Showing posts with label BUSINESS. Show all posts
Showing posts with label BUSINESS. Show all posts

Saturday, January 28, 2012

ACCESS BANK SACKS 1,500 INTERCONTINENTAL BANK STAFF

Niyi Tabiti
Several branches of Intercontinental Bank that have been tagged 'not performing' has been shut down by Access Bank, the new owners of the bank just as over one thousand staff of the same bank  lost their jobs. Gistmaster gathered some of the braches of Intercontinental Bank shut down by Access Bank includes the one at Ikeja, Ibafo and Akute.Austin Edoja, the
corporate affairs manger of Access Bank confirmed the new development.
Already, close to two thousand staff of Intercontinental bank has been sacked. However, we gathered that this just the first batch. Sources told gistmaster that Access Bank also plan to sack thousands of others soon.
Intercontinental Bank was hit by massive low patronage after the Central Bank of Nigeria indicted the erstwhile Managing Director of the Bank, Erastus Akingbola and other directors of fraudulent practices.

Wednesday, November 23, 2011

JONATHAN SACKS EFCC BOSS,FARIDA WAZIRI+LAMORDE APPOINTED ACTING CHAIRMAN

 President Goodluck Jonathan woke Nigerians up with a shocker this morning with the sack of Economic and Financial Crimes (EFCC) boss Mrs. Farida Waziri. According to announcement made by the government through the president's spokesperson, Dr. Reuben Abati, Waziri was relieved of her job and an acting chairman in the person of Mr. Ibrahim Lamorde has been appointed acting chairman of the anti-graft agency.Gistmaster gathered that the sack of Waziri and appointment of Lamorde as EFCC acting Chairman takes immediate effect.
 Lamorde's profile in efcc started durning the time of former chairman of the commission, Malam Nuhu Ribadu. He was the director of operations. He was later appointed the acting chairman shortly before the appointment of Mrs. Waziri by the Umaru Yar'Dua's administration in 2008.
 Lamorde a police office was tranfered from the EFCC after the appointment of Mrs. Waziri but he was re-appointed director of operations after sometime.
Mrs. Waziri was a retired police officer. She rose to the position of Assistant Inspector General Police before her exit from the force.
By Niyi Tabiti
 

Tuesday, November 22, 2011

ACCESS BANK GMD AIGBOJE AIG-IMOUKHUEDE SCHEMES FOR CBN TOP JOB?

 Spin doctors of Mr. Aigboje Aig-Imoukhuede the group managing director/ceo of Access Bank are already pushing his ambition as next Governor of Central Bank to limelight. The tenure of the incumbent governor of CBN,Malam Sanusi Lamido Sanusi, will expire next year.
 Gistmaster gathered that the Access Bank boss is silently running a campaign that would get him the job through his connection with Nigeria president, Mr. Goodluck Jonathan.
  He is considered as one of the closest economy drivers to the president. So he is doing all within reach to ensure that he is considered for the job.
 One of his highest selling point is also condered his weakest. According to a source, Aig-Imokhuede and his deputy, Wigwe are jollificating over the aquisition of Intercontinental Bank, yet they have not answered the question of how they managed to acquire a bank  they are indebted to. 
 Going by recent comments of President Goodluck Jonathan on the achievement of CBN governor, Malam Sanusi Lamido Sanusi , he might have his tenure renewed by another 4 years.
 Aig-Imokhuede is an alumnus of one of the prestigeous, Havard University Business School Executive management program, USA.He read law at the University of Benin before proceeding to the Nigerian Law School.He is considered one of the finest bankers we have in Nigeria.
 Efforts to get those in charge of communications in Access Bank to talk about it prove abortive.
 

Tuesday, October 25, 2011

HUAWEI ENTERS NIGERIAN MOBILE PHONE MARKET

Channel Director, Huawei Technnologies Co. Nigeria Ltd, Mr Osita Akabueze Managing Director, Terminnal (West Africa), Mr Jacky Lee, Managing Director/CEO, Telec, Mr Tolu Ojo : and Head of Business Development & Strategy, Telec, Mr Peter Lee, at a Media Briefing on Huawei Technnologies entry into Nigeria Mobile Phone Market, held at Protea Hotel, Ikeja, Lagos, yesterday. 
Huawei Technologies Ltd, world’s biggest telecom service providers, has announced its entry into the highly competitive Nigerian mobile phone market, saying it will be making mobile phones accessible to Nigerians across different socio-economic classes.Click here to read more and see more photos

Sunday, July 31, 2011

HELICOPTER CRASH:HOW BACITA SUGAR BOSS,PA AND PILOT LOST THEIR LIVES



Remains of  the helicopter crashed victims that happened between ife Odan ills and Ogbomosho have been identified.

Their names are Reverend (Mrs) Josephine Oluwadamilola Kuteyi,the managing director of Josepdam Sugar Company, Bacita, Kwara State, her personal assiatant, Mrs. Adedoyin Ogunbanjo and the pilot,Captain Annord, a  Filipino

According to Dr Harold Demuren, Director General of the National Civil Aviation Authority, Mrs Kuteyi, chartered flight from OAS Helicopters in Maryland, Lagos. The unfortunate incident happened in the morning.

On why the helicopter crashed, Demuren said  the aircraft, with registration 5N-BKA belonging to OAS Helicopter Services, was flying very low unfortunately it crashed into very high hills.

Information gathered from the National Emergency Management Agency (NEMA), said poor visibility in bad weather also added to the accident. They are still doing more investigation to prevent a re-occurrence of the incident. The minister of Aviation, Stella Oduah issued a statement condoling with families of the victims and also pledging that the government would look into areas where such incident can be prevented.

