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  • Coronation Merchant Bank grows gross earnings by 62% in 2023

    Earnings
    By Rukayat Adeyemi
    L-R: Olukayode Akindele, non-executive director, Ms Olubunmi Fayokun, independent non-executive director, Mr Paul Abiagam, deputy managing director, Mr Banjo Adegbohunbe, managing director, Mr Babatunde Folawiyo, Chairman, Mr Stanley Ubani, Company Secretary, Mr Larry Ettah, non-executive director, all of Coronation Merchant Bank Ltd, at the 9th Annual General Meeting of the Bank in Lagos
    Lagos, June 21, 2022 (NAN) Coronation Merchant Bank Ltd. on Friday said that its gross earnings grew to N61.6 billion for the year ended Dec. 31, 2023.
    The figure represents 62 per cent growth when compared to N37.9 billion recorded in 2022.
    Mr Babatunde Folawiyo, Chairman, Coronation Merchant Bank, said this at the ninth Annual General Meeting (AGM) of the financial institution held in Lagos.
    Folawiyo stated that the bank reported a robust financial performance and recovery for the year under review and showcased significant growth in its key metrics despite a challenging economic environment.
    He highlighted that the bank’s profit before tax also increased by 58.1 per cent to N3.47 billion in year 2023, marking a significant recovery from a loss of N8.28 billion in 2022.
    According to him, the bank’s shareholders’ funds rose by 16.5 per cent to N37.33 billion in the year under review, compared to N31.99 billion posted in 2022 financial year.
    The chairman said the financial institution’s Return on Equity for year 2023 also went up to nine per cent from a loss of 26 per cent recorded in year 2022.
    “Earnings per share of the bank advanced to N51.56, as against a negative of 173k posted in 2022, Capital Adequacy Ratio improved to 12.6 per cent from 10.2 per cent recorded in 2022.
    “Also, the bank’s Loan to Funding Ratio remained steady at 79 per cent, its Non-Performing Loan (NPL) Ratio maintained zero per cent, while its Liquidity ratio stood at 64.4 per cent, in contrast to 55.6 per cent posted in year 2022,” he said.
    According to him,  2023 presented significant challenges due to macroeconomic headwinds that impacted on the bank’s financial performance.
    He, however, said that in spite of the challenges, the institution remained steadfast in its conviction that the invaluable lessons from the past two years would enhance its performance and returns for stakeholders.
    Folawiyo noted that the bank’s initiatives in 2023 yielded positive outcomes, demonstrating its  unwavering resolve and commitment to continuous value creation.
    He added that the confidence of
    its clients was the vital force propelling the enterprise, and it remained fiercely committed to nurturing it.
    The chairman expressed optimistm on the future trajectory of the bank and assures of commitment to delivering value to its customers.
    “In 2023, Coronation Merchant Bank continued to cement its position as a leading financial institution in Nigeria.
    “Our significant milestones achieved in 2023 include 27 per cent increase in investment banking, affirming our leadership in the sector.
    “We have also retained our position as the first and only Nigerian Merchant Bank with an international risk rating,” Folawiyo added.
    Commenting, Mr Banjo Adegbohungbe, Managing Director, Coronation Merchant Bank, said that the bank’s financial performance in 2023 underscored its resilience and strategic vision and the dedication of its  team.
    Adegbohungbe stated that despite formidable headwinds, the financial institution achieved a remarkable recovery from its previous year’s loss.
    He explained that the performance highlighted the bank’s commitment to sustainable growth and value creation for its stakeholders.
    Also, Mr Paul Abiagam, Deputy Managing Director, Coronation Merchant Bank, said that the bank’s recognition from World Finance and sustained top 10 ranking on the FMDQ Treasury league table for the sixth consecutive year.
    Looking ahead, Abiagam hinted that the bank anticipated a period of modest GDP growth, persistent inflationary pressures and improved foreign exchange liquidity, driven by ongoing reforms and increased foreign
    investments.
    “We are ready to chart new paths of progress in 2024 by identifying and pursuing emerging opportunities,
    maintaining exceptional customer service, and leveraging our robust and diversified business model.
    “We are confident in our ability to sustain our trajectory of earnings growth and deliver superior returns to our shareholders.
    “Coronation Merchant Bank’s dedication to excellence continues to set it apart in the African merchant banking subsector,” he said.
    Coronation Merchant Bank was established in 2015 and offers corporate, as well as investment banking, private banking and wealth management, global markets and treasury services to its niche clientele. (NAN)(www.nannews.ng)
    RUKY/AWA
    ===========
    Edited by Olawunmi Ashafa

