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Late Zulu king’s widow and regent suddenly dies in S.Africa

Africa

Henry Williams

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April 30, 2021

Late Zulu king’s widow and regent suddenly dies in S.Africa

The regent of the Zulu nation and wife of South Africa’s recently deceased Zulu King Goodwill Zwelithini died unexpectedly on Thursday, the royal palace announced.

“It is with the deepest shock and distress that the Royal Family announces the unexpected passing of Her Majesty Queen Shiyiwe Mantfombi Dlamini Zulu, Regent of the Zulu Nation,” Mangosuthu Buthelezi, traditional prime minister to the Zulu monarch, said in a statement.

“This has taken us by surprise and left us utterly bereft,” he added without mentioning the cause of death.

The sudden death of Dlamini-Zulu, 65, comes days after she was reportedly hospitalised just weeks after her husband’s burial.

Zwelithini passed away on March 12, aged 72 after half a century on the throne, following a battle with diabetes-related illness.

Although the title of Zulu King does not bestow executive power, the charismatic Zwelithini had moral influence over more than 11 million Zulus, nearly a fifth of South Africa’s population.

As the most influential of traditional leaders, he advised legislators and met with powerful politicians throughout his rule.

He left behind six wives, 28 children and a thorny question on succession.

Although she was Zwelithini’s third wife, Dlamini-Zulu held the title of “great queen” — a status determined by her dowry.

Dlamini-Zulu was the sister of Eswatini’s King Mswati III.

She was elected regent while the royal family was in a three-month mourning period before the next monarch was named.

Some speculated that her eldest son, Prince Misuzulu Zulu, 46 — whose name can be loosely translated as “strengthening the Zulus” — could be heir to the throne.

Buthelezi on Thursday assured that while the royal household was grief-stricken, “there will be no leadership vacuum in the Zulu nation.”

President Cyril Ramaphosa overnight expressed deep condolences to the royal house saying South Africa was standing by the family “in this hour of compounded grief.”

“We extend our thoughts, prayers and hearts once more to the Royal Family who, in the midst of mourning the passing of the beloved King, are now called upon to bid farewell to the Regent in sadly short succession.”

Uzbekistan Repatriates 92 IS-Linked Families From Syria

Asia

Angel Gimalo

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April 30, 2021

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Uzbekistan Repatriates 92 IS-Linked Families From Syria

Kurdish authorities in northeast Syria on Friday handed over 92 Uzbek women and children suspected of family ties to the Islamic State group to an Uzbekistan delegation for repatriation.

An Uzbek foreign affairs team was in the Kurdish-controlled city of Qamishli to retrieve them, the Kurdish administration said in a statement.

It said “24 women and 68 children from the families of the terrorist organisation Daesh”, the Arabic acronym for the Islamic State (IS) group, were handed over.

Among the children were seven orphans, Kurdish official Abdel Karim Omar said.

Syria’s Kurds have repeatedly urged the international community to repatriate foreign nationals from crowded camps in northeast Syria holding thousands of suspected relatives of IS jihadists.

Their calls have largely fallen on deaf ears with only limited numbers, mostly children, allowed to return home so far.

But Uzbekistan, as well as Russia, are among the main countries cooperating with the Kurds to repatriate nationals.

The latest group followed 240 Uzbek women and children already returned back to the Central Asian nation, according to officials.

On April 18, Russia took back 34 orphans whose parents had been affiliated with IS.

Over 388,000 people have been killed and more than half of Syria’s pre-war population have been forced from their homes since civil war broke out in 2011.

The conflict has grown increasingly complex over the years, dragging in foreign forces and sparking a proliferation of armed factions and jihadist groups.

IS jihadists declared a proto-state in 2014 across large swathes of Syria and neighbouring Iraq, but Kurdish fighters and the US-led coalition declared its defeat in March 2019.

Nigerian kidnap kingpin reneges on amnesty deal

Nigeria

Henry Williams

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April 30, 2021

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Nigerian kidnap kingpin reneges on amnesty deal

A Nigerian bandit chief who led the kidnapping of hundreds of schoolchildren before accepting an amnesty deal has reneged on the peace accord with authorities and returned to crime, sources told LN247.

Awwalun Daudawa commanded the abduction of more than 500 students from Government Science Secondary School in northwestern Kankara state last December before handing himself in to authorities.

His rejection of the amnesty underscores the complexity of engaging with Nigeria’s criminal gangs, setting back efforts to end attacks and kidnappings plaguing the country’s northwest.

Some students managed to escape the Kankara abduction while 344 were released days later after negotiations with local state officials and ransom payment.

“It was only on Monday that we realised Awwalun Daudawa had returned to his old ways when he didn’t return after the expiration of the one-week period,” a Zamfara state official said late on Thursday.

“We came to understand that he has joined his comrades in the forest near the border with Katsina state,” he said.

