British Prime Minister, Theresa May Meets Nigerian Business Leaders

The British Prime Minister on tour to some African countries visited Nigeria today.

She was received in Lagos by Governor Ambode and also hosted in Abuja by President Muhammadu Buhari.

She also met with Nigerian business leaders before departing to Kenya.

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ABSU Lecturer who was sacked over rape allegation now contesting for Governorship

News have it that the man in the poster was sacked few months ago from Abia State Univetsity over rape allegations is now House of Assembly position in Abia state.

See snapshot of Twitter tipoff below:

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CBN Hammer Hits MTN, Standard Chartered, Stanbic IBTC, Citibank and Diamond Bank

According to Channels TV reports, The Central Bank of Nigeria has slammed fines totalling over N5 billion on four banks “for breaching Nigeria’s forex regulations” and asked MTN Nigeria Communications Limited to refund $8.134 billion.

All four banks – Standard Chartered, Stanbic IBTC, Citibank and Diamond Bank – were fined with regards to capital repatriation by telecoms giant MTN.

The Central Bank hit Standard Chartered with a N2.4 billion fine (N2,470,604,767.13), slammed a N1.8 billion (N1,885,852,847.45) fine on Stanbic IBTC. Citibank is to pay N1.2 billion fine (N1,265,541,562.31) while Diamond Bank was handed a N0.25 billion fine (N250 million).

The CBN imposed the sanctions on the banks which are under its regulatory purview for “flagrant violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006”.

CBN’s Director of Corporate Communications, Mr Isaac Okorafor, explained in Abuja on Wednesday that the actions became necessary after allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited and subsequent investigations carried out by the regulator in March 2018.

“The CBN has therefore asked the managements of the banks and MTN Nigeria Communications Limited to immediately refund the sum of $8,134,312,397.63, illegally repatriated by the company to the coffers of the Central Bank of Nigeria,” the regulator said in a statement.

According to Mr Okorafor, the investigation took a while so that the CBN can carry out “thorough inquiry and give fair hearing to all parties involved”.

He urged banks and multinational companies in Nigeria to adhere strictly to the provisions of all extant laws and regulations of the country in their foreign exchange transactions, warning that failure to do so would lead to sanctions.

Read the full CBN statement and details of its investigation below:

CBN slams heavy Sanctions on 4 Banks

…Standard Chartered – N2.4 bn

…Stanbic IBTC – N1.8 bn

…Citibank – N1.2 bn

…Diamond Bank – N0.25 bn

…writes MTN to refund $8 billion

ABUJA – The Central Bank of Nigeria (CBN) says it has imposed heavy sanctions totaling N5.87 billion on four banks under its regulatory purview and asked same to refund the sum of $8,134,312,397.63 for what it described as ‘flagrant violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006’.

The four banks that have come under the sledgehammerof the CBN for the violations are Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank.

Announcing the decision in Abuja on Wednesday, August 29, 2018, CBN’s Director, Corporate Communications, Isaac Okorafor, said that the actions of the Bank became necessary following allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited and subsequent investigations carried out by the apex bank in March 2018. The CBN has therefore asked the Managements of the banks and MTN Nigeria Communications Limited to immediately refund the sum of $8,134,312,397.63, illegally repatriated by the company to the coffers of the Central Bank of Nigeria.

Figures obtained from the CBN on Wednesday, August 29, 2018, indicate that the highest fine of N2,470,604,767.13 was slammed on Standard Chartered Bank, while Stanbic IBTC Nigeria was fined the sum of N1,885,852,847.45. For its punishment, Citibank Nigeria was penalized in the sum of N1,265,541,562.31, just as Diamond Bank was directed to pay the sum of N250 million for violating extant rules.

The CBN Spokesman further disclosed that the decision of the Bank followed thorough investigations by it into the allegations of remittances by the four banks of forex with irregular certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited.

