All Posts in "Month: August 2022"

Fidelity Bank Moves To Acquire  Union Bank UK Plc

The board of Fidelity Bank Plc,  said it recently entered into a binding agreement for the acquisition of 100% equity stake in Union Bank UK Plc.

The acquisition was sequel to receipt of a “No Objection” letter from the Central Bank of Nigeria (CBN).

A notification on the Nigerian Exchange Limited platform by Ezinwa Unuigboje, the Company Secretary, explained that the transaction is now subject to approval by the UK’s Prudential Regulatory Authority (PRA).

Speaking on the deal, Mrs. Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer of Fidelity Bank Plc, said the “transaction aligns with our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients.”

According to her,diverse service bouquet and business model of Union Bank UK,  “offered a compelling synergy, and we hope to build on the existing capacity to create a scalable and more sustaining service franchise that will support the wider ecosystem of our trade businesses and diaspora banking services.”

admin by — August 30, 2022 in Banking&Finance 0
Court Sets Aside  Igboho’s N20bn Verdict  Against DSS

The Court of Appeal in Ibadan,Tuesday,nullified  the judgement of an Oyo State High Court which awarded N20 billion damages to Yoruba self-determination activist, Chief Sunday Adeyemo,popularly known as Sunday Igboho.
Delivering judgement in the appeal filed by the Attorney General of the Federation, State Security Service and Director, State Security Service in  Oyo State, against the judgement of the Oyo State High Court, Justice Muslim Hassan held that Justice Ladiran Akintola, who delivered the verdict last year,acted on the wrong principles of law in awarding the cost to Igboho.
He held  that Justice Akintola can’t assess damages claimed by Igboho using his own conceived measurement  scales.
admin by — August 30, 2022 in Law/Human Rights 0
80% of Africa’s Population Relies On Traditional Medicine -WHO

The World Health Organization,WHO, has said that 80% of  Africans  rely  on traditional medicine for their basic health needs.

Its Regional Director for Africa, Dr Matshidiso Moeti, who disclosed  in her message to commemorate 2022 African Traditional Medicine Day, said traditional medicine has been the trusted, acceptable, affordable and accessible source of health care for African populations for centuries.

She emphasized the need for  governments to  strengthen collaboration between science, technology and innovation institutions; traditional health practitioners and  the private sector, to fast-track research and development, and local manufacturing of traditional medicine-based therapeutics for the health and well-being of Africa’s people.

She said since African Traditional Medicine Day was initiated in 2003, the continent has seen the implementation of WHO regional strategies on promoting and enhancing the role of traditional medicine in health systems, 2001-2010 and 2013–2023, as well as plans of action for the first (2001-2010) and second decades of African Traditional Medicine (2011-2020).

She also said member states have used the day to catalyze discussion forums around national policies on traditional medicine, cultivation of medicinal plants, including training of traditional health practitioners, and their collaboration with their conventional counterparts.

“These activities prompted more than 40 African Region countries to develop national traditional medicine policies by 2022, up from only eight in 2000. Thirty countries have also integrated traditional medicine into their national policies, a 100% improvement on the situation in 2000. Additionally, 39 countries have established regulatory frameworks for traditional medicine practitioners, compared to only one in 2000, demonstrating good governance and leadership”, she added

She said, with 34 research institutes in 26 countries dedicated to traditional medicine research and development, it remains a promising industry, with great commercial potential if marketed appropriately internationally. Twelve of these countries reported making public fund allocations to this research and development across the past 10 years.

She also said these institutes have employed WHO guidelines and protocols to assess the quality, safety and efficacy of traditional medicine-based therapeutics for priority diseases, such as HIV/AIDS, malaria, diabetes, hypertension, sickle-cell disease and, recently, COVID-19.

According to her, 17 countries, as opposed to zero in 2000, currently have frameworks for the protection of intellectual property rights and traditional medical knowledge.

She added:”To advance continental efforts towards equitable access to medical products and technologies, all but eight African Member States are now engaged in large-scale cultivation of medicinal and aromatic plants. Nineteen countries have also established facilities for the local manufacture of herbal medicines, with the number of herbal medicines registered by national regulatory authorities in 14 countries increasing from just 20 in 2000, to more than 100 this year. More than 45 herbal medicines now feature on national essential medicines lists.

