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  • President Tinubu Appoints Nollywood Producer As Special Assistant On Creativity

    President Tinubu Appoints Nollywood Producer As Special Assistant On Creativity

    Felicia Asuquo,Abuja

    President Bola Tinubu has approved the appointment of Nollywood producer and cinematographer, Baba Agba, as his Special Assistant on Creativity.

    Prior to his appointment, Baba Agba, 32, served as the Thematic Lead for the Creative Economy Thematic Group (CETG) of the Nigerian Economic Summit Group (NESG) from 2021 to 2023, and as the National Secretary of the Association of Movie Producers (AMP) from 2020 to 2023.

    Agba also has an impressive background in the creative sector as an award-winning cinematographer, including being a recipient of the United Nations World Trade Organisation (UNWTO) Excellence in Creativity Award.

    Read also:Tinubu Appoints Chairmen, Members Of Governing Council For 111 Tertiary Institutions.

    He is the immediate past Head of the Department of Cinematography for Film and TV at Ebonylife Academy.

    With this appointment, Baba Agba will serve as the Special Assistant to the President on Creativity and the Special Adviser to the Minister on Film, Music, and Entertainment.

     

     

     

  • FG Recorded N318.5bn As Revenue in Q1 2024—- Accountant General

    FG Recorded N318.5bn As Revenue in Q1 2024—- Accountant General

    Emmanuel Clement

    The Accountant General of the federation,Mr Oluwatoyin Madein, have said that the country recorded N318.5 billion accrued as revenue to the federal government between January and March 2024..

    Madein stated this on Wednesday during an interactive session organised by the house of representatives committee on finance.

    The accountant-general, who was represented by Felix Ogundayero, director of revenue expenses stated this on Wednesday during an interactive session organised by the house of representatives committee on finance, where he said that the reconciliation of revenues was ongoing and what had been declared was what was presented to the committee.

    “Reconciliation is still being done but the total revenue inflows to the federal government for January to March amounts to N318.5 billion as against a total budget of N2.691 trillion,” she said.

    “For the budget, the bottom-up cash planning policy is on course and the 2024 budget is going to be implemented via that policy and officers have been retrained and sensitisation is ongoing to ensure that MDAs are well equipped on the modalities and conditionalities.”he stated.

    Madein said the revenue for 2024 will increase significantly due to the economic policies being implemented by the federal government.

    Also addressing the committee, Armstrong Takang, chief executive officer of the Ministry of Finance Incorporated (MOFI), said N101 billion has been declared as dividends by some agencies.

    According to him, some agencies are yet to declare their dividends due to various factors.

    “So far, we have received dividends declared by some companies. But for many others, their reports are either being prepared and have not been completed or have been completed but they have not gone to their boards for approval,” he said.

    “As such, we cannot use the number of their dividends until that has been done based on the corporate governance rules.

    “Based on the number so far, it is about N101 billion from the entities we have identified.

    “We continue with other entities whose dividends have not been paid to ensure we go through the process of them passing it at the board level and the AGM before the figures are sent to us and the money rendered to the treasury.”

    James Faleke, Chairman of the Committee, said the purpose of the interactive session with heads of ministries, departments, and agencies (MDAs) is to ensure that revenue estimates submitted to parliament by each agency, before the passage of the 2024 appropriation bill, are achieved.

    “We have to ensure that those estimates are met. The appropriation has become a law and so that the revenue that you proposed to generate in the year, we take it upon ourselves to do it on a quarterly basis to measure your performance,” he said.

    “We want to ensure that revenue activities from January to March are in line with your appropriation. When you are giving us your figure — tell us what figure was expected and what you have achieved. Also, tell us your expenditure.”

    The committee ruled that all the agencies under MOFI should produce their annual reports for the past 10 years.

    “All organisations under MOFI should produce their annual reports for the past 10 years and the dividends that ought to have been paid,” Faleke said.

  • JAMB Releases Another 36,540 UTME Results

    JAMB Releases Another 36,540 UTME Results

    Okon Johnson,Abuja

    The Joint Admissions and Matriculation Board (JAMB) has released additional 36,540 Unified Tertiary Matriculation Examination (UTME) results withheld for further investigation.

    This was in addition to the 531 results released the previous week, bringing the total results released to 1,879,437.

    This is contained in a statement by the Public Communication Advisor of the Board, Dr Fabian Benjamin on Tuesday in Abuja.

