NEWS UPDATE MONDAY 11/05/20

FEATURED

COVID-19: Home treatment will increase infections, NMA, nurses warn

Why I’m staying away from partisan politics –Jonathan

Certificate scandal: FIIRO demotes former director-general

How EFCC arrested me over N1,600 – Benue shawarma dealer

South Africa’s COVID-19 cases now 10,015

6:28 am

143 dead as Nigeria’s COVID-19 cases rise to 4,399

12:04 am

Kenya records 23 new COVID-19 cases, total now 672

8:01 pm

COVID-19: Ecuador president takes 50% pay cut

3:46 pm

Wuhan reports first COVID-19 infection after one month

2:33 pm

UK to set up COVID-19 alert system – Official

10:56 am

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JUST IN

FG warns vice-chancellors against reopening varsities

6:42 am

Buhari’s incompetence destroying Nigeria, says PDP

6:19 am

Saudi triples VAT, suspends monthly payment to citizens

6:13 am

LASG shuts hotel, club for contravening COVID-19 guidelines

6:11 am

Integrated payment system saved N361bn despite opposition, says FG

5:49 am

Dele Giwa exposes Buhari’s failure

5:48 am

Ighalo not worth £20m – Neville

5:45 am

Woman dies in Lagos church during childbirth, prophetess arrested

5:41 am

COVID-19: Home treatment will increase infections, NMA, nurses warn

5:37 am

Why I’m staying away from partisan politics –Jonathan

5:35 am

Certificate scandal: FIIRO demotes former director-general

5:31 am

How EFCC arrested me over N1,600 – Benue shawarma dealer

5:29 am

Police, NSCDC, others killed 11 during lockdown –NHRC

5:23 am

FG quarantines 160 Nigerians evacuated from US

5:20 am

Peterside knocks Wike over Rivers hotels’ demolition

5:17 am

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METRO PLUS READ MORE

Woman dies in Lagos church during childbirth, prophetess arrested

Certificate scandal: FIIRO demotes former director-general

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Passer-by burnt to death in Ogun tanker fire

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HEALTH READ MORE

No definitive treatment for COVID-19 patients —Physicians

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Denied testing centres and basic amenities, Lagos community relies on ancient tradition to ward off COVID-19

SPORT READ MORE

Ighalo not worth £20m – Neville

Sports minister donates N50,000, food items to Okwaraji’s mother

Eagles stars Etebo, Shehu resume training in Europe

POLITICS READ MORE

Buhari’s incompetence destroying Nigeria, says PDP

Why I’m staying away from partisan politics –Jonathan

Umahi suspends commissioners, monarchs over boundary lockdown violation

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I sustained Dayo as party chair for eight years — Kashamu

Kashamu only in politics to use Ogun PDP chairmanship position for negotiation – Dayo, party chair

BUSINESS READ MORE

Integrated payment system saved N361bn despite opposition, says FG

FG quarantines 160 Nigerians evacuated from US

Nigerian households spent N2tn on fuel, electricity in 2019 –NBS

Importers worry over N2bn air cargo storage charge

CEOs urge FG to declare emergency in manufacturing sector

Emefiele assures foreign investors of funds transfer

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I’ve Received No Medication, Treatment After 43 Days in Isolation – Benue Index Case

How I Killed My Father’s Friend Who Tried to Rape Me –15-Year-Old

How COVID-19 Pandemic Has Affected Ramadan –Muslims

COVID-19: LASEPA Trains Artisans on Social Distancing 

Partial Lockdown: Customers Ignore Social Distancing,

COVID-19: Home treatment will increase infections, NMA, nurses warn

Why I’m staying away from partisan politics –Jonathan

Certificate scandal: FIIRO demotes former director-general

How EFCC arrested me over N1,600 – Benue shawarma 

CORONA VIRUS REPORTS

South Africa’s COVID-19 cases now 10,015

6:28 am

143 dead as Nigeria’s COVID-19 cases rise to 4,399

12:04 am

Kenya records 23 new COVID-19 cases, total now 672

8:01 pm.

COVID-19: Ecuador president takes 50% pay cut

3:46 pm

Wuhan reports first COVID-19 infection after one month

2:33 pm

UK to set up COVID-19 alert system – Official

10:56 am

JUST IN

FG warns vice-chancellors against reopening varsities

6:42 am

Buhari’s incompetence destroying Nigeria, says PDP

6:19 am.