Northwest and central Nigeria have been terrorised for years by heavily armed criminal gangs who raid villages, stealing cattle, kidnapping for ransom and burning homes after looting supplies.

But violence has surged as gangs also attack travellers at bogus checkpoints on the highways and more recently have targeted schools and colleges to abduct students.

Hostages are usually released after ransom payment and those whose families fail to pay are often killed by their captors.

The bandits are known to hide in camps in Rugu forest which straddles Zamfara, Katsina, Kaduna, and Niger states. Despite deployment of troops in Zamfara and Katsina, deadly attacks persist.

This prompted some state governments to try broker a peace deals with the bandits, offering them amnesty in exchange for surrendering their arms.

In February Daudawa along with his six comrades surrendered to Zamfara state governor Bello Matawalle in his office where he handed over weapons, saying he had renounced crime, as part of the amnesty to criminal gangs, who are known locally as bandits.

– ‘Back in control’ –

According to the official who asked not to be identified due to the sensitivity of the issue, Daudawa had called some repentant bandits from his camp in the forest, informing them of his change of mind.

On April 19 Daudawa left his lodging in Zamfara state capital Gusau on the pretext of meeting some criminal gangs in the forest to convince them accept an amnesty offer and release some hostages, a Zamfara state government official told AFP.

According to sources with knowledge on activities of bandits, Daudawa never surrendered all his weapons and maintained contact with his gangs in the forest.

“He (Dauda) is definitely back in control of his gangs in Jaja forest in Zurmi district near the border with Katsina state,” said one source who asked not to be identified for security reasons.

The criminal kingpin told Zamfara officials hosting him that he wanted to meet the kidnappers of 39 students abducted from a forestry college in neighbouring Kaduna state in March to persuade them to release the remaining 29 students in their custody, the source said.

“Daudawa was too smart for the Zamfara government,” said a second source.

“He only surrendered one-fifth of his weapons and was using the upkeep payments he was receiving from the government to maintain his men in the forest whom he asked to cease fire,” the second source said.

In a telephone recording released on social media, the bandit chief was heard discussing payments with a go-between. State officials have always denied any ransom was paid.

Security analysts have warned of infiltration of criminal gangs in the region by jihadists who are waging a more than decade-long insurgency in the northeast, a claim the government admitted recently.

Following the Kankara abduction, Boko Haram leader Abubakar Shekau claimed responsibility in a video showing some of the children in an undisclosed forest, confirming they were taken by “Shekau men”.

Sources had told Ln247 the abduction was carried out by Daudawa in collaboration with Idi Minorti and Dankarami, two bandits with a strong following, on the orders of Shekau.

Daudawa, 43, was an armed robber and a cattle rustler before he turned to gun-running.

He began bringing in weapons from Libya, where he had received training from jihadists, selling the arms to bandits, sources told Ln247.

He forged an alliance with Boko Haram and became their gunrunner, taking weapons the group seizes from the Nigerian security forces in raids and ambushes and selling them to bandits for a cut.

Nigeria’s Buhari under fire over surging violence

Nigeria

Henry Williams

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April 30, 2021

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Nigeria’s Buhari under fire over surging violence

With his country ensnared in mounting jihadist violence, bandit attacks and kidnappings, Nigerian President Muhammadu Buhari is under fire from allies and enemies alike for appearing incapable of tackling the security crisis.

April saw an almost daily toll of bloody assaults and abductions in Africa’s most populous nation.

In the past week alone, at least 240 people have been killed and more than four dozen kidnapped, according to tallies by local media.

The fatalities included 19 Fulani herders gunned down in southeastern Anambra state; five students in the northwest who were shot to death days after gunmen snatched them from their campus; 31 troops, slain in a jihadist ambush in the Lake Chad region; and nine police killed by cattle thieves in northwestern Kebbi state.

Senators, local governors and even the country’s Nobel literature laureate Wole Soyinka are now calling on Nigeria’s 78-year-old president to step up and do more to curb the violence.

Parliament this week urged Buhari to declare a nationwide state of emergency.

More critical voices asked why the commander-in-chief appeared all but absent in the crisis.

“This is the worst instability we are facing,” said Smart Adeyemi, a senator from Buhari’s own ruling All Progressives Congress (APC) party. “This is worse than the civil war.”

Some rhetoric maybe rooted in political jockeying in the buildup to the 2023 election. But the scale of attacks has left many Nigerians to ask if the violence is out of control.

“Words and press statements are not enough. We need to see action. I appeal to Mr. President to take the bull by the horns,” opposition leader Bukola Saraki said.

Buhari in a virtual meeting with US Secretary of State Antony Blinken on Tuesday said the army was “resolutely committed” to combating insecurity and urged more cooperation with foreign partners.

But many Nigerians lament what they call a void of leadership.

