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CBN Debunks Report On Planned Nationalisation Of Unity Bank

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The Central Bank of Nigeria (CBN) has denied planning to nationalise Unity Bank Plc as alleged by an online news medium.

Reacting to the report, the Acting Director, Corporate Communications Department, CBN, Osita Nwanisobi, described it as, “fake news” and should be discarded in its entirety

He said: “The report is fake news. There is no iota of truth in it.” He added that the public should disregard such news.

The report had claimed that the apex bank’s target examination of Unity Bank showed that the Tier 2 lender is in ”grave financial condition”, with Capital Adequacy Ratio (CAR) and Non- Performing Loans (NPL) ratio that breached prudential standards.

However, analysts note that just last month, the CBN’s Monetary Policy Committee ( MPC) noted in the communiqué it issued at the end of its meeting that the banking industry is in good health.

According to the communique: “the Capital Adequacy Ratio (CAR) and the Liquidity Ratio (LR) both remained above their prudential limits at 15.8 and 38.9 per cent, respectively.

The Non-Performing Loans (NPLs) at 5.89 per cent in April 2021, showed progressive improvement compared with 6.6 per cent in April 2020.”

Unity Bank’s audited FY’ 2020 results showed improved performance in key parameters. For instance, the Bank’s gross loans portfolio increased by 92.9 per cent to N206.2 billion in 2020 from N106.9 billion in 2019.

The bank’s total assets rose by 67.90 per cent when compared with N293.05 billion achieved in the comparative period of 2019.

Also, the lender posted gross earnings of N42.71 billion compared with N44.59 billion recorded in the comparative period of 2019, reflective of its business and economic realities of the time.

Its customer deposit portfolio grew by 34.4 per cent to N356.62 billion in 2020, up from N257.69 billion posted in the corresponding period of 2019. Profit after tax stood at N2.09 billion, while profit before tax was N2.22 billion during the year under review amidst the tough macroeconomic environment where it operated. Its net operating income rose to N25.46 billion from N23.21 billion in the corresponding period of 2019, representing a 9.71 per cent increase.

This is even as the net interest income recorded a significant jump, as it rose by 7.60 per cent to N17.75 billion from N16.49 billion in the corresponding period of 2019.

Furthermore, the bank sustained the growth momentum demonstrated in its 2020 full year earnings as it recorded an impressive performance of 43 per cent in both profit before and after tax in Q1 2021.

The Bank’s unaudited Q1 results show that the retail lender profit before tax (PBT) grew by 43 per cent to N784.3million from N550.1 million recorded in the corresponding period of 2020.
The profit after tax (PAT) for the period, which also grew by 43 per cent stood at N721.5million compared to the N506.1million recorded in Q1 2020.

As an outcome of increased focus on supporting local enterprises and industry, the asset portfolio also showed significant growth in loan book of 76 per cent as net loans and advances to customers increased to N223.2 billion, from N126.6 billion recorded in the corresponding period.

The total assets of the bank for the period showed an appreciable growth of 42 per cent to close at N521.5 billion, from N366.8 billion in the corresponding period of 2020.

The balance sheet of the bank had been considerably de-risked with the non-performing loan (NPL) ratio of near-zero per cent, which it has consistently maintained over time. With this, the bank ranks topmost in risk management assessment.

The bank recorded gross earnings of N11.5 billion, representing a marginal decline of three per cent when compared to N11.9billion posted in the corresponding period of 2020. The bank has assuredly intensified its recapitalization efforts by the recent updates the lender provided to the supervisory authority and significant mileage is currently being recorded as part of its corporate transformation and renewal programmes.

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Dunamis Church Bows To Public Pressure, Apologises To Woman Accused Of False Testimony

First, listening to the testifier’s expressions as it borders on basic spoken English, conveys the impression that the minimum standard expectation of a graduate, especially a graduate of Law was not met.

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The Dunamis International Gospel Centre, Abuja has apologised to a female worshiper, Veronica Anyim, who was on Sunday publicly accused of giving false testimony in the church.

A video that went viral on Sunday showed the church’s Senior Pastor, Paul Enenche, questioning the credibility of the woman’s testimony at his church in Abuja.

The woman, who claimed to have graduated with a “Bsc in Law” from the National Open University of Nigeria, was interrupted by Enenche, who accused her of lying.

He told her she didn’t sound like a Law graduate, going by how she spoke. He also told her that there is nothing like a “Bsc in Law” and demanded that she leave the pulpit .

Some Nigerians, therefore, called on the pastor to apologise to the woman after it was discovered that her testimony was genuine.

In a statement on Monday signed by the Personal Assitant to the Senior Pastor, Sylvester Edoh, the church explained that the intent of the encounter was not to embarrass Anyim.

The statement read, “While we remain resolute in our passion for excellence, intolerance of mediocrity and falsehood, we wish to reiterate the fact that no harm or hurt was ever intended by the Senior Pastor against Ms. Anyim Veronica. The Senior Pastor feels deeply concerned and had already reached out to her.

“As a commission, we regret every inconvenience, hurt, and embarrassment this unfortunate scenario has caused to Ms Anyim Veronica Nnenna. We remain committed to her physical welfare as well as her spiritual growth.God bless us all.”

Clarifying what transpired on Sunday, the statement explained that during Anyim’s testimony at the Glory Dome on April 14, 2024, concerns arose regarding her language proficiency and the clarity of her academic credentials.

Edoh said her speech suggested a level of English proficiency below what might be expected of a university graduate, particularly one with a Law degree.

He added that discrepancies also emerged regarding the nature and duration of her academic pursuit, raising doubts about the legitimacy of her qualifications.

The statement emphasized that the Senior Pastor’s actions stemmed from a commitment to upholding standards of excellence and integrity within the church community.

