All Posts in "Day: June 4, 2024"

Nigeria:Shell,Partners Spent $42.2m On Social Investments In 2023

Mohammed Shosanya
Total expenditure on direct social investments by the three Shell companies in Nigeria and their partners in 2023 was $42.2 million, a 23% increase compared to $34.29 million in the previous year.
 Shell exclusively spent $14.1 million, a statement signed by the company’s Communications, Media and NGO Relations Manager, Bamidele Odugbesan said.
This was a significant mark-up in efforts by The Shell Petroleum Development Company of Nigeria Ltd (SPDC,) Shell Nigeria Exploration and Production Company Ltd (SNEPCo) and Shell Nigeria Gas (SNG) as well as their partners — Nigerian National Petroleum Company Limited (NNPC); TotalEnergies EP Nigeria Limited; NAOC and Esso Exploration and Production Nigeria Ltd – to promote the socio-economic development of host communities.
The figures, contained in the recently published Shell Nigeria Briefing Notes for 2023, show that the investments were in health, education, road safety and enterprise programmes. In addition, SPDC and SNEPCo made $142 million statutory payments to the Niger Delta Development Commission (NDDC) in 2023 alone.
The statement quoted SPDC’s  Director and Country Head, Corporate Relations Igo Weli,as saying that: “Our vision for the Niger Delta is for our people to take advantage of these and other investments to improve their lives. This is why we support communities to develop their capacities for need assessment and project planning and execution. Our aim is to contribute to the sustainable development of the region through collaboration with all stakeholders.”
Since the 1950s, Shell Companies in Nigeria have also supported education through scholarships and other initiatives. In 2023, SPDC, SNEPCo and SNG invested more than $3 million in such programmes.
admin by — June 4, 2024 in Oil&Gas 0
We’ll Pay Heritage Bank Depositors Up To N5m-NDIC

       Mohammed Shosanya
The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of Heritage Bank that they will be paid up to N5 million using their Bank Verification Number (BVN) to identify their alternate accounts within the banking industry.
The agency said its action follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN)
 Bashir Nuhu,NDIC’s spokesperson,who conveyed this in a statement, explained that depositors with alternate bank accounts will receive payments up to the insured amount of N5 million.
The BVN system will be used to locate these alternate accounts, ensuring a smooth and efficient transfer of funds in order to protect depositors and maintain confidence in the banking system,the statement said.
“We are fully prepared to step in and ensure that depositors are protected. Our immediate priority is to guarantee that depositors have access to their insured funds with minimal disruption,” it said.
It added:”Depositors of the bank that have alternate within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account. While depositors with funds in excess of N5 million will be paid liquidation dividend upon realization of the bank’s assets and recovery of debts owed to the bank.”
The NDIC also assured depositors that their funds are secure and that the corporation has robust mechanisms in place to manage the transition.
“We will be taking over the affairs of Heritage Bank to facilitate an orderly resolution. This includes the verification and payment of insured deposits, as well as the management of the bank’s assets and liabilities to maximise recovery and minimize loss to the financial system,” it said.
The NDIC said anyone with no account at another bank will need to visit the nearest branch of Heritage Bank with proof of account ownership.
It said,such persons would have to present a verifiable identity card like a driver’s licence, permanent voter’s card, or National Identity Card, along with alternate account details and BVN. This will be used to verify deposit and pay the insured sum, it said.
The NDIC advised affected customers to file a claim online by visiting the NDIC website via, download and fill out the claims form, and upload the required documents.
admin by — June 4, 2024 in News 0
Doctors Shun Labour Strike

 Mohammed Shosanya
The Nigerian Medical Association (NMA),has emphasized its commitment to providing healthcare services amidst the nationwide strike declared by organized labour.
Dr. Benjamin Egbo, the National Secretary General of NMA,disclosed that the association has not declared a strike action and affirmed that doctors will remain at their duty posts to attend to clients in need of health services.
In a statement released on Monday in Abuja, Dr. Egbo acknowledged the challenges and hardships faced by Nigerians but highlighted that the NMA is not an affiliate of organized labour.
But the association empathizes with the difficulties experienced by the populace.
Urging the government and stakeholders to address the issues leading to the current impasse, Dr. Egbo emphasized the NMA’s dedication to serving the public.
He added:”The association remains committed to upholding its duty of providing healthcare services to all those in need, regardless of the prevailing circumstances.
“As the strike action unfolds across the nation, the assurance from the Nigerian Medical Association brings a sense of relief to many who rely on healthcare services during this challenging time”.
admin by — June 4, 2024 in Labour/Human Resources 0
Strike: TCN Invites Soldiers To Protect Facilities, Electricity Workers Claim