He said the investigations revealed that the sum of $3,448,119,321.72 was repatriated by Standard Chartered Bank on the basis of the illegally issued CCIs. Similarly, he said the sums of $2,632,005,623.78, $1,766,263,212.75 and $348,914,501.30 were repatriated by Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank Plc, respectively during the period 2007 and 2015. Accordingly, he said the CBN had directed the affected banks to immediately refund the respective sums to the CBN.

The CBN investigation further revealed that on account of illegal conversion of MTN shareholders’ loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by the company.

While disclosing that the investigations by the CBN took a while in order to carry out thorough inquiry and give fair hearing to all parties involved, Mr. Okorafor advised all banks and multinational companies in Nigeria to adhere strictly to the provisions of all extant laws and regulations of Nigeria in their foreign exchange transactions. He warned that failure by the management of banks and companies to abide by the existing guidelines would be appropriately sanctioned, which sanctions may include denial of access to the Nigerian foreign exchange market.

Details of the Investigations

CBN’s letter to MTN says:

Our investigation also revealed the following, among others:

i. The shareholders of your company invested the sum of $402,590,261.03 in the company from 2001 to 2006;

ii. The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by Standard Chartered Bank (SCB), Citi Bank (CB) and Diamond Bank (DB);

iii. The CCIs issued at the time of the investment by the above banks to your organization in respect of the $402,590,261.03 showed that $59,436,923.44 was invested as shareholders’ loan and $343,153,339.56 as equity;

iv. However, a review of your organisation’s financial statements for the year ended December 31, 2007 revealed that $399,594,146.00 was recorded/invested as shareholders’ loan and $2,996,117.00 as equity investment, in accordance with the shareholder’s agreement but contrary to the CCIs issued by the banks in (iii) above;

v. Following a request by your organization through Standard Chartered Bank for CBN’s approval to convert the shareholder’s loan to preference shares, an approval-in-principle was granted vide our letter dated November 13, 2007; with the grant of final approval made subject to the fulfillment of the following conditions by your organization.

a. Implementation of the decision in item 5B of your board resolution dated November 08, 2007 and submission of documentary evidence to that effect to the Director, Trade and Exchange Department of the Central Bank of Nigeria; and

b. Provision of an undertaking that no remittance for either interest or principal repayment would be made to the shareholders from the date of the loan to the date they were converted to preference shares.

vi. In spite of the non-fulfillment of the conditions in (v) above and consequently, the non-issuance of a final approval by the CBN, your organization converted the shareholders’ loan to preference shares with Standard Charted Bank issuing new CCIs in respect of the illegal conversion;

vii. The action of your banker in aiding your organisation in the illegal conversion of the shareholders’ loan was later described by SCB in a letter to the CBN dated December 10, 2009 as an “unintended omission”; and

viii. On account of the illegal conversion of your shareholders’ loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated on behalf of your company by the aforementioned banks between 2007 and 2015.



CBN’s Letter to Standard Chartered bank says:

Our investigation also revealed the following, among others:

i. The shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006;

ii. The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by your bank, Citi Bank (CB) and Diamond Bank (DB) at the initial stage of the investment.

iii. The CCIs issued at the time of investment by your bank along with the other banks in respect of the $402,590,261.03 showed that $59,436,923.44 was recorded/invested as shareholders’ loan and $343,153,339.56 as equity. This position was, however, contrary to the position in the financial statements of MTN Nigeria Communications Limited for the year ended December 31, 2007, which revealed that $399,594,146.00 was invested as shareholders’ loan and $2,996,117.00 as equity investment, in accordance with the shareholder’s agreement but contrary to the CCIs issued by your bank, Citi Bank (CB) and Diamond Bank (DB). Your action in this regard constituted a rendition of false returns to the Central Bank of Nigeria.

iiii. Your bank subsequently applied to the CBN on behalf of MTN Nigeria Communications Limited for the conversion of the shareholder’s loan to preference shares, for which an approval-in-principle was granted vide our letter dated November 13, 2007 with the grant of final approval made subject to the fulfillment of the following conditions by MTNN:

a. Implementation of the decision in item 5B of MTN Nigeria Communications Limited board resolution dated November 8, 2007 and submission of documentary evidence to that effect to the Director, Trade and Exchange Department of the Central Bank of Nigeria; and

b. Provision of an undertaking that no remittance for either interest or principal repayment would be made to the shareholders from the date of the loan to the date they were converted to preference shares.