  • ILO urges media practitioners to combat child labour

     

    ILO urges media practitioners to combat child labour

    Awareness

    By Joan Nwagwu

    Akwanga (Nasarawa State), June 21, 2024 (NAN) The International Labour Organisation has urged  journalists to create awareness to combat the menace of child labour in the country.

    Dr Vanessa Phala, ILO Country Director for Nigeria, Ghana and Sierra Leone, said this at a three-day Communication Training Workshop for Media Practitioners on Friday in Akwanga, Nasarawa State.

    The News Agency of Nigeria (NAN) reports that the workshop is on the elimination of child labour.

    The training was organised by ILO, funded by the U.S. Department of Labour through the Action against Child Labour in Agriculture in West Africa (ACLAWA) project, and the Ministry of Labour and Employment.

    Phala, represented by Dr Agatha Kolawole, Project Coordinator of ILO’s ACLAWA, said child labour had cast a long shadow across Nigerian communities, particularly within the agricultural sector.

    According to her, this is driven by poverty; families often rely on children to contribute to the family’s well-being and survival.

    “Children often have to work under hazardous conditions, sacrificing their education, health and childhood for meager wages.

    “This not only violates their fundamental rights but also hinders their potential and perpetuates cycles of vulnerability, “she said

    She said that the 2021 Global Child Labour report released by ILO and UNICEF, indicated a global increase of child labour prevalence by 8.4 million to reach a staggering 160 million.

    She said globally, the agriculture sector accounts for 70 per cent of child labourers.

    According to her, nearly 28 per cent of children aged five to 11 years and 35 per cent aged 12 to 14 years in child labour are out of school.

    Phala said that the Nigeria Bureau of Statistics (NBS) launched the Nigeria Child labour survey report conducted in 2022 which corroborates the global trend.

    She said the media plays a pivotal role in combating child labour by raising awareness and mobilising public opinion against this pervasive issue.

    “Through investigative journalism, documentaries and news reports, the media sheds light on the often hidden and harsh realities faced by child labourers around the world.

    “By bringing these stories to the forefront, the media educates the public and policymakers about the scale and severity of child labour, thereby creating a sense of urgency and a call to action.

    “This heightened awareness is crucial for fostering a societal consensus that child labour is unacceptable and must be eradicated,“she said.

    She  said  media coverage can pressure governments and corporations to implement and enforce stricter laws and policies to protect children from exploitation

    Phala added that in addition to raising awareness, the media serves as a platform for advocacy and education, empowering communities to take a stand against child labour.

    She  commended the U.S. Department of Labour for funding the ACLAWA project.

    Mrs Tessy Odoh, Head, Child Labour, Forced Labour, Human Trafficking and Modern Slavery Unit, Inspectorate Department, Ministry of Labour and Employment said the training was apt.

    Odoh said that the Federal government had put in place some policies to mitigate the menace of child labour.

    She said that Nigeria had ratified and domesticated the ILO conventions 182, 138, 29, among others.

    Mr Christian Appolos, a journalist with the Nigerian Tribune Newspaper, who spoke to NAN, said the training had boosts his knowledge on the issues of child labour.

    “I see the training as a targeted effort to the campaign for the eradication of Child Labour,”he said.