The statement read, “A scenario was created on Sunday the 14th April, 2024 at the Glory Dome, the Global Headquarters of Dunamis International Gospel Centre, when Ms Anyim Veronica Nnenna came out to testify of how God helped her graduate from the university, thus making her the first person to attain that feat in her family.

“These were the immediate triggers for the said scenario: First, listening to the testifier’s expressions as it borders on basic spoken English, conveys the impression that the minimum standard expectation of a graduate, especially a graduate of Law was not met.

“Second, stating that she studied Law for 10 years begged the question of what her degree actually was.

“Third, she was unable to state exactly what the correct degree was for Law which is LLB, rather she said it was a BSc in Law which is largely unknown as a Law degree in Nigeria and possibly globally.

“These prompted the Senior Pastor. Dr. Paul Enenche, to stop the testimony immediately as a product of a ‘lie.’ However, relief came when it was later confirmed that she actually graduated from a university.

“It must be pointed out clearly here that embarrassing the testifier publicly with the attendant media frenzy was never intended; whatever happened was under the spur of the moment.”

According to the statement, the action of the Senior Pastor was rather based on his and the church’s aversion to seeming mediocrity and any appearance of untruth.

 

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Sylvester Oromoni: Falana Faults Judgment, Says Coroner Ignored Evidence

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Human rights lawyer, Femi Falana, has faulted the recent ruling by Coroner Inquest sitting in Ogba Magistrate Court examining the death of a 12-year-old student of Dowen College, Lekki, Sylvester Junior Oromoni.

Falana said the Coroner disregarded further toxicological examination and withdrew initial recommendations for criminal negligence charges, despite glaring evidence and allegations of bullying within the school, including the discovery of a mysterious substance in Sylvester’s stomach.

Earlier, the Coroner Magistrate, Mikhail Kadiri, said Oromoni died as a result of failed treatment for his enlarged liver due to his parents and doctor’s negligence.

Kadiri said, “Based on the foregoing it is clear that the deceased health deteriorated in (doctor) PW 3’s care.

“PW 3, did not take proper care of the deceased, PW 3, completely abandoned the deceased for a period of more than 32 hours.

“The deceased’s death was an avoidable one but for the negligence of the parents and PW 3, they didn’t take him to the hospital until the day he died on November 30, 2021.

“The deceased went through an avoidable and excruciating pain and made to suffer needlessly,” Kadiri said.

Reacting to the judgement in a statement on Monday, Falana said the coroner ignored the evidence of the government pathologist that the “black substance” found in the stomach of the deceased was not subjected to toxicological examination.

“It is curious that the coroner ignored the evidence of the government pathologist that the “black substance” found in the stomach of the deceased was not subjected to toxicological examination. The allegation was that the deceased was forced to drink a poisonous substance.

“The Acting Director of Public Prosecution of Lagos State at the material time had recommended that some staff and students be prosecuted for criminal negligence over the bullying of students in the school. Four days later, the Acting DPP turned around to say that there was no case to answer without any fresh evidence from the police investigators. The coroner ruled that the acting DPP has the power to withdraw her recommendations at any time!

“The doctors who testified stated that the deceased died of sepsis and that the sepsis could have been caused by excessive massaging of the leg of the deceased. The coroner conveniently overlooked the fact that the school doctor and the nurses massaged the leg of the deceased for two days before inviting his parents to take him home.

“In an attempt to exonerate Dowen College, the coroner was silent on the overwhelming evidence of the bullying of the deceased, his sister, and other students by the same set of students. In particular, the coroner discountenanced the evidence of a student who had testified that he saw the deceased beaten up and subjected to torture by a group of senior students.

“In spite of such uncontradicted evidence, the coroner said that the deceased died of natural cause. The coroner claimed that the negligence of the family doctor led to the death of the deceased but failed to refer him to the Medical and Dental Council of Nigeria for appropriate sanctions,” said Falana.

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Simple Ways To Check Your Electricity Tariff Band

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The Nigerian Electricity Regulatory Commission (NERC) on Wednesday, April 3 approved a sharp increase in electricity tariffs for customers under Band A.

According to Musliu Oseni, the Vice Chairman of NERC, customers in this category will now be charged N225 per kilowatt-hour (KW/h), a significant rise from the previous rate of N66.

Band A customers are those who receive 20-24 hour of electricity supply daily.

Subscribers under Band B enjoy 16 to 20 hours of power supply, while those in Band C receive 12 to 16 hours daily.

Band D subscribers benefit from eight to 12 hours of power supply each day, and Band E subscribers only receive four to eight hours of electricity supply daily.

However, the tariff increment has sparked controversies regarding the classification of subscribers, with many fearing they may be charged more than their actual consumption.

We’ve put together a simple guide to help customers figure out which band they’re in, according to the Ikeja Electricity Distribution Company:

Here are 5 simple steps to know your feeder bands for those under Ikeja (IKEDC) distribution area.

Step 1
Visit www.ikejaelectric.com

Step 2
Click on Customer Service

Step 3
Click on Customer Feeder Information

Step 4
Click on Customer Feeder Verification

Step 5
Enter your account or meter number to verify your feeder details.

Here are 5 simple steps to know your feeder bands for those under the Ibadan Electricity Distribution Company PLC (IBEDC) distribution area.

Step 1
Visit https://ibedc.com

Step 2
Click on Customer Service

Step 3
Click on Customer Feeder Information

Step 4
For postpaid customers, enter your account number e.g 12/34/5…

And for prepaid customers, enter your meter number e.g 62180…

Step 5
Click get info to verify your feeder details.

For those under Abuja Electricity Distribution Company (AEDC)
Visit https://infocheck.abujaelectricity.com/

For those in Port Harcourt
Visit https://connect.phed.com.ng/feederinformation/Details

 

 

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