THESNOOP ONLINE

Month: August 2024

Alimosho Crisis: Lagos Assembly To Resend Resolutions to Council Chairman, Others

By Eromosele Ebhomele

What would have resulted in the removal of the Alimosho Local Government chairman, Jelili Suleimon, was on Monday prevented by the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa.

Lawmakers had suggested on the floor of the House that the council chairman be removed or suspended for ‘stubbornly disrespecting’ the House and refusing to obey its resolutions concerning toll collections in the Iyana-Ipaja area of Alimosho.

One person had been killed on April 16, 2024, when fracas occurred in Iyana-Ipaja over allegations that council chairman forcefully withdrew the collection of revenues from Abiodun Ejigbadero and handed same to a man allegedly loyal to him.

After what a member of the House, Hon. Sa’ad Olumoh, described as a painstaking two months investigation in which all parties to the issue were invited, the Assembly directed Jelili to return Ejigbadero, who was able to present all the vital documents requested during the inquiries.

However, the lawmakers surprisingly received a letter from the secretary to the Alimosho Local Government council, Dare Ogunkoya, stating that the chairman cannot obey the resolutions of the House concerning the matter.

The letter read by the Clerk of the House, Barr. Olalekan Onafeko, said any action by the council chairman on the resolutions of the House would be contentious.

Reacting to the letter, Hon. Sanni Okanlawon, who chaired the committee that investigated the crisis, described Jelili as a stubborn chairman who would go any length to debase the House.

He recalled that in resolving the matter, the committee invited all the stakeholders including Jelili, who the committee discovered to be the cause of the mayhem.

Okanlawon said while Jelili could not provide any documents, Ejigbadero produced all documents to prove his position as toll collector in the place.

According to Okanlawon, Jelili had remained “defiant and, to say the least, this is an affront against the House that had resolved the issue.”

He urged the House to invoke the right section of the law against the council chairman as a deterrent.

In his contribution, Majority Leader Noheem Adams, said the letter by Ogunkoya undermines the authority of the House which sought peace in the affected area.

Deputy Majority Leader Adedamola Kasunmu told his colleagues, “I can attest to his (Jelili’s) stubbornness. He has shown incompetence and irresponsibility. For us to avert further loss of lives, it is good that he is either immediately removed or suspended.”

In their individual contributions, the two lawmakers from Alimosho, Hon. Kehinde Joseph and Luqman Orelope, pleaded with the House for leniency on the council chairman.

The duo expressed surprise that the council could disobey the House in such a manner, while Joseph urged that the chairman could be suspended instead of an outright removal.

While noting all the contributions, Dr. Obasa wondered why Alimosho is always enmeshed in crises adding that the resolution by the House was to ensure peace in the community.

Pacifying the lawmakers, Dr. Obasa said the chairman should be given the benefit of doubt since the letter was not directly written by him and, as such, he could claim ignorance.

He, therefore, directed the Clerk to resend the resolutions of the House to the council chairman, the Local Government Service Commission and other top officials of the Alimosho Local Government council.

Chief Press Secretary to the Speaker of the Lagos State House of Assembly.

August 27, 2024
50,000 TARGET: FIRSTBANK, NCF EXTEND TREE PLANTING TO FCT

FirstBank, in partnership with the Nigerian Conservation Foundation (NCF), has launched a major tree-planting initiative to enhance Nigeria’s vegetation cover.

According to the bank, the initiative, led by Aishatu Bubaram, the Group Executive Commercial Banking, North, FirstBank, the tree planting was part of its 2024 Corporate Responsibility and sustainability programme.

The bank stated that the tree-planting effort at Government Secondary School (GSS), Karshi, Abuja, which involves planting 50,000 trees, was part of a broader goal to combat climate change by reducing carbon emissions and preserving the environment.

Bubaram emphasised the bank’s commitment to planting 50,000 trees nationwide at the event. “The essence of planting these trees is environmental conservation,” she said. “These are economic trees that we believe will outlive our generation and benefit future generations.” “FirstBank’s goal, initiated during our Corporate Sustainability Week in 2023, is to plant 50,000 trees by 2024. We are well on our way to achieving this, with 30,000 trees planted this year,” she added.

“Trees play an indispensable role in our environment. They purify the air we breathe, stabilise the climate, prevent soil erosion, and provide habitats and food for diverse species, including humans. In a world increasingly threatened by climate change, planting trees is one of the most effective ways to restore balance to our ecosystems.