Until her death, Kuteyi was a multimillionaire businesswoman. Gistmaster.com gathered that he incorporated her company Josepdam and sons Nigeria Limited in 1988. before she passed on at the age of 57, she already turned it into a conglomerate with strong presence in Port, property, sugar manufacturing, refining and packing. She bought into the moribound Nigeria Sugar Company, Bacita for $40 million (USD) through Bureau of Public Enterprise.

-Niyi Tabiti

Tuesday, July 19, 2011

DIAMOND BANK READY TO ACQUIRE OCEANIC BANK

[caption id="attachment_6387" align="alignleft" width="225" caption="Alex Otti,the Group Managing Director of Diamond Bank"][/caption]Few weeks after the glaring possibility of Intercontinental Bank take over by Access Bank and the financial ‘romance’ between FCMB and FinBank,Diamond Bank says it is on its way to acquire Oceanic Bank.
It would be recalled that Oceanic Bank was one of the ailing banks bailed out by Central Bank of Nigeria when the toxic debts profile of the bank became unbearable. At the peak of the crises that rocked the Nigerian financial sector, the former managing director, Mrs. Cecelia Ibru was arrested for mismanagement. She was jailed by the court.
If Diamond Bank eventually takes over Oceanic Bank, then it would be good news because Central Bank had given it up to September 30 to get a buyer.Gistmaster.com gathered that it the take over won't involve cash purchase, rather it would be a share to share combination.
At the moment, the Oceanic Bank in Sao Tome, which was owned by the bank, had been sold to Mr. Jimoh Ibrahim, a billionaire businessman, founder of Global Fleet Oil and Gas. He is also the chairman of Air Nigeria, Mirror Newspapers and Nicon Group of Companies. Ibrahim bought Oceanic Sao Tome 100 per cent.
Diamond Bank is a new generation bank under the leadership of Alex Otti, a financial expert/ He was an Assistant General Manager with UBA before he left to join Finbank. He rose to the position of executive director with Finbank before he joined Diamond Bank as MD.
It would be recalled that few months ago, the managing director of First Bank,Mr. Bisi Onasanya said his bank dropped the idea of acquiring Oceanic because it was not a good deal.
-Story- Niyi Tabiti/gistmaster.com
news@gistmaster.com

Tuesday, July 5, 2011

SKYE BANK GMD, KEHINDE DUROSINMI-ETTI SENT TO PRISON

By Gistmaster.com

The Group managing Director of Skye Bank, Mr. Kehinde Durosinmi Etti has been committed to prison over contempt charges by a Federal High Court In Lagos.
Gistmaster.com gathered that problem for the Skye Bank MD started when he disobeyed a order of the court in a case involving Desange Nigeria Limited and the Nigeria Custom Service.

Desange won a case against the Nigeria Customs in 2010.The court ordered Customs to pay Desange but it didn't, so the company applied for an order to garnishee the account of customs in five different banks namely Zenith Bank,GTBANK, Sterling Bank,Skye Bank and UBA.

While the other banks complied with the court directive to pay the judgment sum, Skye Bank defied.Attempt by the Durosinmi-Etti led bank to get an objection to the garnishee proceeding was thrown out by the court as lacking in merit.

Eventually, Skye Bank decided to issue a cheque to the tune of about N11 million (Eleven Million Naira) but when the company presented the same cheque it was not honoured by the bank.

The directors of Desange were infuriated by this act and they applied to the court to commit Durosimi- Etti should be commuted to prison. The court accepted their prayer. Justice Archibong also said the Skye Bank MD should pay N5 million and also remain in prison until he is ready to make amends.

Others listed in the contemptuous  case include the  Chairman of Skye Bank , Chief (Mrs.) Morenikeji Onasanya and other directors of the bank such as Timothy Oguntayo Abimbola Izu,  Gbenga Ademulegan, Dotun Adeniyi, Amaka Onwugbalu, and Ibiye.

In his reaction, Kayode Akinyemi, Head of corporate affairs of Skye Bank said the case is already before an appeal court so the Federal High Court has no power to entertain the case anymore.

 

 

Monday, July 4, 2011

DANGOTE REDUCES PRICE OF CEMENT

[caption id="attachment_6123" align="alignleft" width="199" caption="Aliko Dangote"][/caption]

Africa's richest man, Mr. Aliko Dangote has crashed the price of cement. According to what gistmaster.com gathered, cement would now be distributed at the price of N1,350.

The end users are expected to buy it for not more than N1,500. Less than two months ago, people were buying cement between N2,300 and N2,400 (Naira) in the market.

It would be recalled that the price of cement became unbearable to end users until months back when President Goodluck Jonathan Invited the four major companies in the cement industry in to a meeting. The Nigerian president told them to look ways to reduce the price of cement.

Story- Gistmaster.com

 

Friday, July 1, 2011

LIVE UPDATE:GTBANK GMD, TAYO ADERINOKUN's BURIAL

The funeral service in honour of Mr. Tayo Aderinokun of GTBank at the Ikoyi Baptist Church  ended some minutes ago.

The church witnessed a large turn out of high profile personalities within the political, social and economic sectors who had come to send forth the departed former MD of GTBank to the bossom of the Lord.

According to report monitored by Gistmaster.com, the Church service had in attendance the likes of Governor of Central Bank, Mallam Sanusi Lamido Sanusi, former Director General Of Nigeria Stock Exchange, Dr. (Mrs) Ndidi Okereke Onyikwe, Governor Kayode Fayemi of Ekiti State, Governor Ibikunle Amosu of Ogun State, Former Governor of Lagos State, Asiwaju Bola Ahmed Tinubu, Mr. J.K. Randle, Designer, Deola Sagoe, former Most Beautiful Girl in Nigeria, Mrs. Nike Shonowo-Soleye and her husband, Dr. Tunde Soleye, Pastor Ituah Ighodalo. Expectedly, there was a large turn out of GTBank Staff.

Interment of the departed would take place at the vault cemetery, Ikoyi but only close family members are expected to attend.

