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Abbey Mortgage Bank Plc has reported an impressive performance for the year 2021. During the year the bank had a rebound in its result, recording a N622 million profit from a loss of N4.3 billion in the previous year.

 

The year 2021 was indeed a positive one for the bank as evident by its improved income, asset and general operations in the face of double-digit inflation and after a slowdown in economic activities in the country due to Covid

 

In 2021, the bank’s total interest income was N3.3 billion which is a 137% increase from the N1.4 billion recorded in 2020 largely driven by mortgages, construction finance, and treasury investments. Expectedly, the interest expenses jumped during the period recording a N1.7 billion in 2021, a 212% increase from last year’s, leaving the net interest income to circa N1.6 billion.

 

Consequently, the net operating income hit N2.2 billion in 2021 from a negative of N2.9 billion in the previous year. This is because of the increase in total operating income which rose significantly from N980 million to N2 billion.

The bank’s expenses increased marginally to N1.5 billion in 2021 from N1.3 billion a year before due to increased personnel and other operating expenses. This led to a rise in profit before tax to N661 million.

 

Total assets by the bank increased to N34 billion in 2021 depicting a 86% rise from N18.5 billion while the bank’s market capitalization stands at N18 billion. Also, the bank last traded at N1.8 per share price as of Friday, 28th May 2022 which is a signal that the performance of the bank is gradually reflecting on the trading price of its stock.

 

The bank also recently announced the replacement of MD/CEO Mr. Madu Hamman, upon his appointment by President Mohammad Buhari as the new MD of Federal Mortgage Bank Of Nigeria with Mobolaji Adewumi, effective from 25th May 2022.

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Business

*Fidelity Partners SMEDAN to Empower SMEs*

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In what has been termed a major move to bridge the gap in helping small businesses access much needed funding and capacity development initiatives, leading financial institution -Fidelity Bank Plc – has announced a strategic partnership with the Small and Medium Enterprises Development Agency (SMEDAN).

 

At a Memorandum of Understanding (MOU) signing ceremony held in Lagos recently, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe said the partnership reinforces the fact that the bank is a leading supporter of SMEs in Nigeria.

“For us at Fidelity Bank, supporting SMEs is in our DNA and for more than two decades we have been creating multiple platforms to help them thrive. These include the numerous products we have pioneered for the sector, our collaboration with the Lagos Business School to host the Export Management Programme, the Fidelity SME Academy and our weekly SME Forum radio programme where we have had successful business owners and even SMEDAN share tips on running thriving ventures with listeners.”

 

“This partnership is therefore another step in our journey of helping entrepreneurs grow and compete favorably in any market they operate and we are very happy to have SMEDAN join us”, commented Onyeali-Ikpe who was represented by the Executive Director, Lagos and South-West, Fidelity Bank, Dr Ken Opara.

On his part, Director-General/Chief Executive Officer, SMEDAN, Olawale Fasanya thanked Fidelity Bank for facilitating the partnership emphasizing that the MOU was particularly significant not just to the Agency but to the MSMEs ecosystem.

 

“Fidelity Bank is one of the few commercial banks in Nigeria that have shown immense interest in providing support to the large MSME community. I am very aware of some of your products purposely designed to serve the MSMEs. This explains why the Agency is very excited entering into this relationship that we believe will help change the narratives of the sub-sector”, commented Fasanya.

 

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 7 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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Court Documents Expose NDLEA Officers Alleged Involvement in Drug Trade

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Aggrieved officials of the National Drug Law Enforcement Agency (NDLEA), have exposed how the Deputy Commander General of Narcotics, Sunday Zirangey Drambi, and several senior officers in the Agency used their positions to enrich themselves.

 

Several former officials sacked by the Agency, according to our findings, have dumped some vital documents, revealing alleged strong links between some senior officers led by Sunday Zirangey Drambi and drug dealers.

 

One of the court cases involved a former operative, Williams Olubukola Olanrewaju, whose last place of posting was Yobe State command.

 

A 55-page court affidavit deposed at the National Industrial Court of Nigeria in Abuja, is marked NICN/Abj/248/2022 and filed on August 15, 2022 between William Olubukola Olanrewaju Vs The Chairman, NDLEA & 4 Ors, Olanrewaju.

 

He explained that Sunday Zirangey, Deputy Commander General of Narcotics, headed his unit which compromised war against drug trafficking, allegedly collecting bribes on a regular basis.

 

It was gathered that Sunday Zirangey allegedly used his position to enrich himself such that he allegedly acquired multi-million naira properties in Abuja, Lagos and Adamawa.

 

Olanrewaju alleged that because he alongside many other officers refused to compromise, the head of the unit, Zirangey, punished him and hurriedly posted him to Yobe State Command, Damaturu interdiction points, with posting references of NDLEA/FIN/88/VOL. VII/237 and NDLEA/ADM/131/VOL.XIII/450 respectively.

 

The NDLEA was listed as the first defendant while the National Chairman of the Agency, Buba Marwa, was listed as the second defendant.

 

Zirangey Sunday Drambi, Samuel Okereke Abarogu, Assistant Commander of Narcotic, ACN, and Taupyen Sunday, also ACN, were listed as 3rd, 4th and 5th respondents all of SET/SIU, respectively.

