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A GLANCE AT THE SPECTACULAR TRADITIONAL MARRIAGE OF CHIEF MICHAEL DURU EJIOGU’S DAUGHTER: ANARA’S TALK OF THE TOWN BY CHINEDU NSOFOR

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A GLANCE AT THE SPECTACULAR TRADITIONAL MARRIAGE OF CHIEF MICHAEL DURU EJIOGU'S DAUGHTER: ANARA'S TALK OF THE TOWN BY CHINEDU NSOFOR

A GLANCE AT THE SPECTACULAR TRADITIONAL MARRIAGE OF CHIEF MICHAEL DURU EJIOGU’S DAUGHTER: ANARA’S TALK OF THE TOWN

BY
CHINEDU NSOFOR

 

 

In the vibrant Ancient kingdom of Anara, located in Isiala mbano LGA of Imo State, Chief Michael and Lolo Ijeoma Ejiogu celebrated an unforgettable event on April 27th, 2024. The occasion was the marriage of their daughter, Akudo Stephenia, to Dr. Frank Arinze. Chief Michael, a distinguished business magnate and real estate expert renowned for his leadership as the CEO of City Gate Group, orchestrated a traditional marriage ceremony that enchanted all attendees. Dr. Frank Arinze, hailing from the esteemed family of Elder Victor and Mrs. Jane Azikiwe of Onisha Town in Onisha North LGA, Anambra State, joined in this union, leaving a lasting impression on all fortunate enough to witness it.

 

A GLANCE AT THE SPECTACULAR TRADITIONAL MARRIAGE OF CHIEF MICHAEL DURU EJIOGU'S DAUGHTER: ANARA'S TALK OF THE TOWN
BY
CHINEDU NSOFOR

 

The gathering was a convergence of dignitaries from various spheres of influence and affluence, a testament to Chief Duru’s esteemed standing in the community. Among the distinguished guests were luminaries such as the Former Governor of Imo State(Chief Ikedi Ohakim) ; Rt. Hon. Chike Olemgbe( Speaker of the Imo State Assembly) ; His Royal Highness Cletus Iluomuanya(Chairman of the Imo State Elders Council) ; Nze Chidi Chinasa Nwanerri( Former S.A. Special Duties to the Governor of Imo State) ; the esteemed celebrity businessman, Pascal Okechukwu (Cubana Chief Priest); and Chief Tony Chukwu, alongside His Excellency Uche Nwosu, Hon. Bar. Kingsley Ononuju(Former Commissioner for Commerce and Industry Imo State), among numerous other titans of industry and notable politicians from across the nation.

In the enchanting tale of Akudo Stephenia and Dr. Frank, their love blossomed like vines reaching for the sun, culminating in a marriage that exuded elegance and grace. Their union, akin to a masterpiece painted by destiny, gathered dignitaries of high esteem, each bearing witness to a love as timeless as the stars above. Amidst the festivities, the bride’s search for her groom amidst the crowd seemed to reflect a cosmic alignment, it seemed as though the universe itself whispered secrets of eternal love, weaving their destinies into a tapestry of joy and commitment.

The ceremony unfolded with the grand entrance of the groom, a moment charged with anticipation and jubilation. As the kola nut was ceremoniously broken, marking the sacred inception of their union, all eyes eagerly awaited the radiant arrival of the bride, an embodiment of grace and sophistication.

The festivities were further enriched by captivating musical performances by over three renowned artists, adding a melodious backdrop to the celebration. Chief Michael Duru, as the Onowu, holds the esteemed position of Traditional Prime Minister within the Anara Ancient kingdom. His residence, a very sophisticated Mansion, not only stands as a testament to his legacy but also serves as the official Palace of the Onowu of Anara. During the traditional marriage ceremony of his daughter, this grand abode was dedicated, marking not only a familial celebration but also a continuation of tradition and lineage within the kingdom. Through this dual purpose, Chief Duru’s dwelling embodies both personal significance and cultural heritage, symbolizing the intertwining of familial duty and regal responsibility.

