The Federal Executive Council (FEC) has commenced, with President Muhammadu Buhari presiding.

The meeting, which is holding in the Executive Council Chambers at the Presidential Villa, Abuja, holds every Wednesday.


The Vice President, Professor Yemi Osinbajo, and other cabinet members were also in attendance at the meeting which took off immediately after the swearing-in of the new National Assembly Service Commission members.

The Chief of Staff to the President, Mallam Abba Kyari, as well as the National Security Adviser, Major General Babagana Monguno (Retd.), were also present.

The Chief of Staff, Kyari, however left the meeting at some point to attend to other issues.

According to him, the company’s increasing focus on digital banking is partly responsible for the N208.8 billion profit after tax that was reported in 2019. Recall that Zenith Bank’s profit after tax increased by 7.9%, up from N193.4 in 2018.

While commenting on the audited 2019 financial statement, Onyeagwu noted that retail banking also played a huge role in the impressive. This is because 2019 was the first full-year that the bank ventured full-time into retail banking. He said:
“Last year was our first full year in our foray into digital and retail banking. So, when you are looking at the digital income and fees, it’s a combination of both digital and retail fees. Last year was the first full year when we went full blast into the retail business, so we’ve seen that combine to give us incremental growth in terms of income from fees and electronic commission.

The Senate on Wednesday approved the nomination of Kingsley Isitua Obiora as Deputy Governor of the Central Bank of Nigeria.
President Muhammadu Buhari had asked the Senate to okay the nomination of Obiora as Deputy Governor of the Central Bank of Nigeria.
Buhari’s request was contained in a letter addressed to the Senate President, Ahmad Lawan which was read in plenary on Tuesday. The letter was dated January 16, 2020.

Buhari had said the request for confirmation of Obiora was in accordance with the provisions of Section 8(1)(2) of the Central Bank of Nigeria (CBN) (Establishment) Act 2007.
“I have the pleasure to present Dr. Kingsley Isitua Obiora for confirmation as Deputy Governor of the Central Bank of Nigeria,” Buhari stated.

The Senate had after considering the letter, referred it to the committee on banking and finance for proper screening of the nominee.
On Wednesday, Obiora was screened by the Senate committee upon which the report was presented to the Senate on Thursday.
Presenting the report in plenary on Thursday, chairman Senate committee on banking and finance,  Senator Sani Musa explained that the committee did not find any petition against Obiora during it findings.
Musa further stated that the screening committee further found that instead, Obioara has vast knowledge of banking and financial experience and recommended him for confirmation.
Senate President, Ahmad Lawan put the confirmation of Obiora to vote and the Senators unanimously approved it.

The All Progressives Congress, APC, in Lagos State has said its national leader, Asiwaju Bola Tinubu is qualified to be the president of Nigeria in 2023.

Giving reasons, the party said Tinubu’s commitment, resourcefulness and pedigree put him in good stead to lead Nigeria.

The newly-elected Secretary of State Party, Lanre Ogunyemi (Secretary) said this during a press briefing in Lagos to unveil newly elected executives.

Ogunyemi, speaking on Tinubu’s rumoured presidential ambition, said the former governor has a right to aspire to be president in 2023 whether he has informed the party or not.

The Party’s secretary added that it was left to Nigerians to accept him when the time comes.

Ogunyemi said, “Tinubu has all it takes to lead this country and he has all the fundamental rights as a Nigerian to aspire.

“It’s now left for Nigerians to accept or not. It’s now left for the party to decide who they want as the presidential candidate come 2023.

“Whether he has briefed us or not on his aspiration, whether he is expressing any body language, whether people are against it or not, we are sure that he has everything to lead this nation.”

We recall that governor of Kaduna state, Nasir El-Rufai days ago said the southern part should be allowed to become president in 2023 after President Muhammadu Buhari’s administration.

Zenith Bank Plc has traded in a range between N16 per share and N26.2 per share in the past year.

Its one year stock return stands at -11.4 percent, even as after-tax profits rose by 8 percent according to its 2019 results released on Friday.