The reception comes up at Eko Hotel, Adetokunbo Ademola Street, Victoria Island after the burial of the co- Founder of GTBANK.

Governor Amosu eulogized Aderinokun as a man who came, saw and conquered in his chosen career. He also said, Aderinokun was a good ambassador of Ogun State.

- By Niyi Tabiti/Gistmaster.com

Tuesday, June 14, 2011

TAYO ADERINOKUN GTBANK MD IS DEAD

Mr. Tayo Aderinokun, the cerebral Group Managing Director of GTBank is dead. The 57 years old banker died in London today. He was ill for sometime and was on sick leave when the unfortunate incident occurred.
   Gistmaster.com confirmed the news at the bank headquarters today.
  Last month, Segun Agbaje was appointed acting MD of the bank. Aderinokun co-founded Guaranty Trust BANK (now GTBANK) with Fola Adeola, another astute banker turned politician. The bank is regarded as one of the fastest growing in Nigeria.
 Last month staff and friends of GTBANK used his last birthday to pray for their beloved friend and boss. 
  A press statement forwarded to gistmaster.com reads  
"With a deep sense of loss, but with gratitude to the Almighty God, we write to notify you of the passing on to eternal glory of our dearly beloved Managing Director/Chief Executive Officer, Mr. Tayo Aderinokun.
 Mr. Aderinokun who had been on Medical Leave, passed on this afternoon, Tuesday, June 14, 2011, in the United Kingdom.

Mr. Aderinokun co-founded Guaranty Trust Bank Plc in 1990 and served as Deputy Managing Director for 12 years between 1990 and 2002, after which he became the Managing Director, a position he held until his passing.

During his time as Managing Director, the Bank witnessed tremendous progress and growth and had emerged over the years as an industry leader, pacesetter of unique and progressive innovations in the banking industry. The Bank is now easily acknowledged and recognised as one of the most profitable and professionally managed corporate institutions in Nigeria and has been the recipient of several awards for exemplary corporate governance practices and excellent customer service.

In addition, Mr. Aderinokun was also the recipient of numerous awards as an acknowledgment of his sterling leadership role in the achievements of the Bank. The awards include ‘Banker of the Year’ at the inaugural ThisDay Awards in 2006, Most Respected CEO by PricewaterhouseCoopers in 2008 and ‘African Banker of the Year’ by the “African Banker” magazine in September 2009. He was also a recipient of the National Award of Member of the Federal Republic of Nigeria (MFR) and a Fellow of the Chartered Institute of Bankers, Nigeria (FCIB).

We wish to inform you that the operations of the Bank continue to run smoothly under the leadership of the Acting Managing Director, Mr. Segun Agbaje who was Deputy Managing Director from 2002 till April 20, 2011, when he was appointed as Acting Managing Director of the Bank.

  -Niyi Tabiti

GTBANK MD, TAYO ADERINOKUN IS DEAD

[caption id="attachment_4790" align="alignleft" width="121" caption="Tayo Aderinokun, MD Guaranty Trust Bank (GTBANK)"][/caption]

The managing director of GTBank, Mr. Tayo Aderinokun is dead. He died in a London Hospital.

When Gistmaster.com sought the comment of the corporate affairs department of the bank today, his death was confirmed.

Mr. Aderinokun has been on sick leave from work for sometime. Mr. Segun Agbaje, an executive director with the bank was made the acting MD last month.

Aderinokun's 57th birthday was celebrated with prayers by staff of GTBank at their various places of worship on 8 May 2011.

The official statement from GTBanks reads "With a deep sense of loss, but with gratitude to the Almighty God, we write to notify you of the passing on to eternal glory of our dearly beloved Managing Director/Chief Executive Officer, Mr. Tayo Aderinokun.

Mr. Aderinokun who had been on Medical Leave, passed on this afternoon, Tuesday, June 14, 2011, in the United Kingdom.

Mr. Aderinokun co-founded Guaranty Trust Bank Plc in 1990 and served as Deputy Managing Director for 12 years between 1990 and 2002, after which he became the Managing Director, a position he held until his passing.

During his time as Managing Director, the Bank witnessed tremendous progress and growth and had emerged over the years as an industry leader, pacesetter of unique and progressive innovations in the banking industry. The Bank is now easily acknowledged and recognised as one of the most profitable and professionally managed corporate institutions in Nigeria and has been the recipient of several awards for exemplary corporate governance practices and excellent customer service.

In addition, Mr. Aderinokun was also the recipient of numerous awards as an acknowledgment of his sterling leadership role in the achievements of the Bank. The awards include ‘Banker of the Year’ at the inaugural ThisDay Awards in 2006, Most Respected CEO by PricewaterhouseCoopers in 2008 and ‘African Banker of the Year’ by the “African Banker” magazine in September 2009. He was also a recipient of the National Award of Member of the Federal Republic of Nigeria (MFR) and a Fellow of the Chartered Institute of Bankers, Nigeria (FCIB).

We wish to inform you that the operations of the Bank continue to run smoothly under the leadership of the Acting Managing Director, Mr. Segun Agbaje who was Deputy Managing Director from 2002 till April 20, 2011, when he was appointed as Acting Managing Director of the Bank.

-By Niyi Tabiti

 

Wednesday, June 1, 2011

THE RISING PROFILE OF ASTUTE BANKER WILLIE OBIANO

Chief Willie Maduabuchi Obiano holds a B.Sc. Second Class Upper in Accounting from Unilag (1979) and an MBA in Marketing also from same university. Willie Obiano is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA).

