Why We Must Protect Nigeria’s Democracy, Obasa, Fashola, Foreign Diplomats Speak

Why We Must Protect Nigeria’s Democracy, Obasa, Fashola, Foreign Diplomats Speak

Despite its challenges, democracy in Nigeria must be protected by every citizen, speakers at an event to commemorate the country’s 25 years of unbroken democratic governance organised by the Lagos State House of Assembly have warned.

Speaker of the House, Rt. Hon. Mudashiru Obasa, former governor of Lagos, Mr. Babatunde Fashola, foreign diplomats, and business experts argued on Wednesday evening that democracy has benefitted the Nigeria since 1999 when the country began its fourth republic.

Others who spoke at the event include Prof. Eghosa Osaghae of the Nigerian Institute of International Affairs, Dr. Muda Yusuf, former chairman of the Lagos Chamber of Commerce, and Mrs. Abike Dabiri-Erewa, the Nigerians in Diaspora Commission (NiDCOM).

Dr. Obasa said Nigeria deserved to celebrate because in the last 25 years, the country has successfully transferred power from one administration to another, uphold the principles of representation, accountability, and the rule of law.

“Our democracy has endured despite challenges and setbacks. We have faced elections, protests, and debates, but our commitment to democracy has remained unwavering.

“We have demonstrated that democracy is not a destination but a journey, and we are proud to be on this path. We must continue to guard it jealously, for it is the foundation upon which the fabric of our nation’s progress is built.

“We must continue to promote democratic values, protect human rights, and ensure that our democracy remains perpetually unbroken,” the Speaker said while recalling the struggle and sacrifice made by well-meaning Nigerians during the struggle for democracy.

Obasa noted the roles so far played by the state legislature in the scheme of Nigeria’s progress to include promotion of good governance, accountability, and the rule of law as well as passage of bills that have transformed the lives of citizens.

“As a transformative and people-centric legislature, the House of Assembly has delivered impactful laws and representation, reforming justice, social welfare, and security systems, and driving tax reforms, infrastructural development, and transportation improvements.

“These have attracted significant attention from local and international admirers, leading to frequent visits from international representatives and private citizens seeking to learn from us, exchange ideas, conduct research, or participate in exchange programmes,” the Speaker said.

He urged Nigerians to continue to support state Houses of Assembly to further deepen democratic values and bring governance closer to the grassroots.

FASHOLA
The former governor of Lagos said 25 years of democracy has provided an opportunity for effective representation of the people as well as freedom to make laws.

Urging Nigerians to hold on to democracy very jealously, he argued that the federal system practised in Nigeria remains important to the country’s growth.

“For those who are understandably impatient with democracy, I hear them. It can be a tedious way to govern. There is no better way to order our affairs. I will not trade the liberties it offers for anything else.

“We are a federal state and let me tell you why. We have multi-level legislative houses from the local councils to the National Assembly. We have multi-level judicial system.

“We also find different levels of government exercising different forms of responsibilities and this you can find in the exclusive and concurrent lists and, of course, what you can’t find in those two lists, is the residual authority that resides in the states. For example, the Senate cannot make laws on landlords and tenants laws and rent control,” he said.

Speaking about some changes that have happened in Nigeria in the last 25 years, he recalled the ‘famous resource control case’ which originated from Lagos and was resolved through the constitution making some states earn better now. He also recalled the matter relating to local government creation during the administration of Asiwaju Tinubu as governor.

“As at 1999, if you wanted to build a house in Lagos, you would go and get permit in Abuja. It was the Lagos State government that went to court to stop it,” he said adding that the cases were fought and won because of the quest for a perfect union.

Urging support for President Tinubu’s administration, expressed optimism that wages and salaries and issues with the creation of state police would become reality.

FOREIGN DIPLOMATS
The Consul General of the French embassy in Lagos, Laurent Favier, while congratulating Nigeria, said “democracy is not a state of perfection but something people have to fight for at all times. It is a political structure that must be deepened.”

He expressed satisfaction with how democracy in Nigeria has ensured freedom just as he urged the country not to relent in making citizens happy.

On the other hand, Weert Börner, Consul General of Germany, said his country with 16 states, practises same federal system as Nigeria adding that this results in healthy competitions.

