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FIRST BANK PLC By Babajide Komolafe FBN Holdings Plc, the parent company of FirstBank Nigeria Limited said it recorded 56 percent increase in its profit after tax (PAT) to N49.5 billion in the first half of 2020 from N31.6 billion in the corresponding period of 2019 (H1’2019). This growth was driven by 46.8 percent increase in the company’s Non-Interest income which rose to 80.1 billion in H1’2020 from N54.6 billion in H1’2019. The company disclosed this in its unaudited financial statements released yesterday. The statement among other things showed gross earnings of N296.4 billion, up by 5.8 percent from N280.3 billion in H1’2019. Commenting on the results, UK Eke, the Group Managing Director of FBNHoldings said: “The H1 2020 financial results are impressive and reconfirm our consistent focus on enhanced shareholder value. Despite the difficult operating environment, the H1 results demonstrate our resilience and capacity to deliver on long-term ambitions. The 56.3 percent Year-on-Yea...

By Rasheed Sobowale United States President, Donald Trump, said Friday he will ban fast-growing social media app TikTok from the United States as American authorities have raised concerns the service could be a tool for Chinese intelligence. US officials and lawmakers in recent weeks have voiced fears of the wildly popular video platform being used by Beijing for nefarious purposes, but the company has denied any links to the Chinese government. Media reports circulated earlier Friday saying that Trump would require the US operations of the app be divested from its Chinese parent firm ByteDance, but the president announced a ban. Speaking to reporters on Air Force One, Trump said: “As far as TikTok is concerned, we’re banning them from the United States.” He added he would take action as soon as Saturday using emergency economic power or an executive order. Trump’s move comes following a review by the Committee on Foreign Investment (CFIUS) in the United States, which investigates deal...

How to improve communication in a relationship July 18, 2020 Facebook Twitter Pinterest LinkedIn WhatsApp Email By Rois Ola The saying “communication is the key” to any relationship is not new. Personally I think it’s really easy to tell people that communication is important in a healthy relationship, but it’s not as easy to explain how to communicate, when to communicate, because it involves both verbal and body language. And if we’re never taught how to use this key, then we’ll never be able to open the door to healthy communication and keep experiencing challenges. Communication is said to be successful when you can convey or share ideas and feelings. You cannot be a great talker, and not be an equally great listener in order to be a great communicator. Communication is about expressing yourself in a healthy way, listening to your partner when they are doing the same, and really hearing and absorbing what the other person has to say, not just talking aimlessl...

By Fasanmi Abiola Every relationship is unique. Individuals go into relationships for various reasons, some for fun and others for marriage and mutual connection. Regardless of these reasons, individuals who get included, want a relationship where they are companions with their accomplices. Building a healthy relationship is like cooking. If you don’t include a traditional and necessary ingredient, it can change the taste of the meal. The following are the steps to take to build a healthy relationship:  Communication The first step in building your relationship is to ensure that you are on the same page. Make sure you understand each other, your needs and expectations. In a relationship, you have to learn to communicate well with your partner as this helps you to understand who you are dealing with. Make your message clear and be sure your partner understands it. It isn’t just for you to talk but also listen. Listening is an effect...

By Francis Ewherido There is an ongoing debate on whether or not parents should flog children as part of parenting. The debate is necessitated by some recent developments, among them a 12-year-old girl in Enugu, whose back was lacerated by the parents with a cane and possibly other objects. Cane was freely used in homes and schools in those days. It was meant to correct and discipline the children, or so the parents and school authorities felt. Sometimes, it turned out to be sheer cruelty, especially in schools. These days, there seems to be less use of cane in homes and schools, especially private schools where the use of cane has been banned in some schools. Those for use of cane usually quote the bible, “Whoever spares the rod hates his son, but he who loves him is diligent to discipline him” (Proverbs 19:24). But more frequently, they quote a phrase from the poem by Samuel Butler, “spare the rod and spoil the child.” Those against it say, it is cruel, barbaric and outdated. My unde...

The Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) presented opposing recommendations to the Senate on the ongoing amendment to the Banks and Other Financial Institutions Act (BOFIA). The NDIC is seeking more powers to aside insuring depositors’ funds, participate in the licensing of banks. But the apex bank has rejected the proposal, insisting that the global best practice is to have a legislation that empowers the central bank-the financial sector regulator- to license, regulate, supervise banks and promote their soundness and stability. The NDIC is expected to step in after the revocation of operating licenses of banks for the payment of insured depositors, writes COLLINS NWEZE The question on which agency should license, regulate and supervise banks and other financial institutions is now a top issue in the Nigerian banking sector. Two top institutions- the Central Bank of Nigeria (CBN) and Nigeria National Deposit Insurance Corporation (NDIC) are ...

Our Reporter Banks will from on Monday slash the amount customers can spend abroad, using their debit cards. This is due to dollar shortage resulting from the sharp fall in crude oil prices. Crude oil is the main source of the country’s foreign exchange earnings. The lenders, which two years ago, raised their card spending limits on Point of Sale (PoS) and online card transactions abroad, are currently placing limits on amounts customers can withdraw with their debit cards in offshore transactions. Two commercial banks, which confirmed the new development, said the move was to limit foreign currency settlement risk, according to a report by Reuters. Stanbic IBTC Bank, the local unit of South Africa’s Standard Bank, said it will halve the spending limit for offshore card transactions to $500 per month from today and will limit cash withdrawals to $100. Another Tier-1 lender, Zenith Bank said it will temporarily suspend the use of debit cards abroad for cash withdrawals and cut the month...

By Evelyn Usman While a 33 years old man, Maurice Peters, was arrested for allegedly defiling an 11-year-old girl inside a Church located at Tijani Qudus Street, Ijegun, a widower, aged 55, assaulted a 14-year-old girl in a bathroom at Ejigbo, both in Lagos State. The 55-year-old father of three, identified as Emeka Okwuome, was caught inside the bathroom, while he was assaulting the primary six pupil. Vanguard gathered that the 14-year-old victim lost her mother and was brought from her home town to live with a relative at 22, Oladuni Street. She had gone to take her bath on Friday, when the suspect, a trader at Ladipo Market, knocked on the bathroom door and ordered the girl to open for him. Meanwhile, Vanguard gathered, the building had three bathrooms. Her story During a chat with the victim, she disclosed that it was not the first time the widower would assault her sexually. According to her, “he met me in the kitchen one day and started fondling my breasts. He pulled me close to...

Nigeria’s three federating units and other relevant agencies have shared 651.184 billion as allocation for June 2020, according to the the Federation Account Allocation Committee (FAAC). This was contained in a statement from the FAAC Director of Information, Press and Public Relations, Henshaw Ogubike. According to the statement, the decision followed FAAC’s monthly meeting for July 2020 which was held virtually and chaired by the Accountant General of the Federation, Ahmed Idris. “The gross statutory revenue available in June 2020 was N524.526 billion; the gross revenue from the Value Added Tax (VAT) was N128.826 billion and the revenue from the Exchange Gain was N42.832 billion,” the statement said. “This brought the total revenue for the month to N696.184 billion. From this total, the sum of N45 billion was saved in the Excess Non-Oil Revenue Account and the balance of N651.184 billion was shared to the three tiers of government and relevant agencies.” According to ...

BY VICTOR OGUNYINKA The National Bureau of Statistics ( NBS) says Consumer Price Index, (CPI) which measures inflation increased to 12.56 per cent year-on-year in June 2020. The NBS made this known in its CPI and Inflation Report for June released on Friday. It stated that the report showed that June inflation was 0.16 per cent points higher than the rate recorded in May which was 12.40 per cent. It, however, disclosed that the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index. The bureau explained that on a month-on-month basis, the headline index increased by 1.21 per cent in June and this was 0.04 per cent rate higher than the rate recorded in May which was 1.17 per cent. It said the percentage change in the average composite CPI for the twelve months period ending June, over the average of the CPI for the previous twelve months period, was 11.90 per cent, representing a 0.11 per cent...

