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Business

ONDO 2016: Trouble for AD as party leaders battle over Olusola Oke, Akin Olowokere candidacy

Published

8 years ago

October 24, 2016

Sahara Weekly

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With the Ondo governorship election now about a month away, the Alliance for Democracy is still embroiled in a controversy over the eligibility of its candidate, Olusola Oke, after party officials disagreed over the manner the earlier candidate, Akin Olowokere, was substituted.

The National Chairman of the party, Joseph Avazi, had justified the choice of Mr. Oke as a credible replacement for Mr. Olowokere, saying he had fulfilled party requirements to hold the ticket.

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At the wake of the emergence of Mr. Oke, a youth group within the party rejected his candidature, saying the party’s chairman and other officials acted contrary to its constitution in the substitution of Mr. Olowokere.

The National Legal Adviser of the party, Kehinde Aworele, on Saturday also rejected Mr. Oke’s emergence, saying the National Executive Committee of the party did not meet to decide on his candidature.

He said the NEC also did not recognise Mr. Oke as a member of the party, let alone elected to fly its flag in the coming governorship election.

He described the action of the national chairman as “reckless” in reaching a decision to replace Mr. Olowokere without consultation.

According to Mr. Aworele, the October 14 NEC resolutions remained binding, affirming that those who later revoked it barely 24 hours after the emergency meeting in Akure, acted on behalf of themselves and not the NEC.

“As at today, we have passed a vote of no confidence on the national chairman, national secretary and national auditor of the party and it is the NEC of the party that can make a change of that decision,” he said, adding that the NEC still recognized Mr. Olowokere as its candidate.

“We have said that Olusola Oke is not known to the party because he did not follow proper procedure of the party, so he is not even a member of AD,” the lawyer said.

“I can tell you that he is not a member of our party because he has not complied with the constitutional procedure of our party by which a candidate should emerge.

“I don’t have anything against Oke as a person; he is a nice gentleman and a member of my profession but he should not come through the backdoor.

“On the issue of his eligibility, I will not comment on that because it is pending before the Federal High Court, Akure.”

Mr. Olowokere has however, denounced the position of the Legal Adviser, saying he willingly stepped down for Mr. Oke to become the candidate of the party.

He said the incessant kicks against Mr. Oke’s candidature were sponsored by the opposition who are bent on creating crisis in the AD.

“We are standing for the good of Ondo State, on behalf of the masses we have provided a third force and an alternative in order to make sure that we dismantle the illegitimate tyranny currently operating in the state,” said Mr. Olowokere.

“That I was able to midwife the party…there is a lot of jealousy and envy. If somebody calls himself a Legal Adviser of a party, he knows how to go to court. You don’t fight or sue on the pages of media.

Speaking in the same vein, Mr. Oke’s Campaign Director, Bola Ilori, dismissed the threats by the legal adviser, saying “it is an unattractive side attraction. It is just part of the fun just to make it more enterprising.”

Mr. Ilori asserted that Mr. Oke is a member of the AD, noting that it was the work of his opponents to distract the party from making progress.

“So all these are parts of the drama that forms politics, politics is drama; it could be fun, it is fun. It is just entertainment, you have seen it before and you will see it again; more of it will soon come: there is no issue about that,” Mr. Ilori said.

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Business

ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

Published

2 hours ago

May 3, 2024

Sahara Weekly

ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

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Mubi, May 3rd, 2024

Sahara Weekly Reports That The Abdul Samad Rabiu Africa Initiative (ASR Africa) commences the construction of a 500-capacity lecture theatre and wash facilities for the Adamawa State University, Mubi. This project is coming after the nomination of the institution as a recipient of the ASR Africa Tertiary Education Grant Scheme (TEGS), by the Board of Directors of the Abdul Samad Rabiu Africa Initiative.

Speaking at the event, the Acting Vice Chancellor of the University, Dr. Stephen A. Lagu, expressed his appreciation to the Chairman of BUA group and ASR Africa, Abdul Samad Rabiu, for the rare philanthropy gesture towards the university. He stated that the intervention of the Chairman would reduce the physical infrastructure deficit at their new campus and promote sanitation and hygiene in the university. He added that the choice of the 500-seat lecture theatre with the four boreholes at different locations within the campus was identified and agreed to by the relevant organs of the institution with the ASR Africa team.

Dr Ubon Udoh (MD / CEO, ASR Africa), in his remarks, congratulated the institution for qualifying for the nomination by the Board of Directors of ASR Africa. He stated that the rigorous selection process which includes stringent criteria such as the quality of service delivered by the university and the pedigree of graduands from the institution at the national and international levels, proves that the university is keeping up with its vision as a leading institution of learning in the region. He encouraged the management and students to ensure proper use and maintenance of the facilities as a show of appreciation for the grant given to them.

The Tertiary Education Grant Scheme of the Abdul Samad Rabiu Africa Initiative is part of the efforts of the Chairman of BUA Group and ASR Africa, Abdul Samad Rabiu to give back to the African continent and make a lasting impact in education as a means of uplifting and restoring the dignity and lives of Africans.

About ASR Africa

ASR Africa is the brainchild of African Industrialist, Philanthropist and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

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Business

Rano: Inspiring Story Of An Ice block seller who became billionaire

Published

4 hours ago

May 3, 2024

Sahara Weekly

Rano: Inspiring Story Of An Ice block seller who became billionaire

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Alhaji Auwalu Abdullahi Rano, popularly known as A.A Rano transformed from a humble boy from Kano Village into a billionaire magnate, overseeing a conglomerate that includes 120 filling stations across Nigeria.

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Born into an average family in Lausu, Kano State, Rano started small, with an ice block and groundnut oil business, including other local items.

Rano has gone into building a multi-billion naira enterprise spanning various sectors of Nigeria’s economy.

Today, Rano owns AA Rano oil & Gas industry in Nigeria with 56 ML Tank farm in Lagos, with 120 retail outlet/ fillng stations across Nigeria and over 600 trucks & LPG terminals as well as acquired vessel (M.T LAUSAU).

His ventures include RanoGaz, a state-of-the-art Liquified Petroleum Gas (LPG) terminal, a rice milling company, Rano Lubricant, Rano Air, Lausu Marine and Logistics, AA Rano Terminal, and AA Rano Road Haulage.

@PUNCHNG

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Bank

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

Published

11 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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