“Those who have been proven weak and incapable must learn to swallow their vain pride,” said Soyinka, in a veiled reference to Buhari.

“Seek help. Stop improvising with human lives.”

– ‘Leadership vacuum’ –

Nigeria has struggled to end a jihadist insurgency in its northeast for more than a decade. The conflict has killed 36,000, displaced more than two million from their homes and spread to neighbouring Chad, Niger and Cameroon.

In 2015, when Buhari was first elected he was seen by many as the man for the job. An army commander and onetime military ruler, he had the apparent security credentials.

He soon declared the country’s Islamist insurgency was “technically”over. His allies often tout his success at making Nigeria more secure.

But even during his first term he was often criticised over what opponents saw as aloofness and a standoff approach to insecurity.

Prolonged spells in a London hospital for an undisclosed illness in 2017 also fuelled opposition calls for him to step aside for someone more capable.

“As insecurity has worsened, the president has barely been visible at the forefront,” Songhai Advisory, an African risk consultancy, said in a research note. “His detachment has created the impression of a leadership vacuum.”

Under pressure even from some of his own allies, the president suddenly revamped the top military command earlier this year, hoping to inject new vigour into the armed forces.

“Mounting criticism about his poor handling of security is as old as his administration,” said Dr. Uche Igwe, a visiting research fellow at LSE Firoz Lalji Centre for Africa.

“Both his supporters and opponents are now disappointed that he is believed to have failed woefully and the situation has escalated under his watch.”

– Complex security –

In the six years since Buhari was elected and after his 2019 re-election, Nigeria’s security challenges have become more complex, experts said, with some root causes barely addressed.

Analysts said an economy weakened by an oil price slump and the Covid-19 pandemic along with high unemployment are exacerbating tensions among rival communities and allowing criminal gangs to expand.

In the northeast, Boko Haram jihadists were beaten back from territory they held during the start of Buhari’s first term.

But a splinter faction called the Islamic State West Africa Province (ISWAP) has emerged to become much more entrenched and experienced, delivering major blows to the overstretched armed forces.

In the northwest, attacks by criminal gangs have also surged with a series of mass abductions of students and schoolchildren since December, shocking the public.

Intercommunal tensions have also been on the rise between northern Fulani herders and southern farmers who compete over land, resources and water, often leading to cycles of tit-for-tat violence.

“President Buhari, like his predecessors, has never wanted to get to the heart of the problem: fundamentally reforming the army and the police, corrupt and rife with impunity,” said Marc-Antoine Perouse de Montclos, a French specialist in armed conflicts.

Social Media Boycott: Other Sporting Bodies Join Football In Four-Day Boycott

Sports

Emenike Agu

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April 30, 2021

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Social Media Boycott: Other Sporting Bodies Join Football In Four-Day Boycott

Leading football clubs and players will be joined by a number of sporting bodies in a four-day boycott of social media platforms from Friday in a move to tackle abuse and discrimination.

The “show of solidarity against online abuse” hopes to encourage companies to take a stronger stance against racist and sexist abuse on their platforms.

Rugby union, cricket and rugby league will join football in the boycott.

It will start at 15:00 BST on Friday, and end at 23:59 BST on Monday.

“This boycott signifies our collective anger,” said Sanjay Bhandari, the chairman of anti-discrimination charity Kick it Out.

“By removing ourselves from the platforms, we are making a symbolic gesture to those with power. We need you to act. We need you to create change.”

Who is taking part?

Among the organisations boycotting Twitter, Facebook and Instagram are:

Football: Clubs from the Premier League, English Football League, Women’s Super League, Scottish Professional Football League and Scottish women’s football; governing bodies including the Football Association, Scottish FA, Football Association of Wales and Irish Football Association; European governing body Uefa; a number of other football organisations
Cricket: The England and Wales Cricket Board, first-class counties, women’s regional teams and the Professional Cricketers’ Association
Rugby union: England Rugby, Scottish Rugby, Welsh Rugby, France Rugby, Premiership Rugby, clubs and the Rugby Players’ Association
Rugby league: The Rugby Football League, Super League Europe, Rugby League World Cup 2021 and the Rugby League Players’ Association
Corporate bodies: Premier League and Women’s Super League sponsor Barclays, England sponsor Nationwide, Adidas; broadcasters Sky Sports, BT Sport and Talksport

British Cycling, British Horseracing, Great Britain and England Hockey, and the Lawn Tennis Association are also involved.

Seven-time Formula 1 world champion Lewis Hamilton has joined as well as Williams driver George Russell.

“I am fully supportive of the initiative and if me doing it helps put pressure on those platforms in order to help fight against it then, for sure, I am happy to do so,” said Hamilton.

“I am really proud to hear there are so many organisations getting involved. I am not sure why Formula 1 is not a part of that.”

Formula 1 said it is “wholly committed to combatting any form of discrimination, online or otherwise” and “supports” the sporting bodies and athletes involved in the boycott.

