their rights and mobilising supports for the bank.

The general shareholders’ endorsements represent a major boost for Fidelity Bank, which has the most diversified retail shareholders’ base among Nigerian banks.

With nearly 400,000 shareholders, no single shareholder held up to 5.0 per cent of the issued share capital of the bank. Five per cent and above are considered the material shareholding under extant laws and market regulations.

Rights issue is traditionally pre-allotted on the basis of existing shareholdings and its success, most often, depend largely on the satisfaction and enthusiasm of existing shareholders.

Fidelity Bank appears to be riding high on its highly diversified shareholding base with its popularity showing across all cadres of investors in the market. The shareholders’ comments came on the heels of similar positive comments by investment experts and capital market stakeholders.

The combined rights and public offers had opened to a rousing support from the investing public as key capital market stakeholders recalled the symbolic importance of Fidelity Bank’s impressive growths and investor-friendly disposition over the years.

From the Nigerian Exchange (NGX) to stockbrokers, investors and customers; the N127.1 billion combined rights and public offer received unreserved recommendations, with industry thought leaders citing the performance of Fidelity Bank in its core banking operations and as a quoted company at the stock market.

They said Fidelity Bank’s N127.1 billion combined rights and public offer was the right way for the nation’s banking recapitalisation exercise to start as the bank, which has the highest corporate governance rating and an average annual capital gain of more than 100 per cent at the stock market, has strong appeal to the investing public.

The Doyen of Stockbrokers, the oldest practicing stockbroker, Alhaji Rasheed Yussuff, said Fidelity Bank has good records going for it with its history of impressive growth and profitability and dividend payments.

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NNPCL Explains Reason For Drop In Dangote Refinery’s Stake To 7.2%




The Nigerian National Petroleum Company Limited has said that it decided not to add to its earlier investment in the 650,000 barrels per day Dangote Refinery.

NNPCL spokesperson, Olufemi Soneye disclosed this in a terse statement in reaction to Dangote Refinery’s announcement that NNPC’s stake is now 7.2 percent contrary to the 20 percent stake.

According to Soneye, NNPCL had several months ago decided to cap its investment at the amount already paid.

Soneye said that the decision not to invest any further in the Dangote refinery did not impact NNPC’s business.

“Several months ago, we made a commercial decision to cap our investment at the amount already paid.

“This decision was taken by NNPC Ltd and has no impact on our business,” he said.

This comes as the Chairman of Dangote Group, Aliko Dangote, revealed that NNPCL’s stake in the Dangote Refinery is now 7.2 percent due to NNPC’s failure to pay the balance of their shares, which was due in June last month.

However, the position is contrary to the widely announced claim by the Group Chief Executive Officer of NNPCL, Mele Kyari, that the company had bought 20 percent in Dangote Refinery.


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Dem Staffer Fired After Saying Donald Trump Gunman Should Have Taken ‘Shooting Lessons So You Don’t Miss Next Time’




Democrats staffer fired after saying Trump gunman should have taken ‘shooting lessons so you don’t miss next time’

A staff member of a Mississippi Democratic congressman has reportedly been fired after saying she wished sho0ter Thomas Crooks had ‘better aim’ to take Donald Trump’s life.

On Saturday evening, July 13, shortly after Thomas Matthew Crooks, 20, attempted to assassinate the former president during a rally in Pennsylvania, Jacqueline Marsaw, the field director for Mississippi Congressman Bennie G. Thompson shared a vile post on Facebook about the attack.

Marsaw, 61, the president and vice president of a local NAACP in Natchez, Mississippi, has since deleted the post and her account, but screenshots have been shared across social media.

She shared: ‘I don’t condone violence but please get some shooting lessons so you don’t miss next time ooops that wasn’t me talking.’


Democratic congressman

In a follow-up post, she said: ‘That’s what your hate speech got you!!’

Marsaw has since been fired from her position by Mississippi Congressman Bennie G. Thompson.

‘I was made aware of a post made by a staff member and she is no longer in my employment,’ Thompson said

A member of the crowd was killed in the deadly sho0ting, while two others who were wounded are in a critical condition. All three are males, according to law enforcement officials.

After Trump was sh0t, the Secret Service swarmed around the 45th US President as piercing screams were heard from the MAGA crowd.

He then got to his feet with blood down his cheek and raised his fist in the air while the audience shouted ‘USA’ as he was dragged off stage.

Trump was taken to the hospital for treatment before being later released.

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