Business

Obasa: The Yoruba man who predicted Amotekun 4 years before its establishment

Published

5 years ago

June 3, 2020

admin

It happened on two occasion in 2015 and early 2016.

The first was when he sat with some youthful friends, most of whom he often relates with to gauge the pulse of the majority.

The venue was Agege, his base. In that meeting, Mudashiru Obasa, the speaker of the Lagos State House of Assembly, muttered the need for a collective security outfit with a will and goal to support the Nigeria Police Force (NPF), especially in the South Western part of the country.

Obasa understood what he meant. This was at a time there were hush discussions about threats from bandits, alleged herdsmen and kidnappers. Ikorodu was gradually emerging a notorious zone for criminals trying to test their whits. Was Obasa right? Was he wrong? The two questions rested in the hearts of those he was speaking with.

Few weeks later, Obasa again, with few lawmakers, some aides, and friends, during a non-formal discussion, herped on the need for a zonal security outfit.

According to him, since the call for state and community policing had constantly hit the brickwall, it would make sense to have an organisation that is considered closest to the grassroots.

There was the argument that the police, as much as they try, may not find it easy enough routing crime from every nook and crany of a state.
This is predicated on the fact that there is a central authority in Abuja, many kilometres away from states and this tends to challenge timely interventions in the case of emergencies. For example, a police unit would sometimes have to reach out to the commissioner, who, in turn, follows the chain of command in the case of any emergency till it gets to the Inspector-General. The response then follows same chain till it gets to the unit. The effect of this can only be left to imagination.

Again, his idea remained fallow, maybe to others. Later developments showed that the speaker never discarded the thought. The State Neighbourhood Safety Agency, which also controls the activities of the Vigilante Corps in the state, is the result of that thought.

Single-handedly sponsored by the speaker, the bill, which later became a law establishing the agency, sought for a more refined way of tackling crime, through effective surveillance and proactive actions. Has the Neighbourhood Watch helped the state, which wants to pride itself as a mega city in the near future? The answer is a ‘yes’.

One of its first test happened shortly after it was created. Badoo, the dreaded cult-like body that had a particularly strange way of killing their victims, evolved. It was mainly in Ikorodu. The criminals had suddenly mastered the act of nocturnal practices that left sorrows, anguish, tears and blood behind their trail. They hit at night while their unsuspecting victims slept. In some cases, they killed men, at other times, the women could not escape their attack. On a particular occasion, they reportedly killed a man, his wife and child. It was a pathetic situation that needed to be urgently curbed.

The police, under the supervision of Edgal Imohimi as commissioner, was having sleepless nights. Communities affected were in disarray, those not yet hit could not live in peace. Local vigilance groups were set up. Then, Neighbourhood Watch drafted its men to support the police. It only took a little more time, the cult group was run over, its leaders were arrested and peace returned to Ikorodu.
Since the Establishment of the Neighbourhood Watch, the organisation has assisted in quelling tensions, supported the state’s traffic management agency in resolving traffic issues, liaised with law enforcement agencies and carried out emergency activities. Above all, it has pulled out some residents from unemployment. It has also continued to enjoy accolades.

One cannot say, for sure, whether Obasa later sold the idea to any of the governors in the South West. However, one can confidently say the establishment of the Neighbourhood Watch was the ‘forunner’ for the creation of Amotekun almost four years after.

Amotekun is currently enjoying the support of a majority of the South West people and residents. Taking the shape of the Neighbourhood Watch, it will help to unite the region beyond political considerations. It would not only boost the zone’s economy, since businesses thrive in a peaceful environment, but ensure that the people of the area live happily and sleep with their eyes closed.
-Lucky Oserah, an analyst and social affairs commentator, writes from Lagos.

Business

UBA Shareholders Earn 375% Capital Gains In 5 Years

Published

1 month ago

December 12, 2024

admin

Shareholders of United Bank for Africa have enjoyed 375 per cent capital gains in nearly five years.

Official data at the Nigerian stock market at the weekend indicated that investors in UBA have continued to earn an average annual return of about 75 per cent over the last five years. This highlights UBA’s impressive records as a high-yielding, inflation-hedging stock.

The trading report for the period between December 31, 2019, and December 06, 2024, showed that UBA recorded a cumulative capital gain of 374.83 per cent during the period, representing an average annual gain of 74.97 per cent.

UBA’s share price opened in 2020 at N7.15 per share and closed the weekend at N33.95 per share, 35.26 per cent above its 2024 opening price of N25.10 per share.

An analysis of the data showed that an investor who had advanced N500,000 in the shares of UBA at the year’s opening price for 2020 now has a real, immediate market value of more than N2.374m due to accumulated capital gains. This excludes accrued cash dividends over the period under review.

UBA is currently offering existing shareholders exclusive opportunities to increase their shareholdings in the bank with its ongoing N239.4bn rights issue.

The pan-African banking group is offering 6.84 billion ordinary shares of 50 kobo each to existing shareholders at N35 per share. The rights issue is pre-allotted based on one new ordinary share of 50 kobo each to every five ordinary shares held as of November 05, 2024. The rights issue is scheduled to close on December 24, 2024.

Speaking on the significance of the share price movement, market analysts were unanimous that share prices are illustrative of the fundamental values of quoted companies.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said share pricing at the stock market thrives on a concept of a “forward-pricing mechanism,” where investors take into consideration the potential future return based on available track records and emerging developments.

Managing Director, HighCap Securities Limited, Mr. David Adonri, said share price is a reflection of the market value for a company, comprising both past performances and future expectations.

Meanwhile, for the nine months ended September 30, 2024, UBA reported 83.2 per cent growth in gross earnings to N2.39tn, almost double the N1.31tn recorded in the third quarter of 2023.

Profit before tax increased to N603.48bn compared with N502.09bn recorded in the third quarter of 2023. Profit after tax also rose from N449.26bn in the third quarter of 2023 to N525.31bn in the third quarter of 2024.

The group balance sheet size expanded by 54 per cent to N31.80tn by September 2024 as against N20.653tn recorded at the end of December 2023 as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with total deposits rising to N26.50tn, representing a 52.7 per cent rise from N17.355tn at the end of December 2023.

Business

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

Published

2 months ago

November 4, 2024

admin

Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.

This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.

At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.

The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App.

The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.

Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions.

“This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.

Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices.

Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.

The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support. Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

Business

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 3rd November 2024

Published

3 months ago

November 3, 2024

admin

The black market dollar to Naira exchange rate on Sunday 3rd November 2024 can be accessed below.

JomogNews Nigeria has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

According to Bureau De Change (BDC) sources, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players bought a dollar for N1710 and sold it for N1720 on Sunday, November 3rd, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.