FG commences payment of ASUU’s withheld salaries

The Federal Government has commenced the payment of the withheld salaries of academics under the aegis of the Academic Staff Union of Universities.  Multiple sources in the academic sector confirmed the development to our correspondent in Abuja on Monday. The chairperson, ASUU at the Federal University of Technology, Minna, Prof. Gbolahan Bolarin, who confirmed the development on the record, said, “Yes, it is true. Payment has started rolling in.” President Bola Tinubu Tinubu had in October 2023 approved the release of four of the eight months’ ASUU withheld salaries of the workers. The salaries were withheld when the administration of former President Muhammadu Buhari invoked a ‘No Work, No Pay policy’ against some university-based unions that embarked on a strike that lasted eight months in 2022. The Minister of Education, Tahir Mamman, recently said the government has increased the university workers’ salaries by 35 per cent. The minister also said the government has granted autonomy to the universities by removing them from the Integrated Payment and Payroll Information System . He added that the universities no longer need a waiver to recruit and fill their vacancies. These resolutions were reached through informal consultations with the unions based in the tertiary institutions, Mamman said.

FG Meets Dangote, BUA Over Rising Cement Prices

The Federal Government is set to convene a meeting with key cement manufacturers, including Dangote, BUA, and Lafarge, to address the surging cost of cement.  Minister of Works, David Umahi, expressed concern over the significant price increase, which has jumped from N4,000 to a range of N8,000 to N10,000 per bag in recent weeks.  Umahi emphasized the need to investigate the substantial gap between ex-factory and market prices and explore solutions to address the challenges faced by cement manufacturers. Orji Uchenna Orji, media aide to the minister, said: “Worried by the escalating cost of cement despite huge patronage by road and housing contractors to cement manufacturers, the Honourable Minister of Works, His Excellency Sen Engr Nweze David Umahi CON, has summoned an urgent meeting of all cement manufacturers in Nigeria”. Orji quoted his principal as saying that the disparity between ex-factory price and market price is huge. “It is common knowledge that the manufacturers have their challenges, which we shall look into, but from our findings, the disparity between ex-factory price and the market price is wide,” Umahi was quoted as saying. “We therefore need to look into the situation and other issues with a view to finding a common front.”

Customs Auctions 462 Seized Vehicles For N556m

The Nigeria Customs Service (NCS) has announced a successful outcome from its ongoing e-auction, raking in a substantial N556.74 million from the sale of 462 impounded vehicles. Dismissing rumours of impropriety, the NCS refuted claims by the National Association of Government Approved Freight Forwarders (NAGAFF) 100 Compliance team, which had accused the e-auction committee of engaging in a monumental fraud. According to Alhaji Tanko Ibrahim, the National Coordinator of the Compliance Team, the committee allegedly allotted over 300 impounded vehicles to a single individual at the remarkably low rate of N10,000 per vehicle. However, the NCS National Public Relations Officer, CSC Abdullahi Maiwada, countered these accusations in a statement, revealing that 13,605 applicants registered on the e-auction portal during five successful bidding windows.  Out of the 476 impounded vehicles uploaded, 462 found new owners, resulting in a revenue of N556,738,736 for the government. Maiwada strongly denied any fraudulent activities or underhand dealings within the e-auction process, emphasizing the NCS’s commitment to accountability and transparency.  He expressed concern over the serious allegations, asserting that the NCS operates within the confines of the law, adhering strictly to established guidelines for disposing of seized/overtime goods. In response to claims of allotting vehicles to a single individual, Maiwada stated, “This is entirely false, misguided, and spurious.” He also refuted the suggestion of a token sum of N10,000 collected as duties, emphasizing that such claims were misleading and a misrepresentation of facts. The NCS reaffirmed its dedication to maintaining a high level of integrity in the ongoing e-auction process, designed to provide a fair playing field for all Nigerians.

Grant Thornton Nigeria Welcomes Tayo Adedokun to Fuel Optimism in Economic Growth