Saudi triples VAT, suspends monthly payment to citizens

6:13 am

LASG shuts hotel, club for contravening COVID-19 guidelines

6:11 am

Integrated payment system saved N361bn despite opposition, says FG

5:49 am

Dele Giwa exposes Buhari’s failure

5:48 am

Ighalo not worth £20m – Neville

5:45 am

Woman dies in Lagos church during childbirth, prophetess arrested

5:41 am.

COVID-19: Home treatment will increase infections, NMA, nurses warn

5:37 am

Why I’m staying away from partisan politics –Jonathan

5:35 am

Certificate scandal: FIIRO demotes former director-general

5:31 am

How EFCC arrested me over N1,600 – Benue shawarma dealer

5:29 am

Police, NSCDC, others killed 11 during lockdown –NHRC

5:23 am.

FG quarantines 160 Nigerians evacuated from US

5:20 am

Peterside knocks Wike over Rivers hotels’ demolition

FULL NEWS

FG warns vice-chancellors against reopening varsities

Published May 11, 2020

The Federal Ministry of Education has ordered vice chancellors to maintain the closure of federal, state and private universities in order to keep students and university communities safe from coronavirus.

The National Universities Commission gave the directive through a circular by the Director, Directorate of the Executive Secretary’s Office, Chris Maiyaki.

The circular read, “Vice chancellors will please recall that following the ministerial directive of March 19, 2020, the NUC issued two circulars on Friday, March 20, to convey approval for the closure of institutions for a period of one month effective from Monday, March 23.

“The Federal Ministry of Education has subsequently directed on Friday, March 8, that all schools remain closed as the Federal Government is closely monitoring developments on the containment of the COVID-19. Vice-Chancellors are to ignore the fake news being circulated in the social media as the situation is under constant review and any decision will be conveyed through the appropriate channels.

“I am therefore to forward herewith, a copy of the circular from the Federal Ministry of Education to vice chancellors of Nigerian universities for guidance and full compliance.”

The NUC had, on March 19, ordered the closure of tertiary institutions for one month as part of the measures to contain the spread of the COVID-19 virus.

Four days after the closure, the Academic Staff Union of Universities declared a “total and indefinite strike” over the failure of the Federal Government to keep to the 2019 Memorandum of Action and over the lingering crisis on the Integrated Personnel and Payroll Information System.

The union had begun a two-week warning strike on March 9, after which the lecturers embarked on a full strike.

©The PUNCH 

Buhari’s incompetence destroying Nigeria, says PDP

Published May 11, 2020

     

PDP National Publicity Secretary, Kola Ologbondiyan

John Alechenu, Abuja

The Peoples Democratic Party has said “the manifest   incompetence” of the regime of the President, Major General Muhammadu Buhari (retd.), as well as his failure to lead from the front are responsible for Nigeria’s failure to check the spread of COVID-19.

The PDP raised the alarm following the increase in infection and mortality rates in Nigeria.

It said this could have been curtailed if the nation had a competent, proactive and transparent leadership with the capacity to articulate a quick national response to the pandemic.

 This was contained in a statement signed by the National Publicity Secretary of the PDP, Kola Ologbondiyan, in Abuja, on Sunday.

Ologbondiyan said, “The party notes that the situation had been worsened by greedy and corrupt All Progressives Congress leaders and the cabal in the Presidency, who are cashing in on President Buhari’s ineffectiveness to pillage resources meant for the fight against COVID-19 pandemic in our country.”

 But in its response, the Buhari Media Organisation, dismissed PDP’s allegations.

It insisted that the President is setting transparency standards in the management of the COVID-19 funds that the PDP finds difficult to comprehend.

The BMO said this in a statement signed by its Chairman and Secretary, Niyi Akinsiju and Cassidy Madueke, respectively.

The BMO statement read in part, “President Muhammadu Buhari is setting a standard in transparency and integrity with the handling of Covid-19 funds that the Peoples Democratic Party is finding difficult to comprehend.”

 However, the PDP stressed that it was distressing that since the outbreak of the pandemic in Nigeria, the  President had not demonstrated the desired visibility; addressed the nation only thrice (each time, after much prodding), after which he had remained out of public visibility, leading to lack of effective coordination of the fight against the pandemic.

According to the PDP spokesperson, President Buhari’s backseat approach had also encouraged the reckless pillaging of COVID-19 palliatives by his officials, leaving majority of poor and vulnerable Nigerians unattended to; a principal factor responsible for the general poor compliance to lockdown directives in major cities.

On the gradual easing of the lockdown, the PDP said, “given that Mr President is working from a blind spot due to his narrow involvement in the fight.”