It is understood Formula 1 is not joining the boycott as it does not experience the same abuse issues on its social media.

What have players said?

Crystal Palace winger Andros Townsend told British media players are “starting to fight back”, adding the boycott will “send a warning to these companies that if you don’t start regulating your platforms, it’s going to be an indefinite blackout”.

Watford captain Troy Deeney told BBC Breakfast the social media boycott was a “huge step”.

“For a long time now we’ve all been talking about the impact of social media on the younger generation, as well as mental health,” he said.

“I think that if we’re not going to put pressure on these huge companies to start taking accountability for some of the things that are not only said to footballers but to everyday people, we really need to start putting pressure on them and get them to be held accountable.

“I think the huge part about this is it’s only four days, it could give people a perspective of what life could be like without a huge amount of sporting stars on [social media].”

Deeney added that he receives abuse on a daily basis, which is also aimed at his partner and children.

“That’s very difficult for me to read but also not to react,” he said. “We have to not react, we’re in a privileged position but if we react on a human level, we’re the ones who will get held accountable for our reactions.”

Former West Ham, Sunderland and QPR defender Anton Ferdinand told BBC Radio 5 Live it was “sad” the fight against online abuse had got to this point, but that football was “taking no more of it”.

“There should be life bans, because we’re talking about people’s lives,” he said.

“Some people don’t get out of the slump they’re in after being abused on social media, and that can lead to people harming themselves.

“We’ve got to take this very, very seriously.”

Ferdinand also called on the UK government to do more.

“Has the energy from the government been the same as what it was when the [European] Super League was being spoken about? No it hasn’t, and that’s the disappointing thing,” he said.

“When we’re talking about pound notes and money involved, that’s when people seem to act properly, and seem to act in the right way.

“The government haven’t done that when it comes to discrimination on social media platforms, the energy isn’t the same and that is one of the reasons why the social media companies aren’t really taking heed of what is being said by the footballing bodies.”

Why are they doing this?

Two years ago, a number of footballers took part in the #Enough campaign – a 24-hour social media boycott in protest at online abuse.

But players across all sports continue to be subjected to racist abuse, with some clubs contacting police over the level of aggression.

An investigation by the Professional Footballers’ Association, the players’ union, found 56 abusive posts on Twitter in November 2020.

The PFA reported them to the platform but 31 of them are still visible, which the organisation described as “absolutely unacceptable”.

Three weeks ago, Swansea City were joined by Birmingham City and Rangers in turning off their social media accounts for a week to make a stand against abuse.

Former Arsenal and France striker Thierry Henry removed himself from social media in March because of racism and bullying across platforms.

A Sporting media survey in August of elite British sportswomen found that one third of participantshad suffered abuse on social media.

Some of football’s governing bodies laid out the changes they would like to see in a letter to Facebook and Twitter in February.

The UK government has previously threatened social media companies with “large fines”, which could amount to “billions of pounds” if they fail to tackle abuse on their platforms.

Individuals and football clubs have condemned the abuse, and it has been decided that collective action is the best way to bring about change.

What do the social media companies say?

Facebook, which owns Instagram, has said it is committed to tackling abuse on its platforms.

Instagram last week announced a tool to enable users to automatically filter out abusive messages from those they do not follow on the platform.

Twitter released a lengthy statement in February, stating it is “resolute in our commitment to ensure the football conversation on our service is safe for fans, players and everyone involved in the game”.

The company added it had removed more than 7,000 football-related tweets in the UK that violated its rules.

Jose Mourinho Is Back…Signs Up To Be A Pundit And PHONE-IN HOST For Talksport At Euro 2020, Pockets £20m From Tottenham In Compensation Package

Sports

Emenike Agu

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April 30, 2021

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Jose Mourinho Is Back…Signs Up To Be A Pundit And PHONE-IN HOST For Talksport At Euro 2020, Pockets £20m From Tottenham In Compensation Package

Jose Mourinho has found work as a pundit with radio broadcaster talkSPORT
The Portuguese was sacked by Tottenham last week following a poor campaign
Mourinho says he is ‘missing football already’ upon his announcement on Friday
The 58-year-old will work for the broadcaster for this summer’s Euro 2020

Jose Mourinho has found work as a pundit with radio broadcaster talkSPORT
The Portuguese was sacked by Tottenham last week following a poor campaign
Mourinho says he is ‘missing football already’ upon his announcement on Friday
The 58-year-old will work for the broadcaster for this summer’s Euro 2020

Jose Mourinho has admitted he is ‘missing football already’ after finding work just days after his sacking from Tottenham as the Portuguese coach takes up a broadcasting role with radio station talkSPORT.

The 58-year-old was relieved of his duties by Spurs chief Daniel Levy last week, just days before the club’s appearance in the Carabao Cup final, having overseen an underwhelming campaign.