Grant Thornton Nigeria, a key player in assurance, tax, and advisory services, is gearing up for robust economic growth, driven by optimism in the mid-market.  The firm is delighted to announce Mr. Tayo Adedokun as the new partner in the Advisory service line, reinforcing its commitment to providing high-quality transactional advisory services. The evolving economic landscape calls for responsible economic policies to attract domestic and foreign investments. Dr. Ngozi Ogwo, Managing Partner and CEO, emphasizes the firm’s dedication to nurturing a resilient business environment in Nigeria and across Africa. Dr. Ogwo highlighted the pivotal role Transactional Advisory Services play in upholding business transaction integrity. These services, encompassing financial evaluations, risk assessments, and compliance reviews, instill trust and confidence in the market. Having joined the firm in 2009, Tayo Adedokun’s transition to the Advisory service line in 2016 marked a turning point. His exceptional performance in valuation, due diligence, and corporate governance review engagements has significantly contributed to the firm’s success. Mr. Orji Okpechi, Head of Advisory Services, underscored the importance of TAS in economic development, citing its involvement in mergers, acquisitions, capital raising, restructuring, and strategic financial planning. These services, he noted, facilitate and support complex business transactions crucial for economic growth. Against the backdrop of regional and global economic policies, the role of TAS has become increasingly vital.  TAS stimulated investment and entrepreneurial initiatives, fostering confidence in investors and businesses. This, in turn, has led to increased investment inflow, business expansion, job creation, and overall economic prosperity. Grant Thornton Nigeria, part of the Grant Thornton International Ltd global network, operates with over 200 staff and 10 partners across three locations and four office. The firm’s commitment to seamlessly integrate into diverse business environments underscored its role in fostering economic resilience and growth.

Carbon Acquires Vella Finance to Boost SME Banking

Carbon, a Nigerian digital bank, has successfully acquired Vella Finance, a fintech startup specializing in services for Small and Medium Enterprises (SMEs). Vella Finance is set to transform into Carbon’s dedicated business banking product, aptly named Carbon Business. The move is driven by Carbon’s intention to harness Vella Finance’s AI-powered SME banking features, aiming to derive actionable insights for enhanced financial services. This acquisition, executed through Carbon’s parent company, One Credit Limited, includes the integration of founders and teams from Vella Finance into the Carbon ecosystem.  Tolu Adedayo, Co-founder and COO of Vella Finance, emphasized a seamless transition for the company’s 8,000 SME customers, who will now be served under the Carbon Business brand. Individual customers of Vella Finance are not left behind, as they have the option to upgrade to business accounts, ensuring a smooth transition for all users. Importantly, Carbon reassured that the acquisition will not compromise Vella Finance’s commitment to its customers; instead, it is expected to broaden their reach and enhance product development. Carbon’s strategic vision includes leveraging Vella Finance’s AI-powered transaction analysis specifically tailored for business customers.  This move comes as a culmination of a strong existing relationship between Carbon and Vella Finance, which has been bolstered by previous investment ties. Carbon viewed this acquisition as a key step in navigating and contributing to the evolving landscape of Nigerian startups this year.

How Buhari’s signature forged to withdraw $6.2 billion from CBN – Boss Mustapha

Former Secretary to the Government of the Federation (SGF), Boss Mustapha has revealed how former Nigerian president, Muhammadu Buhari’s signature was forged. Mustapha said Buhari’s signature was forged to withdraw $6,230,000 from the Central Bank of Nigeria (CBN) before the 2023 elections. He made the revelation while testifying during the trial of former CBN governor Godwin Emefiele. Mustapha also claimed his signature was forged, stating his lack of knowledge about the funds supposedly withdrawn for foreign election observers. He emphasized that the responsibility for dealing with such matters rested solely with the Independent National Electoral Commission (INEC), not the CBN or the federal government.

Buhari didn’t sign alleged $6.2M foreign election observers payment- Boss Mustapha

The Immediate past Secretary to the Government of the Federation (SGF) Boss Mustapha, Tuesday, said the letter credited to former President Buhari as author and signatory did not emanate from the Presidency while another one purported to have emanated from him and signed by him were forged documents. The ex-SGF revealed this to the federal high court Abuja, clearing former President Muhammadu Buhari and himself from the alleged fraudulent payment of $6.2M dollars to foreign election monitoring observers. Mustapha made the clarifications on Tuesday while giving evidence in the trial of former governor of the Central Bank of Nigeria CBN, Godwin Ifeanyi Emefiele at the High Court of the Federal Capital Territory. He said that the one, Jubrin Abubakar who allegedly collected the $6.2M cash on February 8, 2023 under the watch of Emefiele was not a staff of the office of the SGF and was not known to him. Mustapha faulted the purported two letters alleged to have emanated from the Presidency under Buhari and the SGF office adding that the letters did not conform with the standard with which the Presidency and SGF write letters. The Economic and Financial Crimes Commission EFCC had alleged that Emefiele forged the letters to defraud the federal government to the tune of$6, 230, 000 under the guise of making payments to some foreign election monitoring observers. Mustapha insisted that the issue of payment for either local or foreign observers is the sole responsibility of the Independent National Electoral Commission INEC and not any other federal government agency. “Iam not privy to the operations of the Central Bank of Nigeria CBN and cannot write the governor for the attention of the Director, Banking Services. “From mere looking at the purported letters, the headline down the contents are defective. Iam not aware of the contents of the letters because there was no Federal Executive Council approval for such a thing”, he said. “The purported letter from the office of Secretary to the Government of the Federation bears my name as the SGF. To the best of my knowledge, the letter did not emanate from the SGF office. If did not emanate from the SGF office, then, I did not sign it. ” Nigerian government has no business with foreign election observers. That I know as a fact because I managed two election cycles. INEC has sole responsibility for the foreign election monitoring observers. “Looking at the signature on the purported letter that emanated from the Presidency, it is a failed attempt at reproducing President Muhammadu Buhari’s signature. “Uptil the time I left office, I did not know anything about the transactions. All through my service, I did not come across the letter purported to have been written by Mr President. “On the face value, and having served as SGF for 5 years and 7 months as SGF, I can say this letter did not emanate from the Presidency for seven major reasons. “Among others, the seal of the Presidency does not carry reference number. Seal itself is the authority. Federal Executive Council decisions are not transmitted by letters but by extracts after conclusions have been adopted. “Iam the custodian of FEC. The President will not refer FEC conclusions to me. In all the correspondences from the Presidency, President Buhari never ended with “Please, accept the assurances of my highest regards. Trial to be continued March 7th, 11th and 25th.

