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kwara Spends N6.5bn On Water Scheme In Eight Years

Published

6 years ago

on

Eniola Olayemi

 

“The water project has never functioned. Not a single drop of water has come out from it so it has no benefit. People have turned it to a relaxation spot,” Tajudeen Quadri of Oja Gboro said.

Residents of Ilorin, the Kwara State capital, have refuted claims by the Kwara State Government that it spent N6.5billion on Water Reticulation Project to provide water for residents of the state.

Residents of Oja Oba, Maraba, Abdulazeez Attah, Jebba and environs denied the existence of the project in their communities, contrary to claims by Abdulfatah Ahmed, Governor of Kwara State.

The Governor had claimed that the project would supply water to 48,000 homes in the state capital, adding that residents would now have access to water within 500-metre radius of their homes.

“With the completion of this phase, it is safe to say that we have recorded significant milestones in our effort to ensure that every resident has access to water within a 500-meter radius. This project also takes us closer to achieving one of the targets of Sustainable Development Goal (SDG) No. 6 which aims to achieve universal access to safe and affordable drinking water for all by the year 2030,” the Governor had said.

However, findings by the Elites Network for Sustainable Development (ENetSuD), a Kwara-based Civil Society Organisation (CSO), reveal that the project was not executed and, in some places, partly executed. In other places, the projects were found to be out of order.

According to Dr. Abdullateef Alagbonsi, Coordinator of ENetSuD, the Ilorin water reticulation project was initiated in 2009 during the Bukola Saraki government.

“Ilorin water reticulation project is one of the major projects inherited by the current administration of Alhaji Abdulfatai Ahmed from his predecessor, Dr. Abubakar Bukola Saraki. The project started in year 2009 and has remained one of the most controversial projects since that time. It has gulped several billions of naira since almost a decade that it commenced but it’s sad that the light has not been sighted at any end of the tunnel,” Alagbonsi said.

The water project was said to be 98 per cent completed in 2014 by Yomi Ogunsola, the then Senior Special Assistant to Governor Abdulfatah Ahmed on Investment Promotion and Strategy, But four years down the line, the government is yet to complete the supposedly remaining 2 per cent. The water project was commissioned on November 22, 2018 and listed areas where the completed water projects were located. However, a visit to the locations provided by the state government contradicted claims by the state government.

Residents who spoke on the water project lamented the inefficiency of the government to keep the project running. They said the only time it functioned was during the commissioning. Kadija Usman, a resident of Sabo, said since its completion, the borehole has only functioned during the rainy season.

“The only time we get water from this tap is only during the raining season. Now that it is in dry season, it is not flowing. The time we need water the most is during the dry season. They should make it function every time,” she said.

Bolakale Olateju, a resident of Oja-Oba in Ilorin, said the government’s claim that the project was done in Oja-Oba area was totally false. He also said residents were hopeful of the project coming to their community because of lack of water.

“There is nothing like that in this environment,” Olateju said.

“There is actually one in Ita Ajia and Ile Film but not in Oja-oba, Apalando and Gbagba, there is nothing here. We have been hoping for a long time that the government will come here but we couldn’t contact those in charge to tell them that we need the project in our environment. Our effort was in vain. If you go round, you would not see one in this neighbourhood. We beg the government to look into it because we are badly in need of water in our community.”

Residents of Coca-Cola road, Unity, University of Ilorin Teaching Hospital (UITH), Flower Garden and Offa road all maintained that the project was not initiated in their communities as announced by the state government.

“We are yet to see anything regarding to that. Nothing has been done at all. We advised them to move closer to the people and give us what we need. Those doing it did not get here at all. Nothing was done here. We usually suffer before getting water in our neighbourhood,” said Eze Julius.

On his part, Mr Bello Abdulmojeed said: “I have been staying in Flower Garden for over 20 years and for so long time, we’ve been suffering from the absence of water that most residents decided to do a borehole to serve themselves. The government did not do anything here.”

Mustapha also expressed the same fate saying, “I don’t think the water was done here because from CBN to flower garden, there is nothing here”.

He urged the government to ensure they do projects budgeted to bring development to the state.

In some parts of the state, where boreholes were found, residents complained that they rarely supplied water.

Lukman said residents of Ita Amodu junction were happy when the project was announced. However, since the borehole was built, it never supplied water.

“We were happy when they announced they will provide water for us, because that is one of the things we are suffering from — lack of water. Since it was completed, it has never worked. They lied to us,” he said.

Prince M.A. Edogu, who lives in Taiwo Isale, said it only worked when it was commissioned but after that, it stopped supplying water.