“By planting trees in Abuja, we are actively contributing to the health and well-being of the city. Each tree planted is a step towards reducing carbon emissions, improving air quality, and enhancing the natural beauty of our urban landscape,” she said.

Bubaram encouraged other financial institutions and individuals to contribute to a greener Nigeria, emphasising that the impact extends beyond the nation and benefits the global environment.

Also, the zonal coordinator, NCF, Muhammad Garba Beyo, expressed the Foundation’s dedication to the initiative, aligning with its biodiversity conservation and sustainable development mission.

“The Nigerian Conservation Foundation established 42 years ago, focuses on biodiversity conservation and sustainable development. Our Green Recovery initiative is designed to improve Nigeria’s vegetation cover, which currently stands at less than 3%—a critical issue given the environmental challenges we face,” he said.

He highlighted the importance of partnerships and thanked FirstBank for supporting this endeavour. “We are grateful to First Bank of Nigeria Limited for their willingness to support this effort. We assure you that we will take care of the seedlings planted today so that they grow into mature trees,” he said.

Beyo noted that the choice of GSS Karshi as the planting site was strategic, considering the school’s available space and the ageing trees on the premises.

Tanko Madugu Wando, the vice principal (Administration) at GSS Karshi, was also present at the event.

Culled from Leadership

August 22, 2024
NGX Rates Fidelity Bank Highest On corporate Governance

Fidelity Bank Plc complies with the highest corporate governance standards as the leading commercial bank adheres promptly to all full disclosure requirements and global best practices.

Fidelity Bank is awarded CG+, the highest rank under the Corporate Governance Rating System (CGRS), which screens quoted companies against prescribed best practices and standards.

A review of the latest compliance report showed that Fidelity Bank sustains its highest-ranking rating of CG+, with shareholders and market pundits commending the high corporate standards of the bank.

Head, Listings Regulation Department, NGX Regulation (NGXRegco), Mr. Godstime Iwenekhai, explained that the CGRS was designed to strengthen the governance structures of listed companies and provide a valid basis for discerning investors to differentiate between listed companies on the basis of their compliance with acceptable standards of corporate governance.

“In our view, corporate governance promotes ethical business practices, transparency and fair competition,” Iwenekhai said.

He pointed out that the special character combination “CG+” underlined compliance with best practices and highest corporate governance standards, which entitle the rated companies to special privileges at the stock market.

Corporate governance compliance at the stock market includes prompt submission of detailed operational results from period to period as required by the market rules, full disclosures of all material and regulated information and accurate rendition of reports and accounts.

Also, compliance includes ensuring that the company’s shares are not encumbered in a way that impinges on free float or number of shares available to the general investing public for efficient price discovery, compliance with all investor-protection safeguards in communication with shareholders and organizing statutory meetings as required among others.

The Nigerian Exchange (NGX) noted that the compliance tracker was aimed at maintaining market integrity and protecting the investors, noting that listed companies are required to adhere to high disclosure standards.

“Financial information which is periodic disclosure and on-going material events disclosure should be released to NGX in a timely manner to enable it efficiently perform its function of maintaining an orderly market,” NGX stated, referencing some of the criteria for its corporate governance rating.

Market experts and shareholders agreed that corporate governance compliance is a major factor in deciding on investing in a public and the safety of such investment.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said corporate governance compliance rating is “extremely important” as it indicates to the investing public the quality of compliance of a company to listing requirements.

“As you know, stock prices are driven primarily by available information and the NGX has a minimum level of disclosure expected of quoted companies. This disclosure helps the public make qualitative decisions as to the state or performance of the companies they are seeking to invest in. These markers are therefore the initial indicators as to whether the companies are meeting their disclosures and other regulatory obligations or not,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said.

Managing Director, APT Securities & Funds, Mallam Garba Kurfi, said the corporate governance rating “shows the extent companies are in compliance with corporate governance”.

“High rating means very good in doing the right thing timely while low rating discourages foreign investors from investing in such companies,” Kurfi, a leading market operator and member of the board of Securities and Exchange Commission (SEC), said.

Managing Director, HighCap Securities, Mr David Adonri, noted that “CG+ means excellent corporate governance rating”.

