NIGERIA NEWSPAPERS: TODAY’S THE BUSINESSDAY NEWSPAPER HEADLINES [22 MAY, 2018]

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Below are the headlines found on The Businessday Online Newspaper for today, Tuesday, 22 May, 2018.


CBN sacks E-tranzact directors
Tue, 22 May 2018
The Central Bank of Nigeria (CBN) has asked the chief executive officer, Valentine Obi, and two executive directors, Sulivan Akala and Ike Eze of e-Tranzact an electronic payment platform, to resign, BusinessDay can reveal.
The move also saw the immediate termination of the appointment of the chief technology officer (CTO), Richard Omoniyi and chief operating officer, Kehinde Segun.
According to a source familiar with the matter, the management were asked to resign following allegations of N11 billion fraud perpetrated through its platform.
The CBN has appointed auditors from PricewaterhouseCoopers (PwC) and Ernst & Young to go through the books of e-Tranzact, sources told BusinessDay.

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The Economic and Financial Crimes Commission (EFCC), Lagos Zonal office, in April arrested Michael Osasogie Obasuyi, Managing Director, Platinum Multi-purpose Cooperative Society Limited, for alleged offenses bordering on conspiracy, cybercrime and money laundering to the tune of N 11.498 billion.

Obasuyi, who is also the Managing Director of Smartmicro Systems Limited, had written a petition in March 2018 to the Commission against e-tranzact.
However, in a twist, e-tranzact had also written a counter-petition against Smartmicro and Obasuyi, which led the Commission to begin investigations into the activities of Obasuyi.
Smartmicro was alleged to have approached e-tranzact in 2012 for the deployment of bulk purchase solution called “Corporatepay” to facilitate payment of salaries of Delta State employees in microfinance banks.
E-tranzact then allegedly configured an additional outbound fund transfer solution called “Fundgate” in 2017, which required Smartmicro to maintain a pre-funded settlement account with a first generation bank for settlement of account it had initiated.
However, the first generation bank, sometime in March 2018, revealed to e-tranzact that the settlement account was in debit to the tune N11, 498,944,038.29.
Sources say Obasuyi, in his statement to the Commission, confessed to having committed the crime, stating that he created fraudulent and imaginary monies through the aid of Fundgate financial application from the company.
The Commission, in the course of an investigation, has recovered a paper version of the programme called MicroSwitchServer1, which he allegedly used to create and post the imaginary monies.
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Catholics protest killings in Nigeria
Tue, 22 May 2018
The Catholic faithful across Nigeria are embarking on peaceful protest over continued killings in the country today.
The protest which holds simultaneously in all states and dioceses in Nigeria is not for Catholics alone but other Christian denominations.
This will be the first time the Church known for its perceived conservative disposition unlike other churches is embarking on a protest as the Church always take the dialogue approach to issues.
The protest apart from being in response to the continued killings, particularly that of Christian minorities in the north, is in solidarity with the Catholic Diocese of Makurdi which today buries two priests and 17 Parishioners killed recently by armed Fulani herdsmen.
Two priests of the Catholic Diocese of Makurdi, Rev. Fathers Joseph Gor and Felix Tyolaha were killed on the altar during early morning mass along with 17 parishioners at St. Ignatius Mission, Mbalom Gwer- East Local Government, Benue State late last month by armed Fulani herdsmen.
Representative of Pope Francis to Nigeria (Papal Nuncio), Archbishop Antonio Guido is leading 50 Catholic Bishops to the mass burial of the two priests and the parishioners at the Se Suu Maria Pilgrimage Centre, Igbor, Benue State.

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Director of Communications, Catholic Diocese of Makurdi, Rev. Father Moses Iorapuu who disclosed this to newsmen said the date of the funeral which was chosen during the bishops’ conference in Rome coincided with the date the anti-open grazing law was passed by the Benue State House of Assembly.

