News
Police Probe 19-Year-Old who Threatened JAMB with N1Bn Suit
Chinedu Ifesinachi John, a 19-year-old candidate in the 2021 Unified Tertiary Matriculation Examination (UTME), who accused the Joint Admissions and Matriculation Board (JAMB), of altering his original score of 380, was handed over to the Nigeria Police for investigation.
The candidate, according to Fabian Benjamin, head of Information and Media, JAMB, has allegedly confessed to committing the offence.
He was handed over to the Police at JAMB headquarters in Bwari, FCT on Friday.
Benjamin said: “The candidate (Chinedu Ifesinachi John) who was paraded for forging the Board’s result has confessed after the Board discovered that he saved his sister’s number on his phone as 55019 and used the phone to send the fake result to his phone. When he sends such results they come as 55019.
“He pleaded for mercy that he had to do that when the result he got was not up to what could give him his desired programme.
“The police are on their way to Enugu to arrest his sister.”
John had claimed he scored 380 in the examination conducted in June this year and was surprised to receive 265 from the board after the results were released. After several enquiries, 265 kept appearing as his score as against the 380 score.
Following the alleged “alteration” of the UTME score, John Ifenkpam, his father, approached Ikeazor Akaiwe, an Enugu – based lawyer, who wrote to JAMB for another opportunity for the boy to retake the examination and demanded N1 billion as damages.
The lawyer said the N1 billion was to cover physical and emotional trauma the boy had suffered from being offered “two separate scores from 2019 – 2021.”
John claimed that his UTME scores from 2019 till 2021 had been “altered” by the board, thereby denying him the opportunity to study his desired course – medicine.
On Friday, the candidate, his father and lawyers traveled down to Abuja from Enugu state following an invitation from the management of the board led by Prof Is-haq Oloyede, registrar of JAMB.
Initially, the boy was given some minutes to “come clean” in a closed session with his father and lawyers about the results he was parading but insisted that his original score from the examination was 380.
At the Friday meeting, documentary evidence tendered by the board showed that John actually scored 265 not the 380 he had claimed.
Oloyede accused the candidate of result tempering, adding that he will be handed over to the police for investigation and subsequently prosecuted.
The Registrar said John was among 11 eleven other candidates who allegedly forged their results that the board would prosecute.
He said the original result issued to John would be withdrawn pending the end of the investigation.
He also said a team of security agents would visit Enugu state to arrest members of a tutorial group the boy confessed to belong to.
Ikeazor, John’s lawyer, appealed to the board to give room for further investigation.
He said: “I will not stand against investigation. Let there be investigation but what I will not agree to is to prejudge him.”
News
FBNQuest Asset Management Wins Asset Management Award at BusinessDay Banks & Other Financial Institutions Awards
FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.
This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.
The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.
“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”
FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.
The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.
The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.
News
FG Launches Amnesty to Allow Deposits of Forex outside Banking System
Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.
Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.
Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”
“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.
“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”
The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
News
NAICOM Sacks African Alliance Insurance Board
The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.
The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.
The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.
The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.
He noted that the interim management has up to one year to turn around the company.
He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.
The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.
”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.
“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”
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