Connect with us

Business News

Fuel Subsidy: Group Calls for Kyari’s Sack, Holds Mass Protest August 3

Published

on

Share

The Arewa Citizens Watch for Good Governance, (ACWGG), a watchdog group advocating good governance, says it will hold massive protests on Aug. 3 against fuel subsidy removal.

The group said the protest was to show dissatisfaction with the leadership of the Group Managing Director of the Nigeria National Petroleum Company Limited (NNPCL), Mr Mele Kyari, and also called for his sack.

Addressing a news conference on Sunday in Kaduna, the Publicity Secretary of the group, Aminu Abbas, said the recent increase in the pump price of Premium Motor Spirit (PMS), also known as petrol, has led to widespread hunger in Northern part of the country.

Abbas recalled the artificial fuel scarcity in 2022 and early 2023 which led to a build-up of queues in filling stations.

“Miraculously, the queues disappeared immediately after the 2023 general elections.

“The endemic and systemic corruption that the corporation is known for encouraged the racketeering in the defunct subsidy administration which ended up lining the pockets of major marketers with petro-dollars.

He said this further reduced resources available for the usage of the common people,” he said.

Abbas explained that most Nigerians believed that the forces behind the scarcity and unwarranted increase in the price of PMS were working against the interest of President Bola Tinubu, saying such notion ended up boomeranging.

“The dark forces took the fight to another dimension by persuading the then President-elect to announce the removal of the subsidy without carrying out a proper situation analysis.

“This, we believe was done to punish poor Nigerians who willingly voted for President Tinubu. Indeed, Nigerians are serving the artificial punishment which is reminiscent of the hard training our armed forces undergo.

“We are afraid that should the tribunal and Supreme Court Justices order for a rerun election today, we doubt if the president can survive it,” he said.

The Publicity Secretary perceived the termination of the subsidy regime, where the NNPCL was planning to reaward Pipeline Surveillance Contract to the Tompolo-owned Tantita Security Company.

According to him, it was a deliberate way of passing vote of no confidence on the Armed Forces, who are working tirelessly to ensure that Nigerians are able to sleep with their two eyes closed.

Abbas, therefore, noted that on that premise, the group was mobilising its members to converge at the NNPCL Headquarters in Abuja on Thursday, “to commence mass civil action that will force the NNPCL supreme ruler to either step aside or be sacked by President Tinubu.”

“We understand that things are very tough for our compatriots. They either come out to protest their way to freedom or stay home to acquire stomach ulcer which might lead to their ultimate end,” he said.

He called on security agencies to mobilise their men to give the group the necessary protection, noting that “we will only exercise our inalienable rights to peaceful protest. (NAN)

Business News

Afreximbank Closes $282 million India-focused Club Deal

Published

on

Afreximbank
Share

By Tony Obiechina, Abuja 

The African Export-Import Bank (Afreximbank) has announced the successful completion of a first-of-its-kind India-focussed club deal for US$282.00 million.

Initiated for the exclusive participation of Indian lenders, and arranged by Bank of Africa UK PLC, the primary syndicated club deal saw participation from Indian lenders through their overseas branches and subsidiaries in the Dubai International Financial Centre in the United Arab Emirates, Singapore and Mauritius.

The facility, which was backed by six participating banks and financial institutions, including five that joined as first-time lenders to Afreximbank, helping the Bank achieve its objective of diversifying its funding sources, carries a three-year tenor.

At a commemorative event held in Dubai, U.A.E., to mark the conclusion of the deal, Haytham ElMaayergi, Executive Vice President at Afreximbank, said that the conclusion of the initiative represented a major milestone for the Bank as it sought to fulfil the key objectives of its funding programme.

Highlighting the importance of investing in, and for, Africa, Mr. ElMaayergi said: “this facility will help Afreximbank to continue to play a major role in the development of intra-African trade and trade between Africa and the rest of the world, particularly with India. 

It is a testament to the rapid growth in Africa’s economic relationship with India and is evidence of Afreximbank’s growing ability to harness resources into Africa and to fund trade finance related investments that would have a positive impact on trade between Africa and India.”

Chandi Mwenebungu, Director and Group Treasurer of Afreximbank, reviewing the Bank’s vision for Africa, said that its funding objectives included achieving the diversification of its liability book by geography, investor type and tenor.

Also addressing guests at the event were Said Adren, CEO of Bank of Africa UK PLC, who thanked the lenders for their participation, and Zineb Tamtaoui, General Manager of Bank of Africa, Dubai Branch, who expressed appreciation for the opportunity to put together “a landmark deal that would be a stepping stone to many India-focused club deals going forward.”

Continue Reading

Business News

Geregu Power Earns N50.4bn From Electricity Sales, Capacity Charges 

Published

on

Share

By Tony Obiechina, Abuja 

Geregu Power Plc has generated N50.4bn on electricity sales and capacity charges to Nigerians in the first quarter of 2024.

The power company which is the first listed power company of the Nigerian Exchange Ltd disclosed the performance in its Q1, 2024 financial statement.

The company grew its Q1 revenue by 225 per cent from N14.

2bn in 2023 to N50.
4bn in 2023.

A breakdown reveals that Geregu Power sold energy worth N31bn and received N19bn as revenue from capacity charge.

Recall that the power company posted an annual revenue of N82.9bn in the full year of 2023 but it has covered half of the amount in Q1.

The revenue was above the company’s forecast for Q1 2024 when it projected its revenue to rise to N31.24bn.

Geregu Power recorded a profit before tax of N21.9bn up from the N5.3bn recorded in Q1 of last year, reflecting 307.8 per cent growth.

During the period underreview, the company saw its profit after tax rose by 307.3 per cent to N14.46bn from N3.54bn recorded in Q1 of last year. In the full year 2023, the company made N16.1bn net profit.