v. In spite of the non-fulfillment of the above conditions in (iv) above and consequently, the non-issuance of a final approval by the CBN, your bank issued new CCIs in support of the illegal conversion of the shareholders’ loan to preference shares; an action that was later described by your bank in a letter to the CBN dated December 10, 2009, as an “unintended omission”; and

vi. On account of the illegal conversion of the shareholders loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by your bank and the other banks on behalf of MTN Nigeria Communications Limited between 2007 and 2015.

Other findings from our investigation included the following:

1. Your bank issued three (3) CCIs outside the regulatory 24 hours without the approval of the CBN;

2. In contravention of Memorandum 24 (ii) of the Foreign Exchange Manual, which requires that CCIs should be transferred based on customer’s instructions to a bank of the customer’s choice along with the transaction history of the CCI, you provided confirmation to two other banks, Citibank and Diamond Bank, instead of transferring the CCIs to them as required by the Foreign Exchange Manual.

The two banks on the strength of your confirmation subsequently remitted various sums as dividend for MTN Nigeria Communications Limited at different times; and

3. Your bank failed to issue a letter of indemnity to the CBN against double remittance in respect of ten CCIs transferred by Diamond Bank and Citibank to your bank as required under subsection 5(iii) of Memorandum 24 of the Foreign Exchange Manual.

Upon the conclusion of the investigation, the Committee of Governors of the Central Bank of Nigeria met with the management of your bank and the other banks as well as representatives of MTN Nigeria Communications Limited in Lagos on May 25, 2018. This was to give all the parties fair hearing, towards taking an informed decision on the matter.



CBN’s letter to Stanbic-IBTC says:

Our investigation also revealed the following, among others:

i. The shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006;

ii. The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by Standard Chartered Bank, Diamond Bank and Citibank, out of which eight of the CCIs totaling $377,216,508.30 were transferred to your bank by Standard Chartered Bank. Consequently, your bank repatriated the sum of $929,051,331.83 as proceeds of divestment from the CCIs valued at $42,704,408.61.

iii. On account of the illegal conversion of the shareholders loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by your bank and the other banks on behalf of MTN Nigeria Communications Limited between 2007 and 2015.

Other findings from our investigation included the following:

a).Your bank falsely reported thirty five CCIs valued $313,683,925.84 inappropriately as “other purchases” in your MTR 203 returns for February 2008 instead of “capital importation”;

b) Your bank issued eight CCIs of $58,359,616.67 in respect of foreign exchange sourced locally as shareholders’ loan. This constituted a contravention of the requirement of Section 15 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 and Memorandum 20 (1.3) (iii) of the Foreign Exchange Manual, which stipulate that CCIs should only be issued on capital imported;

c).Your bank issued eight CCIs for capital inflows in form of machinery outside the 24 hours regulatory requirement of receipt of shipping documents in contravention of paragraph 4.1.1 (IV) of the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2012 to 2013;

d)Your bank failed to issue a letter of indemnity to the CBN against double remittance in respect of twenty CCIs transferred by Standard Chartered Bank to your bank as required under subsection 5(iii) of Memorandum 24 of the Foreign Exchange Manual; and

e) Your bank repatriated dividends totaling $905,260.20 in respect of CCIs illegally issued on the strength of locally sourced capital.

Upon the conclusion of the investigation, the Committee of Governors of the Central Bank of Nigeria met with the management of your bank and the other banks as well as representatives of MTN Nigeria Communications Limited in Lagos on May 25, 2018. This was to give all the parties fair hearing, towards taking an informed decision on the matter.