    Other  journalists who participated in the workshop pledged their continued commitments  to doing reports on child labour.(NAN)(www.nannews.ng)

    JAN/JPE

    =======

    Edited by Joseph Edeh

     

  • Catholic priest urges Oyo govt. to return missionary schools to former owners

    Schools
    By Chidinma Ewunonu-Aluko
    Ibadan, June 21, 2024 (NAN) A Dominican Priest, Rev. Fr. Anthony Akinwale, on Friday urged Oyo State Government to return the schools taken over from the missionaries to their former owners.
    Akinwale stated this during the burial service of the late Rev. Sr. Agnes Hassan in Ibadan.
    He described the taking over of the schools, which included St. Theresa’s School and St. Patrick’s School, by government as a great injustice to their former owners.
    The priest noted that the late Hassan served God and humanity through her dedicated service in the education sector, especially as a principal at St. Theresa’s School, Ibadan.
    He enjoined the state government to use the memory of the deceased to return the missionary schools to the church, which would also help to instill morals in the students and youths, as it used to be.
    According to him, the return of the schools, taken over by the government many decades ago, will effectively widen the reach of missionary service and restore ethics in the education system.
    Akinwale stated that this would also check crimes and benefit everyone, irrespective of their religious affiliations.
    He described the late reverend sister as one who lived a devoted life, in preparation for death, urging all Christian faithful to emulate her life of simplicity, like that of Jesus Christ.
    “Life is a waiting room; we all wait in it until our final call. She lived each day as if it was her last and she became many things to many people.
    “We should all know that it will be our turn one day and, therefore, emulate Christ’s life of simplicity, as His true followers,” Akinwale said.
    In her remarks, Chairman of Nigerians in Diaspora Commission, Hon. Abike Dabiri-Erewa, said that the deceased was a great teacher who was loved by all.
    “She was a peaceful person, principal of principals, fantastic and loving; she trained us at St. Theresa’s School to be the women we are today.
    “Today, we celebrate her in a special way, as you can see. Even if she had children, she might not have been honoured as we can see today,” she said.
    Also, the Chairman of Burial Committee, Mrs Bola Asuni, who was also taught by the late reverend sister, described her as a wonderful teacher who was caring and passionate.
    “She was so peaceful, loving and compassionate. She really lived a life worthy of emulation,” she said.
    Speaking on behalf of the Our Lady of Apostles (OLA) sisters, Rev. Sr. Josephine Enenmo said that the deceased was available to everyone, while her pleasant demeanour endeared her to many.
    Enenmo described her as one who had considerable ability and talent as well as a good sense of humor and responsibility.
    “She lived as a dedicated disciple of Christ. It was always her wish and prayer to slip quietly into eternal sleep,” she said.
    The News Agency of Nigeria (NAN) reports that late Hassan died on May 22 after a brief illness at 87. (NAN) (www.nannews.ng)
    CC/AYO/WAS
    Edited by Ayodeji Alabi and ‘Wale Sadeeq

  • Group faults APC over call for emergency rule in Rivers

    Group faults APC over call for emergency rule in Rivers

    Emergency

    By Femi Ogunshola

    Abuja, June 21, 2024 (NAN) The Concerned Citizens Forum of Nigeria (CCFN), a civil society organisation,  has faulted the call for emergency rule in Rivers by Rivers chapter of All Progressives Congress (APC).

    Mr Promise Ekeanyanwu, the Executive Director of the group, made this known at a news conference in Abuja on Friday.

    The News Agency of Nigeria (NAN) recalls that APC, Rivers chapter, on Wednesday called for state of emergency in the state as the political tension there escalated.

    The caretaker committee chairman of the party, Mr Tony Okocha, told newsmen that “APC Rivers state is calling for a state of emergency in Rivers state so that I and you can have peace in this state’’.

    Ekeanyanwu said that declaring a state of emergency would undermine democratic governance.

    He also said the call for a state of emergency, if heeded to, would exacerbate the existing instability in the state.