Chief Willie Obiano was John F. Kennedy Essay Winner 1974 at CKC and holds a national Merit Certificate for outstanding service during his NYSC(National Youth Service Corps) in Benue State, Nigeria in the 1979/80 Service Year. Chief Willie Obiano is the President AMP8(Advance Management Programme) of Lagos Business School for Ten years running. Willie Obiano is also a 2006 BNV(Building New Ventures) CLASS member of Harvard Business School, Boston USA, Standard University Also he is the Patron, Institute of Chartered Accountants of Nigeria (Lagos Mainland District) and National Youth Council of Nigeria, Anambra East Chapter.

He is also Patron of the following Catholic Groups:

1. St. Anthony of Padua.
2. Catholic Artistes and Entertainers Association of Nigeria.
3. Catholic Women Association, Aguleri
4. Priests and Rev. Sisters of Aguleri Origin.
5. Missionary of St. Paul’s Society.
6. Catholic Women’s Organisation, Our Lady Queen of Peace, Ifako, Gbagada.
7. National Youth Council of Nigeria, Anambra East Chapter.
8. Catholic Laity Council of Nigeria, Onitsha Archdiocese.

9.Grand Pillar ST Gerald Catholic Church.

His community, Aguleri, conferred on willie Obiano and his wife in year 2000, separate chieftaincy titles for distinguished service. Willie Obiano is currently the president of Aguleri Council of Chiefs.

On January 2nd 2011, Chief Willie Obiano and his wife Chief Mrs E V Obiano were adopted into the cabinet chief, igwe-in council of the idigo dynasty of the ancient kingdom of AGULERI. This high Chief title made Chief Mrs E V Obiano, the only female in the hundred and twenty years idigo dynasty, to be so honoured.

They were also conferred as The Otunba Atayese and Erelu Atayese by Oba David Adegboyega Oyewumi (Faseemi ll) Obadu of Ilemeso- Ekiti.

Chief Willie Obiano started his banking career as Officer in First Bank in 1981 from where he moved to Texaco Nigeria Plc as Accountant. Willie Obiano was promoted 4 times in his eight-and-half-year-service at Texaco to become Chief Internal Auditor. Chief Willie Obiano is a specialist in Bunkering, Lube-blending and Refinery Audits. Willie Obiano was part of the team that audited Texaco Refinery in Rotadam, Netherlands in 1989.

Chief Willie Obiano joined Fidelity Bank from Texaco in 1991 as Deputy Manager and head of Audit. Willie Obiano was promoted Manager in 1991, Assistant General Manager in 1993, Deputy General Manager in 2000 and General Manager in 2002 and Executive Director in October, 2003. Between 1991 and 2002, Chief Willie Obiano headed the following Groups, Divisions, at one point or another

Inspection and Audit; Operations and Information Technology; Division Head, Commercial & Consumer Banking; Division Head, Eastern Market. Other areas include Financial Control, Risk Management and Transaction Support, Corporate Finance, and Non Bank Financial Institutions.

Chief Willie Obiano was part of the great team that saw Fidelity Bank through the Bank’s Consolidation process.

Chief Willie Obiano is a no nonsense tactician that you cannot miss in a crowd.

As Executive Director of the Mega Fidelity Bank (and No. 2 man), Chief Willie Obiano is in charge of Business Banking (Corporate Banking, Non Bank Financial Institutions, Treasury, (Naira and Foreign Exchange, Oil & Gas, Telecom & Food and Beverages, Transport and Aviation). All the Regional Managers of the bank report through him to the MD/CEO.

Chief Willie Obiano has attended numerous banking courses including the following:

Credit & Trade Services Course – Citi Bank, New York (1994)
Treasury and Money Market – Natwest, London (1996)
Correspondent/Trade Services/
Emerging Market Course – FIM Bank, Malta (2002)
Managing Integration Process – Houston Texas 2006.

Chief Willie Obiano is married with a beautiful daughter.

Tuesday, May 31, 2011

5 WINNERS EMERGE IN GUINNESS ONCE IN A LIFE TIME OPPORTUNITIES COMPETITION

[caption id="attachment_5317" align="aligncenter" width="480" caption="Charles Anazado (Super sport presenter)Tochukwu Mogekwu (MCB winner assistant coach)Victor Ikpeba_(Ex-super Eagles/Sports Analyst) Oliver Anozie (MCB winner TV Analyst),Colin Udoh (Super sport Match Analyst) "][/caption]

Guinness Nigeria, producer of the world’s most celebrated alcoholic lager and organizers of the much anticipated match, between Nigeria and Argentina, GUINNESS THE MATCH has succeeded in bring smiles to the faces of the remaining 5 Nigerians who emerged successful in the recently conducted once in a lifetime opportunity competition on Beat FM.

The competition was conducted in several categories to give successful Nigerian football fans the opportunity to play major roles in the success of the event ranging from commentary, coaching of the team, analysis to rendition of the national anthem.

The match is going to be a historical event because Argentina is one of the greatest nations in world football and has had an enduring history of giving Nigerians a tough match. Nigerians see the match as an opportunity to prove their prowess and make history, establishing themselves as a team to reckon with.

The 5 lucky fans would be doing their thing on the 1st of June 2011 at the prestigious national stadium Abuja .

Omotola Adebayo having proved her capabilities in the competition would be rendering the national anthem alongside Nigeria’s King of hip hop, Tuface Idibia.

Omotola expressed her excitement stating “I’m so excited that I’m going to be playing a part at Guinness The Match.  I have been singing since I was eight and the very first song I learnt as a child was my national anthem, which makes this performance a dream come true for me.  I dream music, eat music, and play music and I have been practicing every day in preparation for the big performance.”

 

The others include Sunday Gbadamosi the official photographer of the day who would be at the pitch side to get major shots alongside Complete Sports.

Tochukwu Mogekwu who would be working real hard along side Samson Siasia as the assistant coach to ensure victory for the nation., Oliver Anozie as Pitch side TV Analyst for super sports. Emeka Egbuawa, as the radio commentator for Brilla FM.