    The Board also dismissed a letter by an alleged fraudster the outstanding 2024 UTME results, subjected to scrutiny by experts, had been compromised on account of a cyber security breach for which it is considering rescheduling the examination.

    The statement reads: “In another development, the attention of the Board was drawn to a fictitious letter concocted by a fraudster and circulated on social media purporting to emanate from the Board stating that the outstanding 2024 UTME results, currently being subjected to intense scrutiny by its team of experts, had been compromised on account of a cyber security breach and that it is considering rescheduling the examination.

    Read also:CBN To Retain High lnterest Rate To Curb lnflation—Cardoso

    “This is far from the truth as the said letter did not emanate from the Board. In fact, a closer look at the letter, which was not signed by any person, lacked every ingredient of a letter from the Joint Admissions and Matriculation Board. The letter is, therefore, from those, who wish to destroy the integrity of the Board, by compromising its unassailable operational processes to mislead hapless candidates with the sole aim of extorting them.

    “The Board reiterated, for the umpteenth time, that the results of its 2024 Unified Tertiary Matriculation Examination (UTME) and other previous years are intact, not in any cloud storage and can, therefore, not be hacked by anybody.

    “It is to be recalled that at the release of the 2024 UTME, the Board had announced that some results had been withheld as they were being subjected to further investigation. Out of these, 531 results were released recently. Others found to be involved in any examination misconduct are still undergoing investigation as the Board would want to review all the footage of all CCTV cameras placed in all its accredited centres to ascertain the candidate’s culpability or otherwise.

    “At the conclusion of this exercise, the Board would publish its findings. Therefore, the public is urged to be wary of misleading information emanating from sources not linked to the Board be it religious or other sources.

    “Equally disturbing is the misleading comments of some functionaries of some private institutions, who are linking the Board with “the prevailing low ‘cut-off marks’when in practice, it was their institutions that had submitted lower minimum minimum admissible scores marks, even lower than what other institutions had presented.

    “For the purpose of clarity, minimum admissible scores are first presented by individual institutions before such are debated to arrive at a benchmark agreed upon by all Heads of Institutions across the country at its annual Policy Meeting on Admissions and which no institution would be allowed to compromise.,the statement reads

  • CBN To Retain High lnterest Rate To Curb lnflation—Cardoso

    CBN To Retain High lnterest Rate To Curb lnflation—Cardoso

    Emmanuel Clement 

    The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies.

    In an interview with the Financial Times, Cardoso said that the Monetary Policy Committee (MPC), which he chairs, would do whatever is necessary to tame soaring inflation.

    This is as the inflation rate in Nigeria remains high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent.

    “There is every indication that the MPC would do whatever is necessary. They will continue to do what has to be done to ensure that inflation comes down.

    He stated: “Let’s face it: for a long period, the CBN did not embrace orthodox monetary policies. We want to go back to using an orthodox method, and it will take us to where we want to go. The apex bank has been reoriented to focus on price and monetary stability,” Cardoso said.

    The monetary policy rate was hiked by 400 and 200 basis points in February and March respectively, which lifted the key lending rate to 24.75 per cent.

    Speaking on the fluctuating value of the naira against the US dollar, Cardoso said the situation had now stabilised.“Investors had previously tended to head for the window in response to currency fluctuations. But now, there had been a fundamental shift.

    ”They’re getting more comfortable with the market,” he stated.

    Reacting to Cardoso’s stance, Razia Khan, Chief Economist at Standard Chartered Bank, said: “The return to orthodoxy has been very much endorsed by investors. While Nigeria is not seeking an IMF programme it is implementing the kind of policies that would be endorsed by the IMF.”

    Dumebi Oluwole, Senior Economist at data firm Stears, said: “The central bank is on the mark with what needs to be done. But we have to remember that Nigeria’s inflation is a lot more structural. Issues like insecurity are affecting our ability to produce food and that is inducing food inflation.”

    Also reacting, David Adonri, Vice Chairman, Highcap Securities, said: “High-interest rate is a bad omen for the economy. It escalates the cost of production and the cost of consumer credit. If supply-side measures are not concomitantly run, it can cause a vicious cycle of galloping inflation. “Consequently, monetary and fiscal policies should work together to start addressing the supply gap that will rein in inflation and reduce the interest rate.”

