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NOVA Merchant Bank Announces Major Increase In Staff Salaries, Commences 2024 Graduate Trainee Program

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NOVA Merchant Bank Limited, a leading merchant bank in Nigeria, has announced a substantial increase in staff salaries, effective November 1, 2023.

The increase in salary by up to 50% across all staff categories by the Board of Directors is a strategic move which shows a resounding display of commitment to its workforce and comes few months after the Bank announced the approval of its shareholders to transition into a commercial bank, marking a new era.

According to the Bank, the decision to up its salary structure comes after reviewing the impact of the escalating cost of living and dire global economic situations.

Acknowledging the challenges presented by the prevailing economic conditions, the Bank has thus taken proactive steps to tackle these issues reaffirming its commitment in prioritizing employee welfare with an aim to guarantee their well-being and financial stability.

In the same vein, the Bank has announced the commencement of its 2024 NOVA Graduate Trainee Program, set to begin in January 2024 in Lagos. This program is part of its commitment towards nurturing the next generation of banking professionals with relevant skills and knowledge required to drive innovation in the financial sector. The Program is also undertaken by the Bank to empower fresh graduates and equip them with relevant skills required for modern banking practice driven by cutting-edge technologies, fostering innovation while preparing them for leadership positions.

Explaining further, Mr. Wale Oyedeji, the Managing Director/Chief Executive Officer, said, “following a comprehensive assessment of the current economic conditions and their impact on our esteemed staff, we have opted to realign our salary structure to reflect the economic realities. We recognize the implications of recent economic policy actions on costs and this adjustment is aimed at easing the financial burden borne by our staff and their families”.

Mr. Oyedeji reiterated that the management places a premium on recognizing and promoting outstanding performance as integral to the Bank’s fundamental principles. He emphasized the belief that fostering a harmonious approach to both professional and personal growth, significantly enhances the overall well-being and satisfaction of its employees.

While emphasizing the significance of the Graduate Trainee Program, he added, “The NOVA Graduate Trainee Program is a pivotal initiative for us. We provide participants with curriculum taught by best-in-class faculty to empower them to create superior value in the markets we serve. This aligns with our mission to drive the next revolution wave of banking, and we believe these trainees will play a crucial role in shaping the future of the financial services industry.”

He emphasized that the NOVA Graduate Trainee Program represents the Bank’s dedication to investing in human capital, equipping trainees with essential skills and knowledge required to navigate their careers successfully.

About 70 staff are set to resume as the Bank prepares to commence operation on its Commercial Banking license. Close to fifty of these new staff have been scheduled for the Graduate Trainee Program and the Bank will continue to attract talents to drive its vision in the commercial and retail banking space.

Bede Alugbue, the Head of Human Capital and Culture Management at NOVA Merchant Bank, highlighted the rigorous selection process, saying, “Out of over one thousand applicants, we meticulously selected the best 49 candidates to undergo the intensive training and become banking professionals. The program offers valuable insights into the global banking business, providing essential skills and expertise to drive innovative financial solutions.”

Mr. Alugbue added that the Bank remains committed to recruiting outstanding individuals who will contribute to creating value for our shareholders, governments, and all stakeholders, particularly as the Bank transitions into a commercial banking franchise.

NOVA Merchant Bank Limited is an investment grade rated merchant bank in Nigeria that offers an integrated suite of financial solutions covering Financial Intermediation, Wholesale and Investment Banking, Asset and Securities Management, Trade Services, Cash Management, Transaction and Digital Banking. Just recently, the shareholders of the bank approved the convert to commercial bank.

 

 

 

 

 

 

 

 

 

 

 

 

 

BIG STORY

65% Of Nigerian Households Can’t Afford Healthy Meals — NBS

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The National Bureau of Statistics (NBS) reports that food scarcity, insecurity, and high prices have led Nigerian households to reduce consumption, with 65 percent unable to afford healthy meals due to financial constraints.

These findings were released in the NBS’s latest General Household Survey Panel (Wave 5) report, conducted in partnership with the World Bank.

The report reveals that 71 percent of households were affected by rising prices of major food items, while food shortages impacted more than a third of households over the past year. These shortages were particularly severe in June, July, and August, worsening the food insecurity crisis.

As a result, 48.8 percent of households reported cutting back on food consumption, according to the NBS data.

“In the past 12 months, more than one-third of households faced food shortages, which occurred more frequently in the months of June, July, and August,” the report states.

“Price increases on major food items were the most prevalent shock reported by households, affecting 71.0 percent of surveyed households.”

