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Business

Sack CBN Governor, Declare State of Emergency On Forex, 100 CSOs Tell Tinubu

Published

3 months ago

January 20, 2024

Sahara Weekly

Sack CBN Governor, Declare State of Emergency On Forex, 100 CSOs Tell Tinubu

…threatens mass action if Cardoso fails to vacate office within 72hrs

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As many as 100 non-governmental organizations, under the aegis of Economic Freedom Fighters, Nigeria (EFFN), have demanded that President Bola Ahmed Tinubu immediately sack the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso for his ineptitude and lack of direction and to also declare a state of emergency on the economy.

At a press conference held in Lagos at the weekend, the CSOs cited the current economic crisis in the country, which they claim has proven that the CBN under Cardoso’s leadership has no answers to the crushing economic crisis that has brought the naira to a lifetime low with resulting hardship on citizens.

They said President Tinubu no longer has the luxury of assuming or pretending that Cardoso is doing a sterling job at the CBN when the Governor himself is aware that he is a failure when it comes to the management of the naira.

The naira lost value to N1,360.00 to the dollar on Friday, and the falling value of the naira has had a significant impact on the quality of life of Nigerians. The rise in the cost of living, the decrease in purchasing power, and the decrease in foreign investment have all contributed to the economic crisis in the country, which has also resulted in existential upsurge in crimes especially kidnap for ransom.

“The Nigerian economy is in a dire state, and the CBN has failed to take the necessary steps to address the situation, instead the apex banker is mired in internal politics that do nothing to halt the suffering of Nigerians. Cardoso ought not to have accepted the appointment as the Governor of CBN when he knew he was clueless about what has to be done to save the naira,” said Dr Amodu Ben, Convener of EFFA.

“We call on President Tinubu to take immediate action and remove Mr Cardoso from his position as Governor of the CBN. We also urge the president to declare a state of emergency on the economy and take bold steps to address the root causes of the crisis now that it is apparent that Cardoso has no answers to this problem.

“It will be injustice for Nigerians to endure more days of Cardoso in office knowing full well that things have only gotten worse since he assumed office with no end in sight. Instead of the firm directions that Nigerians expected the CBN to come on board with, currency racketeering has taken over the operations of the CBN, including the foreign exchange market. The stories filtering out of the regulator is that friends, family, and associates of the Governor are getting forex allocations that are making them nouveau rich while the rest of Nigerians are sinking into poverty,” Dr Ben stated.

EFFN has threatened mass action if President Tinubu fails to remove Cardoso or if the CBN Governor fails to remove himself from office, saying that such mass action will take place within 72 hours from when it held its briefing.

The CSOs also criticized the CBN’s recent decision to relocate some of its departments to Lagos State, which they claim will further exacerbate the economic crisis in the country because the apex bank is focusing on petty internal politics to the detriment of the national economy. They called on the CBN to reverse its decision and focus on implementing policies that will help to stabilize the economy.

The Governor of the CBN has not yet responded to the CSOs’ demands, and it remains to be seen what action President Tinubu will take in response to the call for the removal of Mr Cardoso and the declaration of a state of emergency on the economy.

With the Nigerian economy being in a state of decline for the past few years and with the naira’s value plummeting and inflation rates skyrocketing, Cardoso’s arrival at the CBN was anticipated to at the least halt the economic slide.

Cardoso was appointed as CBN Governor when the naira was hovering below N1000 in September 2023 to the dollar threshold and the currency has since lost more than N400 since he resumed, prompting widespread anger and criticism about his ability to correctly diagnose what ails the Nigerian economy and proffer solutions.

Nigeria’s GDP growth rate fell to 1.9% in 2023, down from 2.2% in 2022 while the inflation rate, which has also been on the rise, hit 18.3% in December 2023, up from 16.5% in November 2023.

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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

14 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

16 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

23 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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