Business

I did not breach NPA rules, exempt Dangote from statutory charges

Published

5 years ago

May 12, 2021

Dangote ‘no longer’ richest investor on NGX, as Abdul Samad Rabiu leads in the latest ranking

I did not breach NPA rules, exempt Dangote from statutory charges

Suspended Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman, on Tuesday dismissed media reports ( not included) suggesting that the NPA management under her leadership breached NPA rules and exempted the Dangote Group of companies from paying certain statutory charges at the Onne Ports, River State.

“I wish to state with all emphasis that these accusations are false and mischievous,” she said in a statement.

According to her, “Even the letter dated February 5, 2019(published in the media report), communicating the Authority’s decision on this subject to the management of Intels Nigeria Limited states in the last paragraph: “Hence, the Authority therefore directs that all cargoes of Messers Dangote Industries Limited and INDEED ALL IMPORTERS BEING DIRECTED TO ONNE PORTS for customs clearance, specifically for these projects, and are multi-purpose in nature to be treated by applying the same operational rates used by other multi-purpose terminals.” This paragraph is explicit about the fact that all multi-purpose cargoes diverted to Onne were expected to benefit from this directive.”

Giving the background to the directive, Ms Bala Usman said: “Until 2018 when the Authority wrote when the Federal Government approved the decategorisation of Onne Ports as the solely designated oil and gas terminal in Nigeria, only oil and gas cargoes called at the ports, contrary to global practices in the maritime industry.

“For reasons, which included national security, ease of doing business as well as the need for Nigeria to embrace international best practices, this oil and gas monopoly was removed in 2018, with the effect that all categories of cargoes could call at the Onne Ports. This means that importers could choose and have their cargoes delivered at any of our port locations regardless of what their consignments were.

“With that decision, it followed that tariffs must be reviewed to reflect the specific category of cargo being imported as opposed to the rates that existed when the Onne Ports received only oil and gas cargoes.

“This reality got more urgent when the congestion at the two ports in Lagos became worsened by uncleared cargoes meant for construction at the Petrochemicals Refining Gas and Fertilizer project of the Dangote Groups at the Lekki Free Trade Zone. At a point, the company wrote to inform the Authority that it was expecting 60,000 containers and 1,000,000 (One million metric tonnes) Break Bulk cargo. If these were allowed to proceed to Lagos, it would have turned into an emergency.

“To avert this situation and give the ports in Lagos some respite, the Authority advised Dangote and other importers to utilise the Onne Ports, which has then been decategorized from being an exclusive oil and gas facility.

“Let me reiterate that this decision, alongside every other one taken by the Executive Management Team under my leadership was in the best interest of Nigeria. We also considered ensuring ease of doing business for people who transact business at our ports. I consider it unfortunate that anyone would attempt to play on the intelligence of Nigerians by twisting the facts especially when they are harmed with the “leaked letter”.”

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Bank

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion

Published

4 hours ago

May 12, 2026

Sahara Weekly

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion

_By AGP News

*UNITED KINGDOM OF ATLANTIS* — In a move signaling a push into international markets, the Royal Throne of the United Kingdom of Atlantis on Sunday announced the corporate transformation of Atlantian Crown Bank LLC into *Arizona Global Bank LLC*, as part of a wider restructuring to position the institution for global banking and financial innovation.

The announcement was made at a press conference in the UKA capital by *HRM Queen Amb. Cletus C. Leaticia*, Chief Executive Officer of the newly named bank. She told reporters the rebranding marks _“more than a name change”_ and reflects a strategic pivot toward digital finance, cross-border investment, and modern banking standards.

_“This transformation represents our commitment to innovation-driven banking and our vision to become a globally competitive financial institution,”_ Queen Leaticia said.

*Licensing Process Underway*

According to the Department of Financial Administration and Corporate Affairs, which issued the official communication, Arizona Global Bank LLC has formally begun the process of applying for a *Banking Operational Licence* under UKA’s financial regulatory framework.

Once licensed, the bank plans to operate as a modern financial enterprise focused on four pillars:

1. Innovation-driven banking and digital financial solutions

2. Corporate financing and structured investment services

3. International financial partnerships and cross-border trade facilitation

4. Financial inclusion initiatives

Bank officials stressed that the institution will _“maintain strict compliance with all banking regulations and supervisory standards”_ set by UKA financial authorities.

*Strategic Shift Amid Global Ambitions*

Management described the rebranding as part of a broader restructuring initiative to _“strengthen the bank’s international identity, expand its global financial footprint, and align operations with contemporary banking standards.”_

Representatives called the licensing and rebranding process a _“major milestone”_ aimed at supporting economic growth, international trade, and cross-border investment initiatives.

*No Disruption to Existing Commitments*

Addressing potential concerns from clients and partners, management reassured stakeholders that _“all existing institutional commitments, operational objectives, and long-term strategic plans remain fully intact throughout the transition process.”_

The Royal Throne indicated that further updates on the licence approval, commencement of operations, corporate partnerships, and investment programmes will be released through official UKA and Arizona Global Bank LLC channels.

_The Department of Financial Administration and Corporate Affairs, Royal Throne of United Kingdom of Atlantis, issued the official statement._

Bank

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025

Published

5 hours ago

May 12, 2026

Sahara Weekly

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025

Lagos, Nigeria – Fidelity Bank Plc, a leading Nigerian financial institution, has announced its audited financial results for the year ended 31 December 2025, reporting Gross Earnings growth of 45.6% from N1.04 trillion in 2024 to N1.52 trillion in FY 2025, reflecting stronger topline momentum across core business segments.

The Group recorded a Profit Before Tax of N347.7 billion. This performance was underpinned by a 38.7% year-on-year increase in interest income to N1.11 trillion (FY 2024: N803.1 billion) and a 44.7% year-on-year rise in fees and commission income to N113.4 billion (FY 2024: N78.4 billion).

On the balance sheet, total assets grew by 18.6% year-on-year to N10.46 trillion (FY 2024: N8.82 trillion), while customer deposits increased by 16.1% year on year to N6.89 trillion (FY 2024: N5.94 trillion), reflecting continued franchise strength and growing customer confidence in the brand. Net loans and advances declined by 2.4% year-on-year to N4.28 trillion (FY 2024: N4.39 trillion) as customers paid down on their mature obligations.

The Bank also strengthened its capital position during the period, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy remained robust, with Capital Adequacy Ratio of 30.94 percent as at 31 December 2025 (FY 2024: 23.47 percent).

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Business

ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

Published

7 hours ago

May 12, 2026

Sahara Weekly

ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

Ms. Zouera Youssoufou, Managing Director & CEO of Aliko Dangote Foundation (ADF) in company with Mr. Ahmed Iya, Head of Community Engagement & Polio Eradication of ADF visited Dr. Rami Ahmad, Vice President (Operations) of the Islamic Development Bank at IsDB Headquarters in Jeddah.

The delegation used the occasion to highlight the activities of the Foundation so far which made great impact on people of all races by enhancing opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden empowerment opportunities for individuals and communities.

Dr. Rami also expressed his expectation of a good and rewarding partnership between the two organisations, as many member countries of the IsDB face pressing debt challenges that constrain their investments in people and livelihoods.