CBN’s letter to CitiBank says:

Our investigation also revealed the following, among others:

i. The shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006;
ii. The investment was carried out through the inflow of foreign currency cash transfer and equipment importation evidenced by the CCIs issued by your bank, Standard Chartered Bank and Diamond Bank;

iii. The CCIs issued by your bank along with the other banks in respect of the $402,590,261.03 showed that $59,436,923.44 was recorded/invested as shareholders’ loan and $343,153,339.56 as equity at the time of the investment. This position was, however, contrary to the position in the financial statements of MTN Nigeria Communications Limited for the year ended December 31, 2007, which showed that $399,594,146.00 was invested as shareholders’ loan and $2,996,117.00 as equity investment, in accordance with the shareholder’s agreement but contrary to the CCIs issued by your bank, Standard Chartered Bank (SCB) and Diamond Bank (DB). Your action in this regard constituted a rendition of false returns to the Central Bank of Nigeria;

iiii. Your bank issued seven (7) CCIs to MTN Nigeria (MTNN) totaling $42,126,803.04 that were subsequently transferred to Standard Chartered Bank Limited at the request of your customer (MTNN) on February 6, 2006, which constituted part of the CCIs that were consequently irregularly re-issued;

v. Four of the CCIs issued by your bank evidencing the inflow of capital imported as cash were issued outside the period of 24 hours allowed by regulation upon the receipt of inflow, in flagrant contravention of Memorandum 22 of the Foreign Exchange Manual;

vi. Your bank failed to comply with extant regulations on the issuance of letter of indemnity to the CBN in addition to forwarding the transaction history of the CCIs to the CBN, as provided in Memorandum 24(5)(ii)(b) of the Foreign Exchange Manual in respect of the CCIs received by your bank from Standard Chartered Bank; and

vii. Your bank purchased $535,000,000 on the basis of photocopies of Form “A” bearing the name of Standard Chartered Bank as the applicant bank and the referenced CCIs in contravention of Memorandum 24 (4) (a) of the Foreign Exchange Manual 2006.

Upon the conclusion of the investigation, the Committee of Governors of the Central Bank of Nigeria met with the management of your bank and the other banks as well as representatives of MTN Nigeria Communications Limited in Lagos on May 25, 2018. This was to give all the parties fair hearing, towards taking an informed decision on the matters.



CBN’s letter to Diamond Bank says:

Our investigation also revealed the following, among others:

I. The shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2011 to 2006;

II. The investment was carried out through the inflow of foreign currency cash transfer and equipment importation, which was evidenced by the CCIs issued by your bank, Citi Bank and Standard Chartered Bank;

III. The CCIs issued illegally by your bank along with the other banks in respect of the $402,590,261.03 showed that $59,436,923.44 was recorded/invested as shareholders’ loan and $343,153,339.56 as equity. This position was, however, contrary to the position in the financial statements of MTN Nigeria Communications Limited for the year ended December 31, 2007, which showed that $399,594,146.00 was invested as shareholders’ loan and $2,996,117.00 as equity investment, in accordance with the shareholder’s agreement but contrary to the CCIs issued by your bank, Citi Bank (CB) and Standard Chartered Bank (SCB). Your action in this regard constituted a rendition of false returns to the Central Bank of Nigeria; and

IIII. On account of the illegal conversion of the shareholders loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by your bank and the other banks on behalf of MTN Nigeria Communications Limited, within a period of six years.

Other findings from our investigation included the following:

a)Your bank issued three CCIs in favour of Dantata Investment for the sum of $5million without converting the foreign exchange received into Naira as required by our regulations. On the basis of these illegally issued CCIs, your bank repatriated the sum of $102,545,336.77 in respect of these CCIs;

b) A further review of the CCIs also showed that no Form “M” was opened as evidence of the utilization of the FX for the importation of goods (as “Not valid for FX”) into the country;

c) Your bank remitted the sum of $348,914,501.38 as dividend to MTN Nigeria Communications Limited offshore corporate shareholders without any documentary evidence of the audited account of the company to justify the basis of the payment of the dividend declared and paid by MTNN. This action was a violation of the provision of Memorandum 24(4)(b) of the Foreign Exchange Manual;

d) Your bank failed to indemnify SCB for losses and/or liabilities that may arise from the use of the CCIs you transferred to SCB in violation of the provisions of the Foreign Exchange Manual 2006;

e) Your bank issued three CCIs outside the regulatory 24 hours without the approval of the CBN contrary to provisions of Memorandum 22 of the Foreign Exchange Manual 2006; and

f) Your bank illegally remitted the sum of $352,222,358.39 on behalf of Standard Chartered Bank and Stanbic IBTC Bank in respect of the various CCIs issued to MTN Nigeria Communications Limited.