 

The Court affidavit explained that while working at the SET/SIU Lekki office at Professor Kiumi Akingbehin Street, Lekki, Lagos, the Claimant had issues with his senior officers over “their corrupt activities ranging from frustrating him from accessing vital information, collecting bribes from suspects, missing files, aiding and abetting, tampering with drugs seized, and seizure of drug from a drug courier and refusing to arrest the person caught with hard drug.”

 

The claimant accused the officers of using “one Barrister Benson Ndakara to extort arrested targets,” who “is not an employee of the NDLEA.”

 

Sunday Zirangey is alleged to visit Lagos regularly where he meets with drug barons and traffickers. His hotel accommodation is allegedly paid for by these barons.

 

He was alleged to have refused wiretapping Lagos Island so as not to expose the dirty deals while collecting monthly “bribes” from them. One of the drug barons (name withheld) was said to have paid him N25 million few weeks ago.

 

The Court papers alleged that: “The corrupt officers always instructed the lawyer to arrest suspects for extortion and promised them that their cases would be frustrated if they could pay them through the lawyer.

 

“Also, all SET/SIU arrested suspects used Barrister Benson Ndakara for their cases as the corrupt officers only advised/introduced arrested suspects to use Barrister Benson Ndakara as their lawyer.”

 

Court affidavit deposed to on oath stated, “that on September 24, 2019, he and other officers of the 2 defendants, including, Azubuike Stella, Paul Dimgba, Tapgun Manjel, Attah Ifeanyichukwu, Chigorom Orji, and George Kehinde, collected 3 kilogramme of Heroin from one Charles Cole Osiyemi at Farm City Lounge, Lekki, close to SIU office in Lekki.”

 

He explained that he, alongside “Azubuike Stella, played the major role in the operation leading to interception of the Heroin from Charles, the drug courier.”

 

He explained in the court documents that on September 25, 2019, he asked Samuel Abarogu Okereke “what I will put in the investigation report but he told me not to write anything in the report because the 3kg of heroin would be kept for evidence in future arrest.”

 

Explaining that he was shocked, but that he quickly realised Samuel Abarogu Okereke and Sunday Zirangey “had tampered with the 3 kilogramme of Heroin. The 3 kilogramme of Heroin ought to have been taken to the NDLEA’s “Central Exhibit for safe keeping,” he said.

 

He further alleged that Sunday Zirangey “was aiding and abetting as he refused to arrest Mr. Charles Cole Osiyemi the target, from whom the 3 kilogramme of heroin was intercepted,” adding that, this was in spite of the fact that he had provided “the details of his whereabouts in his Intelligence Report before the drug interception day.”

 

Olanrewaju also accused Sunday Zirangey of being responsible for some missing files at the SIU (Sensitive Investigative Unit) of the NDLEA office in Lekki, Lagos State.

 

He alleged that Sunday Zirangey “used his position as senior officer” to “extort money from suspects on trial in the courts of law.

 

“The case of one Olusegun Folorunso Ayodele (target) is one among several cases of missing files at the SIU, Lekki, Lagos.

 

“Olusegun Folorunso Ayodele’s case file got missing in order to hinder the prosecution of another drug trafficker by name, Uba Harris Etochukwu Alaekwe.

 

“Owing to the missing case file, one Irene Ehizibolo member of the SIU fled without trace till date,” court processes showed.

 

He accused Sunday Zirangey and others of killing suspects mysteriously once they were aware that he knew about the deals. Citing an example, he alleged that, “The case of one target named OSAMA (nickname) is one instance. Osama is a farm planter in Ondo State. He paid some money into the account of Omotoso Solomon Gbadebo. After paying the money, he was released, and immediately he was released, he died. Omotoso Solomon Gbadebo is one of the corrupt officers.”

 

Part of the court documents also alleged that in August 2019, Saheed Oyewole Akanbi, whom he described as “a notorious international drug traffickers” was also killed after he was aware of “Sunday Zirangey’s illegal deals, which also involved “one Sani Ibrahim Sani, the ACGN (the director of Admin and Establishment,” of the Agency.

 

He claimed in the court documents that Sunday Zirangey and his accomplices stopped him from investigating “one Mr. Tajudeen of Holland (residing in Mozambique as of 2019 and who also has a residence in Lekki, Lagos State.”

 

He prayed the court to declare as illegal his orderly room trial, that he is still validly in the service of NDLEA, a perpetual injunction restraining the NDLEA and it’s officers from further subjecting him to inhuman and degrading treatment as well as restoration of his monthly salary of eighty-two thousand naira (N82,000.00k) and the sum of thirty million naira (N30,000,000.00k) being compensation for violating his right to personal liberty as guaranteed by section 34 of Nigerian Constitution and Article 5 of the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act Chapter AB (Chapter 10 LFN 1990) and Article 5 of the Universal Declaration of Human Rights 1948.

 

The affidavit further read: “They saw him as a threat to their corrupt activities and so planned to get him out of the Unit, which they eventually did.”

 

However, the Director of Media and Advocacy of the Agency, Femi Babafemi, denied any wrongdoing on the part of the NDLEA.

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