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Business

‘No more easy money in Nigeria’- President Buhari

Published

8 years ago

July 14, 2016

Sahara Weekly

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President Muhmmadu Buhari on Wednesday said that the era of free and easy money in the country had gone for good.

Bahuari made this known when he inaugurated road and drainage projects in Tsafe Local Government Area of Zamfara. He inaugurated the 20km township road and 40km drainages in Tsafe Local Government amounting to N2.1 billion.

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The president also inaugurated the 75-kilometre Wanke- Danjigba-Kucheri-Kigama-Bilbis Road with seven bridges valued eight billion nairaNara. He vowed that his administration would enthrone good governance through vigorous prosecution of the ongoing war against corruption in the country. Buhari pledged to continue the ongoing war against corruption, noting that corruption had retarded the growth of the country.

According to him, the ongoing crusade against corruption is not aimed at humiliating anyone but rather meant to recover all looted fund to be put to public use. He, therefore, called on the people of the state and Nigerians in general to join his administration’s efforts in ensuring that the change desired was well delivered. “As the people of the state are aware the change agenda was central issue of our 2015 electioneering campaign. “Since this administration’s assumption of office in May 2015, the journey to fix the country and restore the hope of the common man in the Nigerian project has begun in earnest. “You have all agreed to join me and work as agents of change, the challenge before all of us therefore is translating the change into reality. “I,therefore, wish to call on every one to think closely about the Nigerian situation. “There is no easy money to throw around, we must go back to farming, livestock rearing so that we could develop the industries. “We must put our hands on deck to ensure success of our mission in engineering Nigeria. “If efforts were made in the past to diversify the economy from our absolute reliance on a single commodity, we would not have found ourselves in our current situation. “I assure all Nigerians that the grim economic situations are passing phase which all societies go through,’’ he added. The president also noted with delight that the security situation in the country was improving, not only in the North-East, but all over the country. He also expressed the hope that the macro-economic policies as well as the monetary policies being implemented by the Central Bank of Nigeria (CBN) would lead to steady growth in significant sectors of the economy.

On security, Buhari noted that the commitment of his administration to secure the country had already started yielding fruitful results. He said that for the first time in the history of Boko Haram insurgency in the North-East, seven years ago, the people of Borno celebrated this year’s the Eid-el-Fitri with ease, devoid of any security barricades. He reiterated the government’s determination to deal decisively with any threat to security of the nation from any quarters. “Part of the reasons that I’m personally here is to flag off the military operations aimed at routing out the menace of cattle rustling and armed bandits, not only in the state, but in the entire axis of North-West. “I also wish to reiterate to the people of Zamfara and to Nigerians in general, the commitment of this administration to restoring sanity in governance. “We shall continue to prosecute the war against corruption. We do not wish or desire to humiliate or disgrace anybody, but we must recover stolen fund and put them to collective public use,’’ he said. Buhari said he had listened to the litany of requests put forward by the state governor and gave an assurance that he would carefully study them and respond appropriately. In his remarks, Gov. Abdulaziz Yari, said the construction of the roads was part of the state government’s efforts to open up the rural areas, especially being an agrarian state . According to him, this will enable farmers transport their farm produce to the urban centres. Yari said that the road projects would also to create gainful employments to the teeming youths of the state. He revealed that the state government had also embarked on other roads projects across the state, covering about 610 kilometers.

The state government has so far constructed over 300 roads and drainages covering 700 kilometers in 14 local government areas of the state at over N42.78 billion. He said that the state government, he said, had also embarked on the rehabilitation and reconstruction of about 12 federal roads spread across the three Senatorial zones of the state worth billions of naira. The governor called on the president to urgently intervene and ensure the refund of the money to the state government. He further said that the state government had so far expended N1.2billion to boost girl-child education, including girls whose education were interrupted, married women, divorcees and widows.

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Bank

Fidelity Bank records a 120.1% growth in PBT to N39.5bn in Q1 2024

Published

3 hours ago

May 3, 2024

Sahara Weekly

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Fidelity Bank records a 120.1% growth in PBT to N39.5bn in Q1 2024

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In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1% growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn for Q1 2024. This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.

According to the statement, Gross Earnings increased by 89.9% yoy to N192.1bn from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7% yoy) and non-interest income (84.0% yoy). Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, FX-related income, trade, banking services, and remittances, supported by increased customer transactions.

Commenting on the results, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc stated, “We are pleased to report another quarter of strong financial performance driven by our strategic focus on customer-centricity, digital innovation and operational excellence. Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.”

In the period under review, the bank grew Net interest income grew by 89.5% yoy to N99.6bn from N52.6bn in Q1 2023, driven by interest and similar income as the yield on financial instruments improved to 14.7% from 10.1% in Q1 2023 (2023FY: 11.6%). In line with the steady rise in interest rates through the year, average funding cost increased by 80bps ytd to 5.2%. However, NIM came in at 8.8%

compared to 8.1% in 2023FY, as increafeatsed yield on earning assets surpassed funding cost to 15.1% from 13.3% in Q1 2023 (2023FY: 13.5%).

Similarly, Total Deposits increased by 17.2% ytd to N4.7tn from N4.0tn in 2023FY, driven by double-digit growth across all deposit types (demand, savings and term). Net Loans and Advances increased by 21.2% to N3.7tn from N3.1tn in 2023FY.