“Households’ main reported mechanism for coping with shocks was reducing food consumption (48.8 percent).”

  • ‘62.4% Nigerian Households Secured Less Food’

The report also notes a significant increase in the number of households concerned about not having enough food to eat, with the figure rising from 36.9 percent in Wave 4 (conducted in 2019) to 62.4 percent in Wave 5.

According to the NBS, this surge reflects a rise in food insecurity, with more than half of Nigerian families struggling to meet their dietary needs.

“Approximately two out of three households (65.8 percent) reported being unable to eat healthy, nutritious, or preferred foods because of lack of money in the last 30 days. 63.8 percent of households ate only a few kinds of food due to lack of money, 62.4 percent were worried about not having enough food to eat, and 60.5 percent ate less than they thought they should,” the report adds.

“Furthermore, 12.3 percent reported that at least one person in the household went without eating for a whole day, and 20.8 percent of households had to borrow food or rely on help from friends or relatives.”

“In general, households in the southern zones report more incidents related to food security than those in northern zones.”

“For example, in the southern zones, the proportion of households reporting that they had to skip a meal ranged from 50.1 percent in South West to 62.4 percent in South East, while in the northern zones this share varied from 34.0 percent in North Central to 48.3 percent in North East.”

The report further highlights that residents in the south-south zone experienced the highest rates of food insecurity across five out of eight indicators. In contrast, the north-central zone had the lowest rates in six of the eight indicators.

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POLITICS: Rest 31-Year Presidential Ambition — Bode George Tells Atiku Abubakar

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A former Deputy National Chairman of the Peoples Democratic Party, Chief Bode George, has advised former Vice President Atiku Abubakar to end his 31-year-long bid to be President.

Noting that Atiku’s bid to be President dated back to 1993, George said it was high time the former Vice President retired from such a contest, especially in the 2027 election.

Addressing a press conference at his Ikoyi, Lagos office, on Thursday, George urged Atiku to assume the position of an elder in the nation and leave his bid to posterity.

“To Atiku, my advice is this, you will be 81 years old in 2027, and you have been contesting for the presidency since 1993. This is the time for you to calm down and act like an elder. I appeal to you in the name of the Almighty Allah, that you serve, to take it easy and leave everything for posterity,” George said.

George decried that the PDP was on the verge of crumbling because people uplifted their personal interests and individual ambitions above national interest.

He criticised the “divisive, arrogant, haughty” members of the party romancing the ruling All Progressives Congress yet failing to defect from the PDP, describing them as cowards.

“We are where we are today because of a self-inflicted crisis; we should bury our individual ambitions now and not allow the PDP to crumble, please. Elders of the party should tell some of these funny characters to cool off and think of our national interest instead of their personal interest.

“Nigerians are angry and hungry. Instead of telling the APC the truth, some divisive, arrogant and haughty members are busy romancing the ruling party and they are quick to refer to themselves as elder statesmen. Instead of instigating a crisis in our party, why are they not bold enough to defect to the APC? Do they really fear God at all? No member is big enough to hold the party to ransom,” George added.

Particularly pointing to the crisis between Rivers State Governor, Siminalayi Fubara, and his predecessor and Minister of the Federal Capital Territory, Nyesom Wike, George urged Wike to immediately “cool off” from wanting to “bring down” Fubara.

George said it was worrisome that some party members, rather than bringing the two parties to mediation, further fuelled the Fubara/Wike crisis for their selfish interests.

“My advice to Wike is very simple. You are my political son. I am therefore appealing to him to cool off immediately. I know he was injured by friends during the last PDP presidential contest, but I am advising him as a father to please take it easy. Nobody is bigger than any party. Forget what happened in the past and let us work together in the interest of this party.

“I want to ask the elders at the helm of affairs of our party today, ‘What exactly is the offence of Governor Siminalayi Fubara of Rivers State?’ What exactly is the offence of this gentleman that some elders of our party are trying to throw him under the bus because of political expediency? What exactly is going on that some party members don’t feel bothered about the happenings in Rivers State? Governor Fubara was helped by Governor Wike to become the number one citizen of the oil-bearing state. The governor himself acknowledged this on several occasions.

“Must the governor now behave like a slave to his predecessor and other characters because of this concept of godfatherism which is a misnomer in our politics? Why are some party members encouraging his predecessor to bring him down? He is in Abuja; he wants to control what goes on in Rivers State.