Saudi triples VAT, suspends monthly payment to citizens

Published May 11, 2020

Saudi Arabia's King Salman

Saudi Arabia’s finance minister on Monday said the kingdom will triple its Value Added Tax and halt monthly handout payments to citizens in new austerity measures amid record low oil prices and a coronavirus-led economic slump.

The measures, which could stir public resentment with the cost of living rising, come as the petro-state steps up emergency plans to slash government spending to deal with the twin economic blow.

“It has been decided the cost of living allowance will be halted from June 2020 and VAT will be raised from 5 percent to 15 percent from July 1,” Finance Minister Mohammed al-Jadaan said in a statement released by the official Saudi Press Agency.

Jadaan insisted the measures were necessary to shore up state finances amid a “sharp decline” in oil revenue as the coronavirus pandemic saps global demand for crude.

The government was also “cancelling, extending or postponing” expenditures for some government agencies and cutting spending on major state projects introduced as part of an ambitious reform programme to diversify the oil-reliant economy, the minister added.

Jadaan last week warned of “painful” and “drastic” steps to deal with the double shock of the novel coronavirus and record low oil prices.

Saudi Arabia, the top crude exporter and the Arab world’s biggest economy, has shut down cinemas and restaurants, halted flights, and suspended the year-round umrah pilgrimage in a bid to contain the deadly virus.

Saudi Arabia, along with other Gulf states, imposed a five percent tax on goods and services in 2018 in a bid to generate additional revenue.

The petro-state had also introduced handouts worth billions of dollars to citizens, known as the cost of living allowance, to cushion the impact of rising costs.

AFP

LASG shuts hotel, club for contravening COVID-19 guidelines

Published May 11, 2020

Lagos State Governor, Babajide Sanwo-Olu

The Lagos State Government has shut a hotel and a club in the Badagry West Local Council Development Area for alleged contravention of the new guidelines issued by the government to operators of hotels, clubs and other entertainment outfits in the state.

The Special Adviser to the Governor on Tourism, Arts and Culture, Mr Solomon Bonu, in a statement on Sunday, said the affected facilities, Maggi Hotel and Tambari Theatre Art (night club) opened for business in defiance to government’s directives.

“It was also discovered that there was a high level of immorality going on in those places. The night club had become home for strippers, drug barons and all sorts of mischief,” Bonu added.

He expressed displeasure at the unlawful practices by the management of the two facilities, stressing that the guidelines issued by the Ministry of Tourism, Arts and Culture were not followed in spite of advocacy by government.

Bonu said legal action would be instituted against the owners of the hotel and night club to serve as a deterrent to others.

“We’ll bring the full weight of the law on these erring operators and ensure that they show total compliance level before they can regain access to these facilities. This, the government believes, will send a signal to others who are still operating illegally in different parts of the state,” he said.

While noting that surveillance and monitoring would continue, the special adviser pleaded with residents to provide information that could assist in discovering other hotels and clubhouses still operating illegally in different parts of Lagos.

Dele Giwa exposes Buhari’s failure

Published May 11, 2020

     

Tunde Odesola

Tunde Odesola (tundeodes2003@yahoo.com)

  Like an arrow shot from the bowel of hell, a silver-colour car zoomed past, vroom! A merchant of death was behind the wheel. Like a lion on the heels of its prey, about 10 police vehicles followed in close hunt. It was the American law in pursuit of justice. There was no accidental discharge. No hysteria. No shrieking roadside hawkers.

 The interconnectivity between life and death is as fleeting as the blink of an eye. Life is the mysterious metaphor that carries honey in its right hand; bile in its left. Last week, these realities unfurled swiftly before my very eyes. May we not encounter maggot in salt.

 I was on an official trip with a female black American colleague, Kaila, in the driver’s seat. American roads are safe and pleasurable. No potholes, no checkpoints, no robbery fears. All you need to drive anywhere in America are just your driving licence and your car insurance. Nothing more. In my fatherland, Nigeria, the list of vehicle ‘partikolas’ required from drivers is determined by the ingenious gluttony exhibited by principalities at checkpoints.

 Kaila and I were at a traffic light in Athens, en route to Huntsville, both in Alabama, when she suddenly froze, looked into the driver’s sideview mirror and frowned. I was about to ask if anything was the matter when the fleeing silver-colour car blasted past her side. It didn’t pause at the traffic light. But the hounding police vehicles paused for a second. The chase was macabre. Life stared death in the eye. May we not travel on the day the road roars for blood.