    According to him, implementing such a measure would erode the trust of the populace in the democratic process.

    He said it would further disenfranchise the people of the state and potentially exacerbate the existing tensions.

    He urged President Bola Tinubu to order an investigation into to determine if APC was involved in the crisis in Rivers and if found culpable hold it accountable for any wrongdoing.

    The CCFN executive director stressed that the security situation in the state should be a concern that required attention.

    He urged the relevant authorities to adopt proactive measures that would address the root causes of the issue.

    “Declaring a state of emergency is not a viable solution, as it will only lead to further violence, displacement and human rights violations’’, he said. (NAN) (www.nannews.ng)

    ODF/DCO/KUA

    ============

    Edited by Deborah Coker/Uche Anunne

  • Price of garri drops by 22 per cent in Enugu – Survey

    Price of garri drops by 22 per cent in Enugu – Survey

    Garri
    By Alex Enebeli
    Enugu, June 21, 2024 (NAN) The price of garri, a staple food in most Nigerian households, has dropped by about 22 per cent in many markets in Enugu.

    A survey by the News Agency of Nigeria (NAN) correspondent in the city on Friday shows that a paint bucket of the white garri dropped from N3,500 to N2,500.

    Also, the price of a paint bucket of the yellow variety sales for between N3,500 and N3,200 as against N4,000 and N3,700, depending on the brand.

    Some of the dealers attributed the  development to the ongoing cassava harvest in some part of the state.

    A retailer at the New Market, Enugu, Mrs Nkechi Egbo, told NAN that a 100kg bag of white garri, which previously sold for N134,400, now goes for N105,000.

    Egbo said that a 100kg bag of the yellow garri, which sold for N168,000 and N160,000, now sales for N142,000 and N147,000, respectively.

    She further said that a milk cup of yellow garri that sold for N300 and N200 now goes for N250, N200 and N150 per cup.

    Another retailer, who gave her name simply as Mama Ada, also attributed the drop in the price to high harvest in Ugbawka and Nara Communities in Nkanu East Local Government Council Areas.

    She said that the price might further drop in the coming weeks as other communities in Enugu and Ebonyi States continue to harvest their last year cassava, while planting new ones.

    Meanwhile, a farmer, Mr Mathew Nwankwo, said the price of garri skyrocketed “because of the prices of other communities in the market and high cost of cultivating cassava”.

    According to Nwankwo, a farmer who sold garri will need to buy rice, beans and other commodities, which prices have doubled in the market.

    “Aside this, we pay labourers N300 to prepare a ridge as against the previous N150.

    “You will feed them twice a day and if you are farming in another person’s land, you also pay for the land.

    “I live at Ugwuomu Nike and we pay for harvest, transportation, peeling, firewood, water, red oil to colour the garri as well as the people that fry it,” he said.

    Nwankwo said that he bought cassava stems worth N40,000 for his 10 plots of land and that it was not enough.

    “All these expenses contributed to the high cost of the commodity in the market,” he further said.

    A teacher, Mrs Vivian Okoro, described the drop in the price of garri as a welcome development.

    Okoro said that many families in the country were finding it extremely difficult to buy the commodity due to its high price.

    She, however, urged government at all levels to support farmers to make staple foods, such as rice, beans and garri, amongst others, affordable to the ordinary Nigerians. (NAN) (www.nannews.ng)

    AAE/AOM/USO
    Edited by Abdullahi Mohammed/Sam Oditah

  • Malian parties say leaders arrested amid political crackdown

    Malian parties say leaders arrested amid political crackdown

    Parties

    Bamako, June 21, 2024 (Reuters/NAN) An alliance of political parties and civil society groups in junta-led Mali said several of their leaders were arrested on Thursday during a private meeting at a house of a former minister, demanding in a statement their prompt release.
    The West African country, which has been under military rule since a coup in 2020, in April issued a decree that restricted political life in the name of maintaining public order.
    The group did not say how many people were detained, but Boubacar Toure, a representative for one of the parties, told Reuters on Friday that 11 people had been arrested at the private meeting, for the most part political leaders.
    “The parties … condemn with the utmost rigor these arbitrary arrests, which violate the constitution and all the laws of Mali,” the group’s statement said.
    It accused the authorities of pursuing “a path to dictatorship … with the sole aim of staying in power and silencing all democratic and republican voices.”
    The authorities did not immediately respond to a request for comment.
    Mali’s junta has suspended all activities by political parties and “associations of a political nature” after the group of political parties and civil society organisations jointly called out the authorities on March 31 for not scheduling elections within the promised time frame.
    In response to the junta’s order, the group turned to the Malian Supreme Court but it is unclear when the top court will consider the appeal. (Reuters/NAN) (www.nannews.ng)
    YEE
    ===
    (Edited by Emmanuel Yashim)

  • Campaigns: INEC charges political parties on regulatory compliance

     

    Campaigns
    By Emmanuel Oloniruha
    Abuja, June 21, 2024 (NAN) The Independent National Electoral Commission (INEC), has urged political parties to adhere to the law in their campaigns for the governorship elections in Edo and Ondo States.

    This is contained in a statement issued by Sam Olumekun, INEC’s National Commissioner and Chairman, Information and Voter Education Committee in Abuja on Friday.

    Olumekun said that the advice became imperative following publication of the final list of candidates for the governorship elections and as campaigns had begun.

    “Over the years, a recurring problem in Nigeria’s electioneering process has been the use of power of incumbency to deny opposition parties and candidates’ access to public facilities for rallies and other campaign activities.

    “These include public buildings such as stadiums, open spaces in public places, total denial or restricted access to state-owned media (specifically radio and television stations);

    “The imposition of excessive levies and fees for outdoor and media advertising, and even the removal or vandalism of billboards and posters.

    “These actions often result in violent clashes among party supporters and a breach of public peace.

    “For the avoidance of doubt, the Commission wishes to reiterate that Section 95 (2) of the Electoral Act 2022 prohibits the use of State apparatus to ‘the advantage or disadvantage of any political party or candidate at any election,” Olumekun said.

    He also advised the media to comply with the provisions of the law during the campaigns.

    According to him, under Section 95 (3), (4) and (5), it is obligatory for public media houses to allot equal coverage and visibility to all parties and candidates.

    “Section 95 (6) provides sanctions against heads of public media organisations, their principal officers, and other officials for contravention,” he said.

    He said that the publication containing the commission’s guidelines for the conduct of political rallies, processions and campaigns had been uploaded to the Commission’s website (www.inecnigeria.org).

    According to him, the same document has also been uploaded to INEC social media platforms.

    “Consequently, the attention of all concerned is drawn to the provisions of the law and the guidelines for strict compliance,” he said. (NAN) (www.nannews.ng)
    OBE/AOM/EEE
    ============

    Edited by Abdullahi Mohammed/Ese E. Eniola Williams

     

     

  • Abrogate trial within trial to expedite justice – Kwara DPP

    Justice

    By Bushrah Yusuf-Badmus

    Ilorin, June 21, 2024 (NAN) Kwara Director of Public Prosecution, Idowu Akande, has called for the amendment of the Provision of the Evidence Act by abrogating trial within trial to ensure quick dispensation of justice.

    Akande made the call in Ilorin on Friday at the sidelines of a two-day Performance Appraisal Workshop on the Legal Framework on Parole and the Administration of Criminal Justice in Nigeria.

    He said the federal and state governments needed to unanimously amend the act, which made it mandatory for the court to first determine if a statement was made voluntarily or not.

    “We need to replace the section that says confessional statements shall not be admissible unless it’s voluntary, with, ‘Confessional statements may be admitted by the judge pending the time of the confirmation of its voluntariness’.

    “If the judge confirms that it was not voluntarily made, the judge will expunge it.

    “’With this, we will not have to hold a trial within trial which takes too much time,” he said.