They  all expressed their excitement and appreciation to Guinness for giving the opportunities.

They were chosen among thousands of other football loving Nigerians who entered for the competition. These winners were chosen by expert panels formed by the media partners and fans on GUINNESS VIP™.

Note:

As Guinness The Match draws closer, there is still time for you to play a part and send your message of support to the Super Eagles for 1st June.  This can be done by becoming a member of GUINNESS VIP™.  To become a member, register at m.guinnessvip.com on your phone or computer or text yes and your date of birth to 1759.  SMS cost N10.  Or you can go to facebook.com/guinnessvip.



Remember to drink responsibly 18+

gistmaster.com

Monday, May 23, 2011

FCMB RECORDS N7.9BN PROFIT …TO PAY 35 KOBO DIVIDEND

First City Monument Bank (FCMB) Plc has released its financials for the year ended December 2010 declaring profit after taxation of N7.9 billion and a proposed dividend of 35kobo to the shareholders.

The N7.9 billion profit after taxation declared by the bank represents 837 per cent growth in post-tax earnings on an annualised basis compared to the N564 million for the 8-months ended December 2009, following the 2009 change in financial year-end.

The Group audited result for the financial year also showed that while profit after taxation grew by 837 percent, Gross earnings for the Group was N63 billion, a 17 per cent annualised growth over the period ended December 2009.

A statement by the bank also showed that Risk assets grew by 38 percent from N240 billion as at December 2009, to N330 billion as at December 2010.

Net interest margin however, narrowed during the year. This, the bank said was due to the low interest rate environment and the focus on high quality credit, resulting in a 10 percent decline in net interest income and  was however compensated for, by the 59 percent increase in non-interest income during the year, coming largely from borrowing relationships.

Operating expenses were kept under control and grew by only 3 percent in the year.

Further analysis of the financials released by the bank showed Asset quality improved significantly with the NPL ratio of the group dropping from 9 percent in December 2009 to 5.5 percent in December 2010.

Total assets and contingents grew by 17 percent from N514 billion in December 2009 to N604 billion in December 2010. The statement attributed this growth to improved funding, with deposit liabilities growing 26 percent to N335 billion from N266 billion in December 2009..

The Bank has proposed a dividend of 35 kobo, up by 600 percent from the 5kobo per share for the eight months ended December 2009.

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Monday, May 16, 2011

COURT ADJOURNED ERASTUS AKINGBOLA's CASE. ATUCHE, WIFE TO BE CHARGED TOMMOROW

The former managing director of Intercontinental Bank plc, Dr. Erastus Akingbola and a former director of the bank, Mr. Adebayo Dada stood for trial today at the Ikeja High Court. But the case was adjourned following the controversy over, whether or not the accused persons should take their plea.

Akingbola, his wife and Dada were charged to court by the Economic and Financial Commission (EFCC) for  alleged mismanagement of fund and theft amounting to N47 Billion (Naira). Lawyer to the former bank chief, Chief Felix Fagbohungbe told the court this morning that the court headed by Justice Habeeb Abiru that Akingbola and Dada should not be compelled to enter the dock and take their  plea since he has already applied for a stay of proceedings. Fagbohungbe said the cases that his client is being charged before Justice Abiru similar to others against the bank chief.

Akingbola's wife was absent in court. EFCC have already declared her wanted.

Justice Abiru have adjoured Akingbola's case till May 23

Francis Atuche the former Chief Executive of BankPHB will be charged to court on Tuesday 17 May 2011. Atuche will be charged alongside his wife, Elizabeth in a monumental bank fraud allegations against them.

Thursday, May 12, 2011

GUINNESS THE MATCH:SIASIA SAYS NIGERIA-ARGENTINA WILL FIELD THEIR BEST PLAYERS

 

As Nigerians and international football community look forward to the much talked about friendly match between Nigeria and Argentina national team, Samson Siasia,Super Eagles head coach declared he is not carried away by the supposed Argentine list omitting World Best player, Lionel Messi and Carlos Trevez.

The Super Eagles and Argentine team are expected friendly match is slated for 1 June 2011.The match is sponsored by Guinness Nigeria Plc.

Siasia told the media that the match would be beyond just one or two names, insisting that both countries cannot afford not to field their best players.

“Messi and Tevez are not the most important players in Argentina so we are not complacent about their rumoured absence,” Siasia said. “Argentina will never raise a substandard team against Nigeria because they too want to maintain their record of the unbeaten runs.

"We are focused and will give the match all it takes. Argentina is one of the world's most successful football nations. Any team they field will be of world class quality because the depth of talent available to them is second to none. Whether they are the more well known international players or the phenomenal rising stars coming through, Argentina is amongst the best in the world"

"Facing one of the world football super powers,Siasia noted would not be an easy task but the Super Eagles will measure up to expectation, springing up surprises that would make it a reference point in the note book of football history"

Sisisa also noted that “Argentina has not lost a match in recent time and that is an indication that that we have to prepare well for the match. They are a strong side and we can’t afford to let our fans down. I can understand that Messi will play in the UEFA Champions League on May 28 while Tevez has been out for a couple of weeks due to injury and Batista will not want to risk using them. After the WAFU Cup, our efforts will be geared toward good preparations to at least revenge all the past defeat from Argentina.”

Siasia does not see anything wrong in testing new players in a friendly match insisting that any team from Argentina has the potent instinct to surprise and shock any team in the world adding that the Super Eagles team list will also have some local and foreign-based stars.

We also scoop that among the new players the coach is banking on are Chibuzor Okonkwo and Ekigo Ehiosun.

Siasia, we gathered, will send his team list for the historic match to the Nigeria Football Federation (NFF) on Monday and will be followed immediately by letters of invitation to the players.

In a similar development, the Argentine Football Association has also denied the purported list of players allegedly being circulated by some people.