“When a company is organised and upholds good corporate governance, the benefit to stakeholders is maximized,” Adonri said.

Investors said its high corporate governance was one of the compelling reasons they chose to invest in Fidelity Bank.

President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar said Fidelity Bank has a very good corporate governance structure that reassures investors of the safety of their investments.

According to him, while the bank has a good succession plan, the calibre of the independent non-executive directors on the board gives shareholders strong confidence of the kind of board oversight they will be expecting.

National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, said Fidelity Bank’s impressive performance over the years had been built on good corporate governance.

“My appeal to the board is to continue to imbibe good corporate governance in order to sustain this growth,” Igbrude said.

National Coordinator, Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, said Fidelity Bank has created a “very excellent impression” in the minds of shareholders.

According to her, the bank has continually showcased exemplary leadership with continuous impressive results, with successive growths over the past five years.

“Fidelity Bank is a very good bank that shareholders are very happy with their investments and we have never regretted buying into Fidelity Bank,” Bakare said.

National Coordinator, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie said good corporate governance was the cornerstone of Fidelity Bank’s sustained growth and impressive returns over the years.

“Fidelity Bank remains one of the best stocks that investors should look forward to investing in for better returns. I’m very optimistic about the bank’s healthy strong assets. With its good corporate governance and excellent customers’ service, there is every reason to hope for a more promising future,” Okezie said.

The NGX tags defaulting companies for poor corporate governance and also applies various monetary and non-monetary sanctions, including fines ranging between N100,000 to N100 million, partial or full suspension of trading, naming and shaming with a red alert tag and compulsory delisting in extreme cases.

August 22, 2024
Unity Bank Champions Digital Literacy and Innovation for Youth Empowerment

In line with its commitment to supporting youth empowerment and technological innovation, and creating opportunities for Nigerian youths to thrive in the digital economy, Unity Bank Plc recently held a high-impact webinar to explore the role of digital technology in sustainable development.

The event drew participants from across Nigeria featuring the Telecommunications, Media and Technology, (TMT) ecosystem including start-ups, players in fintech, content creators, etc.

The event featured two Nigerian technology industry leaders including Mr. Gbolahan Salami, Senior Vice President, Growth, Product, and Strategy at WakaNow, and Mr. Micheal Ogundare, who is the CEO and Co-founder of Crop2Cash. Both speakers shared insightful perspectives on leveraging digital technology to empower the next generation and foster inclusive growth.

Commenting on the International Youth Week webinar, Unity Bank’s Head of Strategy and Innovation, Mr. Ibukun Coker, said that through youth-friendly products, special business grants from the Bank’s youth-focused initiatives such as the Corpreneurship Challenge programme as well as other financing packages, the Bank will continue to accord priority to Micro, Small and Medium-sized businesses in technology.

He added: “Empowering the youth through digital technology is key to unlocking sustainable development in Nigeria. At Unity Bank, we are committed to driving initiatives that bridge the digital divide and equip young people with the skills needed to thrive in today’s fast-evolving economy. This webinar is part of our ongoing effort to support the growth of a digitally inclusive society, ensuring that our youth are well-positioned to harness technology for positive change and economic progress.”

The event provided an opportunity for participants to interact directly with the speakers, with many expressing renewed optimism about their potential to leverage digital technology for personal and societal advancement.

Recall that recently Unity Bank partnered with SkillPaddy in its “Count Her In” tech Programme focused on empowering no fewer than 1,000 female beneficiaries in Software Engineering Training. The IT skill development and empowerment initiative was intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. About 40 young girls received full sponsorship from the Bank in the special training initiative, which was conceived as part of activities to commemorate this year’s International Women’s Day 2024.

August 21, 2024
FG to introduce new tax law, overhaul revenue administration process

Executive Chairman of the Federal Inland Revenue Service, FIRS Mr Zacch Adedeji, has revealed plans to introduce a law that would overhaul the process of revenue administration in Nigeria next month.

He also lamented the fact that Nigeria had no law guiding the digital market in Nigeria, especially the crypto currency.

Adedeji spoke at the 2024 stakeholders’ engagement with the Senate and House Committees on Finance, organized by the Intergovernmental Relations Department of the FIRS, with the theme “Repositioning The FIRS To Achieve Its Mandate”.

He explained that the government plans to regulate crypto currency in such a way that it would not be injurious to the economic development of the country, adding that there would be revenue harmonisation, recording and simplifying the tax law that had been in existence.