He affirmed that Nigerians enjoy freedom of opinions, one of the characteristics of democracy.

He commended Nigeria over its Electricity Act which gives states power to generate electricity noting that Germany followed same part 25 years ago resulting in about two million electricity producers in the country.

Consul General of the Embassy of Italy, Ugo Boni assured that the government of his country will continue to be a trustworthy companion of Nigeria while the British Deputy High Commissioner, Lagos, Jonny Baxter, said: “In these challenging times, it is important that we support each other in our shared commitment to democracy.

“Nigeria’s democratic resilience and significance in West Africa serves as an example to other nations seeking to strengthen and protect their own democracies.”

“The UK looks forward to partnering with Lagos and Nigeria in the next 25 years and more.”

Michael Ervin, political and economic section chief at the US Consulate General, Lagos, said Nigeria is an example of how diverse people can unite and ensure freedom for all.

He congratulated Lagos Assembly and noted that Lagos opens the door to the development of Nigeria.

 

Adron Homes Sponsors Ojude Oba, Unveils Plans to Excite Customers with Massive Prize Slash

Adron Homes Sponsors Ojude Oba, Unveils Plans to Excite Customers with Massive Prize Slash

 

At the World Press conference of the forthcoming 2024 Ojude-Oba Festival in Ijebu-Ode, the management and organizing committee of the annual event has unveiled plans for the smooth running of this year’s edition during the unveiling and announcement of proud sponsor brands which the leading real estate firm; Adron Homes and Properties were part of.

At the world press conference, the organizing committee especially hailed the Management of Adron Homes and properties for their constant support and also their sponsorship for this year’s edition to make sure the annual colourful parade is indeed getting the needed support to soar higher. During the unveiling, it was noted that Adron Homes is set to excite customers and attendees with mouthwatering prizes, massive discounts and unbelievable price slashes during the cause of the event in Ijebu-Ode next week.

Also present at the event, a group of senior management staff from Adron Homes were; The Deputy Managing Director of Adron Homes Southern Nigeria, Mrs Ajobo Adenike, The Director Of Public Affairs, Mr Michael Oyadele, The Director General Of Sales And Marketing Adron Homes Southern Nigeria Mrs Azuru Ihuoma, The Director Of Business Development And Strategy, Mrs Chi Tola Robert and Others. Mr Michael Oyadele who spoke on behalf of Adron Homes disclosed that; Adron’s participation in the Ojude Oba Festival is a testament to the brand’s commitment to proudly showcase unwavering support for the cultural heritage and economic growth of the southwest and ijebu region.

“This annual celebration, steeped in tradition and cultural significance, serves as a testament to the vibrant heritage of Ijebuland, and we are truly privileged to have been a part of this remarkable event. We extend our heartfelt congratulations to the esteemed Paramount Ruler of Ijebuland, Kabiyesi Dr Sikiru Adetona The Awujale of Ijebuland, and all the esteemed people of Ijebuland. Your dedication to upholding the rich cultural traditions of this land is truly commendable, and Adron Homes stands with you in solidarity and support. As a proudly Nigerian brand, Adron Homes is deeply committed to supporting the development and prosperity of Ogun State and the good people of Ijebuland.”

While commending the Awujale of Ijebu Land for his steadfastness, she further disclosed that; Adron Homes remains steadfast in its mission to provide quality housing solutions to Nigerians across the country. In alignment with its commitment to making homeownership accessible and affordable to all. He also revealed that Adron Homes has announced special discounts and exclusive offers on its housing products during this festive period with the Special Ileya Discount Package. “The discount is our way of giving back to the communities that have entrusted us with their dreams of owning a home. Our marketers would move around that day to answer your questions and clear your curiosity. You will see our numerous tents and gazebos well placed at strategic locations you can just approach it or any marketers. We will be there to address your inquiries and satisfy your curiosity. You’ll notice our many tents and gazebos strategically positioned for easy access. Feel free to approach our staff for further information. In addition, we will be setting up experience centres at key locations, allowing visitors to take virtual tours of our products during the festival. At Adron Homes, we remain committed to celebrating our cultural heritage, promoting unity, and working towards a better future for all Nigerians.”