The so called list excluded Lionel Messi, Carlos Tevez, Di Maria, Gonzalo Higuain and Diego Milito but AFA representative, Hernan Tofoni said that his Association is yet to make public the list of players for the match.

Hernan said that AFA accepted invitation to be part of the Guinness the Match based on the respect they have for Nigeria and the match is important to their build-up for the COPA America Cup.

Hernan said the argentine team is looking forward to a great football experience with Nigeria. Stating that they have beaten Nigeria at three times in the past and they intend to uphold that record. He noted that Nigeria, being a great football nation, this can only be achieved with their important players.

On his part, Jay Jay Okocha's former coach in Bolton,Sam Alladyce said Guinness the match is going to be a tough one, warning that Nigeria should watch out for several talented Argentine players who will play  the friendly match. It is a game that is most anticipated by most people across the globe and Nigeria can not afford to lose it.

Alladyce mentioned the likes of Zabaleta, Otomendi,Maeto Musacchio and so on, as some of the players to watch out for outside the usual names.

Meanwhile, gistmaster.com gathered that the list of players for the Nigeria- Argentina Friendly match is expected to be made public 10 days before the historic match

-Gistmaster.com

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Lekki International airport to take off soon in Lagos

 

Monday, May 9, 2011

Thursday, May 5, 2011

JIMOH IBRAHIM BUYS NEWSWATCH

Nigeria billionaire, Mr. Jimoh Ibrahim has bought Newswatch magazine company. The oil magnate who is well connected within and outside the ruling Peoples Democratic Party recently held a meeting with members of staff of the company and he told them that he wont tamper with their editorial contents, rather his dream is to ensure that money is pumped into the company so that the publication can run smoothly.Gistmaster gathered that under the new arrangement, Mr. Ibrahim will among other things pay off the 7 months salaries being owed staff.
 Newswatch was founded in the 80s by late Dele Giwa, Ray Ekpu and others. The magazine used to parade notable Nigerians such as Chief Tony Momoh, Otunba Mike Adenuga and Chief Alex Akinyele as directors.Newswatch was used as a platform to fight the tyranny and oppressive government of the  military at that time. 
  Newswatch magazine Editor in Chief in 1986, Mr. Dele Giwa was killed in a letter bomb attack, which many considered to date as one of the most brutal  murder against any journalist in Africa
 It would be recalled that the Jimoh Ibrahim also bought National Mirror Newspaper  from the erstwhile owner, Mr. Emeka Obasi. The former Virgin Nigeria airline was also acquired by Jimoh Ibrahim,a lawyer.It is now called Nigeria Eagle.
-by Gistmaster

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Thursday, April 28, 2011

CUSTOMERS LAMENT LONG QUEUES IN BANKS AND POOR SERVER DELIVERY IN ATM SERVICES

By gistmaster.com

Nigerians using bank services have been lamenting the state of technology infrastructure used by most of the banks. Findings by Gistmaster.com show it was easier for a camel to pass through a niddle hole than for them to access payment using ATM machines.

Worse still, most of those abroad trying to send payments home via internet services were caught in the web of ‘the server is down’ notice. A UK resident who spoke to gistmaster.com said it was frustrating to get payment done through the Gtbank website. As expected, there was huge turn out at branches of most financial institutions on Wednesday after the holiday.

Most branches of GTBANK witnessed long queues. Most customers believe that GTBank has one of the largest customer base but they should  spend more money on building their IT infrastructure to be effective. The queues persisted on Thursday 28 April 2011 with most of ATM machines witnessing interrupted server service and the long queues inside the banks unbearable.

GTBANK, Founded by Fola Adeola and his Tayo Aderinokun is regarded as one of the best banks in Nigeria. It has a commendable customer base. After the short crises in the banking sector involving the arrest of some bank CEOs, most people left the affected banks to open account with GTbank and others. Those who spoke to gistmaster.com think if Nigeria must move forward in transactions,banks should invest well on IT.

 

Thursday, April 21, 2011

STELLA ATIBA OPENS UP TO GISTMASTER ON HER VISION FOR STABLE ELECTRICITY AND CLEAN ENVIROMENT IN NIGERIA

[caption id="attachment_4724" align="alignleft" width="500" caption="Stella Atiba"][/caption]

By Niyi Tabiti

Stella Atiba is a reporter's delight. Beautiful and sophisticated, Stella Atiba is one woman who have seen it all. Aside her outward alluring beauty, Stella is also well  endowed inside. When she talks about her dream for Nigeria, you wonder why people in the political system of Nigeria have not been tapping into the enormous potential of this Nigeria woman.Stella is the President/ CEO of African Recycling & Enviromental Preservation Ltd (AREP)

Yes, she lives well and fly in the comfort of her private jet but Stella has a clear vision- to make life better for her fatherland. She told gistmaster.com recently in Lagos that she is very passionate about her 'waste to energy project'.

She noted that Nigeria cannot make good economic progress without solving the issue of electricity. A lot of people have made different suggestions but Mrs Atiba, who is married to a medical Doctor in the US, looked at it from the health perspective. In my company, we can help Nigeria carry out the task of solving the problem of electricity and make the environment 100 per cent clean too.

"Nigeria has an oversupply of waste, we can recycle this waste to generate electricity. People can have electricity and their environment is also clean at the same time" Atiba said

A mother of three, Atiba told gistmaster that AREP is in Nigeria to contribute heavily to the growth of the country.

STELLA  ATIBA-HOW IT ALL STARTED


In the aftermath of many catastrophic natural disasters, I’ve had the opportunity to serve as a volunteer caregiver with the American Red Cross. I saw firsthand the complete disintegration of a working society’s refuge and tools of industry into rubble! A mind numbing sea of debris, as far as the eyes can see! In the heady days that followed, I witnessed souls from every corner of the Earth join hands in a bold bid to reclaim the future.