He said Nigeria was still using the Stamp Duty Act of 1939 when there was no internet connection, saying this explained the reason President Bola Tinubu set up the tax and fiscal reform committee to change and check the law.

Adedeji said: “We are on the path of making sure the target of N19.4 trillion target we were given is achieved. We commend the recent windfall levy passed to increase FIRS’ ability to meet target and get more revenue and redistribute the wealth.

“By September, we are bringing the law that would overhaul all the process of revenue administration in Nigeria, harmonising the revenue, recording and simplifying the tax law that we have. For instance, the Stamp Duty Act of 1939, when there was no internet or connection, is what is still in use.

“Today we cannot run away from crypto currency but as we stand currently, there is no law anywhere in Nigeria that regulates crypto currency and it is the new thing that is happening and we cannot run away from it.

“The law we are using today is 1939 law. As at that time, there was no state or local government. That is the reason the President set up the tax and fiscal reform committee to check and change all these law.’’

Also speaking, the Chairman, Senate Committee on Finance, Senator Mohammed Musa, said the FIRS and the legislators were synergising to come up with a legislation that would give Nigeria the best in getting revenue to address all the challenges facing the country, both in infrastructure and human capital development.

Musa said: “When you are talking of revenue, in every clime, you need the right legislation and there cannot be right legislation until there is a synergy between the agency collecting this revenue with the people making these laws.

‘’We, the Senate and the House of Representatives, work together with the FIRS to give this country the right legislation for tax collection.

“Those laws are so old that they have been before the independence of this country, they would be modified. I am sure by the time we resume from our recess, the executive would submit the executive bill for us to amend the Act, repeal them and re-enact the one that would go with the current system in the environment.

“Crypto currency has become the largest way to make money today, and in Nigeria, we do not have a law to guide them. The FIRS and the legislators are synergising to come up with a legislation that would give Nigeria the best in getting revenue to address all the changes that we have, both in infrastructure and human capital capital development.

“As soon as we resume, we would work on it and we expect the cooperation of Nigerians, corporate Nigerians and individuals. This is a country of over 250 million people and less than 15 per cent are paying tax.

“This engagement is both timely and crucial as we continue our collective efforts to strengthen Nigerians’ physical framework.

“The collaboration between the Senate and the House committees on finance underscores the importance of a unified approach in addressing the challenges and opportunities before us.

“The FIRS, as the bedrock of our revenue generation, has a mandate that is vital to the financial health and sustainability of our nation.

“Ensuring that the agency is not only effective but also agile in responding to the dynamic demands of our economy is a responsibility that we all share.

“As the global economy evolves and as our own economic landscape undergoes transformation, there is a pressing need to assess, to reassess, realign and reposition to meet these new realities.

“This means not only adopting best practices, but also fostering an environment where transparency, accountability and innovation are at the forefront of revenue generation efforts,” he said.

In his remark, the Chairman, House Committee on Finance, James Faleke, said everybody wanted improvement and development in the nation but noted that nobody wants to contribute to that purse.

“We are much more interested in sharing, nobody wants to contribute, forgetting that the developed world we always make reference to are developed, based on the resources that every citizen put into the box,” Faleke said.

August 19, 2024
FirstBank Commemorates its Annual Corporate Responsibility & Sustainability Week

FirstBank, the West African premier financial institution and financial inclusion services provider is proud to announce its 2024 Corporate Responsibility and Sustainability (CR&S) Week, scheduled for 19 to 24 August. This year’s edition aims to reinforce the bank’s positive outcomes of sowing seeds of kindness by empowering the lives of communities, and minimizing the environmental impact environment, while advancing the Bank’s contribution to the Sustainable Development Goals (SDGs).

The CR&S Week is a dedicated week that offers opportunities for employees of the FirstBank Group (FirstBank Nigeria, FirstBank UK, FirstBank Gambia, FirstBank Sierra-Leone, FirstBank DRC, FirstBank Guinea, FirstBank Ghana, FBNBank Senegal; First Pension and First Nominees) to give their time & resources to defined causes in line with the Bank’s CR&S strategic approach.