“In another important advance, 25 countries have now integrated traditional medicine into their health sciences curricula, while 20 have established training programmes for traditional health practitioners and health sciences students, to strengthen human resources in both traditional medicine and primary health care. Thirty-nine countries have also developed legal frameworks for traditional health practitioners’’.

“Positive signs of traditional and conventional health systems working in parallel for the good of their patients is that referrals of patients between the two sectors are now taking place routinely in 17 countries. A total of 24 countries have also developed Codes of Ethics and Practice for traditional health practitioners, to ensure safety and standards of service delivery. Ghana is setting the example for the continent, with the establishment of traditional medicine clinics in 55 regional hospital settings to date.

“WHO in the African Region has supported joint missions with partners to the Democratic Republic of Congo, Ghana, Madagascar, Nigeria, South Africa and Uganda, to monitor clinical trials of traditional medicine-based therapeutics proposed for COVID-19, eight of which are ongoing. The political will displayed by countries to support these innovations has been inspiring, as has the level of available infrastructure and skills”, she stressed.

admin by — August 30, 2022 in Health 0
Nigeria Can Strengthen Oil,Gas Industry With Robust Regulatory Framework -Chevron Boss

Managing Director of Chevron Nigeria Limited , Mr. Rick Kennedy,says  a good regulatory framework is key to expanding the fortunes of Nigeria’s oil and gas industry while enabling the transition to energy solutions of the future.
He  stated this while delivering  a special industry goodwill message at the Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference in Lagos with the theme “Energy Transition, PIA, Petroleum Pricing and the Way Forward for the Downstream Sector”
He was represented at the event by  Mr. Victor  Anyaegbudike, Manager, Communications ,Chevron Nigeria .
He maintained that for Nigeria to sustain economic growth which has raised the quality of life for millions of people around the world, what is needed is a competitive environment to produce energy that is affordable, reliable and ever cleaner to enable human progress.
According to him,the global energy landscape has experienced substantial changes over the years, with expectations of more changes in the future, but nonetheless ,Nigeria is endowed with the necessary requirements for a growing and sustainable energy industry which includes large hydrocarbon reserves (including abundant gas resources), a growing demand for energy, and a large population of young, talented human resources.
He added: ‘’The passage and signing into law of the Petroleum Industry Act (“PIA”) is a major milestone in the reform of Nigeria’s oil and gas industry geared towards attracting investment and growth.’Chevron recognizes the opportunity which the PIA represents, and we fully support the necessary collaboration between the regulators, the Nigerian National Petroleum Company Limited and stakeholders in the industry that will enable the success of the Nigerian oil and gas industry.As we advance in the PIA implementation, we believe that natural gas is an important fuel, which will play a critical role as the world seeks to lower its overall carbon footprint. Recently, Nigeria launched its ‘Decade of Gas’ initiative, under the theme ‘Towards a gas-powered economy by 2030,’ that will work with the National Gas Expansion Program in increasing gas production’’
He said that CNL supports this key step towards helping utilize Nigeria’s vast natural gas resources for the benefit of the nation. We have reduced routine gas flaring by 95% in the past 10 years and we remain the highest supplier of high-quality gas to the domestic market among the international oil companies (IOCs).
He assured that his company  will continue to enhance gas utilization in Nigeria with focus on critical areas such as: Power generation to stimulate the growth of the manufacturing sector of the economy – signing of Gas Sale and Aggregation Agreements (“GSAAs”) with Egbin Power Plc and Olorunsogo Generation Company Limited, Fertilizers for local consumption to support large scale agriculture for export and local consumption – signing of a GSAA with Dangote Fertilizer Limited.
He said that Chevron remains committed to supporting programmes by professional bodies such as NAEC and the wider sphere of the journalism profession in Nigeria.
He added:‘’We pioneered the Advanced Writing and Reporting Skills (AWARES) programme implemented in partnership with the Pan Atlantic University, Lagos. This programme has benefitted about 120 journalists since its inception in 2014. I encourage NAEC members to continue to demonstrate the ethos of your profession and ensure objectivity in reporting on the oil and gas industry in Nigeria. ‘’
admin by — August 30, 2022 in Oil&Gas 0
MultiChoice Announces Open Sporting Weekend On DStv, GOtv

MultiChoice Nigeria has announced an open weekend of exciting  football matches  for all lovers of the  game in the country.