It was in this tumultuous chaos of stench, smoke, death, darkness, and failed infrastructure, that my thoughts returned to the land of my birth. The desire to contribute and join the vanguard of those who would “turn on the light” and let the ingenuity of our People rise to its destined position in the comity of Nations was stirred up.

With my diverse background as a Registered Nurse (Nigeria, USA, Canada), Registered Midwife (Nigeria), Bachelor’s Degree in Political Science and Public Administration (USA), and a Doctor of Jurisprudence degree (law degree, USA), I had many options. I returned to my home in California and made plans to visit Nigeria to ascertain what I could do to contribute. The journey through Europe was not much different from the United States except in relative scale. The basic systems functioned, and the standard of living was comparable. I continued homebound as all the nostalgic feelings of seeing family and friends swelled. Alighting from the plane, I was comforted by the soothing heat, familiar languages, and color of my people.

As I approached the customs area, the odor of an unsanitary restroom facility hit my senses. Nonplussed, I completed my immigration requirements and was soon enveloped into the waiting arms of my relatives. The drive from the airport to Surulere in Lagos and Maitama in Abuja imprinted on my mind a vision, an idea, of how I could contribute. Some glaring environmental concerns like the collage of polluting smells, heavy smoke in the air, stagnant waters from clogged drainage close to dwellings, and mountains of garbage were persistent on the drive home.

After a couple weeks of visiting with relatives in others states, I adapted to the nuisance of generator noise, home security measures, and pervasive darkness in the streets, except for traders plying their wares by kerosene lantern or candlelight.

My visit soon ended without any firm idea of how to contribute. However, as a health care professional, the environmental condition and its public health implication remained on my mind, and the problem was nation wide. Upon my return to California, I discussed my visit and experiences at length with my husband who is also a medical professional, and reaffirmed my desire to contribute, especially in the area of environmental care.

He shared with me, the news account of a Chinese businesswoman, who helped her country by recycling waste. Needless to say, in the succeeding weeks that followed my vision of how to contribute zeroed in on cleaning up our neighborhoods but taking it a step further to sort the waste for recyclables, and convert the rest into electricity. To gain better insight into this global environmental problem and learn about the cutting edge solutions available, I attended research conferences on waste management and renewable energy, and visited municipalities who already employ the technology.

The information was eye opening! My initial concern for the capital investment required for the project was eased by a developing and strategic methodology whereby the plant can be scaled up or down, to meet the electricity needs of a pre-determined area and its refuge ancillaries such as businesses, subdivisions, hospitals, restaurants, schools, and the like. Carbon footprint research shows smaller localized plants are more efficient, easier to finance, operate, transmit, and manage. AREP was born!

Goals

  • To encourage the sustainable recovery of materials and energy from waste

  • To minimize the environmental impact and flow of waste to disposal facilities

  • To provide a feasible and cost effective alternative to waste handling process

  • To control pollution from landfill methane gas, carbon dioxide and nitrous oxide

  • To conserve natural resources by reducing fossil fuel consumption and landfills

  • To protect and preserve a clean environment by controlling solid waste disposal

  • To promote public health and improve living standards


 

Advantages

  • Reliable and sustainable source of, clean alternative energy.

  • A safe and effective solution to the current challenges in waste management.

  • Less reliance on long distance transportation of trash across town to landfills.

  • Prevent the loss of electricity that occurs in transmission lines during long distance transmission.

  • Preserve valuable land and resource with minimal impact on the environment.


Services


 

AREP provides electricity to communities by converting their waste to electrical energy through an environmentally sound process. We also maintain an efficient and effective waste recovery program that promotes a healthy economy and environment. AREP converts non-recyclable waste into a reliable source of clean and affordable energy providing on-site renewable electricity.

 

We provide a sustainable, affordable, efficient, clean and reliable alternative energy by processing, recycling, and converting waste into electricity at the source. We assist the communities in establishing their independent source of power by utilizing their own waste to generate electricity.

 

STRATEGY

 

We embrace the principle of decentralization, sometimes referred to as the “proximity principle” whereby waste is converted to energy and used close to its source. This stand alone, on-site renewable energy system cuts the costs and environmental effects of waste hauling, eliminates capital and operating costs of transfer stations, and reduces the emission of greenhouse gas (GHG). It also eliminates power distribution cost and line loss of electricity during long distance transmission.

 

In designing our pilot scheme, AREP, in conjunction with our technical partners, have added a purpose driven goal to the equation. We are proposing a results oriented, clean, and cost-effective solution to Communities, Corporations, and Governments, while demonstrating the efficacy of our scheme in rehabilitating and preserving the environment.

 

ECONOMIC JUSTIFICATION

 

Power supply is the key to all economic activity. Modern society runs on energy. To have a power supply be steadily and readily available on-site at reasonable costs appeals to every smart enterprise - as it demonstrates independence and innovative solutions at work. The chronic shortage of available generating capacity in Nigeria has negatively affected the industrial and manufacturing sectors as well as individual households. Localizing the production and transmission of power will eliminate the problem of a total blackout of a geographical area during power failure and limit the problem to individual plants.

 

In our current economic, political and more importantly environmental sectors, there’s an urgency to implement a practical and sensible solutions to the energy crisis; AREP has positioned itself to address not just the singular pressing problem of electricity, but also to be able to significantly contribute to the stabilization of all three sectors. Our project is targeted at stimulating economic growth, employment creation, poverty reduction, and improving the overall quality of life.

 

The blessing of our current challenges is in the fact that most contemporary economies are revising their philosophies to more critical scales, and seeking alternatives to the energy crises. Other nations are attacking the problem on different fronts utilizing wind and solar, and not depending solely on conventional sources like oil, gas, and hydroelectric plants because this problem cannot be solved by one approach. There’s a critical need for standalone renewable electricity systems in the big cities and also in remote areas. Integrating renewable electricity sources into the energy framework to meet the nation’s electricity needs will provide more diversity, and improve the reliability of electricity supply.