The north Londoners were dumped out of the Europa League by Dinamo Zagreb under Mourinho’s watch and are unlikely outsiders to clinch a place in the top four, missing out on Champions League football for a second successive season.

Mourinho pocketed £20m in compensation following his exit, and has taken up a new role with talkSPORT, with the radio station announcing his signing on Friday morning.

And his arrival was unveiled by Alan Brazil on the breakfast show on Friday morning, with the Portuguese taking up punditry duties for this summer’s Euros.

Jose Mourinho has found work just days after his sacking from Tottenham Hotspur this month

The Portuguese was dismissed by Spurs chief Daniel Levy last week after a poor campaign

Hello to everyone at talkSPORT, this is Jose Mourinho. Delighted to say I will be joining the talkSPORT team for the Euros this summer. I will be joining the likes of Laura Woods, Ally McCoist and Alan Brazil to give my views on all of the action.

‘Good luck to England, good luck to Scotland and of course good luck to Portugal.’

In a clip posted to the broadcaster’s Twitter page, Mourinho said: ‘I’m not working for a week and I’m missing it already.’

The broadcaster teased Mourinho’s arrival on Thursday night, tweeting a video of a mysterious figure arriving at talkSPORT headquarters with the caption: ‘We’ve got something “special” for you. Join us at 8am.’

And the Portuguese will work with the broadcaster for this summer’s European Championship

Mourinho was heard saying ‘I am not working for a week and I’m missing it already’

Ryan Mason has taken over on an interim basis and was unable to win the club’s first piece of silverware since 2008 as Spurs fell to a 1-0 defeat to Manchester City at Wembley.

Ajax boss Erik ten Hag is a frontrunner for the Spurs hotseat, while super-agent Jorge Mendes is reportedly pushing Wolves boss Nuno Espirito Santo in the club’s direction. Leicester City boss Brendan Rodgers is understood to have snubbed Levy’s advances to take over.

Levy described Mourinho as ‘a true professional’ following his sacking, ending the Portuguese’s 17-month stay with the club after taking over from Mauricio Pochettino in November 2019.

Mourinho is understood to have pocketed £20m in compensation from the north Londoners

Mourinho appears to be left with few managerial gigs in England after his latest dismissal

‘Jose and his coaching staff have been with us through some of our most challenging times as a Club,’ the Spurs chairman said.

‘Jose is a true professional who showed enormous resilience during the pandemic. On a personal level I have enjoyed working with him and regret that things have not worked out as we both had envisaged.

‘He will always be welcome here and we should like to thank him and his coaching staff for their contribution.’

Full Statement Of Emefiele’s Sacking Of FBN Holdings Board

Emenike Agu

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April 30, 2021

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Full Statement Of Emefiele’s Sacking Of FBN Holdings Board

CBN GOVERNOR’S STATEMENT ON THE PURPORTED MANAGEMENT CHANGE AT THE FIRST BANK OF NIGERIA LTD

1.0 Good afternoon ladies and gentlemen.

2.0 The media has been awash with commentaries on the purported management changes at First Bank of Nigeria Ltd (FBN) and the related regulatory inquiry by the Central Bank of Nigeria (CBN) to the Board of First Bank of Nigeria Limited. It has therefore become necessary for me to address the public to clear any misconceptions.

3.0 Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval. However, the CBN considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going concern status of the bank.

It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities. The action by the board of FBN sends a negative signal to the market on the stability of leadership on the board and management and it is in light of the foregoing that the CBN queried the board of directors on the unfortunate developments at the bank.

4.0 As you may be aware, FBN is one of the systemically important banks in the Nigerian banking sector given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers, amongst others. By our last assessment, FBN has over 31m customers, with deposit base of N4.2trn, shareholders funds of N618bn and NIBSS instant payment (NIP) processing capacity of 22% of the industry.

To us at the CBN, not only is it imperative to protect the minority shareholders, that have no voice to air their views, also important, is the protection of the over 31m customers of the bank who see FBN as a safe haven for their hard-earned savings.

5.0 The bank maintained healthy operations up until 2016 financial year when the CBN’s target examination revealed that the bank was in grave financial condition with its capital adequacy ratio (CAR) and non-performing loans ratio (NPL) substantially breaching acceptable prudential standards.

6.0 The problems at the bank were attributed to bad credit decisions, significant and non-performing insider loans and poor corporate governance practices. The shareholders of the bank and FBN Holding Plc also lacked the capacity to recapitalize the bank to minimum requirements. These conclusions arose from various entreaties by the CBN to them to recapitalize.