For the first time, 11 English Premier League matches will be open to both DStv and GOtv subscribers.The matches will air from Thursday, September 1 to Sunday, September 4, across SuperSport channels on GOtv and DStv.

Announcing the special football treat, the Executive Head of Marketing, MultiChoice Nigeria, Tope Oshunkeye, said the live coverage is open to DStv customers on Premium, Compact Plus, Compact, Confam and Yanga customers and for GOtv customers on Supa, Max, Jolli and Jinja packages.

“We are making this football season a greater one for our customers and football lovers. For the first time ever, all EPL weekend matches will be available on GOtv.Starting with Leicester City vs Manchester United match on September 1, DStv and GOtv customers, including those on select lower subscription packages, will enjoy live coverage of 11 EPL matches, ending with the big match between Manchester United and Arsenal on September 4. These matches will be available to customers on GOtv Jinja and DStv Yanga upwards,” Oshunkeye said.

Besides, part of the open sporting weekend coverage is the London Derby between Chelsea and West Ham, and the Merseyside derby between Everton and Liverpool.

The company said,in order to enjoy the matches, customers can download the MyDStv and GOtv apps to subscribe or upgrade or set up Auto-Renewal to stay connected without interruptions.

admin by — August 30, 2022 in Sports 0
Bauchi : How  Two Vigilantes  Raped  Married Woman At Gunpoint

Two vigilantes, Lawali  and Babangida Shehu  have been arrested by the Bauchi State Police Command for allegedly raping a married woman.
The Command’s Public Relations Officer, SP Ahmed Mohammed Wakil,  who made this known through a press statement on Tuesday said that the suspects committed the crime at Dogon-ruwa village of Ningi local government area of Bauchi state
He said that on the 25th of August 2022 at about 0200 hours, the two suspects conspired and stormed the house of one Alhaji Gare, armed with Dane-guns and broke into his wife’s room.
According to the PPRO, the suspects asked after her husband’s whereabout but she told them that he was not at home, adding that thereafter, they threatened her with a gun and had canal knowledge of her which she succumbed out of fear.
“Discreet investigation has commenced in earnest. The victim was evacuated to the general hospital Ningi for medical examination and confirmed the penetration.During the investigation, the suspects voluntary confessed to the crime.The exhibits recovered from the suspects include two Dane-guns.The commissioner of police has directed that the suspects be charged to court”, the PPRO said
Wakil also said the command had also arrested one 27 year old man for raping a 3 year old girl.
He said that on 24 August 2022 at about 1100rs, one Mato Yohannah age 27 years of Jimbin Village of Ganjuwa local government area was arrested by the detectives of Ganjuwa Divisional headquarters after he had canal knowledge with one 3 year old girl (sara Ezra),  of Jimbin village, Ganjuwa LGA.
The  who said that during the investigation, the suspect confessed to having raped minor for the second time, added that the suspect will be charged to court for prosecution.
admin by — August 30, 2022 in Crime/Metro 0
FG Has No Alternative To Removal Of Fuel Subsidy -Oil Marketers

The Federal Government has no other option to planned removal of fuel subsidy due to the prevailing economic realities in the country,the Major Oil Marketers Association of Nigeria (MOMAN),has said .

The marketers also said halting subsidy on Premium Motor Spirit (PMS) is extremely difficult but necessary.

Its chairman,Olumide Adeosun,who disclosed these at the just concluded Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference in Lagos,also advocated for massive investment by the government in various sectors such as mass transportation, healthcare and education to successfully wean off Nigerians from petrol subsidy.

Represented by Mr Clement Isong, the Chief Executive Officer, MOMAN, Adeosun said it would remain extremely difficult to wean Nigerians off cheap PMS, also known as petrol.