Muhajid Alhaji Abubakr Dokubo-Asari Felicitates Alabo Dumo lulu-Briggs on 60th Birthday

Muhajid Alhaji Abubakr Dokubo-Asari Felicitates Alabo Dumo lulu-Briggs on 60th Birthday

Muhajid Alhaji Abubakr Dokubo-Asari, a steadfast advocate for the rights of the Niger Delta people has extended warm felicitations to Alabo, Dumo lulu-Briggs, head of the Oruwari Briggs Group of War Canoe and Chieftaincy Houses of Abonnema on his 60th birthday.

In a heartfelt message, Dokubo-Asari praised Alabo Dumo lulu-Briggs for his remarkable journey, marked by unwavering dedication to politics without bitterness, and his tireless efforts to promote peace and brotherliness throughout his life.

“I salute his penchant for politics without bitterness, promoting peace and brotherliness,” Dokubo-Asari said, highlighting Alabo Dumo lulu-Briggs’s remarkable ability to navigate the complexities of politics with grace and humility.

Furthermore, Dokubo-Asari commended Alabo Dumo lulu-Briggs for his outstanding philanthropic endeavors, particularly in Abonema, where he has made a profound impact on the lives of youths, the aged, and women through various outreach programs.

“Alabo Dumo lulu-Briggs has been outstanding in his philanthropic endeavors to touch and change the lives of youths, the aged and women in Kalabari kingdom providing succor and support to the weak and hopeless through various out reach programs,” Dokubo-Asari emphasized.

The Paramount Ruler of Edi Abali Group of War Canoe Houses of Kalabari kingdom also praised Alabo Dumo lulu-Briggs for his selfless life, which exemplifies love for humanity and service. “Dumo’s selfless life exemplifies love for humanity and service,” Dokubo-Asari said, acknowledging Alabo Dumo lulu-Briggs’ enduring legacy.

Alabo Dumo lulu-Briggs, a businessman, politician, and philanthropist, is the chairman of Platform Petroleum Ltd, a petroleum exploration company planning a 10,000 metric tonnes refinery. His remarkable life serves as an inspiration to many, and his continued service to humanity is a testament to his enduring legacy.

As he celebrates this milestone, Alabo Dumo lulu-Briggs is undoubtedly grateful for the love and support of his friends, family, and the people he has touched through his philanthropic endeavors.

Adron Homes Chairman Announces Ojude Oba Sponsorship, Pays Homage to Awujale

Adron Homes Chairman Announces Ojude Oba Sponsorship, Pays Homage to Awujale

Adron Homes team consisting of Senior executives and the Chairman and Group Managing Director; Aare Adetola Emmanuel-King has paid a courtesy business visit to the Palace of the Awujale of Ijebuland over the week. This significant visit, underscored the profound respect accorded to His Imperial Majesty, Oba Sikiru Adetona Ogbagba II, the revered Awujale of Ijebuland, who recently celebrated his momentous 90th birthday.

Characterized by an atmosphere of reverence and admiration,Adron Chairman gave a touching address where he expressed deep gratitude to Kabiyesi, extolling his virtues as a father figure to all ijebu sons and daughters across the world. Aare Adetola extended sincere wishes for more glorious years of service to the people of Ijebuland and prayed for the monarch’s enduring health and long reign.

As Nigeria’s leading real estate company, Adron Homes once again showcased its unwavering commitment to community engagement and cultural preservation during the visit.

The Chairman also announced Adron Homes eagerness and readiness to be a major sponsor of this year’s Ojude Oba Festival. This colourful and widely attended annual celebration serves as a profound connection between the past and present, uniting generations of the Ijebu people to celebrate their rich heritage and express gratitude for the year’s blessings.

Aare Adetola promised significant discounts on all Adron Homes products in the Ileya 2024 promo and Ojude Oba event. This initiative aims to encourage both Ijebu indigenes and non-indigenes to invest in properties within any Adron Homes Estate nationwide, thereby promoting widespread homeownership and community development.