     

  • Analysts place “buy” on Fidelity Bank

    Analysts place “buy” on Fidelity Bank

    Emmanuel Clement 

    Highly-rated, independent investment advisory firms have picked Fidelity Bank as a very attractive stock with potential to generate high returns for investors.

    Independent investment research reports by many market pundits reviewed at the weekend showed that Fidelity Bank was assigned “buy” ticker, a recommendation to investors to consider the potential attractive returns of the bank.

    The research reports were based on the historical and current operational performances of the bank as well as the clear-sighted implementation of the bank’s growth plan. The reports also considered the quality of board and management and the general human capital and resources of the bank.

    The investment advisory reports included those of Afrinvest Group, FSDH Capital and Cardinal Stone among others.

    Analysts were unanimous that Fidelity Bank’s share price could double in the period ahead given professional assessment of top traditional performance parameters including the company’s operational reports, investors’ preference and projections.

    Cardinal Stone stated that Fidelity Bank’s share price could double citing the bank’s “robust earnings growth” and the increasing profitability of its core banking operations.

    After an extensive review of the global and domestic stock markets, FSDH Capital selected Fidelity Bank as one of the “FSDH Top Picks”, a group of stocks that the investment advisory firm considered to be most attractive for discerning investors. FSDH Capital’s stock selection considered a stock’s pricing history, dividend history, fundamental values and peer ratios among others.

    Providing background on analysts’ exhaustive research for stock selection, Afrinvest explained that the company’s fair value estimate “takes into account a weighted average of price estimates derived from a blend of valuation methodologies including the Discounted Cash Flow (DCF) and its variants as well as other relative and comparable trading multiples valuation models”.

    “However, we attach the most weight to DCF valuation methodology, particularly the Dividend Discount Model (DDM), Free Cash Flow (FCF) model and Residual Income Valuation/Model (RIV/RIM). The utilization of comparable trading multiples is guided by the analysts’ understanding of the banks’ fundamentals, as well as key price drivers from the firm, industry and macroeconomic perspectives,” Afrinvest stated.

    The “buy” rating, according to analysts, implies that “the expected total return over the next 12 months is 25 per cent or more. Investors are advised to take positions at the prevailing market price as at the report date”.

    Afrinvest projected that Fidelity Bank, with a dividend yield of 9.3 per cent, has price upside potential of more than 35 per cent. This effectively makes the stock an inflation-hedging stock, implying that investors in the bank’s shares can retain money value despite the current inflationary environment.

    Futureview Group said Fidelity Bank’s recent operational reports highlighted the bank’s “excellent operational performance and the breadth of its income sources”.

    The audited report and accounts of Fidelity Bank for the year ended December 31, 2023 had shown that gross earnings rose by 65 per cent to N555.83 billion. The top-line performance was driven by significant growths across income lines including 55 per cent growth in interest income, 562 per cent increase in other operating income and 44 per cent growth in fee and commission income.

    The bottom-line fared better with net profit after tax rising by 99 per cent to N99.46 billion in 2023. Earnings per share (EPS) thus jumped by 93 per cent to N3.11, providing a strong buffer for the bank to increase dividend payout without undermining its sustainability.

    Interim report and account of the bank for the first quarter ended March 31, 2024 also showed that the bank started the current business year on stronger footing with three-digit growths across key performance indicators.

    The three-month report, released at the Nigerian Exchange (NGX), showed that gross earnings increased by 89.9 per cent to N192.1 billion in first quarter 2024. The bank’s top-line performance continued to be driven by broad-based growths across income lines with interest income rising by 90.7 per cent and non-interest income growing by 84 per cent in first quarter 2024.

    Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, foreign exchange (forex)-related income, trade, banking services, and remittances, supported by increased customer transactions.

    Profit before tax doubled by 120 per cent to N39.5 billion in first quarter 2024 as against N17.9 billion in first quarter 2023. The bank’s performance was driven by expanding market share with total deposit rising by 17 per cent within the three months to N4.7 trillion, compared with N4 trillion recorded at the end of 2023. The bank also increased its supports for national economic growth with net loans and advances rising by 21 per cent from N3.1 trillion at the end of 2023 to N3.7 trillion by March 2024.

    Managing Director, Fidelity Bank Plc, Nneka Onyeali-Ikpe said the bank’s performance was due to its strategic focus on customer-centricity, digital innovation and operational excellence.