We’ll Announce Ogunbanjo’s Successor Soon – Beta Glass

Beta Glass, a subsidiary of Frigoglass Group, is set to disclose its board’s succession plan in the wake of the passing of Abimbola Ogunbanjo, its chairman. Ogunbanjo, former group chairman of the Nigerian Exchange Group Plc (NGX Group), tragically lost his life in a helicopter crash in the United States last Friday. The crash also claimed the lives of Herbert Wigwe, former group chief executive officer (GCEO) of Access Holdings Plc, along with his wife and son. In a corporate filing on Monday, Beta Glass affirmed that its board of directors would offer continued support during this transition period. “In due time Beta Glass and the Frigoglass Group will communicate the board’s succession plan. In the interim, the Company will continue to receive support from its Board of Directors,” the company stated. Gagik Apkarian, chairman of Frigoglass Group board and managing director of Tetrad Capital Partners, expressed deep sorrow over the loss, highlighting Ogunbanjo’s dedication during her eight-year tenure as Beta Glass chairman. “We extend our deepest condolences to Abi’s family, friends, and loved ones. Our thoughts and prayers are with them,” Apkarian added. Darren Bennett-Voci, Beta Glass’ CEO, emphasized Ogunbanjo’s lasting impact on the company, pledging to uphold his legacy by maintaining the values and vision he instilled. In addition to his role at Beta Glass, Ogunbanjo was actively involved in various professional organizations, including the Nigerian Chamber of Shipping and the Institute of Directors (IoD). Meanwhile, Access Holdings announced Bolaji Agbede as the successor to Wigwe as its GCEO on February 12, 2024.

FIRS Speaks On Going After  Skit Makers And Influencers Over Tax Payment

The Federal Inland Revenue Service (FIRS) has said it has no plans to tax skitmakers, influencers and other digital content creators. The Special Adviser on Media to the chairman of the FIRS, Dare Adekambi, was quoted as saying that social media content creators and influencers constituted a major block of tax evaders. He said content creators and influencers constitute a significant block of tax evaders, adding that a law in Nigeria requires everybody who earns income to pay tax. Adekambi stressed that the FIRS would meet with content creators and influencers and make them see why they should voluntarily pay tax. But an official of the agency who spoke to some journalists anonymously on Monday, said skit makers are individuals who do not fall within the purview of the FIRS. The FIRS official stated that the agency does not tax Personal Income Tax but only collects Company Income Tax. He said: “FIRS does not tax Personal Income Tax; State governments do. “FIRS collects Company Income Tax. Only those who are corporate names and earn profit of N25 million and more are required to pay tax.”

Access Bank CEO Herbert Wigwe Dies

Access Bank CEO, Herbert Wigwe, along with his wife Chizoba and two children, have lost their lives in a helicopter crash in California.  The incident occurred as the helicopter, en route to Las Vegas, crashed near the Nevada-California border on Friday night. The crash claimed the lives of all six individuals on board, including Bimbo Ogunbanjo, son of businessman Chris Ogunbanjo.  The purpose of the trip was for Wigwe to attend Super Bowl 58, scheduled for February 11, 2024, in Las Vegas.  The absence of Wigwe and Lagos State Governor, Babajide Sanwo-Olu, was noted at the Access Bank Lagos Marathon on Saturday.  The crash is currently under investigation by the National Transportation Safety Board.