He said: “It is something that must be done as there are no more viable options.We are told that this year the subsidy bill to the Federal Government may be between N5 trillion and N6 trillion. Clearly, Nigeria cannot afford this.

“To wean Nigeria off this subsidy, a lot of investment must be done to sensitise Nigerians in convincing them and finding alternatives.We need to begin to remove the subsidy and mitigate the pains Nigerians will feel when petroleum prices begin to manifest their true value.”

He said marketers were optimistic that the industry was headed in the right direction with the enactment of the Petroleum Industry Act (PIA) 2021 which was an excellent piece of legislation.

“We are now at the point of implementation, which is taking a bit longer than hoped but this is not necessarily a bad thing.The President postponed the implementation of free market pricing, which has caused a slowdown with respect to benefits expected from free competitive open market pricing, such as new investments and subsidy removal, ” he said.

Adeosun said the marketers were also convinced that (the decade of gas declared by the Federal Government in January 2021) was clearly the way forward.

He said, however, the increase in gas prices worldwide and the unavailability of the product had made it a little more difficult in the roll out.

Adeosun said: “The ordinary Nigerian who was meant to transit to gas not just for cooking but also for powering automobiles and power generation is struggling and because PMS pricing is yet to be fully deregulated.It creates an aberration and additional challenge for the adoption of gas, as most people are still dependent on cheap PMS for their cars and generators.”

He said while the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has an important role to play in guiding our future, the best regulator ultimately is the market.

“The market regulates prices if you are too expensive people would not buy from you. The market regulates quality as well as customer service. The market also rewards the best in class.We need to move to an era of transparency and information dissemination.

“Energy correspondents need to share as much information as possible with the market and public with respect to cost prices, quality, product specifications, customer service and pump prices.That is the best regulation you can ask for,” Adeosun said.

admin by — August 30, 2022 in Oil&Gas 0
NLNG Explains  Commitment To Nigerian Content

Nigeria LNG Limited (NLNG) has expressed its commitment  to ensuring Nigerians benefit maximally from all its operations by going beyond mere compliance with Nigerian Content targets in line with the Nigerian Oil and Gas Industry Content Development Act (NOGICD) 2010.

Its Managing Director/Chief Executive Officer, Dr. Philip Mshelbila, disclosed this  while leading a delegation on a courtesy visit to the Executive Secretary (ES) of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, at the regulator’s head office in Yenagoa, Bayelsa State.

He  said his company  considered Nigerian Content a core part of its strategy in line with its corporate vision of being ‘a globally competitive LNG company helping to build a better Nigeria’.

He  lauded  the NCDMB for the successful and historic relationship between the regulator and the company which emphasized joint value creation, citing the unique Service Level Agreement (SLA) between NLNG and NCDMB as a classic example of the Board enabling business.

He also expressed appreciation to the Board for the collaboration which had led to the smooth take-off of the Train 7 project which recently recorded seven million safe man-hours without a Lost-Time Injury incident.

He said  that NLNG remained committed to 100% in-country supply of its liquefied petroleum gas (LPG) volumes and stressed that, within the context of the global energy transition, support of regulators like the NCDMB would be critical in ensuring access, availability and affordability of energy for domestic consumption.

He advocated  the formation of an NLNG-NCDMB Technical Working Group which would meet periodically to discuss and resolve such strategic and other operational issues.

In his remarks, the Executive Secretary of NCDMB congratulated NLNG for smooth and successful leadership transition while maintaining national pride of being led by  a 100% Nigerian senior management team.

He promised that the regulator would continue to work with NLNG to deliver on its Nigerian Content commitments in its Train 7 Project to positively impact local manufacturing capacity and employment levels in the country. He encouraged the company to begin preparations for Train 8 and also endorsed the idea of an exchange programme of staff between both organizations to deepen knowledge of each other’s inner workings for better partnership and business efficiency.

He said the Board would continue to adhere to its Business-to-Business Service Level Agreement (SLA),  as it remained the first in the industry and had set a standard for shortening the contracting cycle and improving compliance with the NOGICD Act.

