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Uyo Residents Laments As Flood Submerge Houses

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Residents of the Uyo metropolis have raised alarm about the torrential rainfall of last weekend which submerged major streets in the city.

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The worst-hit areas include Idoro road by Julius Berger junction, Atiku Abubakar way, Ikot Oku Ikono and Udo Umanah streets axis of the state.

One of the victims of the flood, Mr Udimisor who spoke with journalists in Uyo said during the heavy downpour last Saturday his compound was submerged and all the rooms in the building flooded.

He said, “I live in this compound for the last 5 years and I have not experienced this kind of flood before. The rain started at 9am and lasted for 7hours. The entrance to my compound turned to a river as nobody could either come in or move out. We were trapped for hours.”

Another neighbour Mr Ifiok Elijah Ezekiel Udo said the same water damaged the backyard fence of his compound and collapsed the soak away pit.

“The water came in a speed and collapsed the fence at my backyard. Now I need more than N200,000 to restore the fence and fix the soakaway system ” he said

Residents of Udo Umanah and other streets within the area when interviewed gave similar accounts as the entrance of summit complex hotel and the surroundings were completely submerged.

In a telephone interview, the state commissioner for Environment and Mineral Resources, Mr Charles Udoh said drainage controlled projects are ongoing in the state but the spots mentioned are not included.

He said he was not yet informed of the incident promising to act accordingly as soon as he receives official information.

“I am not informed of this axis being ravaged by flood. Once I have an official report from them, the government would act accordingly” he said.

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Our Keke Is Not ₦300k – Innoson

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What Innoson Vehicles produced were just a few samples for test marketing, this is to enable the end-users to give us feedback on some innovations added to it.

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We’re now collecting this useful feedbacks and the next set of first batches of the final products will come out between August/September.

In essence, the factory does not have units to sell to the market now and the cost is not N300,000 (300k).

Buyers Beware. Don’t fall to scammers.

Cornel Osigwe
Head Corporate Communications
IVM Innoson Group.

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BREAKING: APC Committee Bars Sanwo-Olu’s Challenger From Primary Venue

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It was learnt that the committee prevented one of the contenders of Governor Babajide Sanwo-Olu, Abdul-Ahmed Mustapha, from the venue.

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The PUNCH reports that the Lagos State Governorship Primary Election Committee of the All Progressives Congress, on Thursday, barred one of the aspirants from the venue of the primary at the Teslim Balogun Stadium in the Surulere area of the state.

It was learnt that the committee prevented one of the contenders of Governor Babajide Sanwo-Olu, Abdul-Ahmed Mustapha, from the venue.

Mustapha, a former Permanent Secretary, Ministry of Energy and Minerals Resources in Lagos, resigned 14 months ago and had picked up the N50m governorship form of the party.

It was gathered that the committee chaired by a former deputy governor of Borno State, Shettima Yuguda, claimed that Mustapha was not cleared by the screening committee of the party.

However, the aspirant told The PUNCH that he was in Abuja two weeks ago for the screening though the result was not announced.

He said the Secretary of the primary election committee, Bashir Mohammed, turned him back on Thursday, saying that he was not cleared and as such cannot be given accreditation access to the venue.

Mustapha said, “We were told that we were not cleared by the leadership of the party and as such, they only gave accreditation tags to those that were cleared.

“We went to Abuja for clearance two weeks ago. The results of the clearance were not communicated to us.

“We went to the APC state secretariat at Acme Road yesterday (Wednesday), we tried to get our accreditation tags but we were not given. We were there till 7am this morning before going to the venue of the primary.”

Efforts to reach Yuguda, Mohammed and another member of the committee, Tilewa Sijuade, proved abortive as of press time as calls to their lines rang out.

Also, APC chairman for Lagos, Cornelius Ojelabi, did not take his calls as of press time.

Sanwo-Olu, the anointed aspirant of APC leader, Bola Tinubu, is seeking re-election. He is in the race with Mustapha; and Wale Oluwo, a former Commissioner for Energy and Mineral Resources in Lagos who is also an ally of ex-governor Akinwunmi Ambode.