“The local church here (Benue) was under attack as the bishops were in a conference in Rome; so the Pope got primary information.
“It was there the decision was taken with the local church and they fixed the burial for May 22. All the bishops agreed, the divine coincidence of this is that it was May 22, 2017 that the anti-open grazing bill was passed by the state assembly.
“Exactly after one year, this is what we have to show; the priests and many others who were killed. The bishops will be here in their numbers but what they have done is to be sure that the burial has wider coverage and wider participation,” Iorapuu said.
According to Iorapuu, all dioceses across the country have been directed to organise vigils at 10am on Tuesday, there will be a simultaneous ceremonies across the country as a mark of solidarity with the Makurdi diocese over those killed.
“Some bishops will be leading ceremonies, others will be coming. The Pope’s representative in Nigeria will be present. The Abuja Archbishop, John Cardinal Onaiyekan, has also arranged that there should be a well-organised procession in Abuja,” he added.
Meanwhile, John Cardinal Onaiyekan, Archbishop of the Catholic Archdiocese of Abuja has convened a peace protest with the theme: “peaceful march and prayer for Nigeria.”
Onaiyekan in a statement he personally signed said, “because of the barbaric killing of human beings in Nigeria, and erosion of the perception of life as sacred and in union with the Diocese of Makurdi, we want to express our deepest displeasure over the ugly happenings in our country and pray for the nation.”
According to the statement, the protest commences at 10am and starts from National Christian (Ecumenical) Centre and ends at Our Lady, Queen of Nigeria Pro-Cathedral, Garki with Rosary procession, Mass, address to local and international media and benediction.
“Priests will all be in Cassock, others will come in their Parish or group uniforms or black attire. Please wear shoes or sandals. Priests should also take note that white is the colour of vestment for mass.
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Is Tinubu’s political influence waning
Tue, 22 May 2018
Last Saturday’s state congress of the ruling All Progressives Congress (APC) produced two factions of the party in Lagos State which was unprecedented since the emergence of the Fourth Republic, Iniobong Iwok, examines the issues and asks if it was an indication of a receding political influence of Bola Ahmed Tinubu.
Perhaps, regarded as one of the greatest politicians and political strategists of this generation, Bola Ahmed Tinubu, national leader of the All Progressives Congress (APC), has illuminated the political space in the country since the Third Republic.
Beginning his political career in 1992 on the platform of the Social Democratic Party (SDP) joining the faction led by the late Shehu Musa Yar’ Adua, he was elected to represent Lagos West Senatorial district in the botched Third Republic.  He also was very much around during the power play in the June 12, 1993 presidential election.