Upon the conclusion of the investigation, the Committee of Governors of the Central Bank of Nigeria met with the management of your bank and the other banks as well as representatives of MTN Nigeria Communications Limited in Lagos on May 25, 2018. This was to give all the parties fair hearing, towards taking an informed decision on the matter.

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MD of GTBank Arrested for Assaulting Staff

The Managing Director of GT Bank Liberia, Mr. Ayodeji Bejide, injured an employee Edward Freeman by throwing a calculator at him out of anger.

According to a Liberian news source Daily Observer, the Central Bank of Liberia, Labour Ministry and GTBank has reacted to this report.

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See full report below:

Police spokesman H. Moses Carter’s mobile phone had remained switched off up to press time last night, the Daily Observer reliably gathered that officers of the Liberia National Police (LNP) are holding Ayodeji Bejide, managing director (MD) of Guaranty Trust Bank (GT Bank) Liberia, in custody on the charge of physical assault against an employee of the bank.

Due to the severity of the wounds he inflicted on Edward Freeman, the assaulted employee who was on active duty, police will subsequently forward Bejide to court for prosecution.

On Tuesday, August 28, a video shared on Facebook shows Mr. Freeman bleeding from his lips in Bejide’s office after Bejide reportedly threw a calculator at him, allegedly wounding him on his lips.

After reportedly wounding Mr. Freeman, Bejide was heard in the video telling the employee to calm down, threatening to dismiss him if he made any further comment.

Mr. Freeman then walked out of Bejide’s office at the end of the video. The GT Bank MD, who is a Nigerian, is said to be in the constant habit of insulting employees, a situation which has led to series of resignations at the bank.

When contacted, Mr. Freeman declined to speak on the issue as he is seeking legal redress.  Many persons, who commented on the video posted on social media, expressed outrage at Mr. Freeman’s ordeal.

They said Nigerian employers are often aggressive toward their Liberian counterparts, addressing them in any manner and form.

Former GT Bank Liberia employees (names withheld) who spoke to the Daily Observer via mobile phone, said Bejide is noted for verbal assaults against employees, especially Liberians.

But some employees informed this paper that victim Freeman was assaulted for not submitting a report on time as mandated by Bejide, following a review of the Board of Directors in its August 2018 sitting.

A female employee told the Daily Observer that she resigned because of Bejide’s behavior, especially toward female staffers. She said Bejide looks down on employees and senior staffers as though they are his kids, and addresses them however he feels, in spite of one’s assignment and status.

CBL’s Statement

A statement issued last evening by authorities of the Central Bank of Liberia (CBL), announced that Bejide has been suspended for time indefinite from the bank, with immediate effect and without pay, “pending a thorough investigation by the Board into the allegations.”

In the meantime, CBL has appointed Amazu Nwachukwy, GT Bank’s Chief Operating Officer, as Acting MD until the investigation is concluded.

The release quoted Nathaniel R. Patray, III, Chairman of the Board of Governors and Executive Governor of CBL, that the appointment of Mr.Nwachukwu will remain in force until the conclusion of the investigation; submission to the CBL within 48 hours of the Board’s intended course of action to address “this grave matter.”

The CBL will henceforth, review the GT Bank Board’s recommendations. Thereafter, it will ensure the strictest implementation of the Bank’s mitigated actions.

According to the Central Bank of Liberia, the GT Bank Board has conveyed its deep regrets for the alleged incident, and has further informed the CBL that a senior executive from its parent company, GT Bank Nigeria, will arrive in Liberia on Wednesday, August 29, 2018, to assist in the investigation.