He implored  NLNG to plug into ongoing efforts by NCDMB to widen LPG distribution and storage across multiple zones of the country.

admin by — August 30, 2022 in Oil&Gas 0
Access Bank “W” Initiative Gives Cash Prizes To Three Graduates

The women-focused arm of Access Bank PLC, the “W” Initiative, acknowledged three female students with the W Student Achievers Award for their sterling academic performance in the just-concluded 2021/2022 academic session.

The students, who attend Grace Borders International School, Vital Years School, and Priory Prep School, emerged as best graduating female students at the end-of-session graduation ceremonies held last month in their respective schools.

Representatives of Access Bank “W” Initiative attended the three graduation ceremonies and presented each student with a cash prize of N100,000 from the bank,a statement said.

“This Award was created to further show our dedication to recognizing excellence in young girls and reiterate our commitment to the education sector,” stated Abiodun Olubitan, Group Head, Access Bank “W” Initiative.

Speaking on other exciting offerings for the school ecosystem under the “W” Initiative, Olubitan said, “The “W” Initiative is the home of everything Access Bank has to offer women. And women in the education sector are not left out. We have loans that will assist school owners and educators acquire brand new or pre-owned vehicles at low interest rates as well as other novel propositions for them. We hope that over the years, we can scale this impact across the educational sector in Africa.”

Earlier this year, the “W” Initiative organized an education webinar for teachers, school owners, and parents. Themed “Value creation, Business sustainability, and Safe learning”, the webinar featured a spoken word performance by award-winning 12-year-old spoken word artiste, Mojoyinoluwa Adeshina; a panel discussion featuring top players in the education sector; a child safety awareness segment; and a special reward program for school owners.

Under the “W” initiative, participating women and their families have access to a wide range of opportunities which include access to free capacity-building programs and discounted credit facilities; access to the “W” Community, a virtual platform in which they can get insights concerning managing finance and increasing productivity. The “W” community also provides women with access to information about several value-adding special offers for the home, especially discounted offers and freebies on health, beauty and fitness.

admin by — August 30, 2022 in Banking&Finance 0
New Book Labels  Corporate Thieves As Workplace Rats, Reveals Strategies

A new book has labeled employees who perpetrate fraud through stealing in the workplace  as “Workplace Rats” in a new book, which has just been released to the public.
The book, which has just been released to the public, admits that poor business model and financial management contribute to business failures, specifically identified stealing as a major cause of bankruptcy in organizations.
The book  said  that some employees and executives within the lowest and highest rung of organizational ladder are pilfers, who often exploit any cavity within the system to generate unearned income for selfish ends.  It refers to such employees as Workplace Rats.
The book which reveals motives, schemes, intrigues and tactics deployed by fraudulent employees to rip off employers, also contains ways and how organizations can prevent Workplace Rats from executing their dishonest and unethical practices at the workplace.
Written by Dr. Michael Owhoko, renowned author and journalist, the book is entitled, Workplace Rats.  It was published by Exceller Books, and it is currently on sale on Amazon, Banes and Nobles and major bookstores worldwide.
  “Fraudsters in organizations are likened to rats at the workplace because they leave in their trail, destruction of valuables and capital through fraud and unethical practices, resulting in most times, to bankruptcy or liquidation.  Like rats, their actions invoke pains as they never add value to anything.  Wherever rats are found, there is complete threat to material order.  They destroy by consuming all valuables within sight”, Owhoko disclosed in the new book.
According to him, “Like rats, there are people in organizations whose only motive is to perpetuate selfish agenda through methods that advance their interests, even if it is at the expense of the organization. They have prick-proof conscience that does not respond to malevolence, attendant destruction, losses and pains resulting from their actions.”
The author said further that Workplace rats are not limited to employees alone.
“They are also found among entrepreneurs, business executives, politicians and top government functionaries, including civil and public servants.”  Indeed, the book is a must read not only for entrepreneurs, business leaders, government officials and business influencers, but for all Nigerians with potentials to establish their own business in the country’’,he added.
admin by — August 30, 2022 in Arts/Entertainment 0