Now in its eighth year, the FirstBank Corporate Responsibility and Sustainability Week is a week reserved by the Bank for the demonstration of kindness being a fundamental philosophy of the Bank, as the Bank and its employees “Start Performing Acts of Random Kindness” (SPARK) the value-based initiative in alignment with the ethos of compassion, civility, and charity. During the 2023 CR&S Week, 8 countries participated with over 80 charities/NGOs and 30,000 lives impacted.

The 2024 CR&S is envisioned to be an eventful week of impact, sowing the seed of kindness through the following initiatives/activities:

Tree Planting- FirstBank will plant 30,000 trees across Nigeria, furthering its commitment to plant 50,000 trees by 2025 in partnership with the Nigeria Conservation Foundation (NCF).

Women Empowerment- The bank will support Jigawa and Plateau States by driving awareness, performing surgeries, and providing post-care kits for those living with Vesicovaginal Fistula (VVF).

Visitation for Charity- FirstBank will visit orphanage homes, IDP camps, and other charities across Nigeria, SSA markets, and the UK, demonstrating kindness and empowering those at the bottom of the pyramid.

Kind Comment- Staff and management will share kind comments throughout the week, promoting a culture of compassion and civility across the bank.

Woven into the fabric of the society since over 130 years and enabling success in our customers and communities, these initiatives epitomize FirstBank’s care for the environment and humanity, aligning with the Bank’s sustainability strategic pillars and support for the Green Recovery Nigeria

Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications FirstBank, said “At FirstBank, we remain committed to creating a positive impact in the lives of our customers and the communities we serve. Our 2024 CR&S Week is a testament to this dedication, and we are excited to amplify our efforts in enabling the Giants in the lives of our communities and enhance sustainable development and community growth.”

As we celebrate the FirstBank’s Corporate Responsibility & Sustainability week, we invite all to embrace the spirit of kindness as we come together this special occasion to weave kindness into the fabric of our daily lives, leaving a lasting impact on one another,” she concluded.

About FirstBank
First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West Africa, a leading financial inclusion services provider in Africa, and a digital banking giant.

FirstBank’s international footprints cut across three continents ─ Africa, Europe, and Asia, with FirstBank UK Limited in London and Paris; FirstBank in The Democratic Republic of Congo, Ghana, The Gambia, Guinea, and Sierra Leone; FBNBank in Senegal; and a FirstBank Representative Office in Beijing, China. All the subsidiary banks are fully registered by their respective Central Banks to provide full banking services.
Besides providing domestic banking services, the subsidiaries also engage in international cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the representative offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other African countries.
For 130 years, FirstBank has built an outstanding reputation for solid relationships, good corporate governance, and a strong liquidity position, and has been at the forefront of promoting digital payment in the country with over 13 million cards issued to customers (the first bank to achieve such a milestone in Nigeria). FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with virtually 23 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.

With over 42 million customer accounts (including digital wallets) spread across Nigeria, UK and sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale financial services through more than 820 business offices and over 233,500 agent locations spread across 772 out of the 774 Local Government Areas in Nigeria.
In addition to banking solutions and services, FirstBank provides pension fund custody services in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated services through First Nominees Nigeria Limited.

FirstBank’s commitment to Diversity is shown in its policies, partnerships and initiatives such as its employees’ ratio of female to male (about 39%:61%; and 32% women in management) as well as the FirstBank Women Network, an initiative that seeks to address the gender gap and increase the participation of women at all levels within the organisation. In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Women Empowerment’s Principles (WEPs) ─ Equal Opportunity, Inclusion, and Nondiscrimination.