Mustapha Abdulniyi, a resident of Gambari said: “We have not benefitted from this project because since it was done, we only got water from it twice. The first time was when it was newly built and once after then. They should not make the project a camouflage as it would amount to waste of resources.”

Tajudeen Quadri of Oja Gboro said the borehole spot had become a relaxation spot because the residents found it useless.

“The water project has never functioned. Not a single drop of water has come out from it so it has no benefit. People have turned it to a relaxation spot,” he said.

Likewise, Mallam Ibrahim said the borehole supplied water only twice since completion. He added that resident’s were beginning to complain and asking the state government to demolish it.

Meanwhile, Alfa Ahmed Soliu, who lives in Ita Ajia, said water flows from the borehole not every time. “It flows well but it does not come out every time,” he said. “They should make it come out every day for people to enjoy it well.”

There is no place the water project was found to be working.

ENetSuD is demanding that the Kwara State government provides the exact locations the water project was implemented and sustained, and also provide a full breakdown of how the said N6.5billion was spent on the project.

 

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Analyst Predict Fidelity Bank to meet Recaptalization Threshold ahead of Regulatory Deadline

Published

2 weeks ago

on

February 24, 2025

By

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Fidelity Bank Plc is making impressive strides on its path to fulfilling the recapitalization targets set by the Central Bank of Nigeria (CBN). With the successful completion of the first phase of its capital-raising initiative that was oversubscribed by 238% and its share price growth of over 100%, investor confidence in the bank is at an all time high.

Following the successful completion of phase 1 of its capital raise, the bank is exceptionally well-positioned to not only meet the regulatory threshold but to also fuel its growth trajectory in the long-term.

With the conclusion of its equity capital raise, the response has been nothing short of extraordinary, with the Public Offer oversubscribed by an astounding 237.92%. This translates to 107,588 valid applications for a total of 23,768,724,000 ordinary shares, amounting to ₦231.7 billion. The Rights Issue also shone brightly, achieving a remarkable 137.73% subscription rate with 6,903 valid applications for 4,407,252,795 ordinary shares, totaling ₦40.7 billion.

Dr. Nneka Onyeali-Ikpe, the Managing Director and CEO of Fidelity Bank, expressed heartfelt gratitude for the overwhelming support from investors, stating, “The positive results recorded in our Combined Offer are a testament to the strength of the Fidelity Bank franchise in the capital market.” Such a robust response not only underscores investor confidence but also reaffirms the bank’s unwavering commitment to delivering innovative financial solutions and sustainable returns to its stakeholders.

Following this remarkable success, Fidelity Bank has secured shareholder approval to launch the second phase of its capital-raising initiatives. This includes a significant increase in the bank’s issued share capital from ₦26.7 billion to ₦36.7 billion. Shareholders endorsed this expansion during an Extraordinary General Meeting on February 6, 2025, approving the creation of an additional 20 billion ordinary shares of ₦0.50 each.

This strategic capital boost positions Fidelity Bank to meet the CBN’s new minimum regulatory capital requirement of ₦500 billion for banks with international authorization before March 31, 2026. This ambitious goal aligns seamlessly with the bank’s vision for sustainable growth and exceptional service delivery, setting the stage for a dynamic future.

Fidelity Bank’s stock performance has further solidified its status as a top contender in the financial sector. From an initial offer price of ₦9.75 per share during the Public Offer, shares soared to a high of ₦21.15 on February 7, 2025, representing an impressive growth rate of over 116%. This positions Fidelity Bank as one of the best-performing financial institutions in the market, with analysts from Apel Asset Limited noting an impressive 80% return on investment for shareholders who have held shares since 2023.

Market analysts project a considerable upside potential of 28.88%, establishing a fair value of Fidelity Bank at ₦23.15 against a reference price of ₦19.50. Such promising indicators not only enhance investor confidence but also position Fidelity Bank as a compelling investment opportunity within the Nigerian banking landscape.

The funds raised from the initial phases of the capital-raising exercises are earmarked for several key initiatives. Fidelity Bank plans to utilize these resources for local and international business expansion, enhancing technology infrastructure, and improving customer service initiatives. This proactive approach showcases the bank’s commitment to innovation and operational excellence.

As the bank gears up for the next phase of its capital-raising initiative, the primary focus remains on achieving its recapitalization targets while consistently delivering value to stakeholders. The bank’s leadership is confident that, with sustained investor support and a robust financial strategy, it will adeptly navigate the evolving landscape of the Nigerian banking sector.