By Charles Kumolu & Nnamdi Ojiego National President, Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN, Mr. Bode Ayeku, in this interview, explains how the public and private sectors can adapt to the peculiarities posed by COVID-19. He also speaks on how the challenges associated with claiming dividends can be surmounted. What roles does it play in the national economy? ICSAN stands for Institute of Chartered Secretaries and Administrators of Nigeria. It is an institute established by an act of the parliament to enable the training of people to become members as chartered secretaries and administrators. It is a global institute and not something peculiar to Nigeria. We have been in Nigeria for a very long time. Officially, we had our first president in 1966, but we have been around since 1944. ICSAN is one of the few professional bodies in Nigeria that perform dual functions. Our mandate is to train people as chartered secretaries and administrators....

By Emma Ujah, Abuja Bureau Chief The Central Bank of Nigeria, CBN, has requested statutory powers to freeze accounts linked to criminals in the country. The apex bank also called for the creation of a Credit Tribunal to strengthen credit recovery processes and enforcement of collateral rights. These positions were advanced, in Abuja, yesterday, at the Senate Committee’s public hearing on its Bill for an Act to Repeal the Banks and Other Financial Institutions Act (BOFIA) 2004 and re-enact the Banks and Other Financial Institutions Act 2020. CBN’s Director Legal Services, Mr. Kofo Salam-Alada, in his presentation, told the lawmakers that the 2004 BOFIA provided for the CBN governor “to apply to the court for orders to freeze accounts, which are deemed to be linked with criminal and other civil infractions.” He noted, however, that in the new bill, which has passed through the First and Second Readings, that provision was omitted, entirely. “This omission,” he told the Senate, “erodes t...

…Insists on not reopening schools soon …As FEC approves N136m for Uniben By Johnbosco Agbakwuru THE Federal Government yesterday said that the West African Examination Council, WAEC was consulting with different countries on the possibility of shifting this year’s West African Senior School Certificate Examinations (WASSCE). The Federal Government has also insisted that its decision not to reopen schools and not to participate in final examinations for secondary school students remains intact. This is as the Federal Executive Council, FEC, has announced the approval of N136 million for the Procurement of theatre seats and computers for University of Benin. Recall that the Minister of Education, Mallam Adamu Adamu, had last week stated that Nigerian schools would remain shut and final year secondary school students would not write the West African Senior School Certificate Examinations (WASSCE) expected to start August 5 to September 5, until the Ministry considered it safe for such to ...

By Ikechukwu Odu One Emmanuel Opoku, who allegedly poured hot water on his wife’s two breasts, has been remanded by a magistrate’s court sitting in Enugu South Local Government Area of Enugu State. The accused was charged with assault occasioning grievous bodily harm on his wife, who is nursing a child at the time of the incident. According to the charge sheet, No: MES/ 226 c/ 20, Mr. Opoku unlawfully poured hot water on Mrs. Opoku’s two breasts, which caused her grievous bodily harm and thereby committed an offence punishable under Section 290 of the Criminal Code Cap 30 Vol. II, Revised Laws of Enugu State of Nigeria, 2004. It was gathered that the legal team of Women Aid Collective, WACOL, and other pro bono lawyers, led by WACOL’s Head of Legal Unit, Mrs Ijeoma Ezeude, Onyeonagu and Dr. Nick Agbo, worked in conjunction with the police prosecutor, Inspector Innocent Otibe, to vehemently oppose the bail application. The magistrate, who refused the bail application on the ground of pu...

…FCT, 3 states implementing partially …Senior civil servants kick, as NLC leaders meet today By Victor Young Over a year after the N30,000 new minimum wage took effect in Nigeria, no fewer than 11 states are yet to begin implementation, while three states and the Federal Capital Territory, FCT, are implementing partially. Recall that President Muhammadu Buhari signed the N30,000 new National Minimum Wage Act into law, effective April 18, 2019, thus repealing the Minimum Wage Act of 2011. While the Federal Government started implementing the new wage after negotiating and agreeing on the consequential adjustment with organised labour in October, labour had issued a December 31, 2019 deadline to states to end all discussions and agreements for implementation or face nationwide industrial unrest. Fifteen months after the new minimum wage became law, Vanguard investigations revealed that the states that are yet to commence implementation are Adamawa, Akwa Ibom, Anambra, Benue, Ekiti, Kogi,...