Mohammed Shosanya
The National Union of Electricity Employees (NUEE),says the Transmission Company of Nigeria,TCN has invited military personnel to assault its members at various TCN locations who are currently protesting  the plight of poor Nigerians.
Igwebike Dominic,Acting General Secretary,made the claim in a statement on Monday.
He warned that his union will not tolerate intimidation by the management of TCN
He lambasted the TCN for employing
 propaganda to deliberately incite the public on the national grid’s shutdown.
He mentioned that the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) issued a press release dated 31st May 2024 and a circular to all its affiliates same day on the commencement of indefinite nationwide strike over the Federal Government’s failure to conclude and pass into Law a new National Minimum Wage Act and the refusal to reverse the vexatious hike in electricity tariff to N65/kwh.
He added:”The National Union of Electricity Employees (NUEE) is an affiliate of the NLC and we are carrying out the directive of the Congress on the withdrawal of services according to the 31st May 2024 circular and Press Release.
All affiliates of the NLC and TUC obeyed the directives to withdraw services until all those issues are sorted out. Consequently, the union joined the action of withdrawing services and we are perplexed with the action of the TCN management. This begs us to understand if the TCN management is indifferent and happy with the suffering of the poor masses’ meager minimum wage of N35,000 compared to the currently over 200% cost of living in the country.
“TCN management should focus on improving the transmission network and reducing frequent national grid collapses rather than meddling in the affairs of the Union and NLC.
“This is a clarion call for the union to participate in the emancipation of the down-trodden Nigerians by fighting for a living wage and against discriminatory tariff hikes in the electricity sector to ensure that Nigerians deserve the right to accessible and affordable electricity services.
admin by — June 4, 2024 in Labour/Human Resources 0
Agoha,Fadeyibi To Drive Transformation In IBEDC

    Mohammed Shosanya

The Board of Directors at Ibadan Electricity Distribution Company (IBEDC),has appointed Engineer Francis Agoha, as the Acting Managing Director of the power firm.

Agoha,who has been an integral part of the executive team as Chief Technical Officer, brings over 20 years of experience in the power sector, a statement said on Monday.

His appointment follows  the expiration of his  tenure of the former boss of IBEDC Engineer Kingsley Achife.

According to the statement, Francis Agoha’s strategic acumen positions him  to spearhead the company’s trajectory forward,adding that he will collaborate closely with the Board to ensure continuity and drive our strategic imperatives.

The Board has also appointed Engineer Adeoye Fadeyibi as the expert consultant Adviser to the Board.

His appointment is  part of IBEDC’s strategic plan to successfully transition to new investors while ensuring a focus on improving customer satisfaction (supply availability and reliability), commercial and technical growth (improved ATC&C).

Engineer Adeoye Fadeyibi will collaborate with the Board and the Acting Managing Director to spearhead initiatives aimed at reducing commercial and technical losses within the company.

His expertise and leadership will be pivotal in advancing the company’s goals and enhancing operational efficiency while working closely with the Board and relevant stakeholders in delivering the transition timeline mandate,the statement said .

The statement added:”Our steadfast commitment remains unwavering: delivering reliable electricity services to our esteemed customers and stakeholders. These strategic appointments signal our resolve to accelerate growth, enhance performance, and navigate a successful transition with a committed focus.

“We are poised for a dynamic future, fueled by strategic foresight and a relentless pursuit of excellence. Thank you for your continued trust in IBEDC as we continue on this transformation journey together”.

admin by — June 4, 2024 in Power 0
Access Bank Emerges IFC‘s Best Trade Partner Bank West Africa

Mohammed Shosanya

Access Bank has been recognised as the ‘Best Trade Partner Bank West Africa 2024’ by the International Finance Corporation (IFC).