    “Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.

    “Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” Onyeali-Ikpe said.

    Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

    The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 Business Day Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

  • Tinubu Applauds Historic Milestone,Says My Government is Set To Make Nigeria Manufacturing Hub Of Africa.

    Tinubu Applauds Historic Milestone,Says My Government is Set To Make Nigeria Manufacturing Hub Of Africa.

    .….As Chinese Firms Unveil Nigeria’s Largest Lithium Processing Plant in Nasarawa State

    Emmanuel lkpeama

    President Bola Tinubu has lauded the unveiling of Nigeria’s largest lithium ore processing plant in Lafia, Nasarawa State,hailing it as a clear indication of the country’s attractiveness for foreign investment.

    President Tinubu made the remarks on Friday in Abuja during a meeting with Governor Abdullahi Sule of Nasarawa State, who was accompanied by Mr. Hi Yongwei, Chairman of Avatar New Energy Materials Company Limited, and Mr. Zhenhua Pei, Chairman, Canmax Technologies, while emphasizing the pivotal role of foreign investments in Nigeria’s development trajectory.

    Avatar, a prominent Chinese firm, spearheaded the construction of the lithium processing plant, boasting a daily production capacity of 4,000 metric tonnes. Additionally, Canmax Technologies, renowned for its contributions to global battery material production, announced a substantial investment of $200 million for another lithium processing facility in Nasarawa State, underscoring their confidence in Nigeria’s investment climate.

    President Tinubu underscored the importance of environmental stewardship and community engagement in the operations of these firms, urging them to uphold corporate social responsibility standards. He envisioned Nigeria’s potential as a hub for solar technology production, leveraging the country’s abundant resources and skilled workforce.

    The president said’There are other aspects of lithium that you are exploring in the country, especially in battery production. Nigeria is a huge market for solar panels. Africa is a major consumer of solar technologies. I do not see why these panels and batteries cannot be produced here. The labour is cheaper.

    Our youths are vibrant and skilled. Our people are brilliant and adapt to new technology. The economy is increasingly more vibrant, and Nigeria is dependable. We have the consumption capacity and a surplus of steady-handed citizens with gifted minds and an innate drive to work and produce.”

    ”You must not leave the community in ruins as you explore for our high-grade minerals. You must be concerned with cooperation and always care for the community.

    ”We are caring partners. We want your investments to succeed so that you can expand further. Whenever you call on us, we will help you. You can, in mutually-beneficial collaboration with us, dominate the solar panel market as part of a revolution in Africa and the West African sub-region.

    ”You can always promote the interest of China and Nigeria as the best place in Africa to do business. We are preparing to produce in this country the solar technologies that the entire continent will use,”he stated.

    Read also:AltBank, Sterling One Foundation, Foodbank combat hunger, champion education

    President Tinubu also applauded Governor Sule and the Minister of Solid Minerals, Mr. Dele Alake, for their dedication to ensuring environmental protection and value addition by mining firms operating in the country.

    Governor Sule of Nasarawa state expressed gratitude for the unwavering support of President Tinubu towards solid mineral development, while highlighting the economic prospects of lithium mining in Nasarawa State.

    ”The company that we just commissioned today in Nasarawa is a 500-million-dollar turnover company. They are happy, and they have seen enough potential to mine lithium in the region for the next 15 to 20 years,’’ the Governor said.

    In the same vein, the Minister of Solid Minerals, Mr. Dele Alake, echoed the government’s commitment to remediate abandoned mines and promote local value addition in the mining sector.

    ”We are in the process of putting in place remedial measures, converting some of them into constructive uses, like farming and irrigation.

    ”To ensure that companies operating in this sector no longer abandon the mines after they have finished operations, it is part of our requirements that for licencing fresh applicants, there must be concrete remediation plans that are viable and working before any application is approved for mining,” he said.

    In their separate remarks,the Chinese executives, Mr. Hi Yongwei of Avatar New Energy Materials Company Limited and Mr. Zhenhua Pei of Canmax Technologies, reiterated their commitment to adhering to mining regulations and fostering mutually beneficial partnerships with host communities, stating that their investments signal a promising era of growth and innovation in Nigeria’s mining industry which will be propelled by collaboration between local and international stakeholders.