 

The urgency of the need for a new methodology to firmly address the perennial issue of power supply shortage and waste proliferation cannot be overemphasized! Prior and subsequent national administrations have wrestled with these problems. The difficulty is only unique in the approach selected to resolve this inadequacy. The fountain of what a government can enable in any society is conditioned upon the latency of its infrastructure. The solution to Nigeria’s electricity problem can be achieved if piecemeal or bite size solutions such as proposed by AREP is embraced.

 

WASTE PROFERATION

 

Nigeria, in conjunction with the rest of the world, produces in excess of 2 billion tons of urban wastes a year, not included wastes associated with other forms of Industry. The monumental challenge faced by all nations continues to be how to meet the increasing disposal needs of an increasing industrial activity and population explosion. Our population is growing rapidly, which means the proportion of Nigerians without access to electricity services will increase over time unless we employ a grass root approach to solving the problem.

 

Landfills are bursting at the seams, and decreasing availability of new sites has given birth to research based findings that has successfully made the transition from socio-environmental science laboratories to actual practice, resulting in electricity derived from alternative sources.

 

AREP aims to institute a localized disposal system that promotes Collection, Sorting, Recycling, and Reuse before Conversion into electrical energy in the order listed. The net effect is a zero waste goal, making the need for landfills redundant. In nations where this methodology has been fully embraced, old landfills are being reclaimed to provide land for more housing in urban areas.

 

We aim to partner with utility companies, waste disposal agency, government, health departments, media, and the private sectors, and we appeal for the opportunity to pilot and implement our project, and pave the way for local access to clean and affordable energy. Our project is clean energy derived from waste, with waste serving as the fuel for the plant; its supply is reliable and abundant.

 

Our challenge is to educate the public to alter the pervasive cultural perception of waste handling by our people, toward a common goal of promoting individual and community responsibility for a more health conscious environment.

 



POWER GENERATION

 

In recent times, the often-stated rationale for the flight of industry to neighboring countries is the insecurity posed by our country’s inability to effectively project and meet the burgeoning demand for electric supply.  The Nigeria government has sponsored detailed studies on renewable electricity guide lines and set up rural electrification boards to fund alternative sources of power, to augment the assessed shortfall of existing power supply and distribution.

 

Our hardworking citizens have been forced to cope tirelessly and ingeniously with this problem, often with a coterie of collateral disadvantages inherent in the built-in coping schemes. Air and noise pollution from generators contribute their quota to the environmental disaster looming - - from landfills and diesel fumes, to stagnant contaminated water table. AREP aims to contribute toward eliminating these disadvantages.

 

The creation of stand alone, on-site renewable electricity systems will create localized mutually sustainable jobs in communities our project serves. It will empower the residents, provide more viable alternative to crime, while improving the quality of life, consistent power supply, and a clean/healthy environment.

 



HEALTH & ENVIRONMENTAL BENEFITS

 

From an environmental health perspective, the Health and Environment benefits of AREP’s waste to energy project cannot be overstated. Conventional power generating sources and some renewable energy technology such as wind and solar fail to address waste proliferation and its effect on health and the environment. AREP endeavors to focus on these issues, while providing much needed electricity to the community.

 

The typical image seen in infomercial advertisement used by most western charities in sourcing contributions is that of the distended bellied African child foraging in landfills for food and other articles for barter. The narrator often points to the many hazards inherent in the wastes deposited into these landfills. The runoff from landfills after heavy rains is a genuine cause for worry as numerous species of vectors also thrive in such grounds.

 

Water table contamination is a prevalent occurrence when seepage from landfills breaches their containment. The resulting health issues range from birth defects to loss of life from well water poisoning. Methane gas around landfills constitute a clear and present danger lurking for the right mix that could explode and endanger an area teaming with masses of urban population. Furthermore, the city gutters are clogged with plastic wastes, which stagnate the water, and provides a fertile breathing ground for malaria causing mosquitoes and other diseases.

 

AREP’S proposed scheme seeks to eliminate these blights. In a cost benefit analysis of healthcare, prevention is often preferred than the costs of epidemics outbreaks due to health and environmental mismanagement.

 

TECHNICAL OVERVIEW

 

AREP’s technical partners employ a proprietary system that achieves complete destruction of a wide range of solid, semi-solid, and liquid feedstock, including municipal solid waste, industrial waste, agricultural waste, oil and gas waste, medical waste, sewage and sludge, chemical waste, rubber/tires, bio-hazardous and other hazardous wastes, construction and demolition waste etc, with up to 97% reduction in volume. The system is technically and environmentally superior, cost-effective, and self-sustaining.

 

The proven technology turns trash into energy in two stages that produces low air emission and prevents pollution.  It begins with an automated process to remove recyclable wastes and materials that would release toxic pollutants if burned, such as polyvinyl chloride or PVC (Plastics). The remaining waste is slowly moved through a closed chamber where high heat breaks it down to generate electricity.

 

The technology also provides functionally independent modular components that reduce down time such that maintenance and repair on one does not affect operation of others. The modular design cuts initial and life-cycle capital costs because plants are scalable, and modules can be added or taken off line, and relocated to other areas as needed. The modular design also allows for cost-effective waste processing and renewable energy generation even at small capacities. The process is automated with manual override; which enables digital supervision and control of system. It provides for real-time remote monitoring, and technical support for our local plant operators and management by a team of international experts.  This ongoing support and service factor was critical by design, in our choice of a technical partner.  In our assessment of best service practices to offer, maintenance is of extreme importance to counter a chronic culture of poor equipment maintenance. The continuous technical oversight will be crucial to our success.

-news@gistmaster.com

-reporter- niyi@gistmaster

 

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