 “He’s stupid. He can’t get away. Maybe he’s got substance on him. They’ll spike him,” Kaila said, as she excitedly followed the trail of the hunters and the hunted when the traffic light turned green. She was almost jumping in her seat. “He’s gonna take the interstate highway! Let’s take the interstate highway! I wanna see the end of this,” Kaila said.

Police. Spike. Intercity highway. I looked at Kaila but my thoughts went to Nigeria. “It’s ok, you take the intercity highway,” I said. The intercity highway lies along our route. American intracity and intercity roads are an intricate web of superb connectivity that always leaves you with optional routes unlike the sorrowful road to paralysis called the Lagos-Ibadan Expressway. “Why would the fleeing driver take the highway?” I asked. “Because there ain’t traffic lights on the highway,” came the response.

 So, we got off the intra-city road onto the intercity highway, looking to see who would triumph between the law and the lawless. After a short drive, we saw a firefighter truck ahead of us. “Hey, here we go! We’re on the trail!” Kaila said in her deep voice. “How did you know,” I asked. “The firefighter truck!” she said, pointing.

 Ha! Bros, when you’re JJC, you’re JJC! Baba Igbajo is a JJC in America, I chuckled to myself.

 In about a minute or two, we saw far ahead, at the right side of the highway, a stationary line including an ambulance and about a dozen police cars – all blazing blue lights. The firefighter truck pulled behind the long line of police cars. The cops have spiked the fleeing car. We could see the screeching imprints of the tyres on the road after the tyres were deflated (spiked) and the car skidded into the roadside prairie. The airbags in the car had deployed. I saw a policewoman steadying a lady emerging from the front passenger seat to her feet. There was no traffic snarl as motorists slowly plied the other lanes on the highway. Everything looked so routine. Life went on.

 The suspects were neither threatened nor beaten. They were not paraded before the press. There was no need for press cameras as all police officers wear body cameras while their vehicles also brim with cameras. The Head of the American Police is largely unknown to the public but his efficiency is seen in the security of American lives and property. He’s unlike Nigeria’s Inspector General of Police who daily struggles to show himself to the President as working, ordering that virtually every arrest made by the police be credited to his needless unit called IGP Intelligence Response Team. In a responsible society, every unit of the police must be efficient.

 While on the trail, I heard Kaila on the phone urging her mum to be careful if she was plying the highway route. After we got past the scene, she informed me the driver struggled with the cops. “How did you know,” I asked. “It’s in the news,” she answered. “Who told you?,” I inquired. “My mum,” she said.

 Ha! American police! My mind pranked me with the type of statement that would’ve been issued by the Nigeria Police in this type of situation: “The Commissioner of Police, Egunje State has warned criminals to flee the state. The tough-talking commissioner stated this after the smashing of an organised family syndicate that specialised in orchestrated intercity banditry and cross-country terrorism…”

The rot in the Nigerian system didn’t start with the incumbent IGP, Mohammed Adamu, neither did it start with the second nor the third coming of the President, Major General Muhammadu Buhari (retd.). Buhari noticed the rot in his first coming in 1983 when he identified corruption as the bane of the country’s development.

 Erudite journalist, Dele Giwa, also did. In an article, “Blast from the past: Nobody cares,” published in Newswatch on January 27, 1986, Giwa analysed the unending messiahnic excuses proffered by Nigeria’s leaders for assuming power. Particularly, Giwa examined the respective incursionary roles of Buhari and General Ibrahim Babangida into Nigeria’s power matrix, and he returned with a verdict: Nigerians ‘have been shocked to the state of unshockability’. Giwa wrote, “Nigeria is perhaps the only country in the world where corruption has lost the power to shock.”

 Giwa was right. The unholy sums of money stashed away in secret accounts abroad by the late thief, Sani Abacha, don’t shock Nigerians, neither did the alleged missing $12bn oil windfall under Babangida. Since Olusegun Obasanjo emerged President in the Fourth Republic, politicians have become richer than the Nigerian state. The anti-corruption ship of Buhari long capsized at the roguish epitaph of Abacha, his benefactor, whose family, Buhari has left to continue to collect millions of naira monthly as emoluments accruable to past Nigerian leaders and their families. If Buhari was sincere with his anti-corruption noise, he would’ve renamed the public institutions bearing Abacha’s stinking name.

 When Nigerians voted for Buhari in 2015 as civilian president, they didn’t forget how he, as military Head of State, anointed Shehu Shagari’s head with oil via a house arrest but crowned Alex Ekwueme and other southern political leaders with thorns, throwing them behind bars in 1984. Nigerians thought Buhari was born again.