7.0 The CBN stepped in to stabilize the bank in its quest to maintain financial stability, especially given FBN’s systemic importance as enumerated earlier. Regulatory action taken by the CBN in this regard included:

i. Change of management team under the CBN’s supervision with the appointment of a new Managing Director/ Chief Executive Office in January 2016.

ii. Grant of the regulatory forbearances to enable the bank work out its non-performing loans through provision for write off of at least N150b from its earning for four consecutive years.

iii. Grant of concession to insider borrower to restructure their non-performing credit facilities under very stringent conditions.

iv. Renewal of the forbearances on a yearly basis between 2016 and 2020 following thorough monitoring of progress towards exiting from the forbearance measures.

8.0 The measures had yielded the expected results as the financial condition of FBN improved progressively between 2016 when the forbearance was initially granted to the current financial year. For instance, profitability, liquidity and CAR improved whilst NPL reduced significantly.

9.0 Notwithstanding the significant improvement in the bank’s financial condition with positive trajectory of financial soundness indicators, the insider related facilities remained problematic.

10.0 The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank.

The CBN’s recent target examination as at December 31, 2020 revealed that insider loans were materially non-compliant with restructure terms (e.g. non perfection of lien on shares/collateral arrangements) for over 3 years despite several regulatory reminders. The bank has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives.

11.0 Following further review of the situation and in order to preserve stability of the bank, so as to protect minority shareholders and depositors, the Management of the CBN in line with its powers under BOFIA 2020 has approved and hereby directs:

i. Immediate removal of the all directors of FBN Ltd and FBN Holdings Plc.

ii. The appointment of the following persons as directors in FBN Ltd and FBN Holdings Plc

Holdco

1. Chairman – Remi Babalola
2. Dr. Fatade Abiodun Oluwole
3. Kofo Dosekun
4. Remi Lasaki
5. Dr Alimi Abdulrasaq
6. Ahmed Modibbo
7. Khalifa Imam
8. Sir Peter Aliogo
9. UK Eke – Managing Director

Bank

1. Chairman – Tunde Hassan-Odukale
2. Tokunbo Martins
3. Uche Nwokedi
4. Adekunle Sonola
5. Isioma Ogodazi
6. Ebenezer Olufowose
7. Ishaya Elijah B. Dodo
8. Sola Adeduntan – Managing Director
9. Gbenga Shobo – Deputy Managing Director
10. Remi Oni – Executive Director
11. Abdullahi Ibrahim – Executive Director

12.0 The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensure the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant.

Why CBN Sacked Board of First Bank

Emenike Agu

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April 30, 2021

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Everything seemed well on the 27th of April 2020 after FBN Holdings completed its Annual General Meeting held at the Oriental Hotel Lekki. Following the AGM, the bank recommended a dividend payment of N16.15 billion out of a profit after tax of N65.9 billion.

The bank also announced the appointment of Mr Seni Adetu, Mrs Julier Anammah and Mr Out Hughes as non-executive directors of the bank. It also re-elected Mr Oye Hassan Odukale, Dr Adesola Adeduntan and Otunba Mrs Debola Osibogun as directors of the bank.

Unbeknownst to investors and most shareholders of the bank, while everything appeared rosy at the AGM, factions in the bank led by Chairman Dr Oba Otudeko and Chairman of the First Bank Ibukun Awosika were hatching out a plan that will change the course of history for Nigeria’s oldest bank aged 127 years.

The ill-fated plan culminated in the removal of Dr Adesola Adeduntan as MD/CEO of First Bank Ltd after just appointing him as director of the bank holding company, a position reserved for the Managing Director of the banking subsidiary.

The rubble within the bank appeared to have started after the bank’s chairman Ibukun Awosika received a letter from the Central Bank stating that the bank had not complied with regulatory directives to divest its interest in Honey Well Flour Mills “despite several reminders” to it by the Apex bank.

The CBN also stated in the letter that it was giving the bank within 48 hours to ensure Honeywell repays its obligation to it “failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank.” It also instructed the bank to divest from its holdings in Bharti Airtel Nigeria Ltd and Honeywell Flour Mills within 90 days. These loans are all related to the Chairman of the bank, Oba Otudeko.

Sources with knowledge of the matter indicate the letter from the CBN did not go down well with Otudeko leading to the decision to remove Adeduntan. Common knowledge across business circles suggest Adeduntan is very chummy with one of the major shareholders of the bank who is also one of Nigeria’s richest men. He is also a major leverage for the CBN who rely on him to implement some of the initiatives approved by the CBN for the restructuring of the bank. He was also considered a checkmate for Oba Otudeko whom the CBN believes was a major reason for the spate of bad loans in the bank over the years.

For years, the CBN has used Adeduntan as a check against attempts by directors of First Bank to secure insider loans, a major source of conflict between the CBN and Oba Otudeko.

Thus, at the board meeting where Oba Otudeko and some directors of the bank finalized plans to remove Adeduntan, a board member who was not in support of his removal tipped of the CBN Governor Godwin Emefiele about the bank’s plan. Emefiele immediately put a call through to Otudeko and other members of the bank demanding that they rescind their plans. Emefiele also explained that any such decision will require prior approval of the CBN.