The stock still trades at a discount to book value with price-to-book (P/B) ratio of 0.71, all the while sporting a juicy dividend yield of 15.4 percent as at Friday.

Zenith Banks P/B ratio compares to Guaranty Trust Bank (GTB) which trades at 1.31 and Stanbic IBTC at 1.36.

P/B ratios are often used to compare banks, because most assets and liabilities of banks are constantly valued at market values.

So is the market mispricing Zenith Bank stock and why if so?

Some Banks in the Nigerian banking industry have higher valuations due to either a history of efficiency or sometimes being a domestic subsidiary of a foreign firm with solid balance sheet.

If Zenith were not to be undervalued by the markets and traded at a conservative valuation of 1 times book value, then it would be a N28 stock.

The markets are clearly missing something here, because in a clear show of its resilience and market leadership, Zenith Bank on Friday announced impressive results for the year ended December 31, 2019, with profit after tax (PAT) surging past the N200bn mark to N208.8 billion, becoming the first Nigerian Bank to do so.

According to the banks audited financial results profit after tax rose by 8 percent from the N193 billion recorded in the previous year.

The Group also recorded a growth in gross earnings of 5 percent rising to N662.3 billion from N630.3 billion reported in the previous year.

This growth was driven by the 29 percent increase in non-interest income from N179.9 billion in 2018 to N231.1 billion in 2019.

In a positive sign for the future growth of the bank, fees on electronic products continues to grow significantly with a 108 percent  Year on Year (YoY) growth to N42.5 billion in the current year from N20.4 billion in 2018.

This is a validation of the bank’s retail transformation strategy which continues to deliver impressive results.

Profit before tax also increased by 5 percent growing to N243 billion in the current year from N232 billion, arising from top line growth and continued focus on cost optimisation strategies.

Impressively the cost-to-income ratio moderated to 48.8 percent from 49.3 percent.

An important ratio for determining the profitability of a bank, the cost-to-income ratio is calculated by dividing the operating expenses by the operating income generated. With this results Zenith Bank now has one of the lowest Cost to income ratios in the industry.

The drive for cheaper retail deposits coupled with the low interest yield environment helped reduce the cost of funding to 3 percent from 3.1 percent.

While returns on equity and assets held steady year-on-year at 23.8 percent and 3.4 percent respectively, the Group still delivered an improved Earnings per Share (EPS) which grew 8 percent to N6.65 from N6.15  in the current year.

Zenith Bank currently trades at a low price-to-earnings ratio of 2.98. Assuming the market gives it an earnings multiple equivalent to EPS or profit growth (8), then it should be a stock trading at N53 per share.

Zenith Bank also increased its share of the market as it secured increased customer deposits across the corporate and retail space as deposits grew by 15 percent to close at N4.26 trillion from N3.69 trillion in 2018.

Total assets also increased by 7 percent to N6.35 trillion from N5.96 trillion in the previous period.

In a sign that the Bank is responding favourably to the CBNs push for increased lending, it created new viable risk assets as gross loans grew by 22 percent to N2.462 trillion from N2.016 trillion.

This was executed prudently at a low cost of risk of 1.1 percent and a significant reduction in the non-performing loan ratio to 4.30 percent from 4.98 percent.

Prudential ratios such as liquidity and capital adequacy ratios also remained above regulatory thresholds at 57.3 percent and 22 percent respectively.

Of utmost importance to the Nigerian markets which often trades as a dividends play, in demonstration of its commitment to its shareholders, the bank announced a proposed final dividend pay-out of N2.50 per share, bringing the total dividend to N2.80 per share for 2019 or a yield of 15.46 percent.

What that means is that if an investor buys N10 million worth of Zenith Bank stock or 500,000 shares, they would be paid a dividend of N1.56 million.

With yields on fixed income securities plummeting, that seems like a good deal.

Zenith Bank shares traded up 2.32 percent on Friday to close at N19.85 per share.