 Long before 2015 when Buhari assumed power as President, the power of digital media had opened the eyes of more Nigerians to decent living in a globalised world. More Nigerians have come to know that it’s possible, in an honourable country, to buy a 2020 model of a car of your choice – like the fleeing American, and pay in instalments even when you’re on the lowest rung of the societal ladder. More Nigerians are now aware that in a desirable country, you don’t need to belong to any party or know any ‘oga’ at the top to own a house even if you rank among the least earning workers.

 Nigerians want security. They want jobs, good roads, good schools, hospitals, housing and electricity, not the loud failure Buhari is flaunting with arrogant silence. Nigerians wish their children could get COVID-19 palliatives like American kids who get food supplies twice daily at home despite not attending school. Nigerians wish Buhari had not been left behind at the train station since 1985.

FG quarantines 160 Nigerians evacuated from US

Published May 11, 2020

160 Nigerians evacuated from US

Okechukwu Nnodim, Abuja

A total of 160 Nigerians evacuated by the Federal Government from the United States arrived at the Nnamdi Azikiwe International Airport, Abuja on Sunday morning.

A Boeing 787 Ethiopian Airline aircraft with registration number ET-AOQ brought the passengers to Nigeria. The aircraft touched down at the airport around 11am.

Officials of the Federal Airports Authority of Nigeria confirmed to our correspondent that the aircraft, which flew into Abuja from New York, was later surrounded by seven buses that were used to convey the passengers out of the airport.

“Five luxury buses were on the ground to pick them (passengers) to the isolation centres in the city,” FAAN’s spokesperson for the NAIA, Voke Ivbaze, said.

She added, “Two civilian buses were also on the ground and the time of arrival was around 11am today (Sunday). They came with a Boeing 787 with registration number ET-AOQ.”

The Minister of Foreign Affairs, Geoffrey Onyeama, confirmed the return in a series of tweets via his official Twitter handle on Sunday.

He said, “ET Flight 8509 conveying 160 Nigerian evacuees from the US has safely arrived at Nnamdi Azikiwe International Airport, Abuja.

“Once they fulfil all airport protocols – port health, immigration, etc, they will all be transported to the designated quarantine centres for the mandatory 14-day period. They will be tested for COVID-19 and re-tested at the end of the quarantine period.”

SPORTS BITE

Ighalo not worth £20m – Neville

Published May 11, 2020

Manchester United legend Gary Neville has advised the club against spending £20m on striker, Odion Ighalo.

The ex-Super Eagles striker, who is on loan from Chinese side Shanghai Shenhua, has been in good form since moving to England in the January transfer window.

He has scored four goals for United in eight appearances in all competitions.

This form has seen United considering him for a permanent deal after the expiration of his loan in June.

His parent club, Shenhua, are hoping to keep him, tabling a contract renewal worth £400,000 per week for the striker.

They are however willing to let go of him if United are able to cough out £20m for a permanent move.

The Nigerian has also expressed his interest in staying at his boyhood club.

But in an Instagram Live interview, Neville, advised United boss, Ole Gunnar Solskjaer, against spending that amount on the striker.

According to him, the ex-Watford player is not worth the £20m his parent club are asking for him.

Sports minister donates N50,000, food items to Okwaraji’s mother

Published May 11, 2020

Sports minister Sunday Dare has donated N50,000, as well as food items and beverages to Mrs Janet Okwaraji, mother of fallen Super Eagles star Samuel Okwaraji.

Okwaraji, born on May 19, 1964,  slumped and died on August 12, 1989 during  a 1990 World Cup qualifier between Nigeria and Angola at the National Stadium , Lagos.

Dare, who was represented by  Bamidele Ajayi, made the cash donation  at the home of the late  Eagles star in Abakpa-Nike in Enugu State.

The other items donated include  food items and beverages .

“I’ve always been drawn to greatness and I admire people who lived their lives to elevate the status of their communities and nations. Okwaraji was not just a footballer, he was an icon and great patriot,” Dare said.

“ He was a great  professional who redefined football in Nigeria with  many young talents benefiting from  his ingenuity and sacrifices by  re-writing   our  country’s name in gold in  world football.”

Responding on behalf of the family, the eldest son of the Okwarajis, Mr. Patrick Okwaraji, thanked the minister for the kind gesture.

