Connect with us
Advertisment

Business

Fidelity Bank CEO highlights non-oil investment opportunities

Published

on

fid

Advertisment

Managing Director/Chief Executive, Fidelity Bank PLC, Mr. Nnamdi Okonkwo has identified the recent foreign exchange restrictions placed on importation of 41 items as one of the many non-oil investment opportunities in the economy.

He stated this during a presentation titled, “Beyond Oil & Gas: Emerging Business Opportunities in Nigeria”, at the Nigeria-British Chamber of Commerce Breakfast Meeting held in Lagos.

Advertisment

Okonwko noted that despite pressure points in the economy, Nigeria’s economic fundamental remains strong, adding that, “, The convergence of social, political and economic factors are generating great expectations, opportunities and uncertainty in the Nigerian macroeconomic environment”.

He said the decline in crude oil prices, resulting to fallen revenue, as well as, the other problems in the oil and gas sector, has prompted a quest for alternative investment opportunities beyond the oil and gas sector.

“But Nigeria’s strong growth reserves are opening new prospects”, he said. These growth prospects, he noted include, “The 60 percent of Nigeria’s arable land yet to be cultivated  as well as the country’s population of over 170 million people, which  is youthful and provide a huge potential demand and pool of skills. It also provides huge internal market for consumption and expenditure growth.”

Advertisement

He added that in addition to these, the series of reforms implemented by government in recent times, in a bid to transform the economy has created investment opportunities in key sectors of the economy, namely agriculture, health, education, Information Communication Technology and Manufacturing.

For example, he said, “CBN has continued to apply administrative and capital control measures in containing the pressure on the Naira.

On June 23, 2015, the CBN released a circular that expanded the list of imported goods and services that are excluded from accessing foreign exchange (forex) at the Nigerian Interbank Foreign Exchange Market (IFEM).

“Also, on November 6, 2014, the CBN had excluded six items: electronics, finished products, information technology, generators, telecommunication equipment, and invisible transactions from the retail Dutch Auction System (RDAS). The funding of the six items was transferred to the interbank forex market.

“These, and other measures, are to ensure stability of the forex market and the efficient utilisation of forex, and in the process, conserve foreign reserves, encourage local production of the items, and enhance employment generation in the long run. This presents huge opportunity for local investors to seek out capital and strategic alliances to exploit the import-substitution opportunities presented by this policy,” Okonkwo said.

He noted that in the manufacturing sector, “This opens up huge investment opportunities across the ‘banned’ items.  The recent gains in electric power generation and the pragmatic determination of government to facilitate improvement in the generation, transmission, and distribution of electric power should enhance the sector’s capacity utilization. High costs of factors of production, ostensibly exacerbated by the naira devaluation, should help in the establishment and growth of local manufacturing.”

 

 

Advertisment
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Dangote crashes Diesel price to N1,000 per litre

Published

on

Dangote reacts to EFCC’s visit to its Headquarters

Dangote crashes Diesel price to N1,000 per litre

 

Advertisment

 

In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.

Advertisment

 

 

While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

Advertisement

 

 

This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.

Advertisment
Continue Reading

brands/telecom

Coalition of Civil Society for Good Governance, Others Are Purveyors of falsehood Says AAS Legal Team As Jesam Micheal Exposes Their Sponsors (Video)

Published

on

Coalition of Civil Society for Good Governance, Others Are Purveyors of falsehood Says AAS Legal Team As Jesam Micheal Exposes Their Sponsors (Video)

 

Advertisment

 

 

Advertisment

 

The lawyers of Afriq Arbitrage System, Barr. Obeten and Barr. Henry have called out the Coalition of Civil Society for Good Governance led by Comrade Okpanachi Jacob as Purveyors of falsehood.

 

Advertisement

This is not unconnected to their ungodly collaboration with individuals like Prince Humble Eteng, Michael Okoh, Okoi Daniels, Engineer Awajioma who have been slammed with a ten million dollar Lawsuit for nefarious activities to injure the longstanding reputation the organisation has maintained on charges bothering on cyber bullying, attempt to life and property, lies and unlawful incitement and instigation against the CEO of the company , Jesam Micheal, his family and organisation.

 

In a global conference on Tuesday, April 16th, 2024, the legal representatives described their actions as inappropriate, unfounded and a campaign of calumny to malign the integrity of the organisation and management.

 

 

According to Barr. Obeten the matter is in court and the security agencies have picked Abayomi Olusesan who has admitted to committing the heinous crime of stealing investors funds to the tune of $87m. So why accuse the CEO, Jesam Micheal of defrauding the company of the said amount?

 

Speaking further, Barr Henry reiterated their stand to take legal actions against the group for being biassed despite knowing the truth and for misleading the general public by allowing themselves to be used by agents of falsehood.