‘Nobody should be compelled into a consensus arrangement’

Mustapha had, in an interview with The PUNCH, said Lagosians deserve better than they get under Sanwo-Olu.

“After the End SARS riot, that incident broke something in me; something that was very personal and there were two ways I could go: it is either I go to the present government and told there is nothing that can be done or I say, ‘Let’s do what can be salvaged’. How can this over 70 per cent population that is alienated, angry, disconnected and that doesn’t have any stake in the economy or the way the country is being governed, how can we do something to attract them.”

He had insisted on going to the polls and noted that he won’t agree with any consensus arrangement.

“Let’s go to the field and test our popularity. Nobody should be compelled into a consensus arrangement,” he said.

On why he was challenging his former boss, he said, “Because we strongly believe we have a better model that will help further accelerate the development of the state. There is a Master Plan put in place by Asiwaju (Tinubu), built on by BRF (Babatunde Raji Fashola), and built on by (Akinwunmi) Ambode. If other states are going at 3%, Lagos should be going at 9% to account for the mirage challenges in healthcare, education, energy and other sectors.

“We believe passionately that we have a better model and it that belief that is propelling us. I have some experience working for the City of New York, and understanding how the city was put together. Such model is really transmittable and we can accelerate the development of Lagos State.”

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Revealed: Cash-Strapped Banks Borrow N338.4bn From CBN In One Month

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The Director, Corporate Communications, CBN, Mr Osita Nwanisobi, did not pick calls or respond to text messages seeking comments.

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According to the banking data, some cash-strapped banks borrowed N338.5bn from the Central Bank of Nigeria in January to bridge their funding gap.

Figures from the CBN’s monthly report for January on ‘Standing facilities window operation’ showed that the banks continued to utilise the Standing Lending Facility and Deposit Lending Facility in the sector.

It stated that, “Activities at the standing facility window during the period reflected improved banking system liquidity.

“Total Standing Lending Facility contracted considerably by 52.4 per cent to N338.4bn from N711.54bn in December 2021, fallout of the improved banking system liquidity in the period.

“In addition, the activity at the inter-bank call segment contributed to the significant decline in SLF.

“Transactions at the Standing Deposit Facility increased by 7.0 per cent to N246.21bn from N230.22bn in the preceding month, further buttressing liquidity condition in the market.”

The Director, Corporate Communications, CBN, Mr Osita Nwanisobi, did not pick calls or respond to text messages seeking comments.

Bank officials declined comments on the development.

However, industry expert and the Managing Director, Lancelot Ventures Limited, Adebayo Adeleke, said the public cannot go and deposit money or withdraw money from the CBN.

He said, “The CBN is the bank of last resort, it is the only one authorised to print naira. The only bank that should not run dry is CBN. They also control the banks by ensuring that the banks maintain some levels of deposits with CBN.

“The CBN technically speaking is bankers’ bank. All the banks bank with CBN, they deposit money and also bank with the CBN and that is why the CBN is able to control the influx of the naira into the economy, regulate the interest rates, increasing Monetary Policy Rate and others.

“So they set the temple for the control of money. The CBN is the bankers’ bank, the bank of the last resort and the bank of the Federal Government.”

The Managing Director/Chief Executive Officer, Cowry Asset Management Limited, Mr Johnson Chukwu, said, “The banks borrow from the CBN to meet their funding gap. The SDR and SLR also move regularly. But remember that the banks also keep money in the Central Bank.”

A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said, “The banks have to take from the CBN because it is the bank of the last resort. CBN is also keeping part of their money which they cannot lend.

“They borrow money from the CBN when they don’t have where to borrow money from and they are short of cash. They borrow from the CBN and pay back.””
https://www.tori.ng/news/203091/revealed-cashstrapped-banks-borrow-n3384bn-from-cb.html#:~:text=According%20to%20the,and%20pay%20back.%E2%80%9D

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