Culinary delights adorned the event, with a plethora of sumptuous dishes that tantalized the taste buds of all attendees. From traditional delicacies like fried rice to an array of fruits including apples, pineapples, oranges, and garden eggs, guests were treated to a gastronomic extravaganza that showcased both local and international flavors. The meticulous attention to detail and commitment to excellence in hospitality left an indelible impression, ensuring that every guest departed with fond memories of the occasion.

Amidst the gathered throng of friends and well-wishers, prayers soared heavenward, carrying blessings for the couple’s journey ahead. Each heartfelt wish resonated like a gentle melody, enveloping them in a cocoon of love and support as they stepped into the boundless expanse of married life. May their days be filled with laughter, their nights warmed by the embrace of affection, and may their love endure, perennial and ever-blooming, under the nurturing glow of the sun.

Indeed, Chief Michael Duru Ejiogu’s daughter’s traditional marriage was not just a union of two souls but a celebration of heritage, culture, and community. It was a testament to the enduring values of love, unity, and generosity that bind us together as a society. As the echoes of laughter and joy reverberated throughout Anara, it was clear that this event would be remembered as a highlight in the annals of the town’s history, a cherished memory for generations to come.

 

 

 

 

 

Chinedu Nsofor is a Seasoned Technocrat, Media Guru/Consultant and writes from Owerri, Imo State.

Business

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

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PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

President Bola Ahmed Tinubu congratulates Dr Adesola Adeduntan, the retired Group Chief Executive Officer of First Bank Nigeria Limited, for his exceptional service at Nigeria’s oldest bank.

In celebration of Adeduntan’s remarkable tenure, the 130-year-old First Bank will host a special send-off ceremony this weekend, expressing gratitude for his contributions over the past nine years.

President Tinubu commends him for steering the bank through transformative growth, which includes expanding customer accounts from 10 million to over 42 million and elevating Profit Before Tax from N10 billion in 2015 to an impressive N300 billion in 2023.

These milestones, the President said, reflected Adeduntan’s visionary leadership and commitment to excellence.

The President expresses his appreciation for Adeduntan’s willingness to serve the nation in various pivotal roles, including his contributions to the Nigerian Economic Summit Group and other prominent institutions. His extensive expertise in the financial sector has significantly bolstered Nigeria’s economic landscape.

President Tinubu also lauds the bank’s solid internal management ethos, which is responsible for the seamless transition from Adeduntan to the current CEO, Olusegun Alebiosu.

President Tinubu wishes Dr. Adeduntan continued success in all his future endeavors.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

November 1, 2024

 

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Bank

ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024  

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Zenith Bank Enhances E-Channel Services for Customers

ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024

 

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024. This performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment.

 

According to the Bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024.  Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.

 

The growth in the topline was driven by the expansion of both interest income and non-interest income. Interest income saw a notable 190% rise to N1.95 trillion, attributed to the high-yield environment. Non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period. The robust increase in profitability reflects the Bank’s focus on operational efficiency and strong risk management practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.

 

The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion. This growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty. Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.

 

Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset base. Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3%, underscoring the Bank’s proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.

 

Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.

 

Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.

 

The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.  In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.

 

With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business. The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.

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Business

IPMAN: Setting the Record Straight

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Fueling Uncertainty: Investigating Nigeria's Subsidy Removal And Dangote Refinery Debacle* By Sylvester Audu

IPMAN: Setting the Record Straight

 

The Dangote Petroleum Refinery wishes to clarify that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to purchase refined petroleum products.

IPMAN: Setting the Record Straight

Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN Members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities.

The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us. In the same vein, NNPCL has neither approved, nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.

We would like to emphasise that we can meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel. At present, we can load 2,900 trucks per day and we have also been evacuating petroleum products by sea. We advise IPMAN to register with us and make direct payment as we have more than enough petroleum products to satisfy the needs of their members.

Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu. Conducting business through public speculation is counterproductive and unpatriotic.

In the interest of our country, we encourage all stakeholders to collaborate and heed the advice of President Tinubu, while promoting a unified approach, rather than engaging in media conflicts and needless propaganda.

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