The net profit was above the company projection of N5.5bn. 

Geregu Power took an income tax charge of N7.43bn, up from the N1.8bn in Q1 2023. The tax charges were higher than the N2.7bn projected for Q1 2024.

The company also spent N21.5bn on the cost of sales involving gas supply and transportation, up from the N6.6bn spent on gas supply and transportation in Q1 2023.

Continue Reading

Business News

CBN Shakes Up Banking Sector: A Paradigm Shift Unveiled

Published

on

dailyasset-greetings
Share

By Ademola Oyetunji 

In a surprising turn of events on Wednesday, the Central Bank of Nigeria (CBN) dissolved the boards of three prominent commercial banks – Keystone, Polaris, and Union Bank. This move, although unanticipated, transpired despite the Central Bank’s recent endorsement of these banks’ financial soundness.

Governor Olayemi Cardoso, at his inaugural address during the Chartered Institute of Bankers of Nigeria (CIBN) annual dinner last year, had lauded Nigeria’s financial sector’s resilience in 2023.

Stress tests conducted on the banking industry indicated its strength under various economic scenarios. However, Cardoso highlighted the need for banks to reassess their responsible banking framework, a sentiment echoed by President Tinubu.

President Tinubu’s evident discontent with the Godwin Emefiele-led CBN triggered a comprehensive review of the financial system. A special investigator, Jim Obazee, was appointed to conduct a forensic investigation into Emefiele’s tenure, with damning revelations emerging. Recent developments suggest the initiation of a full-blown financial system reform.

The CBN’s dissolution announcement and the subsequent appointment of new executives for the affected banks, including Yetunde Oni, Mannir U. Ringim, Hassan Imam, Chioma A. Mang, Lawal M. Omokayode, and Chris Onyeka Ofikulu, might mark the beginning of implementing the investigation’s recommendations – a significant cleanup of the financial sector.

Allegations surfaced during the investigation, suggesting non-cooperation from some bank executives and Emefiele’s questionable acquisitions through proxies and cronies. Cardoso may have secured presidential approval for the CBN’s decisive action.

The CBN cited various infractions by the banks, including regulatory non-compliance, corporate governance failures, and activities threatening financial stability. Despite the challenges, the CBN assured the public of depositors’ fund safety and its commitment to upholding a safe, sound, and robust financial system.

The Special Investigator’s report revealed documents pointing to Emefiele’s involvement in Titan Trust Bank and Union Banks’ acquisitions with ill-gotten wealth. The CBN’s swift replacement of the ousted chief executives received widespread commendation, especially from high-net-worth stakeholders aiming to avert a crisis of confidence within the affected banks.

Adewale Aderounmu, an industrialist, applauded the CBN for implementing effective policies under Olayemi Cardoso’s leadership, despite detractors’ actions against the Naira. Ayomide Deepak, an Abuja-based stockbroker, welcomed the action but emphasized the need for caution in handling revelations from the investigation to prevent further economic challenges.

As the CBN wields its regulatory hammer on these banks, the hope is that other bank executives and investors will learn valuable lessons for the sake of the economy. The CBN’s action is perceived as a strategic move aimed at revitalizing the economy and financial system, not a mere vendetta.

*Ademola Oyetunji writes from Ibadan.

Continue Reading

Read Our ePaper

Top Stories

Court Sentences Applicant to 6 Months in Prison for Stealing Cell Phone Court Sentences Applicant to 6 Months in Prison for Stealing Cell Phone
NEWS35 mins ago

Alleged Defilement: Businessman Docked for Failing to Produce Suspect

Share A businessman, Robert Makolo on Monday appeared before an Ikeja Chief Magistrates’ Court, for failing to produce a suspect...

Education45 mins ago

Minimum Entry age to Tertiary Institutions18 Years – FG

ShareThe Federal Government has directed that admission to tertiary institutions should not be given to candidates less than 18 years....

NEWS51 mins ago

EFCC Arraigns Businessman for Allegedly Tampering with Forfeited Property

ShareThe Economic and Financial Crimes Commission (EFCC) on Monday arraigned a businessman, Ifeanyi Bosah-Reginald, before an Ikeja Special Offences Court for...

NEWS56 mins ago

Raid: Police Arrest 1,802 Suspects in 2 Weeks

Share The Police Command in Lagos State says no fewer than 1,802 suspects have been arrested in raids at different...

NEWS1 hour ago

Nigeria’ll Strengthen Regional Collaboration Against Terrorism- Tinubu

SharePresident Bola Tinubu says Nigeria will continue to strengthen collaboration and lead in taking measures towards countering terrorism in Africa....

Foreign News1 hour ago

Flames, Smoke Continue to Emerge from Massive Landfill in Delhi

Share Flames and columns of thick smoke continued to emerge from a massive landfill in the Indian capital city of...

NEWS1 hour ago

Human Trafficking: NSCDC Rescues 10 Victims in FCT

Share The FCT Command of the Nigeria Security and Civil Defence Corps (NSCDC), has intercepted 10 victims of human trafficking...

NEWS1 hour ago

First Bank Appoints Alebiosu Acting CEO

Share The Board of Directors of First Bank Plc has appointed Olusegun Alebiosu the Acting Chief Executive Officer (CEO) of...

NEWS1 hour ago

Teenager Leads Team Nigeria to ITTF W’Africa Regional Championships

ShareTeenage sensation, Matthew Kuti, will lead team Nigeria when they begin their title defence at the 2024 ITTF West Africa...

JUDICIARY2 hours ago

My Ill-tempered Wife Attacked me with a Knife, Military Officer Tells Court

Share A retired military officer, Mr Thomas Olawaye, on Monday prayed a Mapo Grade ‘A’ Customary Court in Ibadan to...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc