High Street

Skye Business School has been awarded full accreditation status as a full-fledged banking/finance, business and continuous human capital training academy by the Chartered Institute of Bankers of Nigeria (CIBN). The accreditation which is in collaboration with the Central Bank of Nigeria (CBN) is sequel to the conclusion of a rigorous vetting and accreditation process. CIBN is the body that regulates practice of bankers in Nigeria. News of the body’s accreditation was contained in a letter signed by the Registrar/Chief Executive of the Institute, Seye Awojobi and addressed to Skye Bank’s Group Managing Director/CEO, Tokunbo Abiru. The letter also indicated that “the graduates of the Academy prior to the accreditation, will be exempted from nine subjects and examined in’10 subjects in the ACIB Examinations” The letter further read: “an approval has also been granted for all graduates of your Academy prior to Accreditation to benefit from the exemptions as they have ac...

Ganiyu Solomon, the influential politician from Mushin is under serious pressure. His backers want him to return to the Senate. And a campaign to actualise this dream is already on. Campaign materials urging others to support this movement has surfaced. The Senatorial Seat of the area he represents, Lagos West is virtually up for grabs. Incumbent Senator, Adeola Olamilekan Solomon popularly known as Yayi is seriously prosecuting moves to become the next governor of Ogun state via the next general election. This naturally makes it impossible for him to retain his seat. And gospellers of the Ganiyu Solomon should return to the Senate moves believe at this period of serious national agitation to protect the interests of the regions that make up Nigeria, someone of the experience and calibre of GOS as he is popularly known should be in the Senate to watch out for the Southwest. A former council chairman and House of Representatives member, ...

A Federal High Court, Lagos has adjourned hearing in the $406.8 million suit filed by the Federal Government against Shell Western Supply & Trading Limited over crude oil shipment to November 15. The case has Shell Petroleum Development Company of Nigeria Limited and its subsidiary, Shell Western Supply & Trading Limited as defendants. The matter was adjourned following the absence of the trial judge, Mojisola Olatoregun, who was said to be attending a conference in Abuja. Similarly, a sister suit before the same court involving the government and Agip, slated for yesterday, was also adjourned to November 15 for hearing. In the suit, the government is claiming the sum of $406.8 million from the defendants, representing the shortfall of money paid into its account with the Central Bank of Nigeria (CBN). The money was said to be for crude oil lifted between 2013 and 2014.In a supporting affidavit, the government accused the Anglo-Dutch company of not dec...

Indications emerged on Monday that a former head of the Presidential Task Force on Pension Reforms, Abdulrasheed Maina, declared wanted by the Economic and Financial Crimes Commission on corruption charges, was reinstated based on the advice of the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN). This is contained in two separate letters by the Federal Civil Service Commission addressed to Maina and the Head of Service, Mrs. Winifred Oyo-Ita. The letters also indicated that Maina was reinstated into the service with effect from February 21, 2013, being the date he was earlier dismissed from service. The letters also indicated that the FCSC approved Maina to sit for the next promotion examination for the post of Director (Administration), Grade Level 17. Both letters dated September 18, 2017 were with reference number FC.4029.82/VOL.III/179. The two letters were signed by Mustapha L. Sulaiman on behalf of the Chairman...

The Economic and Financial Crimes Commission has launched a fresh manhunt for a former head of the Presidential Task Force on Pension Reforms, Abdulrasheed Maina. Mr. Maina was sacked from the civil service in 2013 and was in 2015 placed on the wanted list of International Police (INTERPOL) by the EFCC. PREMIUM TIMES on Friday reported how Mr. Maina was secretly reinstated to the civil service, with promotion, despite being wanted for alleged corruption. Additional details obtained by this newspaper show that the embattled civil servant was issued a letter of reinstatement dated October 2 by the Office of the Head of Service of the Federation. The Minister of Interior, Abdurahman Dambazau, earlier on Sunday absolved himself of any culpability in Mr. Maina’s reinstatement, saying it was done by the Head of Service. The October 2 letter claimed that Mr. Maina’s case was reviewed and that a decision was taken that he be reinstated. The same letter also ...

In a clear show of resilience and strong market share in the Nigerian banking industry, Zenith bank posted impressive gross earnings of N531bn for the 9 months to 30th September 2017. This represents an increase of 40% year-on-year and 5% year-to-date, and in fact the highest published by any bank in the Nigerian Banking industry in the current reporting period. The bank demonstrated its ability to take the right actions and make the right choices in its Assets and Liability management strategies culminating in an increase of 27% in interest income from N285.7bn as at 30 September, 2016 to N361.8bn as at 30 September 2017. The bank was able to strategically switch assets in favour of high yielding asset classes and was also able to optimally price its assets in a yield environment. Also Non-interest income grew 79% year-on-year to 169.5bn driven by the bank’s ability to take advantage of its strong foreign currency liquidity to generate income. The Profit before tax (PBT) and ...