Labor Minister’s position statement

At the same time, the Ministry of Labor (MoL) has also condemned Bejide’s action, terming it as “unacceptable.”

“We are not only deeply concerned by Bejide’s alleged action, but have also contacted the Ministry of Justice through the LNP to thoroughly investigate the matter.

“The police have already taken the suspect into custody, considering the possible criminal nature of this case,” the release said.

MoL further said that in keeping with the relevant procedural laws of Liberia where criminal actions take precedence over civil actions, the ministry will be informed by the outcome of the ongoing criminal investigation in the matter.

Meanwhile, the ministry emphasizes to all employers and employees that the Decent Work Act of Liberia in Section 14.3 (d) reserves its most severe sanctions for persons who breach the fundamental rights of another employee or attacks, batters, threatens, or intimidates his or her co-workers.

The ministry said that they will not hesitate to effect the utmost penalties on persons who flagrantly violate the Decent Work Act, and calls on all employers and employees to behave in keeping with law.

GT Bank’s Reaction

“We have received with total reprehension a report about the assault of one of our members of staff and wish to inform the public that we have immediately commenced a thorough investigation into the matter in accordance with professional standard and international best practices,” the GT Bank said in release late Tuesday evening.

The release, which is written under the signature of Alexandra Zoe, Head, Legal/Company Secretary, said at GT Bank Liberia, “we do not condone any form of assault in the workplace nor do we compromise on our principle that every staff should be able to come to work without fear of violence, abuse or harassment from any member of our staff.”

Indeed, at the core of our value is the premium we put on the welfare of our members of staff and their safety in the workplace.

As a law abiding organization and corporate citizen, GT Bank Liberia maintains a ‘zero tolerance’ attitude towards violence or assault of any kind and we will not hesitate to take action against any staff who is found to be in breach of the bank strict code of conduct, regardless of their position in the organization.

The bank also maintains very active structures to provide all necessary care and assistance to any member of staff who is a victim of assault.

Once again, “we wish to reassure all members of the public that the bank remains committed [to] ensuring a safe and conducive environment for its staff and providing best-in-class services to its customers.”

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Fidelity Bank, BOI, Ford Foundation Unveils Lending Scheme For Aba Leather Manufacturers

PRESS RELEASE: Lender Donates Fully Equipped Secretariat To LEPMAAS

Fidelity Bank Plc, top Nigerian lender in strategic partnership with the Bank of Industry (BoI) has launched the Aba Finished Leather Goods Cluster Financing Programme, as part of continuous efforts to promote Made-in-Nigeria goods capable of meeting global standards for export and local consumption. N400 million in financing provided by BoI will be made available on a quarterly basis to over 300 members of the Leather Products Manufacturers Association of Abia State (LEPMAAS). The funds will be disbursed through the Fidelity Bank while the Ford Foundation would provide technical support to the artisans.

Speaking at the formal launch of the initiative in Aba on Wednesday, the Bank’s Chief Executive Officer, Nnamdi Okonkwo, said the partnership with BoI further underlines the Bank’s staunch commitment to addressing the financing challenges confronting Micro Small Medium Enterprises (MSMEs) in Nigeria. Whilst stating that the financing scheme will further boost import substitution, Okonkwo who was represented by the Bank’s Head, Corporate Bank, Obaro Odeghe, pointed out that the loans will enable them procure requisite materials and equipment for production and expansion.

Under this scheme, Obaro said the Bank will provide short-term loans with maximum obligor limits of N300,000 to N500,000 to qualified members of LEPMAAS. According to him, the partnership with BoI is in furtherance of the financial institution’s commitment towards building the next generation of international entrepreneurs in the art of leather products manufacturing in the cluster. “Our long-running support for the growth and development of MSMEs stems from the utmost recognition of their strategic importance, as critical agents of economic development and transformation in Nigeria.

“Under the scheme, we will also provide tailored capacity building support to members of LEPMAAS”, Okonkwo explained. To enhance the governance activities of the LEPMAAS Executives and support BoI’s planned monitoring of loans under the programme, Fidelity Bank donated an ultra-modern and fully equipped secretariat for LEPMAAS.