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Tinubu became a founding member of the National Democratic Coalition (NADECO) along with several other activists and democrats. They fought for the restoration of democracy in the country, a fight that drove him and some others on exile in other to escape the military brutality.
His political breakthrough came at the dawn of the Fourth Republic in 1919 when he was elected the governor of Lagos State on the platform of the Alliance for Democracy (AD). Since then, Tinubu has dictated the political space in Lagos and indeed the South West geo-political zone of Nigeria.
Surviving the ‘tsunami’ which swept away almost all the governors of the southwest states in 2003, he was re-elected for another four year-term. During this period, he was on collision course with the People’s Democratic Party (PDP)-controlled Federal Government headed by Olusegun Obasanjo. The crux of the matter was the creation of 37 Local Council Development Areas (LCDA) which the then government tagged as illegal and withheld federal allocations to Lagos State throughout his remaining part of his tenure as governor from the point the impasse started.
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Ajaokuta, Aluminium Smelter, coal mines lie idle as Fayemi leaves office
Tue, 22 May 2018
Nigeria’s minister of solid minerals development Kayode Fayemi will be leaving office any moment from now to pursue his governorship ambition in Ekiti State, but he is leaving behind a trail of moribund Ajaokuta Steel Complex, troubled Aluminium Smelter Company of Nigeria (ALSCON) and coal mines that are lying idle. Fayemi had, in March this… View ArticleThe post Ajaokuta, Aluminium Smelter, coal mines lie idle as Fayemi leaves office appeared first on BusinessDay : News you can trust. 
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Negative trade growth slows Nigeria’s Q1 2018 GDP to 1.95%
Tue, 22 May 2018
First quarter 2018 GDP growth slowed by 0.16 percent to 1.95 percent, compared to 2.11 percent expansion recorded in Q4 2017, according to the National Bureau of Statistics (NBS) GDP report released yesterday, contrary to continuous quarterly growth expectation of analysts. Analysts have attributed the decline to the fall in the contribution of the trade… View ArticleThe post Negative trade growth slows Nigeria’s Q1 2018 GDP to 1.95% appeared first on BusinessDay : News you can trust. 
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Double tax compliance to GDP ratio to 50%, IMF tells Nigeria
Tue, 22 May 2018
The International Monetary Fund, an arm of the World Bank Group tells Nigeria to double her tax compliance to GDP ratio from 25 per cent to 50 per cent. Amine Mati, head of IMF in Nigeria, said this in Lagos, at the presentation of the IMF Regional Economic Outlook for Africa titled: ‘Domestic Revenue Mobilisation… View ArticleThe post Double tax compliance to GDP ratio to 50%, IMF tells Nigeria appeared first on BusinessDay : News you can trust. 
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Top five PFAs account for 64.84% of total pension contributions
Tue, 22 May 2018
The ranking of Pension Fund Administrators (PFA) by total pension contributions show that top five received 64.84 percent of the total contributions as at the end of the fourth quarter 201, while the top 10 ranking PFAs accounted for 87.90 percent of the total contributions. Ina document made available by the Nation Pension Commission (PenCom),… View ArticleThe post Top five PFAs account for 64.84% of total pension contributions appeared first on BusinessDay : News you can trust. 
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Union Bank gets Business Continuity Management certification
Tue, 22 May 2018
Union Bank in compliance with International Business Continuity Management Systems (BCMS) standard has received a ISO 22301:2012 certification. The Bank was certified by the British Standards Institution (BSI) in partnership with local capacity building firm, Digital Jewels following its successful fulfillment of the rigorous requirements for this internationally recognised standard on Business Continuity Management Systems…. View ArticleThe post Union Bank gets Business Continuity Management 
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Shell safeguards 60,000 bpd with 900 community jobs
Tue, 22 May 2018
Shell Petroleum Development Company (SPDC) says it has safeguarded 60,000 bpd of crude oil with 900 community jobs for pipelines surveillance in three clusters in the Land East Hub. The company said it is prepared to carry out a full roll-out of the system to all land areas based on the near zero incident free… View ArticleThe post Shell safeguards 60,000 bpd with 900 community jobs appeared first on BusinessDay : News you can trust. 
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LAPO boss seeks greater commitment to poverty alleviation in Nigeria
Tue, 22 May 2018
Leading micro finance company, Lift Above Poverty Organization (LAPO) has reaffirmed the commitment of the company and its staff to the fight against poverty. Godwin Ehigiamusoe, who gave the charge at the 2018 staff awards ceremony held in Benin-City noted that the challenges of poverty in the country is enormous and requires the commitment of… View ArticleThe post LAPO boss seeks greater commitment to poverty alleviation in Nigeria appeared first on BusinessDay : News you can trust. 
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BDCs, NFIU embark on capacity building for anti-money laundering, terrorist financing
Tue, 22 May 2018
In compliance with the anti-money laundering and terrorist financing (AML/CFT) regulation, Bureaux De Change Operators of Nigeria and Nigeria Financial Intelligence Unit (NFIU) have embarked on a capacity building. The two institutions recently concluded a three-day joint training/sensitization programme on anti-money laundering and terrorist financing. The programme, attended by head offices/zonal secretariats staff of ABCON… View ArticleThe post BDCs, NFIU embark on capacity building for ant 
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Double tax compliance to GDP ratio to 50% IMF tells Nigeria
Tue, 22 May 2018
The International Monetary Fund, an arm of the World Bank Group tells Nigeria to double her tax compliance to GDP ratio from 25 per cent to 50 per cent. Amine Mati, head of IMF in Nigeria, said this in Lagos, at the presentation of the IMF Regional Economic Outlook for Africa titled: ‘Domestic Revenue Mobilisation… View ArticleThe post Double tax compliance to GDP ratio to 50% IMF tells Nigeria appeared first on BusinessDay : News you can trust. 
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FBNQuest Merchant Bank receives accolades for impactful deals
Tue, 22 May 2018
FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has received accolades from global financial and capital market awarding institutions in recognition of the impact and size of transactions delivered by the Investment Banking business in 2017. The firm has won five awards in various categories of theEMEAFinance Achievement Awards,… View ArticleThe post FBNQuest Merchant Bank receives accolades for impactful deals appeared first on BusinessDay : 
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