The award was presented at the Global Trade Partners Meeting (GTPM), held recently, in Barcelona, Spain,a statement said on Monday,adding that the development highlights Access Bank’s outstanding performance and commitment to fostering trade finance across the continent.

The GTPM, organised by the IFC, is one of the most significant events in the global trade finance industry, and is known for its unique footprint due to IFC’s extensive reach and client base in emerging markets.

The 2024 event marked the 20th anniversary of IFC’s Global Trade Finance Program and attracted a record number of delegates, featuring prominent speakers and panellists, who provided valuable insights into the global trade landscape.

 

Seyi Kumapayi,Executive Director, African Subsidiaries at Access Bank, said, “We are honoured to receive this award from IFC, which is a testament to our relentless efforts in leveraging our extensive network across Africa to scale trade opportunities between the continent and the rest of the world. Access Bank remains committed to facilitating trade that drives economic growth and prosperity for our stakeholders and the regions we serve.”

 

According to the statement,representing Access Bank at the GTPM were Sunmbo Olatunji, Group Head, Treasury; Tosin Olatunji, Group Head, Corporate Operations; Seun Olufeko, Group Head Project and Structured Finance, Corporate and Investment Banking Division (CIBD); Oluchukwu Kalu, Team Member PSF, CIBD; and Rowly Isioro, Head, Trade and Global Transaction Banking (Africa). Isioro also participated in a panel discussion titled ‘IFC: 20 Years in Trade, Partnerships and Perspectives.’

 

Speaking on the panel, he addressed the importance of building resilient trade finance systems in emerging markets and how the IFC Global Trade Finance Programme has evolved over the years, from IFC providing guarantees for letters of credit to accommodate other trade instruments like promissory notes and green trade or climate-friendly transactions.

“Africa is ripe for partnerships that can drive substantial economic growth,” Isioro said.

 

“At Access Bank, we are dedicated to developing innovative solutions that tackle the unique challenges faced by African businesses, such as currency volatility and regulatory complexities. y

“By strengthening our trade finance infrastructure, and by leaning on the interconnectivity of our subsidiaries – strategically spread across Africa’s key trade blocs – we aim to facilitate smoother trade flows and empower our clients to seize global opportunities effectively,” he added.

 

The GTPM Barcelona 2024 featured a three-day programme that saw contributions from internationally renowned speakers such as Marc Auboin, Counsellor at the World Trade Organisation; Alexia Boutin-Somnolet, Lenders’ Solution Leader at Marsh; Gonzalo Gortázar, Chief Executive Officer of CaixaBank, Spain; Nathalie Louat, Global Director, Trade and Supply Chain Finance at IFC; and Paolo Mauro, Director of the Economic and Market Research Department at IFC, amongst others.

The event,which was sponsored by Access Bank, CaixaBank, amongst other, concluded with a Gala Awards Dinner celebrating the 20th anniversary of IFC’s Global Trade Finance Programme and honouring its high-performing trade finance partners.

admin by — June 4, 2024 in Next Level 0
License Revocation:Reps Vow Protection Of Depositors’ Funds In Heritage Bank

Mohammed Shosanya

The House of Representatives has assured that it will collaborate with key stakeholders to safeguard depositors’ funds held at Heritage Bank, which recently had its operating license revoked by the Central Bank of Nigeria.

The Central Bank of Nigeria (CBN) had announced its decision to intervene with Heritage Bank, citing concerns over its financial performance.

In a statement released by the Acting Director of Corporate Communication, Sidi Ali, on Monday, the CBN highlighted the bank’s persistent decline despite regulatory oversight measures. In light of limited recovery prospects and to safeguard financial stability and public trust, the CBN has taken action to address the situation.

The House, through its spokesman Akin Rotimi, acknowledges the revocation of Heritage Bank’s license and the appointment of the Nigeria Deposit Insurance Corporation as liquidators, as per the Banks and Other Financial Institutions Act.

“We want to reassure the public, especially Heritage Bank’s depositors and stakeholders, that the House is fully dedicated to fulfilling its constitutional oversight responsibilities. Our aim is to ensure that this situation does not harm Nigerians. The pertinent House Committees on Banking Regulations and Insurance will diligently investigate the circumstances surrounding this decision and scrutinize the actions taken by the NDIC.”