In response, Oba Adetona bestowed his blessings on the Adron Homes Team. Kabiyesi expressed profound gratitude to God Almighty and offered special thanks and prayers for the management of Adron Homes. He further encouraged the company to maintain its exemplary status as a proudly Nigerian real estate brand.

Lawyers applaud Gov Fubara’s remarkable performance on one-year anniversary

Lawyers applaud Gov Fubara’s remarkable performance on one-year anniversary

 

 

A Coalition of Lawyers in Nigeria under the aegis of Lawyers for Justice has rated Governor Siminalayi Fubara high on his first anniversary in office.

In a statement signed by its President, Moses Okino, the group said it came to this conclusion after a comprehensive assessment tour across the state to evaluate the governor’s performance.

According to Okino, the tour covered various local government areas, where the coalition interacted with citizens, community leaders, and project beneficiaries.

The Lawyers for Justice acknowledged the governor’s efforts in revitalizing the state’s economy, improving security, and enhancing the overall quality of life for Rivers State citizens through infrastructural development, education, and healthcare, among others.

“After a comprehensive tour of Rivers State, our members had the opportunity to assess and evaluate Governor Fubara’s achievements, and we are impressed by his remarkable leadership, vision, and commitment to the development of the state,” the statement said.

“In the past year, Governor Fubara has demonstrated a clear understanding of the needs of Rivers State and its people. His administration’s accomplishments in various sectors, including infrastructure development, education, healthcare, security, and economic growth, are a testament to his dedication to good governance and the rule of law.

“We are particularly impressed by Governor Fubara’s commitment to the rule of law and his administration’s respect for human rights. His efforts to promote peace, justice, and reconciliation in Rivers State are laudable, and we believe that his leadership style is a model for other states in Nigeria to follow.

“As lawyers, we recognize the importance of good governance, accountability, and transparency in government. We are pleased to see that Governor Fubara’s administration has demonstrated these qualities in its dealings with the people of Rivers State.

“We commend Governor Fubara for his exceptional leadership and his commitment to the development of Rivers State. His achievements in one year are a testament to his dedication to the people of Rivers State, and we believe that he is on the right path to leaving a lasting legacy.

“We encourage Governor Fubara to continue his good work and to remain focused on his vision for a better Rivers State. We also call on the people of Rivers State to continue to support their Governor in his quest to develop the state and improve the lives of its citizens.”

ZENITH BANK RECOGNISED AS THE MOST SUSTAINABLE BANK IN NIGERIA FOR THE SECOND TIME IN THE INTERNATIONAL BANKER AWARDS 2024

ZENITH BANK RECOGNISED AS THE MOST SUSTAINABLE BANK IN NIGERIA FOR THE SECOND TIME IN THE INTERNATIONAL BANKER AWARDS 2024

Zenith Bank Plc has been named the “Most Sustainable Bank, Nigeria” in the International Banker 2024 Banking Awards, retaining the title for the second consecutive year. 

Commenting on the award, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, said: “We are deeply honoured to be recognised as the Most Sustainable Bank in Nigeria for the second time in a row. This prestigious award underscores our steadfast commitment to sustainability and reinforces our belief that responsible banking is essential for long-term success and societal impact.”

She dedicated the award to the Founder and Chairman of Zenith Bank Plc, Dr. Jim Ovia, CFR. She lauded the Bank’s stakeholders for their commitment and unwavering support in ensuring that Zenith remains a highly successful institution. She said, “This remarkable achievement is a testament to the visionary and impactful leadership of our Founder and Chairman, Dr. Jim Ovia, CFR. His exceptional foresight and dedication have been the cornerstone of our success. His ability to inspire and guide with strategic acumen has been instrumental in steering Zenith Bank to new heights. Along with the strategic guidance of our esteemed Board members, the unwavering commitment of our ever-diligent staff, and the steadfast support of our loyal customers, Dr. Ovia’s leadership has been pivotal in transforming our sustainability initiatives into a reality. We owe this success to his relentless pursuit of excellence and his deep-seated commitment to redefining the banking landscape in Nigeria.”