“Did the governors before him behave this way? Why are the party leaders not eager to mediate and bring both groups to normalcy? The PDP cannot continue like this. Why can’t we learn from our past mistakes? Is our party jinxed? Why can’t we tell all these troublemakers to go and sit down if they don’t want this party to move forward?”

The National Assembly has amended the National Drug Law Enforcement Agency Act, prescribing life imprisonment for drug offenders and traffickers.

This decision followed the adoption of the harmonised report by the Senate and House of Representatives on the NDLEA Act amendment.

Presenting the report, the Chairman of the Senate Conference Committee, Senator Tahir Monguno, explained that the amendment sought to impose stricter penalties to deter illegal drug activities.

The amendment specifically stated: “Any person who unlawfully engages in the storage, custody, movement, carriage, or concealment of dangerous drugs or controlled substances and, while doing so, is armed with an offensive weapon or disguised in any manner, commits an offence under this Act and is liable, upon conviction, to life imprisonment.”

The Senate approved the recommendation through a voice vote during Thursday’s plenary, presided over by the Deputy Senate President, Barau Jibrin.

In addition to the NDLEA amendment, the Senate also passed a bill to empower the Revenue Mobilisation, Allocation, and Fiscal Commission.

The proposed legislation, known as the Revenue Mobilisation, Allocation, and Fiscal Commission Bill of 2024, sought to replace the existing RMAFC Act of 2004.

The updated law revises the commission’s composition and operational framework to ensure federal, state, and local governments receive constitutionally mandated resources to address governance and developmental challenges.

Presenting the bill, the Chairman of the Senate Committee on National Planning and Economic Affairs, Yahaya Abdullahi, highlighted the urgency of reforming the commission in light of Nigeria’s dwindling revenues and growing population.

Abdullahi explained that the bill aims to strengthen RMAFC’s mandate as the constitutionally recognised body responsible for monitoring revenue generation and ensuring its equitable distribution among the three tiers of government.

“The Act, last revised over 20 years ago, no longer reflects Nigeria’s evolving economic realities. This bill proposes additional funding and a restructured operational framework for the commission to improve its efficiency,” he said.

He further emphasised that adequate funding from the Federation Account was critical for RMAFC to perform its constitutional responsibilities effectively, noting that funding challenges had previously hindered its performance.

The Senate endorsed the bill following deliberations and a majority vote.

It now awaits President Bola Ahmed Tinubu’s assent to become law.

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Man, Girlfriend Arrested For Kidnapping, Murder Of 70-Yr-Old Woman In Enugu

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A 33-year-old man, Ikechukwu Okoye, and his 39-year-old girlfriend, Juliet Ogbodo, have been arrested by the Enugu State Police Command for allegedly kidnapping and murdering a 70-year-old woman, Mrs. Mary Nwatu.

The suspects, both from Onuorie-Obuno in Akpugo Community, Nkanu West Local Government Area of the state, are accused of killing the victim and burying her in a shallow grave before demanding a ransom of N6 million from her children.

They were apprehended after receiving N20,000 from the family, ostensibly to facilitate a phone call with the victim.

In a statement issued Thursday night, the command’s spokesperson, DSP Daniel Ndukwe, revealed that the arrest was made by the command’s Anti-Kidnapping Tactical Squad, based on credible intelligence.

According to Ndukwe, preliminary investigations showed that Mrs. Nwatu was reported missing on September 15, 2024.

“On October 5, 2024, the principal suspect, Ikechukwu Okoye, who is also a kinsman of the victim, contacted her children, demanding a ransom of N6 million,” Ndukwe stated.

Okoye was later arrested and reportedly confessed to the crime.

“He admitted abducting Mrs. Nwatu on September 14, 2024, at about 8 am when she came to their house to look for his mother.

“He further confessed to killing her and burying her in a shallow grave inside an uncompleted building in the compound,” the police officer said.

The suspect also admitted to demanding a ransom from the victim’s children, initially requesting N6 million before negotiating it down to N3 million.

However, he accepted an initial payment of N20,000 on the condition that the family would hear their mother’s voice over the phone before making further payments.

Juliet Ogbodo, Okoye’s girlfriend, also confessed during interrogation that she was aware of the crime but claimed she did not report it to authorities out of fear.

The victim’s remains have since been exhumed and taken to a mortuary for preservation and autopsy.

Ndukwe assured the public that the suspects, along with any others found complicit, would be arraigned in court once investigations are concluded.

“The Enugu State Police Command remains committed to ensuring justice for the victim and her family,” Ndukwe said.

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