“Our priority is to protect the interests of all depositors and uphold the stability of the financial system. We will collaborate closely with the CBN, NDIC, and other pertinent stakeholders to ensure a transparent and structured resolution process, offering essential support to minimize any potential adverse effects on the public.”

“We call upon the CBN and NDIC to establish transparent communication channels, reassuring the public and safeguarding trust in our financial system. Effective engagement with the public is essential for sustaining confidence during this time,” the statement emphasized.

The statement quoted the Chairman, Committee on Banking Regulations, Mohammed El-Rufai as saying “The committee will closely monitor the liquidation process to ensure that the rights of depositors are protected and that the process adheres to the highest standards of transparency and accountability.”

Besides,Hon Ahmed Jaha, Chairman of the Committee on Insurance and Actuarial Matters, emphasized that:”Our commitment to overseeing the NDIC’s effective execution of its mandate. We are dedicated to safeguarding depositors’ funds and upholding confidence in the financial sector. The NDIC Act and the Banks and Other Financial Institutions Act explicitly mandate the insurance and protection of depositors’ funds, a responsibility we take seriously.

The lawmakers urged all depositors and stakeholders to remain calm and be assured of its dedication to protecting their interests.

admin by — June 4, 2024 in News 0
Sahara Group Drives Downstream Transformation With New Appointments

Mohammed Shosanya

Sahara Group, a sustainable energy and infrastructure conglomerate is propelling transformation of its downstream business with strategic appointments including Foluso Sobanjo as Head, Africa Downstream, and Nomnso Dike as Chief Executive Officer, Asharami Synergy Limited, a Sahara Group downstream company in Nigeria.

Other appointments include Yvette Selormey, as Country Manager, Asharami Energy Resources Limited, Zambia and Yaa Serwaa Alifo, Head, Sahara Downstream, Ghana. The newly appointed business leaders have since assumed their new roles.

Sahara Group’s downstream division has operations spanning across the entire downstream supply chain, deploying innovative technology in product procurement and trade, warehousing and storage, marketing, distribution, and retail of petroleum products across Africa.

With over 20 years’ experience in sundry leadership positions in the downstream sector, Foluso Sobanjo said he was looking forward to overseeing the next phase of Sahara’s downstream business transformation. ‘

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“Sahara Group already has a formidable position as a foremost downstream business in Africa. For us at Sahara, the quest now is to work towards making a difference in the sector to ensure our customers across Africa have more access to seamless, reliable, accessible, and clean energy solutions,” he said.

Newly appointed CEO, Asharami Synergy, Nomnso Dike, expressed his enthusiasm and delight at the opportunity to work with all stakeholders to raise the bar and establish a robust supply chain machinery that is “transformative, reliable and sustainable”.

He said: “With over eighteen years of experience as a finance and business development professional and having worked in different capacities in Sahara Group, this new phase of growth will certainly produce a new level of service excellence and smart solutions.”

Yvette Selormey, formerly, Managing Director, Sahara Downstream, Ghana, said she was looking forward to the opportunities and challenges as she steers Sahara’s operations in Zambia through Asharami Energy Resources Limited. “We have great plans for Zambia, and we are confident that the market will experience distinctive service levels across the value chain. Sahara Group always seeks to bring energy to life responsibly; we shall surpass our targets all to the benefit of the good people of Zambia,” she stated.

According to Yaa Serwaa Alifo, a product of the prestigious Sahara Graduate Management Trainee Program, taking over the reins of the downstream business in Ghana is a “huge platform”, given the successes and unique pedigree Sahara has in Ghana.

“I draw inspiration from the fact that we have the most excellent professionals in Ghana’s oil and Gas industry here at Sahara and I know we will achieve greater things and give the market a breath of fresh experiences,” she added.

Bethel Obioma, Head, Corporate Communications, said the appointments are indicative of the unique array of talent in Sahara Group that drives organic growth into sundry leadership positions.

Obioma said Sahara Group’s sustainable future model has seen employees rise from entry levels to serve in various capacities and markets as business leaders.

“Sahara offers you a career path that can launch you into different roles across our businesses in Africa, Asia, Europe, and the Middle East. Our downstream business in Africa is set for a journey into the new dispensation of bespoke energy solutions that will spur economic growth and development across the continent,” he said.