Oba Otudeko however declined to accede to the demands of Emefiele forcing the CBN Governor to reach out to other directors and shareholders of the banks pushing for them to get Oba Otudeko to withdraw the plans to remove Adeduntan. Emefiele also contacted several other stakeholders outside the bank but with ties to Oba Otudeko, however, most of this fell on deaf ears. While all the engagements were ongoing, the CBN issued a query to Ibukun Awosika the Chairman of First Bank demanding that she explain why the decision to remove Adeduntan was taken.

By Wednesday night, Emefiele and some of the governors of the central bank had made up their mind to sack the board of both FBN Holdings and First Bank of Nigeria Ltd. By Thursday morning, calls had been made to key stakeholders in the economy including politicians at the highest level informing them of the decision that was about to be announced. At about 2 pm in the afternoon, the CBN had finalized the selection of members of the new board of the bank. They subsequently informed the media about a press briefing for 4 pm but was later pushed back till about 6 pm as final details for the announcements were concluded.

It will appear that the CBN’s decision to remove Oba Otudeko and the other directors of the bank is mainly due to the apex bank’s regulatory forbearance and support in the corporate restructuring of the bank to protect it from failing. The CBN claimed that because it had played a major intervention role that avoided a collapse of the bank due to bad loans and poor capital adequacy ratios, it had a major stake in how the bank is run.

The CBN believes the bank may have collapsed were it not for its regulatory forbearance, a financial term for softening some of the strict rules that banks must comply with if they are to avoid being taken over by the CBN. Emefiele in his briefing to the media revealed that the CBN had granted “regulatory forbearances to enable the bank work out its non-performing loans through provision for write off of at least N150b from its earning for four consecutive years.” According to data from Nairalytics, FBNH had recorded a total loan impairment of over N565 billion between 2016 and 2020. About N376.4 billion, more than half the total loans impaired, were provided for in 2016 and 2017 alone.https://7f2dbcab3d9ba814b7a3509f9c425f34.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html

Another major reason why the CBN moved swiftly to sack the board and reinstate Adeduntan was its inability to control Oba Otudeko and since he did not accede to the demand of Emefiele there was no way he could be allowed to keep running the bank without a check like Adeduntan. According to Emefiele, he cannot allow a Shareholder who will not subject himself to regulatory control and authority to remain a director of the bank.

Oba Otudeko who was the major target of this fiasco is believed to have obtained billions of unpaid loans in First Bank and had to be controlled by the CBN through Adeduntan.

“The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank. The CBN’s recent target examination as at December 31, 2020 revealed that insider loans were materially non-compliant with restructure terms (e.g. non perfection of lien on shares/collateral arrangements) for over 3 years despite several regulatory reminders. The bank has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives,” Emefiele revealed.

Emefiele also explained that he decided to retain MDs of FBNH and First Bank, UK Eke and Sola Adeduntan because they had worked with them since 2016 and also wanted to stamp its authority against the shareholders of the bank whom it blamed for the breakdown of governance and insider abuse.

It is unclear how the camp of Oba Otudeko will react to their removal as directors of the bank especially with the burden of having to repay his indebtedness to the bank. The CBN’s 48 hours mandate to repay the loans expired on the 29th of April. His option will likely be to proceed to the court to get an injunction stopping the CBN from removing them as directors of the bank.

CBN sacks First Bank Chair Awosika, Otudeko, others

Emenike Agu

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April 30, 2021

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CBN sacks First Bank Chair Awosika, Otudeko, others

The Central Bank of Nigeria (CBN) yesterday gave reasons it wielded the big stick on Chairman of First Bank Plc Mrs. Ibukun Awosika and Chairman of FBN Holdings, Mr. Oba Otudeko.

Some members on the bank’s Board of Directors (BoD) were fixed by the apex bank.

The apex bank reinstated Mr. Sola Adeduntan as the managing director/chief executive offcer (MD/CEO).

Mr. Gbenga Shobo, who the sacked board appointed on Wednesday as managing director-designate, was restored to his former position as deputy managing director.

CBN’s Governor Godwin Emefiele said in Abuja that the decision taken by the CBN management was in line with its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020.

Besides, he said the CBN considered itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the bank over the last five years aimed at stemming the slide in the going concern status of the First Bank.

He said: “It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities.”

Justifying the CBN intervention, Emefiele said: “The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank.”

The CBN appointed replacements for those sacked.

It named Mr. Remi Babalola as replacement for Otudeko (FBN Holdings Chairman) and Tunde Hassan-Odukale as Mrs. Awosika’s replacement FBN (Chairman).