This recognition reaffirms Zenith Bank’s position as a trailblazer in sustainable banking practices, setting a benchmark for excellence within the Nigerian banking industry and beyond. The Bank has been a leader in monitoring and reporting sustainability impact. Since becoming the first Bank in Africa to publish a stand-alone sustainability report in accordance with the GRI Standards: Core Option in 2016, Zenith Bank has consistently published assured stand-alone sustainability reports. The Bank is one of the few institutions in Nigeria that tracks its carbon emissions using a certified tool built on the internationally recognised Greenhouse Gas (GHG) Protocol.

Zenith Bank is deeply committed to environmental, social, and governance (ESG) values, subscribing to the Triple Bottom Line principle, which encompasses People, Planet, and Profit. As a leading financial institution that services various sectors of the economy, the Bank considers Environmental and Social (E&S) risk management critical to its sustainability strategy.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Best Bank in Nigeria for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; the Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; being listed in the World Finance Top 100 Global Companies in 2023; being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 14th consecutive year in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best in Corporate Governance Financial Services Africa for four successive years from 2020 to 2023 by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Additionally, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS.

Published by Finance Publishing Limited, the International Banker Magazine, United Kingdom, is a leading global source of authoritative analysis and opinion on banking, finance and world affairs. Its influence, integrity, accuracy and objective opinion have earned it global recognition. The International Banker Awards strive to recognise the most worthy financial institutions around the world – those not just doing their jobs well but exceptionally well – those operating at the industry’s cutting edge and setting new performance levels to which others will aspire. The 2024 Banking Awards focused on various criteria, including the provision of much-needed capital for economic growth, cutting-edge innovation to enhance security and efficiency, commitment to sustainability and ESG principles, as well as intelligent investing to maximise profits and shareholder value.

 

Ecobank Nigeria Announces Third Edition of ‘Adire Lagos Experience’

Ecobank Nigeria Announces Third Edition of ‘Adire Lagos Experience’

Ecobank Nigeria says it has concluded plans to host the third edition of ‘Adire Lagos Experience’. The planned four days exhibition will take place at the ultra-modern Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos from Thursday, June 14th till Sunday, 17th, 2024. Announcing the program in Lagos, Adeola Ogunyemi, Head, Consumer Banking, said the exhibition will feature authentic Adire fabric displays from over 100 diverse merchants, indigenous cuisine, and African entertainment, adding that there will be series of masterclasses, as well as networking opportunities with entrepreneurs, shoppers, and everyone in the business of making or trading in Adire.

“We are encouraged with the success of the previous editions of the ‘Adire Lagos Experience’ and we plan to make this year’s edition bigger and better. The exhibition is in line with our brand promise as a pan-African financial institution to promote culture and boost tourism on the continent. We have through this opportunity playing a notable part in contributing to boost Nigeria’s tourism, culture and the creative industry using Adire as a key driver. High profile exhibitors, vendors, expatriates, influencers and dignitaries from different parts of the world and from all walks of life have indicated interest to be part of the event. I am therefore inviting Nigerians, diasporans resident in Nigeria and the diplomatic corps to attend the four day event.” She stated.

Further, Mrs Ogunyemi reiterated that the exhibition aligns perfectly with the Ecobank’s commitment as a Pan-African Institution to offer experiences that go beyond banking and also dedicated to creating enriching experiences that resonate with its customers’ lifestyles while celebrating the diversity of our nation’s culture. “We are providing a cozy ambience with utmost serenity to make participants feel comfortable and safe. Participation is free, and everyone is welcome to invite family and friends to come over to witness the beautiful event. This Exhibition also presents an opportunity not only to sell and buy products but to experience the luxuriance in our culture.”

Expected to grace the occasion are top government officials from Lagos, Ogun and other neighbouring states and stakeholders in adire business.

Ecobank Nigeria, a key driver of tourism, culture and the creative industries in Nigeria recently  hosted the +234Art, a 10-day art fair dedicated to nurturing and uplifting the burgeoning art industry in Nigeria. The fair provided a platform to support emerging artists and encourage increased interest in art acquisition; also the bank organized the Photography, Art, and Design Exhibition (PADE) to commemorate World Photography Day in 2022; the bank also partnered “Songs & Stories” With Cobhams Asuquo;  Redbull Dance Your Style; BellaNaija Style Summit and  Loosing Daylight (An exhibition of the history of Nollywood organised by Nse Ikpe-Etim).