Patrick said, “Sam died 30 years ago, everybody would appreciate  if they feel he is worthy to be remembered and  appreciated for the little contributions he made even when he died in his prime.

“I thank the minister  for deeming it  worthy to do this. It’s  very encouraging because this is the first and only minister to support the family. We are indeed very grateful. I honestly  don’t know what to say other than to say the family  appreciates this show of commitment to us, which is long overdue.”

Dare also recently donated cash and food items to the mother of another fallen Eagles star, Rashidi Yekini, in Kwara State.

Third Brighton player tests positive for COVID-19

Published May 10, 2020

     

Brighton chief executive Paul Barber on Sunday revealed a third player at the Premier League club has tested positive for the coronavirus, raising fresh concerns about the attempt to finish the English top-flight season.

The unnamed player was tested on Saturday and will self-isolate for 14 days while he recovers from the virus.

The rest of Brighton’s squad will continue to train at home and in solo sessions at the team’s training ground.

Two other Brighton players, who were not named, contracted the virus several weeks ago and have reportedly recovered.

“Unfortunately we have had a third player test positive just yesterday,” Barber told Sky Sports News.

“Despite all the measures we have all been taking over the last few weeks, when the players haven’t been involved in taking any significant training at all, we have still suffered another player testing positive for the virus.

“There are concerns and I think it is normal for all clubs to have those concerns.

“We want to make sure we do all that we can so the protocols that are put into place are safe and secure and mitigate the risk.”

In Germany, Bundesliga 2 side Dynamo Dresden have put their entire squad and coaching staff into two-week isolation after two players tested positive for coronavirus.

The Bundesliga and Bundesliga 2 are due to restart on May 16.

Brighton’s latest positive test comes ahead of Monday’s Premier League meeting, where clubs are expected to debate the plan to complete the season behind closed doors at neutral venues and vote on whether player contracts will be extended until the end of the rescheduled campaign.

The Premier League would like to restart the season in June and play the remaining 92 fixtures by August.

Barber has been critical of the neutral venue idea, insisting that the campaign should still be played on a home-and-away basis as Brighton battle to avoid relegation.

Norwich, Watford and Aston Villa were in the relegation zone when the Premier League was suspended because of the health crisis on March 13.

.BUSINESS NEWS

Mortgage bank records 37.6% rise in earnings

Published May 11, 2020

     

Adelani Adepegba, Abuja

Infinity Trust Mortgage Bank Plc has held its 14th Annual General Meeting with a resolve to pay 3.5 kobo dividends to shareholders.

The meeting, which held through videoconference on account of the coronavirus pandemic was attended by 12 persons physically, including representatives from regulatory agencies and shareholders who participated remotely.

The Head, Corporate Communication and Brand Support, ITMB Plc, Akinwale Ishola, explained in a statement that the bank’s audited figures showed a 37.6 per cent rise in gross earnings from N 1.005bn in 2018 to N1.383bn in 2019.

It stated, “The bank’s audited figures show a 37.6 per cent rise in gross earnings from N 1.005bn in 2018 to N1.383bn in 2019.

“The bank also witnessed 40 per cent growth in its loan portfolio from N3.802bn in 2018 to N5.338bn in 2019 and showed a 21.2 per cent increase in profit before tax from N366.8bn in 2018 to N444.4m in 2019. Total assets grew by three per cent from N10.351bn in 2018 to N10.644bn in 2019.”

The Managing Director, Dr Olabanjo Obaleye, in his reaction to the bank’s performance maintained that “the impressive result was as a result of the commitment towards excellence of both the board, management and staff.”

He reiterated that the bank had been a pacesetter for other mortgage banks in the country, adding that it would continue to innovate products that could make mortgage accessible to those yearning to own their homes.

Obaleye noted, “The bank’s key capital and liquidity figures remain well above the regulatory requirements, even after the reporting date of 31 December, 2019. Thanks to our very good capital and liquidity situation with an equity ratio well above the minimum legal requirement as well as its solid business policy.”

“I am glad that the shareholders will get their dividends this year, this makes it the 14th year we have consistently paid dividends to our shareholders. Creating wealth to our shareholders has been a critical focus of our value addition,” the MD stated.

On the 2020 outlook, he emphasised that the financial institution would focus on the profitable side of the business despite the harsh economic realities especially with the expected impact of the COVID-19 pandemic.

The bank Chairman, Dr Adeyinka Bibilari, stated that the company would be targeting expansion of its operating capacity, optimisation and scaling of all internal processes and structures in order to reduce overhead costs and generate additional revenues through new business opportunities.