“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” explained Onyeali-Ikpe.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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Business

TY BURATAI HUMANITY CARE FOUNDATION CALLS FOR EXPULSION OF A CHINESE FAMILY OWNERS OF A SUPERMARKET THAT SEGREGATES NIGERIANS

Published

11 hours ago

May 2, 2024

Sahara Weekly

TY BURATAI HUMANITY CARE FOUNDATION CALLS FOR EXPULSION OF A CHINESE FAMILY OWNERS OF A SUPERMARKET THAT SEGREGATES NIGERIANS

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In a bold statement released by the TY Buratai Humanity Care Foundation, a call has been made for the expulsion of the Chinese family owners of a supermarket in Abuja, Nigeria, who deny Nigerians access to shop. The foundation, led by it’s Chairman Amb Ibrahim Dahiru Danfulani Sadaukin Garkuwan Keffi and Betara of Biu, expressed deep concern over the discriminatory practices of the supermarket, which only allows Chinese citizens to enter and purchase goods while barring Nigerians from doing the same.

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The Grand Patron of the Foundation, His Excellency Ambassador Lt Gen Tukur Yusufu Buratai (Rtd) CFR, former Chief of Army Staff, condemned the discriminatory actions of the supermarket owners, likening it to racism. He emphasized that no foreign citizen should be denied his rights in Nigeria as long as he or she abides by the country’s laws. Gen Buratai questioned the audacity of foreigners dictating terms to bona-fide citizens on how to live or stay in their own country.

Gen Buratai further criticized the discriminatory policies of the supermarket owners, stating that there is no valid reason for a company in Nigeria to refuse to sell to Nigerians. He labeled the actions of the Chinese family-owned establishment as a clear case of racism and called for decisive action by the federal government against any individuals, foreign or Nigerian, who flout the rules and regulations of the nation.

The TY Buratai Humanity Care Foundation’s stance on the issue serves as a strong message against segregation and open hatred towards Nigerians. The foundation urges the government to address such discriminatory practices swiftly and firmly to uphold the rights and dignity of all citizens in Nigeria and even abroad.

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Business

$87m Theft: Abayomi Remanded in Suleja Until Bail Perfection As Court Adjourns Till 14th (Video)

Published

20 hours ago

May 2, 2024

Sahara Weekly

$87m Theft: Investors of Afriq Arbitrage System Boos,Jeer At Abayomi, Remanded in Suleja Until Bail Perfection As Court Adjourns Till 14th ( Video)

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The arraignment of Abayomi Oluwasesan over the lingering theft saga to the tune of $87m commenced today with the review of his bail conditions.

Abayomi Segun Oluwasesan who allegedly committed the heinous crime of defrauding the leading global crypto space known as Afriq Arbitrage System was arraigned alongside his wife at the FCT High court, Jabi in Abuja.

Earlier, the defendants’ lawyer appealed for leniency on the stringent bail condition on behalf of Abayomi OluwaSesan citing their prolonged detention and promising their availability for trial if granted bail. However, the complainant lawyer, Sidi Abdulrasheed, opposed the bail request, highlighting previous instances where the defendants had allegedly fled after being granted bail.

Responding to the bail review, the presiding judge, Ms. Idris insisted the earlier bail conditions remain valid with little modification. It would be recalled that the conditions initially given included provision of two sureties each with 500 million Naira, owning property in Maitama, and also two directors in the federal civil service. Additionally, the sureties must deposit the title documents of their properties in court. However, in his ruling today, he said the sureties should be owners of properties anywhere within the FCT and worth 400 million naira and above. He also reiterated that the two directors should be serving directors and the properties be valued by a licensed estate valuer registered with the federal government.

Thereafter, he adjourned the proceedings till 14th ,15th and 16th of May 2024 for speedy trials.

Speaking to Jesam Micheal, the CEO of Afriq Arbitrage System (AAS) after the court proceedings, he clarified the wrong narratives about the case. He said the appearance of Abayomi in court has justified the truth that he defrauded the company to the tune of $87m and that he has confessed to his crime. He narrated how Abayomi who was entrusted with the platform while he went for liver transplant tempered with the systems and defrauded the community of the staggering sum of $87m. He stated that all he is after is for him to refund the stolen funds.

Also, the complainant’s counsel, Barrister Obeten revealed that justice will be served at the court as the suspect has allegedly admitted to committing the crime.

Meanwhile, there was mild drama in court as thousands of investors stormed the court today, booed and jeered at Abayomi and his wife. Their anger was not unconnected to the fact that his actions gravely affected them and their means of livelihood.

It would be recalled that Abayomi and his wife were tracked to an estate in Lagos and brought back to Abuja on Sunday, March 24th, 2024 over the lingering financial scam to the tune of 87 million dollar and criminal activities he perpetrated against AAS and the CEO, Jesam Micheal.

The arraignment of Abayomi by the IG of police at the Federal High Court in Abuja witnessed a significant development on Thursday, March 28th, 2024, as the case involving the alleged theft of 87 million dollar by Abayomi OluwaSesan charged by the Inspector General of Police, Kayode Egbetokun, proceeded with significant deliberations.

The accused individuals were charged for purportedly accessing millions of subscribers’ investments at the Afriq Arbitrage Company’s online trading platform until October 9th, 2023.