Sahara Group’s downstream business is known for its commitment to ensuring global quality, health, safety, and environmental sustainability. Asharami Synergy in Nigeria is a recipient of three certifications from the International Organization for Standardization (ISO).

The certifications include the ISO 9001:2015 Quality Management System, ISO 14001:2015 Environmental Management System, and ISO 45001:2018 Occupational Health and Safety Management System.

admin by — June 4, 2024 in Oil&Gas 0
CBN Revokes Operating Licence of Heritage Bank

Mohammed Shosanya

The Central Bank of Nigeria, CBN, has revoked the operating licence of Heritage Bank.

The Acting Director, Corporate Communications, CBN, Hakama Sidi Ali, conveyed this in a statement on Monday.

The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect,the statement quoted.

According to the statement,this action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020.

It added:“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.

“Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.

“Consequently, the CBN has taken this action to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.

“The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.

“We wish to assure the public that the Nigerian financial system remains on a solid footing. The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system.”

admin by — June 4, 2024 in News 0
LG Autonomy: PDP Hails FG,Says Decision Best For Kwara Councils

Mohammed Shosanya

The Kwara State chapter of the Peoples Democratic Party (PDP) has hailed the Federal Government on its stance to bring alive local government autonomy in Nigeria.

The Party conveys the commendation in a statement signed by its State Publicity Secretary,Mr. Olusegun Olusola Adewara, wherein it said the gesture will rescue the local government areas from the dominance of the Governor,Mallam Abdulrahman Abdulrazaq.

The statement alleged that Governor ousted the duly elected Local Government Councils in 2019,despite a court order on the contrary.

The Party urged Kwarans not to be swayed by the sudden announcement of election dates by the Abdulrahman-influenced Kwara State Independent Electoral Commission (KWASIEC).

This announcement was a reactionary move born out of fear of the impending stoppage of LG allocations which the PDP called for since last year October,the Party said .

“A serious Governor ready for election will not appoint another set of illegal agents to hold our Local Government Areas hostage for another God knows the time.

“The Kwara PDP, although prepared to participate in the elections if they eventually hold, however, do not have any iota of confidence in the vague social media statement by Okanla-led KWASIEC. This is because of the many suspicious behaviours of Alhaji Okanla since he assumed office. To us, there’s not yet any convincing indication or preparation from KWASIEC that truly suggests Abdulrahman is ready to prosecute any council elections as announced.

“The PDP in Kwara perceives the KWASIEC declaration as a mere act of cowardice by Abdulrahman, who has consistently ignored the voices of Kwarans calling for an end to his imposed TIC administration at the local government levels since 2019. We are aware the governor had to quickly announce the date for council elections in a fire brigade manner due to the Federal government’s decision to halt allocation and transmit Councils’ elections mandate to the Independent National Electoral Commission, INEC,” the Party stated.

Besides,the Kwara PDP has also accused Abdulrahman Abdulrazaq of being an undemocratic leader who lacks the moral charisma to preside over institutions such as the Nigerian Governors’ Forum (NGF).

“Our Party believes that if the present Nigerian Governors’ Forum has a human face, the forum is not expected to put forward any challenge to federal government litigation at the Supreme Court to make the local government efficiently serve its people and be autonomous.

“Our Party calls on other Nigerian Governors who are members of the prestigious NGF not to allow Governor Abdulrahman to misuse the institution for his selfish aggrandizement and greed. Challenging the Federal Government’s decision at the Supreme Court could undermine the Forum’s hard-earned honour and alienate it from the vast majority of Nigerians clamoring for a more vibrant and autonomous local government system.

“We urge President Bola Ahmed Tinubu and the respected Attorney General of the Federation to direct the Accountant General of the Federation to withhold further local government allocations to Kwara State until Governor Abdulrahman fulfills his obligation to conduct local government elections, as outlined in PDP’s press conference of October 13, 2023.

“The PDP assures the people of Kwara that we stand with them in their struggle against Governor Abdulrahman’s dictatorial tendencies and his continued exploitation of local government funds for personal gain. We encourage all Kwarans to remain steadfast and vocal in opposing these injustices,”the Party added.

admin by — June 4, 2024 in Politics 0