Other directors announced into the reconstituted Board are: Dr. Fatade Abiodun Oluwole; Kofo Dosekun; Remi Lasaki; Dr. Alimi Abdulrasaq; Ahmed Modibbo; Khalifa Imam; Sir Peter Aliogo and UK Eke.

The CBN listed Tokunbo Martins; Uche Nwokedi; Adekunle Sonola; Isioma Ogodazi; Ebenezer Olufowose and Ishaya Elijah B. Dodo as directors.

Remi Oni and Abdullahi Ibrahim were named executive directors.

Emefiele said: “The CBN’s recent target examination as at December 31, 2020 revealed that insider loans were materially non-compliant with restructure terms (e.g. non perfection of lien on shares/collateral arrangements) for over three years despite several regulatory reminders.

“The bank (FBN) has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives.”

First Bank of Nigeria, Emefiele said, was gradually working its way out of the dire situation it found itself before 2016 but the belligerence of some board members forced its hands.

The CBN boss said: “The bank maintained healthy operations up until 2016 financial year when the CBN’s target examination revealed that the bank was in grave financial condition with its capital adequacy ratio (CAR) and non-performing loans ratio (NPL) substantially breaching acceptable prudential standards.

“The problems at the bank were attributed to bad credit decisions, significant and non-performing insider loans and poor corporate governance practices

“The shareholders of the bank and FBN Holding Plc also lacked the capacity to recapitalise the bank to minimum requirements. These conclusions arose from various entreaties by the CBN to them to recapitalise.”

However the CBN, Emefiele said, stepped in to stabilise FBN with the “appointment of a new Managing Director/ Chief Executive Office in January 2016.”

Other interventions highlighted by the CBN governor to save FBN from collapse, include granting it “regulatory forbearances to enable the bank work out its non-performing loans through provision for write off of at least N150 billion from its earning for four consecutive years”.

“Another is the granting of concession to insider borrower to restructure their non-performing credit facilities under very stringent conditions and the renewal of the forbearances on a yearly basis between 2016 and 2020 following thorough monitoring of progress towards exiting from the forbearance measures.”

Emefiele said he was shocked to hear of the sack Adeduntan from media reports after he had made entreaties that the former FBN Holding chairman should pull the brak

The CBN governor said an interested party leaked information to him about plans to sack Adeduntan. To stop the move, he said he called Otudeko and “spoke to him that such changes will require CBN approval”.

Emefiele said he pleaded with Otudeko, sent a shareholder to also plead with him not to go ahead with the decision but they went ahead all the same.

He described FBN as a systemically important bank in the Nigerian banking sector “given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers, among others”.

The CBN governor noted: “By our last assessment, FBN has over 31 million customers, with deposit base of N4.2 trillion, shareholders’ funds of N618 billion and NIBSS instant payment (NIP) processing capacity of 22 per cent of the industry.

“To us at the CBN, not only is it imperative to protect the minority shareholders, that have no voice to air their views, also important, is the protection of the over 31 million customers of the bank who see FBN as a safe haven for their hard-earned savings.”

The action by the board of FBN, Emefiele told journalists “sends a negative signal to the market on the stability of leadership on the board and management and it is in light of the foregoing that the CBN queried the board of directors on the unfortunate developments at the bank”.

He warned that the CBN took the decision to sack some FBN board members to send a clear message to bank shareholders who feel they are too big.

According to him, Mrs. Awosika was queried “but the response is no longer necessary in the light of the latest developments.”

UNILAG Announces Dates For 51st Convocation

Nigeria

Emenike Agu

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April 30, 2021

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UNILAG Announces Dates For 51st Convocation

University of Lagos yesterday announced June 30 to July 9 as days set aside for activities lined up for its 51st Convocation ceremony (2019).

This is contained in a statement by Mrs. Nonye Oguama, Principal Assistant Registrar, Corporate Affairs.

The statement said a pre-convocation news conference that will herald activities lined up for the ceremony has been slated for June 30.

It said there would be a rehearsal for hooding ceremonies on July 1 at the School of Post Graduate Studies, various faculties and the Distance Learning Institute (DLI).

The statement added that July 2 had been set aside for the convocation ceremonies, special Jumat Service, while a Thanksgiving Service would hold on July 4.

According to the statement, there will be an opening of exhibition and inauguration of projects that will be preceded by a convocation lecture on July 5.

“On July 6, there will be a congregation for the award of first degree, diploma certificates and prizes to graduating students of the Faculties of Education, Social Sciences, Arts, Environmental Sciences and Sciences.

“The congregation for the award of first degrees, diploma, certificates and prizes to graduating students of the Faculties of Law, Engineering, Management Sciences, Basic Medical Sciences, Clinical Sciences Dental Science, Pharmacy and DLI will come up on July 7.

“That for the Post Graduate Degrees and Masters will also hold on the same day,” the statement said.

It added that the recognition and service award ceremony would hold on July 9.”