    According to Akande, the fastest trial within a trial takes at least six months, which is a great impediment to a quick dispensation of justice.

    The News Agency of Nigeria (NAN) reports the workshop, which started on Thursday, had representatives from the Ministry of Justice, the Federation of Women Lawyers and the National Human Rights Commission.

    The Nigeria Police Force, Legal Aid Council, Civil Society Organisations, Non-Governmental Organisations and the Nigeria Customs Service also had their representatives in attendance.

    NAN also reports that the workshop was organised by Cleen Foundation with the support of MacArthur Foundation. (NAN) (www.nannews.ng)

    BAY/MAS

    Edited by Moses Solanke

  • Court remands man, 36, over alleged membership of secret cult

    Court remands man, 36, over alleged membership of secret cult

    Cultism
    By Funmilayo Okunade
    Ado-Ekiti, June 21, 2024 (NAN) An Ado-Ekiti Chief Magistrates’ Court, on Friday, ordered the remand of a 36-year-old man, Abbey Olorunfemi, who is facing a charge of being a member of a secret cult.
    The Chief Magistrate, Mr Saka Afunso, who did not take the plea of the defendant, ordered his remand in the Correctional centre pending legal advice from the Director of Public Prosecution.
    Afunso subsequently adjourned the case till July 15 for mention.
    Earlier, the Prosecutor, Insp Olasunkanmi Bamikole, had told the court that the defendant allegedly committed the offence on May 29 at 10:00 a.m., in Iworoko-Ekiti.
    He said that the defendant was found to be a member of Aiye confraternity.
    Bamikole said that the offence contravened Section 41 of the Criminal Law of Ekiti State 2021.
    The prosecutor urged the court to remand the defendant in the correctional centre, pending legal advice from the office of the Director of Public Prosecution (DPP). (NAN) (www.nannews.ng)
    FOA/AOS
    ==========
    Edited by Bayo Sekoni

  • Garrison Commander tasks personnel on commitment to training

    Garrison Commander tasks personnel on commitment to training

    Training

    By Sumaila Ogbaje

    Abuja, June 21, 2024 (NAN) The Commander, Army Headquarters Garrison, Maj.-Gen. Koko Isoni, has charged troops of the Nigerian Army to recommit themselves to more trainings to meet the challenge of safeguarding the nation.

    Isoni, who was represented by the Chief of Staff, Brig.-Gen. Suleiman Tilawan, said this at the close of the Warrant and Senior Non-Commissioned Officers’ Competition on Friday in Abuja.

    He said the essence of training was to build their mentality, character, and culture, adding that the duty of every soldier was to train himself every day aiming to keep fit and sharpen his combat skills.

    “One day situation will come whereby you will need to draw from that capacity you must have built over the years.

    “Every army that does not train will not win battle. There is no secret about it.

    “To defeat the insecurity currently bedeviling our country and the world at large, consistent training of our personnel to secure the lives and property of low abiding citizens cannot be overemphasised,” he said.

    Isoni said the competition was organised for the personnel of Army Headquarters departments and units within Abuja.

    He said the competition featured weapons
    handling, physical fitness, drill and tug of war.

    “It is in line with the Chief of Army Staff. Lt. Taoreed Lagbaja’s commitment of transforming the Nigeria army into a well trained, equipped, highly motivational force towards achieving their constitutional responsibility within a joint environment.

    “From the level of enthusiasm and commitment displayed by the participants for the last four days, it is believed that the aim of this competition has been achieved.

    “This competition was intentionally conceived considering the importance of battle readiness in the successes of armies all over the world.

    “It is therefore my charge to all the participants, to take lessons learned back to our respective units and be worthy ambassadors of this competition,” he added.

    The News Agency of Nigeria (NAN) reports that the high point of the competition was the presentation of prizes to the winners in different categories. (NAN)(www.nannews.ng)

    OYS/KOO/AMM
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    Edited by Kevin Okunzuwa and Abiemwense Moru