For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and “Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker International Excellence in Retail Financial Services Awards.
In 2022, the Top 100 African Bank rankings released by The Banker Magazine ranked FirstBank as number one in Nigeria in terms of Overall Performance, Profitability, Efficiency and Return on Risk. Also in 2022, the Bank received the “Most Innovative Retail Banking Product in Nigeria (FastTrack ATM)” and “Best Retail Bank in Nigeria” awards from International Finance Magazine. FirstBank was also awarded “Best Corporate Banking Western Africa, 2022” and “Best CSR Bank Western Africa, 2022’’ by Global Banking and Finance Magazine.
Other notable awards in FirstBank coffers include: “Best Bank in Nigeria” by Global Finance magazine – fifteen times in a row; “Best Private Bank in Nigeria-2021” awarded by Global Finance magazine; “Best Internet Banking Nigeria” and ‘’Best CSR Bank Africa’’ by International Business Magazine.
In 2023, FirstBank received notable awards including “Best Private Bank for Sustainable Investing in Africa 2023” by Global Finance Awards; “Best Sustainable Bank in Nigeria 2023” by International Investors Awards; “Best Bespoke Banking Services in Nigeria 2023” by International Investors Awards; “Best Financial Inclusion Service Provider in Nigeria 2023” by Digital Banker Africa; and “African Bank of the Year” by African Leadership Magazine; ’’Best Corporate Bank in Nigeria 2023’’ by Euromoney Awards and ‘’Most Innovative Banking Brand – Nigeria 2023’’ by Global Brands Award.
Other laudable feats in 2023 include FirstBank’s international recognitions on major indices by Euromoney Market Leaders, an independent global assessment of the leading financial service providers where FirstBank was crowned:
Market Leader: (tier-1 recognition) in Corporate Banking,
Market Leader: (tier -1 recognition) in Digital Solutions,
Highly Regarded: Corporate and Social Responsibility (CSR),
Highly Regarded: Environmental, Social and Governance (ESG),
Notable: in SME Banking.
Significantly, FirstBank’s Global Credit Rating was A+ with a positive outlook while ratings by Fitch and Standard & Poor’s were A (nga) and ngBBB+ respectively both with Stable outlooks as at September 2023. FirstBank maintained the same level of international credit ratings as the sovereign; a milestone that was achieved in 2022 for the first time since 2015.
Our vision is ‘To be Africa’s Bank of first choice’ and our mission is ‘To remain true to our name by providing the best financial services possible. This commitment is anchored on our core values of EPIC – Entrepreneurship, Professionalism, Innovation and Customer-Centricity. Our strategic ambition is ‘To deliver accelerated growth in profitability through customer-led innovation and disciplined execution and our brand promise is always to deliver the ultimate “gold standard” of value and excellence to position You First in every respect.

Folake Ani-Mumuney
Group Head, Marketing & Corporate Communications
First Bank of Nigeria Limited

August 19, 2024
NNPC declares record N3.3tn profit in 2023, announces N2.1tn dividend

The Nigerian National Petroleum Company Limited has announced a net profit of N3.297 trillion for the financial year ending December 2023, marking a 28% increase from the N2.548 trillion profit recorded in 2022.

A statement by Chief Corporate Communications Officer, Olufemi Soneye, on Monday noted that this achievement, the highest in the company’s 46-year history, was disclosed during a world press conference at the NNPC Towers in Abuja.

The statement said, “The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion.”

Speaking at the event, NNPC’s Chief Financial Officer, Umar Ajiya, highlighted the significance of the company’s fiscal performance, attributing it to “strategic foresight and operational resilience.”

He emphasised that the release of the 2023 Audited Financial Statement (AFS) underscores NNPC’s commitment to transparency and accountability.

“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges in our operational and economic environment, we have improved the productivity and financial performance of this great company,” Ajiya stated.

The NNPC Ltd Board Chairman, Pius Akinyelure, credited the financial results to the Petroleum Industry Act of 2021, and the dedication of the company’s Board, management, and staff.

“Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions,” the statement added.

According to the statement, NNPC Ltd is targeting a crude oil production level of 2 million barrels per day by December 2024.

The statement said, “In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the the end of the year.”

Addressing recent fuel queues in Lagos and Abuja, Executive Vice President, Downstream, Mr. Dapo Segun, urged Nigerians to be patient, assuring that the company is actively working with stakeholders to resolve the distribution and logistics challenges.

“It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.

“However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago,” the statement added.

Culled: Punch.

August 19, 2024
Du Plessis beats Adesanya to defend UFC middleweight title

South African Dricus du Plessis defended his UFC middleweight title on Sunday after a fourth-round submission win over bitter rival Israel Adesanya in a blockbuster bout at Perth Arena.

In the main event of UFC 305, du Plessis appeared to be flagging against the two-time former champion before a spectacular takedown of Adesanya solidified his 185-pound belt.

Du Plessis (22-2) has now won 10 fights in a row, having originally claimed the belt after beating polarising Sean Strickland in January.

“I came in here to die for this belt,” du Plessis said. “I came here to take it home. Here I am, still the champion.”

At a sold-out 15,000 Perth Arena, Adesanya (24-4) enjoyed significant crowd support and seemed to have an edge for much of the fight until he was helpless against du Plessis’ rear-naked choke.