Fidelity Bank’s recent achievements in capital raising signal a pivotal moment in its journey toward strengthening its financial foundation. With robust investor backing, strategic capital allocation, and a clear vision for growth, Fidelity Bank is not just on track to meet its recapitalization target—it is poised to exceed it.

The road ahead promises to be one of sustained growth and innovation, reinforcing Fidelity Bank’s position as a leader in the Nigerian financial sector. As the bank looks toward the future, it remains steadfast in its commitment to fostering strong relationships with investors and delivering on its promise of financial excellence and exceptional customer satisfaction.

Fidelity Bank’s proactive measures and impressive market performance pave the way for a brighter, more prosperous future—one where it continues to lead with integrity and vision in the ever-evolving financial landscape.

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Business

GTCO Plc Launches Initiative to Improve Quality of Life for Households and Empower Women

Published

2 weeks ago

on

February 21, 2025

By

AJAGBE ADEYEMI TESLIM

Guaranty Trust Holding Company Plc (GTCO), a leading financial services institution renowned for its innovative approach to corporate social responsibility (CSR) and stakeholder engagement, today announced the launch of its “Waste for Gas” project to improve quality of life for households and empower women in underserved communities.

This transformative initiative aims to distribute 3,000 3kg gas cylinders with burners to low-income households in Obafemi Owode Local Government, Mowe, Ogun State.


The Waste for Gas project underscores GTCO’s unwavering commitment to improving outcomes for people and communities. By providing households with gas-powered cooking, the initiative simplifies daily routines, freeing up time for essential activities that support financial resilience.

The initiative also introduces a structured “waste for gas” exchange programme that promotes responsible waste management, fostering a culture of sustainability.


The project will unfold in two key phases, ensuring that it reaches those most in need.

In the first phase, teams from GTCO, in collaboration with local government representatives, will conduct door-to-door visits across 12 wards in Obafemi Owode Local Government from Monday to Friday, February 18th – 21st, 2025.

These visits will help identify beneficiaries who currently rely on firewood and charcoal for cooking. Participating households will collect and return plastic waste in exchange for gas cylinders and burners.

In the second phase, scheduled for Saturday and Sunday, February 22nd and 23rd, 2025, efforts will be shifted to monitoring and increasing adoption of the new cooking method among the beneficiaries.


Speaking on the initiative, Mr. Segun Agbaje, Group Chief Executive Officer of GTCO Plc, stated: “At GTCO, we are committed to driving progress, not just through innovative financial solutions but by creating real impact in the communities where we operate.

Waste for Gas is about making life easier for families, giving them more time for what truly matters—whether it’s education, meaningful work, or personal development.

Beyond this initiative, our goal is to continually evolve sustainable platforms that empower people, strengthen communities, and contribute to socioeconomic progress.”


As GTCO continues to expand its CSR footprint, the Waste for Gas project serves as a blueprint for future interventions that drive meaningful, long-lasting impact in underserved communities.

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Business

Dr. Owen Omogiafo Transcorp Group President to Deliver Keynote at Women in Energy Forum, NIES 2025

Published

3 weeks ago

on

February 18, 2025

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Dr. Owen Omogiafo Transcorp Group President to Deliver Keynote at Women in Energy Forum, NIES 2025

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Dr. Owen D. Omogiafo, OON the President and Group Chief Executive Officer of Transcorp Plc, is set to deliver a keynote address at the Women in Energy Forum during the Nigeria International Energy Summit (NIES) 2025. The summit is scheduled from February 24th to 27th, 2025 in Abuja.

Dr. Omogiafo

The Women in Energy Forum, themed “Advancing Africa’s Energy Transformation and Inclusion,” aims to highlight the pivotal role of women in Africa’s evolving energy landscape. Dr. Omogiafo’s keynote, titled “Leadership, Innovation, and the Future of Women in Energy,” will delve into the significance of innovative leadership and the increasing contributions of women in the sector.

Dr. Omogiafo has been a prominent advocate for equitable energy access and gender-inclusive leadership. Her participation underscores the importance of diversity and innovation in driving Africa’s energy transformation.

The NIES 2025 serves as a premier platform for international energy discourse, uniting stakeholders to foster innovation and unlock value across the continent. The inclusion of forums like the Women in Energy Forum highlights the summit’s commitment to comprehensive and inclusive discussions on Africa’s energy future.

Dr. Omogiafo’s insights are expected to inspire and influence strategies for leadership and innovation, emphasizing the critical role of women in shaping the future of energy in Africa.

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