UBA Celebrates Africa Day in Style, Commits to Empowering Youths for Leadership Roles

UBA Celebrates Africa Day in Style, Commits to Empowering Youths for Leadership Roles

Africa’s Global bank, United Bank for Africa (UBA) Plc, joined the rest of the world on Friday, May 24, 2024, to mark this year’s edition of the Africa Day.

The celebration which went on concurrently across all of its subsidiaries in Africa as well as in the United Kingdom, France, United States of America and the United Arab Emirates, had the underlying theme: Education Fit for the 21st Century.

To mark the event, staff members were dressed in colourful African attire displaying the cultural diversity of the employees of United Bank for Africa.

There were dance troupes in various offices across the continent organised by UBA subsidiaries, where staff, clients and the public were entertained with African drums and cultural dancers as well as choice African fruits and snacks.

A major highlight of the event was the selection of best dressed staff across various categories, representing the diverse African culture. As voted by the staff, Chisom Augustine, emerged the winner of the Best Indigenous concept while Sarah Richter clinched the fan’s choice for Best Indigenous Concept (Rest of the World). Temitayo Abayomi won the jury’s choice as best dressed Nigerian staff. Several other winners also emerged across various cadre.

They bank rewarded each of the winners with various cash prizes at a glamorous closing ceremony which was held at its Head office and replicated across other branches and subsidiaries.

UBA’s Group Head, Human Resources, Modupe Akindele, who addressed staff during the closing ceremony at the UBA Head Office in Lagos, commended staff members for their hard-work over the years, and noted that the annual event had become a lifestyle for the bank.

She said, “We at UBA celebrate Africa Day with the rest of Africa. We are Africa, United by one Bank. Today is a day to remind ourselves that we have all it takes in Africa, be it fashion, talent, and creativity. The message is about being African and being proud of our heritage. We want to showcase who we are and what we have.”

Continuing, she said, “For us at UBA, identifying with Africa and indeed Africa Day is synonymous with who we are as a bank. It presents us the opportunity to remind ourselves, the world and indeed Africa that we owe ourselves the duty of making Africa the continent of our dreams.”

UBA celebrates Africa Day annually in line with the official celebration by African nations, reiterating its long-held belief that the future belongs to the continent. Africa Day is an annual event, commemorating the birth of the African union on May 25, 1963. It is dedicated to celebrating the diversity of the African continent, and to highlight the cultural and economic potential that exists on the continent.

The bank leverages on the occasion to rekindle the African spirit that drives the UBA group’s vision to be a dominant financial services provider on the continent and its emergence as a recognizable economic power.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 35 million customers globally. Operating in twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

FIRSTBANK MAINTAINS IMPRESSIVE PERFORMANCE, POSTS N238.53BN PBT IN Q1 2024  

FIRSTBANK MAINTAINS IMPRESSIVE PERFORMANCE, POSTS N238.53BN PBT IN Q1 2024

 

FBN Holdings Plc declared N238.53 billion profit before tax (PBT) in its unaudited first quarter (Q1) ended March 31, 2024 results, which was about 325.2percent growth from the N56.1 billion reported in Q1 ended March 31, 2023.

The Q1 2024 results was a reflection of 2023 impressive performance as one of the oldest banks in Nigeria sustained its fundamentals amid domestic and foreign challenges.  From its Q1 2024 profit & loss figures, the Group declared N208.1 billion profit, which was about 315.8 per cent compared with the N50.1 billion reported in Q1 2023.

The group announced N730.3 billion gross earnings in Q1 2024, which was an increase of 181.4 per cent from N259.5 billion in Q1 2023.

Amid hike in Monetary Policy Rate (MPR), the financial institution declared N455 billion interest income in Q1 2024, a growth of 153.3 per cent from N179.6 billion in Q1 2023, while interest expenses closed Q1 2024 at N226.42 billion, representing 234.1per cent increase from N67.76 billion reported in Q1 2023.

On the backdrop of a double-digit inflation rate, operating expenses moved from N111.2 billion in Q1 2023 to N212.80 billion reported in Q1 2024.