“I’m disappointed, but at the same time I’m proud because this is the best I’ve felt and looked,” said the Nigeria-born New Zealander, who made his return after a shock defeat to Strickland in September last year.

“I just had the better man on the night and I’ll give him respect for that.”

Du Plessis was accompanied into the Octagon by South Africa rugby captain Siya Kolisi and second-rower Eben Etzebeth, with his country’s national anthem thundering around the venue.

There was much anticipation over the bout after the fighters had engaged in a war of words in the build-up.

They were meant to fight in Sydney last year, but du Plessis was unavailable due to injury.

It was a measured start amid a febrile atmosphere with the taller Adesanya, a former kickboxer, using his longer reach to fend off the aggression of Du Plessis.

Adesanya aimed to counterstrike and he utilised his favoured kicks to deadly effect, as Du Plessis emerged bloodied on his forehead.

Du Plessis unleashed a powerful left-handed punch late in the first round and his momentum continued in the next when he landed a big takedown and had control on Adesanya’s back.

But he could not lock in a submission as Adesanya worked his way back into the fight with grappling.

Adesanya’s strategy of wearing down Du Plessis appeared to take effect by the fourth round as he landed cleaner punches.

But Du Plessis mustered energy and a rattling blow wobbled Adesanya as the South African soon emerged triumphant.

Also on the main card, Kai Kara-France stunned the partisan crowd by pummelling Australian Steve Erceg in a first round-knockout in the flyweight.

The New Zealander was in an aggressive mood and twice dropped a hapless Erceg with a flurry of powerful punches.

“I knew Steve was going to be crafty and smart, so I had to set it up… and be smart and that’s when I went for the finish,” said the 31-year-old Kara-France.

In the heavyweight bout, Jairzinho Rozenstruik of Suriname beat Australian Tai Tuivasa by split decision.

Credit: The Namibian.

August 18, 2024
We’re Not Selling Employment Slots, NNPC Ltd Warns

The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has denied reports alleging it was selling employment slots to the public.

A statement by the company’s Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye on Saturday called on members of the public, especially jobseekers to disregard the rumours.

According to Soneye, there was no iota of truth in the insinuations that it has employment slots on offer to anyone who wishes to buy.

He described such as “antics of fraudsters” who want to take advantage of unsuspecting applicants.

It cautioned that as a responsible corporate entity, recruitment into the company is a straightforward process and does not involve the sale of slots or inducement of any kind.

It warned that anyone who pays money for any job in the company does so at his or her own risk.

August 17, 2024
54 Demobilised Corps Members From UNICAL Will Be Prosecuted — NYSC

Director General, National Youth Service Corps (NYSC), Brigadier General Yushau Ahmed, has said that 54 corps members from University of Calabar (UNICAL) have been demobilised and will be prosecuted by the NYSC management.

Ahmed in a statement by Director, Information and Public Relations of the service, Eddy Megwavowed, vowed that all illegally mobilised corps members from the university would be prosecuted.

He said 19 among them who initially registered online for mobilisation had been prevented from service, while four Certificates of National Service for other culprits were not produced by the scheme.

This is coming on the back of 101 certificates that were recently voided by the scheme, making it 178.

Ahmed commemded the Vice-Chancellor of the University of Calabar, Professor Florence Obi for her forthrightness to have earlier hinted the scheme on the mobilisation of unqualified graduates from her institution.

He insisted that the scheme would leave no stone unturned in sanitising its mobilisation process.

“The Vice-Chancellor of the University of Calabar came here to report that she observed some names appeared on the institution’s list and they ought not to have been there.

“She checked the list the school gave us and I told her that their certificates would be invalidated.

Ahmed reiterated that the Scheme would intensify its collaboration with all the Heads of Corps Producing Institutions and relevant stakeholders in the country in order to stop the menace.

“Previously, a bread seller was mobilized on the graduation list from the same institution. There are bad eggs in many places that generate matriculation numbers and courses for their candidates,” Ahmed said.

He added that any failure in the mobilisation process from any school falls on the integrity of the management of such institution.

“Those who are responsible for imputing the data of graduates should be people of integrity,” he said.

He called on all employers of labour in the country to verify the authenticity of Certificates of National Service being presented for job placement from the NYSC.

August 17, 2024