President Muhammadu Buhari is expected in Ondo state Monday (today) for the commissioning of the Ore flyover and industrial park as part of activities to mark the third anniversary of the administration of Governor Oluwarotimi Akeredolu in office.

The chairman of the anniversary planning committee and Commissioner for Finance, Mr Wale Akinterinwa disclosed this during a news briefing to highlight various activities for the anniversary.

According to him, President Buhari, alongside the APC National Leader, Asiwaju BolaTinubu and a host of other eminent personalities will commission key projects across the senatorial districts of the state.

Akinterinwa represented by the Commissioner for Information and Orientation, Donald Ojogo said the 11-day activities will end on Friday, March 6 with Mr. Governor’s dinner with High Network Individuals of Ondo state origin in Lagos.

The Commissioner who reeled out some achievements of the present administration said it is becoming pertinent to celebrate the governor due to his unrelenting wish to develop the state.

“That is why we feel convinced to roll out the drums to celebrate with our people and showcase a few of our efforts in translating the 5-Point Agenda of Mr. Governor into concrete dividends of democracy, especially in the areas of infrastructural expansion and rehabilitation, community and rural development, economic empowerment and social investments, human capital development, to mention a few among others.”

One person was said to have been killed by gunshots allegedly fired by policemen who were deployed to Sagamu to disperse youths who were protesting the alleged killing of a footballer, Kazeem Tiyamiyu on Saturday.

Residents of Sagamu have alleged that the footballer was killed by the men of the Special Anti-Robbery Squad (SARS), maintaining that they pushed him out of their moving vehicle for asking them where they were taking him to, saying he was killed by an oncoming vehicle.

The the Ogun State Police Command Spokesperson, Abimbola Oyeyemi, debunked the allegation. He said Tiyamiyu, known as Kaka, ran out of the car taking him to Abeokuta and was killed by another vehicle.

DAILY POST reports that the youths of Sagamu took to the street this morning to protest the killing of their man, chanting “No more SARS”.

It was learnt that the protesters marched to the palace of the Akarigbo of Remoland, Oba Babatunde Ajayi, where they were addressed by Former Governor, Gbenga Daniel, who called for calm.

However, our correspondent later gathered that the once peaceful protest later became violent, causing a confrontation between the police and the irate youths.

A youth who spoke to our correspondent anonymously said: “One protester appeared confirmed dead, not less than three protesters are wounded and receiving treatment at OSUTH.

“A couple of policemen are also wounded and receiving treatment.”

He added that, “soldiers have been deployed to arrest the situation.”

The Ijaw Youth Council, IYC, Worldwide has warned politicians in Bayelsa State against resorting to violence, following the Supreme Court ruling which declared Douye Diri as governor.

IYC said desperate politicians bent on causing chaos due to the Supreme Court ruling should desist in the interest of the state and the entire Niger Delta region.

Recall that the apex court had sacked David Lyon of the All Progressives Congress, APC, as the Governor-Elect of Bayelsa State while declaring Diri as winner of the election.

Diri was subsequently sworn-in as governor of the state.

Following Diri’s emergence, IYC alleged that some aggrieved politicians were planning a coordinated attack of oil installations in the state.

In a statement by its Secretary-General, Alfred Kemepado, the council urged those aggrieved to seek democratic procedures rather than resorting to violence.

The statement reads: “If any person or party feels aggrieved by the Supreme court judgments that consequently made Sen. Douye Diri Governor, such persons should approach the courts for redress or seek political solutions rather than indulge in any unlawful activity that could endanger life and property in any part of Ijaw land.

“All Ijaws are equal and have the right to aspire to become anything in Ijaw land. The IYC warns against incitement of the state and the region to violence because of politics, stressing that politicians are less than one percent of the population of ijaws who go about their lawful businesses daily.

“We also warn some persons to desist from activities that could put the state and the region in a bad light. Any person or group of persons, who make themselves available for paid violence in the Niger Delta is totally on the wrong side of history.