Total assets from the balance sheet position stood at N21.58 trillion as of March 2024, which was a 27.4 per cent increase from the N16.94 trillion recorded in 2022.

As FBNHoldings declared N8.42 trillion Customer loans & advances (Net) as of March 2024 from N6.36 trillion in 2023, full financial year, its customer deposits stood at N13.27 trillion as of March 2024, an increase of 24.4 per cent from N10.66 trillion reported in 2023 financial year.

The Group Managing Director, FBNHoldings, Nnamdi Okonkwo in a statement said, “FBNHoldings’ strong start to the year reinforces the confidence in achieving targets and delivering sustained value for our shareholders. “Our commitment to optimising the Group’s earnings capacity and maximising operational efficiencies has again delivered outstanding results.

“Underpinned by strong revenue growth and improved operational efficiency, our key financial metrics have shown significant improvement. Remarkably, gross earnings grew 181.4per cent to N730.3 billion, while profit before tax increased by 325.2per cent to N238.5 billion while our total assets increased by 27.4per cent in three months to N21.6 trillion.”

He added that the Group remained focused on its strategic initiatives towards further improving profitability, enhancing excellence in performance and surpassing stakeholders’ expectations.

However, the shareholding structure of FBNHoldings showed, the Group Chairman, Mr. Femi Otedola direct and indirect stake in the Group stood at 2,517,282,140 as of March 2024 from 1,999,342,376 March 2023.

The stock price of FBNHoldings closed March 27, 2024 at N21.1 per share on the floor of the Exchange.

Culled from ThisDay

Probing Rivers Ugly Past By Simon Peter

Probing Rivers Ugly Past

By Simon Peter

In examining the realm of governance and public resource management, one would agree that, accountability is a sacrosanct principle that serves as the bedrock of trust between the government and its citizens. However, in Rivers State, Nigeria, this fundamental principle appears to be under assault, as a plethora of allegations ranging from misconduct to malfeasance swirl around the former governor, Mr. Wike. The people of Rivers State have endured immense suffering under Wike’s leadership, and it is now incumbent upon Governor Sim Fubara to take swift and decisive action to investigate these egregious wrongdoings, hold perpetrators accountable, and deliver long-overdue justice to the victims. By doing so, Governor Fubara can begin to restore the trust that has been eroded and ensure that the principles of accountability and good governance are upheld in Rivers State.

The burning question on many minds is, “When will Governor Fubara probe Wike?”

The tenure of Mr. Wike as the governor of Rivers State was marked by a plethora of controversies and allegations of corruption, which have left an indelible stain on his legacy. One of the most egregious accusations leveled against him is the perpetration of inflated contracts, wherein contracts awarded during his tenure were allegedly grossly overpriced, resulting in a significant depletion of the state’s resources. If these allegations are substantiated, it would constitute a brazen betrayal of public trust, a flagrant violation of the principles of transparency and accountability, and a egregious abuse of power.

Moreover, Mr. Wike stands accused of leaving the state in a financially precarious situation, wherein the state’s debt profile skyrocketed under his leadership, plunging the state into a financial crisis. This has had a devastating impact on the state’s ability to fund critical infrastructure and social services, thereby exacerbating the suffering of the citizens of Rivers State and imperiling their welfare.

Among the multitude of allegations levied against Mr. Wike, the most heinous and egregious is the forceful expropriation of private property, a transgression that has left a trail of disillusionment and suffering in its wake. According to a report, the women of the Oginigba community in Rivers State, driven by desperation and a sense of injustice, staged a protest against the brazen seizure of their ancestral land, perpetrated by Mr. Wike through the instrumentality of the state government machinery. This egregious act, if proven, constitutes a flagrant violation of the rights of these women, a gross abuse of power, and a stark testament to Wike’s disdain for the rule of law and the fundamental rights of citizens. The forced takeover of private land, a blatant manifestation of Wike’s authoritarian proclivities, has left an indelible stain on his legacy, and its repercussions continue to reverberate, causing untold suffering and hardship for the affected individuals.