Obaro urged beneficiaries of the financing scheme to ensure that loans are repaid to drive sustainability of the financing programme. Speaking in the same vein, Managing Director of BoI, Olukayode Pitan, noted that the programme was designed to provide a tailored bundle of financial and non-financial services including capacity building to qualified members of LEPMAAS.

Pitan explained that finished leather products to which LEPMAAS is a major contributor, accounts for over 80 percent of the textile apparel and footwear component of the manufacturing sector. According to him, informal computations put yearly revenue from the cluster at over N10 billion despite the competing volumes of similar goods being imported.

“By providing low interest, non-collaterised loans, the Bank has provided flexibility for qualified members of LEPMAAS recommended by their line and zonal chairmen to access up to N300,000 towards the procurement of materials to expand and improve their production activities.

“The programme is being implemented alongside Ford Foundation and Fidelity Bank Plc. The Foundation will be providing a grant that specifically focuses on strengthening the capacities of the leaders and beneficiaries even as monitoring structures to ensure loan repayments are instituted. Fidelity Bank will provide account management services to the loan beneficiaries.”

Ford Foundation Regional Director, Innocent Chukwuma, said the partnership with BoI was part of efforts to fulfil its commitment to leather manufacturers to encourage local production and increase campaign for adoption of made-in-Aba. To this end, Chukwuma said the Foundation would be staking a grant of $150,000 in the programme to drive social impact and enhance productivity.

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Anambra School Girls Win Gold in World Technovation Challenge in US

By: James Eze

Five Anambra girls from Regina Pacies Secondary School Onitsha who represented Nigeria and Africa  at the World Technovation Challenge in the Silicon Valley in San Francisco, US last night have won the Gold Medal in the contest.

The team, led by Uchenna Onwuamaegbu Ugwu defeated representatives of other technological giants including the USA, Spain, Turkey, Uzbekistan and China to clinch the gold medal.

The Anambra girls who have now become Africa's Golden Girls is made up of five brilliant girls including

1 Promise Nnalue
2 Jessica Osita
3 Nwabuaku Ossai
4 Adaeze Onuigbo
5 Vivian Okoye

The world champions who are reported to be attracting a lot of attention in the world's greatest technological hub won the Challenge with a mobile application called the FD-Detector which they developed to help tackle the Challenge of fake pharmaceutical products in Nigeria.

Under the tutelage of Uchenna Onwuamaegbu-Ugwu the CEO of Edufun Technik STEM, the Golden Girls spent five months researching and developing FD-Detector which swept through over 2000 competing applications to get to the finals in San Francisco.

Technovation is a programme that offers girls around the world the opportunity to learn the programming skills they need to emerge as tech-entrepreneurs and leaders.

 Every year, girls are invited to identify a problem in their communities, and then challenge them to solve them by developing Andriod applications that would address those problems.

115 countries participated in the qualifiers but only 12 teams from all over the world were selected as finalists for the pitch in Silicon Valley.

The girls will also be attending Field trips, life-changing workshops including a networking session during their one week stay in USA.

The Governor of Anambra State,Chief Willie Obiano had personally sent them off to the US in a brief ceremony at the last Executive Council Meeting where he charged the girls to put Nigeria and Africa on the global technological map with their rare talent.

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Over 21,000 Nigerians who travelled to the U.S overstayed visa in 2017

As reporter by NAN, no fewer than 21,476 Nigerians have overstayed their visas to the United States within the last one year, according to a report on Thursday.

It said that information it gathered from Washington indicated that those who overstayed include students, workers and tourists, with increase in numbers of those that has refused to return to Nigeria.

Illegal immigration by overstaying a visa has been shown to outweigh a number of people entering by an illegal border crossing.

More than 700,000 foreigners who were supposed to leave the United States during a recent 12-month period overstayed their visas, according to U.S Department of Homeland Security Fiscal Year 2017 Entry/Exit Overstay Report.