“We want to also caution the political class and paymasters of instability to desist forthwith as their selfish plots and activities are known to all.

“We stress that instead of plotting instability for the state because of self serving political ambitions, everybody should come together to build a more peaceful and prosperous Bayelsa State”.

The Senate on Tuesday mediated in the dispute between the Rite Foods Limited, makers of Bigi soft drinks and the Seven-Up Bottling Company Plc in Abuja.

The management of the Rites Food Limited had petitioned the Senate over alleged threat to the security and existence of Rites Foods Ltd, Ososa, Ogun State by the Seven-Up Plc.

The matter was referred to the Senate Committee on Ethics, Privileges and Public Petitions by the Senate for investigation and further legislative action.

The two companies were expected to appear before a Public Hearing organised by the committee to hear submissions from both parties.

However, Chairman of the Committee, Senator Patrick Akinyelure (Ondo Central) told reporters that the committee decided to mediate between the parties behind closed doors to ensure amicable resolutions.

He said the Committee gave the parties two weeks to come up with resolutions that they adopt upon which the committee will make its report to the Senate.

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Akinyelure said: “Essentially we are stakeholders in this country and as democratically elected representatives of this country in the red chamber, our position in issues like this is to find a middle ground to ensure that these big players, none of them goes under.

“We looked at it from submissions from both sides, we found out that there are some misconceptions.

“There are three dominant players in the soft drink industry. We have the Coca-Cola, Seven Up and Rites Foods Nigeria Limited, makers of Bigi soft drink.

“We appreciate as senior citizens of this country that Rites Foods Limited is a wholly owned indigenous company that should be encouraged in all ramifications.’’

“They have only one plant and they have been able to do the magic through the dedicated team of management staff.

“Within four years, they were able to compete favourably with Coca-Cola and Seven Up and by market rating they have the market rating.

“When we heard from the Seven UP management, they appreciated the competitiveness of Rites Foods Nigeria Limited the makers of Bigi drinks and also they are developing strategies on how to compete favourably in the market.

“We have been able to sit the two management together because we believe it is an issue that can be resolved through Alternative Dispute Resolution mechanism that will bring more result to this country than damaging a wholly owned indigenous company that is competing favourably and we encouraged them to ensure  that the issue is resolved amicably.

“At the end of the meeting we had this morning, I decided to hold a closed door meeting in my office attended by senior members of the Senate, and we mediated.

“We told them that we don’t want this issue to cause any harm because if a company that is engaging over 2000 Nigerians at a time and the other one about 5000 Nigerians, it is our wish in the Senate to see them progressing and adding more value to this country than for issues to destroy them.

“So we resolved in the Committee that we give them about two weeks to go and come back with resolutions that would be adopted by both parties and then we will make our report to the Senate to ensure that they go out to go and compete and also develop strategies that would employ more Nigerians.”

The Secretary to the Government of the Federation (SGF) Boss Mustapha on Tuesday criticised those calling for the sack of Service Chiefs.

Mustapha declared the administration of President Muhammadu Buhari will not sack the Service Chiefs now.

He said there are processes that must be followed to effect their sack.

According to him: “We are in a very difficult time now. We need everybody to be on board. We need synergy within intelligent community, within the military formations that will help fight this war.

“We are in a very difficult situation and when we begin to create cracks and divisions, who will be the beneficiaries?

“The adversaries are the ones that are going to exploit those deficiencies and further the cause of destabilising the nation”.

He spoke with reporters in Abuja after a book presentation titled CAN, Religion, politics and power in Nigeria by former General Secretary of Christian Association of Nigeria(CAN) Engr Samuel Salifu.

The SGF said what government needs is for: “At this moment, what we need is for everybody to be on the same page, fight the battle of securing the nation for protecting lives and property and ensuring that every Nigerian has the opportunity to live a prosperous live. I think that should be our main focus”.

He added: “You don’t sack people like that. There are processes and I believe that at the opportune time, those processes will be followed. You don’t just wake up and say sack people, it doesn’t happen like that”.