 

In conclusion, the CEO of Afriq Arbitrage System, Jesam Micheal wondered why a reputable group like CCSGG could be used by Prince Humble Eteng, Michael Okoh and others. He showcased the official court documents which confirmed that Abayomi admitted stealing the investors fund to the tune of $87m which he said was also captured in video evidence. He revealed that some of the properties he bought with part of the money has been collected, remaining the main money which he promised to return to the company. However, after being granted bail, he reneged on his promises and was picked up again by the relevant authorities.

Sadly, his cohorts, Prince Humble who is not even an investors connived with MICHEAL OKOH, PRINCE HUMBLE ETENG,OKOI DENOCK, TOCHUKWU NWOYE, DINGCHI YARLING, Engineer Awajioma and Others to fabricate all sorts of lies against Jesam and AAS.

 

” We will not take the laws into our hands but they should be ready to face the wrath of the law of the land. These are the same people who dragged us to the security agencies and when we got there with facts they ran away and became fugitives, Out of frustrations, they devised a kangaroo world press conference to disseminate all manners of fabricated lies and deceits”

Watch

Advertisment
Continue Reading

Business

Afriq Arbitrage System Slams $10 million Lawsuit Against Micheal Okoh, Prince Humble Eteng, Hajj Ibrahim, Engineer Awajioma and Others (Video)

Published

on

Jesam Micheal, the Rise of the Moon Among Stars, A Game Changer By Femi Oyewale 

Afriq Arbitrage System Slams $10 million Lawsuit Against Micheal Okoh, Prince Humble Eteng, Hajj Ibrahim, Engineer Awajioma and Others (Video)

 

Advertisment

The board of directors of Afriq Arbitrage Systems after an emergency meeting condemned in strong terms the attitudes of Prince Humble Eteng, Michael Okoh, Okoi Daniels, Engineer Awajioma and others about their nefarious activities to injure the longstanding reputation the organisation has maintained and in a final resolution, resolved that the above parties be sued for defamation and has slammed a ten million dollar lawsuit with a suit number w/2011/2024 against them at the High court of the Federal capital territory in the Abuja judicial division on Monday, April 15th, 2024 on charges bothering on cyber bullying, attempt to life and property, lies and unlawful incitement and instigation against the CEO of the company , Jesam Micheal, his family and organisation.

 

Advertisment

 

In the lawsuit through the legal representation of Jesam Michael and AAS by Barrister Ovat the service required the defendants to appear In court within 14 days, else judgement will be issued against them in absentia.

 

Advertisement

 

 

 

It would be recalled that few days after series of cyber bullying against the CEO of Afriq Arbitrage System, Jesam Micheal and his Family by MICHEAL OKOH, PRINCE HUMBLE ETENG,OKOI DENOCK in collaboration with one TOCHUKWU NWOYE, DINGCHI YARLING, Godwin, Benjamin Uwanga and Findins, Jesam escaped assassination attempt as gunmen numbering over ten, armed with sophisticated weapons invaded his lounge in Lagos seeking for him.

 

Afriq Arbiritage System, Slams $10 million Lawsuit Against Micheal Okoh, Prince Humble Eteng, Hajj Ibrahim, Engineer Awajioma and Others (Video)

 

Information available to us revealed that when the hardened criminals invaded the lounge on Friday, April 5th, 2024 where Jesam was billed to address his workers, they were demanding for him and when they learnt he couldn’t make the meeting as expected, they descended on the staff and customers threatening to kill them in his stead. They also went away with the company’s properties such as laptops, equipment and gadgets of staffers and customers.

 

Micheal Okoh who has been ranting on Social media against the CEO of Afriq Arbiritage System has been exposed along with Prince Humble Eteng, Okoi Denock as partners in crime with Abayomi oluwasesan who is in prison for defrauding the financial platform to the tune of $87 million dollars

 

According to reports, Micheal Okoh is an investor in AAS who has benefited from the scheme and has withdrawn over three thousand dollars which he never disclosed to his gullible followers until the evidence was uncovered and exposed to the community.

 

Aside from that, information revealed that Micheal Okoh, Prince Humble And Okoi Denock have been working in tandem with Abayomi in plotting the loot from AAS and threatening the life of Jesam Michael and his family. In a series of life threatening messages the plotters swear to eliminate him and his family for standing on the path of truth, justice and for arresting Abayomi in recovering the loot. Also, these revelations are not unconnected to the fact that these people engineered Abayomi not to return investors money back to the community.

 

However, the long arm of the law will soon reach them as Abayomi who has willingly confessed to the heinous crime he committed to the company is arrested and taken to court where he is Remanded and Micheal Okoh and his cohorts we learnt are also on the radar of the security operatives for collaboration and cyber bullying.

 

 

 

Sadly, the threat to life of the CEO and his family by these people should not be taken lightly as just as Mr Micheal Okoh said in his video that he will bring him down, same day, gunmen were sent to invade AAS lounge on the same day he was to address his workers for the year.

 

 

According to the security officer of the company, the ugly incident has never happened before on any of their investments until this brazen threats from Mr Okoh and others.

Advertisment
Continue Reading

Cover Of The Week

Trending