185,375 Nigerian visitors were expected to depart after their stay, with 630 of them overstaying their visas, while 19,046 visitors and business men and women refused to return to Nigeria and residing illegally inside the United States.

In the report obtained, a total 9,245 students were expected to depart the U.S after their studies with 258 returning to Nigeria after overstaying their visas, while 2,172 refused to return and are currently residing illegally in the U.S

An overstay is a nonimmigrant who was lawfully admitted to the United States for an authorized period but stayed in the United States beyond his or her authorized admission period.

Nonimmigrants admitted for “duration of status” who fail to maintain their status also may be considered overstays.

“Duration of status” is a term used for foreign nationals who are admitted for the duration of a specific program or activity, which may be variable, instead of for a set timeframe.

The authorised admission period ends when the foreign national has accomplished the purpose or is no longer engaged in authorized activities pertaining to that purpose.

An example is a student program that runs for four years. When the program is completed, the student must leave or go on to pursue another program of study.

The DHS classifies individuals as overstays by using the ADIS system to match departure and status change records to arrival records collected during the admission process.

DHS further identifies nonimmigrant status through manual vetting processes to support possible enforcement action.

DHS identifies an individual as having overstayed if his or her departure record shows he or she departed the United States after his or her authorized admission period expired 17 (i.e., Out-of-Country Overstays).

While these individuals are considered overstays, there is evidence indicating they are no longer physically present in the United States.

DHS also identifies individuals as possible overstays if there are no records of a departure or change in status prior to the end of their authorised admission period (i.e., Suspected In-Country Overstays).

Overstays accounted for 1.3 percent of the 52.7 million visitors who arrived by plane or ship during the latest period, an improvement from the overstay rate of 1.5 percent a year earlier.

Canada again occupied the top slot for overstays, followed by Mexico, Venezuela, the United Kingdom and Colombia.

Nigeria, China, France, Spain and Germany rounded out the top 10.

The overstay rate was much higher among students and foreign exchange visitors, with 4.2 percent staying after their visas expired, a decline from 5.5 percent the previous year.

President Donald Trump has focused border security efforts on erecting a multibillion-dollar wall with Mexico. But the latest annual figures underscore how visa overstays are a big driver of illegal immigration.

An estimated 40 percent of the roughly 11 million people in the country illegally stayed past their visas.

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Man Turns 100 inside Enugu Prison

As reported by Bellanaija, an inmate of the Enugu Maximum Prison identified as Pa Celestine Egbunuche celebrated his 100th birthday in incarceration on August 4th, 2018.

According to Sun Newspapers, the indigene of Akokwa in Ideato North Local Government Area of Imo State, his son Paul, 78, and another relative who is 87, received the death sentence following a land dispute that led to the death of one person.

They’ve all spent 17 years in jail.

An NGO Global Society for Anti-Corruption (GSAC) is now advocating for his release, calling on the federal government and the governor of Imo state Rochas Okorocha to grant them amnesty.

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Senator Godswill Akpabio Resigns as Senate Majority Leader

Senator Godswill Akpabio has resigned his position as the Senate Minority Leader.

In his resignation letter sent to the Deputy Minority Leader, Senator Emmanuel Bwacha, he said his resignation came into effect on August 4th.

He shared a photo of the letter on his Twitter handle; @SenatorAkpabio.

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BREAKINGNEWS: Osinbajo Sacks DSS Boss, Lawal Daura

The Acting President, Professor Yemi Osinbajo, has directed the termination of the appointment of the Director-General, State Security Service (SSS), Lawal Musa Daura.

The termination of appointment according to a statement signed on Tuesday by Senior Special Assistant to Osinbajo on Media and Publicity is with immediate effect.

Daura has since been directed to hand over to the most senior officer of the State Security Service until further notice.

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The Lord's Chosen Launch Evangelism Landlady

The Lord’s Chosen church has launched a new land craft to carry out its evangelism in Lagos state. The land craft was designed to look like an aircraft but it doesn't fly.

What can we call this bikonu?

No be small matter

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