The evidence of Wike’s plundering of Rivers State’s wealth is manifest in his extensive portfolio of properties, including the Hypercity building in Ikoku, a multifaceted complex on Rumuomasi by old Aba road, which serves as a hub for esteemed brands like SHOPRITE, Cinema film House, Electronica, and others, as well as the Signature hotel in G.R.A, a former residence on William Jumbo street in Old GRA, Trans Amadi by BEWAC, AFP Plaza by Stadium, site for hospital by stadium road, and his current residence by Ada George. All these assets in Port Harcourt alone.

These few properties in Port Harcourt, traceable to Mr. Wike, are merely the tip of the iceberg. It is mind-boggling to contemplate the numerous properties scattered across various cities in Rivers State, not to mention the staggering hundreds of properties spread across different states in Nigeria, all allegedly linked to Mr. Wike’s name. The putrid stench of corruption wafting from his property acquisitions and takeovers demands a thorough investigation by the EFCC. Meanwhile, the people of Rivers State were languishing in excruciating poverty, while Wike was shamelessly amassing a vast empire of properties through illicit means, all at the expense of the state’s financial well-being.

In light of these grave allegations, it is absolutely essential that Governor Fubara takes swift and decisive action to investigate Mr. Wike’s tenure, ensuring a thorough and transparent probe that uncovers the truth behind the myriad accusations. The citizens of Rivers State have a rightful expectation to be informed about the veracity of these allegations, and to witness the delivery of justice and the recovery of misappropriated public resources, should these allegations be substantiated.

The consequences of Wike’s alleged malfeasance are nothing short of catastrophic, leaving the state mired in debt and stifling its development. The egregious inflation of contracts has resulted in a egregious depletion of the state’s resources, while the forceful takeover of private property has wreaked havoc on countless lives and livelihoods. Therefore, Governor Fubara must demonstrate unwavering resolve in reversing this damage, ensuring that those responsible are held accountable and brought to book, thereby restoring the trust and confidence of the citizens in the government.

Governor Fubara has a unique and auspicious opportunity to tangibly demonstrate his unwavering commitment to the principles of accountability, good governance, and the rule of law. By initiating a comprehensive and exhaustive investigation, he can ensure that Mr. Wike is held accountable for his alleged actions, thereby sending a powerful message that no individual is above the law. This probe, if conducted in a fair, transparent, and unbiased manner, will not only restore public trust and confidence in the government but also serve as a testament to Governor Fubara’s dedication to upholding the highest standards of governance. Furthermore, the investigation provides a chance to recover misappropriated funds and assets, which can then be reinvested in the development and progress of Rivers State.

However, it is crucial that this probe adheres to the highest standards of fairness, transparency, and due process, avoiding any semblance of a witch-hunt or political vendetta. Instead, it must be guided by an unwavering commitment to truth, justice, and the rule of law, thereby ensuring its credibility, legitimacy, and ultimate success.

The investigation into Wike’s alleged malfeasance is egregiously belated, and Governor Fubara’s prompt intervention is imperative to rectify this egregious oversight. The necessity for a thorough probe cannot be overstated, as it is indispensable for uncovering the truth, holding accountable those who have perpetrated wrongdoing, and restoring the public’s faith in the government. The people of Rivers State deserve a leadership that is transparent, accountable, and prioritizes their well-being and the development of the state, and Governor Fubara must demonstrate his commitment to these principles by initiating a comprehensive investigation into Wike’s tenure.

The gravity of the allegations against the former governor necessitates swift action, and the people of Rivers State demand nothing less than a thorough and transparent investigation that culminates in justice being served. By fulfilling this duty, Governor Fubara will not only be upholding the sacrosanct principle of accountability but also restoring the people’s trust in the government, thereby paving the way for a brighter future for Rivers State.

It is solely through the conduit of a meticulous and uncompromising investigation that the truth can be unearthed, justice can be administered, and the trajectory towards a future marked by prosperity and equity for the people of Rivers State can be firmly established. This imperative underscores the urgent need for a thorough probe into Mr. Wike’s tenure, rendering the present moment the most opportune and propitious time to initiate such an inquiry, thereby ensuring that the quest for accountability, truth, and justice is not perpetually relegated to the realm of the forgotten, but rather assumes its rightful position at the forefront of the state’s agenda.

Peter writing from Ikwere, Port Harcourt.

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