     

  • Breaking News: Tinubu returns to Abuja after trips to The Netherlands, Saudi Arabia

    Breaking News: Tinubu returns to Abuja after trips to The Netherlands, Saudi Arabia

    President Bola Tinubu has returned to Nigeria after trips to The Netherlands and Saudi Arabia.

    On April 22, President Tinubu left Abuja, the country’s capital city, for the Kingdom of The Netherlands on an official visit.

    Ajuri Ngelale, presidential spokesperson, said the president was visiting The Netherlands at the invitation of Prime Minister Mark Rutte.

    After the engagements in The Netherlands, Tinubu proceeded to Riyadh in Saudi Arabia to attend a special World Economic Forum (WEF) meeting between April 28 and 29.

    Bayo Onanuga, special adviser on information and strategy to the president, had said the president and his aides will return to Nigeria on Wednesday.

    “President Bola Ahmed Tinubu, along with his aides, will return to Nigeria tomorrow from Europe,” Onanuga wrote.

    On Wednesday, Onanuga confirmed the president’s return by tweeting: “Welcome home Mr. President.”

  • Fuel Scarcity: NNPC Cautions Nigerians Against Panic Buying.

    Fuel Scarcity: NNPC Cautions Nigerians Against Panic Buying.

    …Says 30-Days PMS Sufficiency Intact.

    Emmanuel lkpeama

    As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product.

    In filling stations monitored across several states, including Lagos and the FCT, the queues have since thinned out, a development that will keep improving daily in other States.

    According to the release signed by Chief Corporate Communication Officer,Mr Olufemi Soneye,it stares that the Company wishes to state that at the moment, it has over 1.5 billion litres stock of PMS, which is equivalent to over 30 days sufficiency.

    The statement went further to state that the NNPC is also collaborating with relevant downstream agencies, such as the Nigeran Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the sector and security operatives, to address hoarding and other unwholesome practices.

     

     

     

  • FG Declares May 1st Public Holiday To Mark Workers’ Day.

    FG Declares May 1st Public Holiday To Mark Workers’ Day.

    Felicia Asuquo

    The Federal Government has declared Wednesday, May 1st, 2024 as a public holiday to mark this year’s Workers’ Day event.

    Nigeria’s Minister of Interior Olubunmi Tunji-Ojo made the declaration, according to the ministry’s Permanent Secretary Aishetu Ndayako.in a statement on Tuesday.

    According to the release the Minister re-echo the need for excellence, efficiency, and equity in all spheres of labour.

    He said “In alignment with this year’s theme, which focuses on ensuring safety and health at work in a changing climate, I wish to state that the Federal Government remains steadfast in its resolve to prioritise the safety and well-being of all citizens,”

    “Let me reaffirm Mr. President’s commitment to providing a conducive environment for work, where every worker can thrive and contribute meaningfully to national development”he said.

    The Minister, who acknowledged the contribution of workers, called for more measures to mitigate the adverse effects of climate change through synergy, while urging Nigerians to remain committed to the present administration’s of Renewed Hope Agenda as he wishes workers a happy celebration,” the Minister stated.

  •  Court Grants EFCC Order to Freeze 1146 Suspicious Accounts linked to FX manipulation

     Court Grants EFCC Order to Freeze 1146 Suspicious Accounts linked to FX manipulation

     

    Emmanuel Clement.
     
    Justice Emeka Nwite of the Federal High Court Abuja, on Wednesday 24, April, 2024 granted the Economic and Financial Crimes Commission, EFCC, an interim order to freeze One Thousand, One Hundred and Forty Six(1,146) bank accounts belonging to individuals and companies being investigated for alleged offences bordering on unauthorized dealing in forex exchange, money laundering and terrorism financing.

    The judge ordered that the accounts be frozen “pending conclusion of investigation.”

    While ruling on a motion moved by the EFCC counsel, Ekele Iheanacho, the judge stated “that an order of this honorable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorized dealing in foreign exchange, money laundering and terrorism financing to the extent that the investigation will be for a period of 90 (ninety) days.”

    The judge added “that preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual cryptocurrency exchange platforms to illegally manipulate the value of naira and laundering proceeds of unlawful activities.”

    The judge further stated that there was need to preserve the funds in the identified bank accounts pending conclusion of investigation and possible prosecution.

    Justice Nwite adjourned the matter to July 23, 2024, for mention.
    Companies affected by the freezing order range from entities involved in  agri-businesses, logistics and haulage, microfinance banks, engineering,  among others.