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SUBSIDY REMOVAL: SANWO-OLU FLAGS OFF DISTRIBUTION OF FOOD ITEMS PROGRAMME IN LAGOS

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3 years ago

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NASRE Review: Lagos' Discount Food Initiative Propels National Call for Economic Resilience

SUBSIDY REMOVAL: SANWO-OLU FLAGS OFF DISTRIBUTION OF FOOD ITEMS PROGRAMME IN LAGOS

•500,000 households to benefit from food palliatives

 

 

 

 

The Governor of Lagos State, Mr Babajide Sanwo-Olu, on Sunday flagged off the distribution of food items for vulnerable households through the Lagos Food Bank Programme, to cushion the effects of the removal of fuel subsidy by the Federal government on Lagos residents.

 

 

 

 

The flag off of the food bank programme is part of the social and economic intervention programmes by the Lagos State Government to ameliorate the pains some Lagosians are experiencing due to the increase in transportation costs and food prices across the State as a direct effect of the policy on the removal of fuel subsidy by the Federal Government.

 

SUBSIDY REMOVAL: SANWO-OLU FLAGS OFF DISTRIBUTION OF FOOD ITEMS PROGRAMME IN LAGOS

 

 

The Food Bank initiative is an addition to different measures rolled out and currently being implemented by Babajide Sanwo-Olu’s administration. The measures include 50 percent reduction in transportation costs in the government-owned bus system and free health services for pregnant women in government hospitals.

Speaking during the flag-off of the Lagos Food Bank Programme at Lagos House, Ikeja on Sunday, Governor Sanwo-Olu said the programme will directly impact 500,000 benefitting households, noting that over 2,500 Micro, Small and Medium Enterprises were involved in bag manufacturing, food aggregation, packaging, and logistics, while over 25,000 employees of the MSMEs will be indirectly impacted.

 

 

 

 

Governor Sanwo-Olu assured Lagosians that adequate measures have been put in place to ensure that all items received get to the intended beneficiaries.

 

 

 

 

 

“The Strategic goal of this programme is to reach 500,000 vulnerable households in the State with staple food items using two methodologies – bulk food items (50kg Rice, 50kg Garri and 100kg Beans) for groups, and food boxes (10kg Rice, 5kg Garri, and 5kg Beans) for individual vulnerable households.

 

 

 

 

 

“The distribution of the food items to vulnerable households will be done through Groups, Institutions, Non-governmental Organisations, Community Development Committees, People Living with Disability and Social Protection Department in the Ministry of Economic Planning and Budget using the Social Register of Vulnerable in the State.

 

 

 

 

“To ensure transparency in the implementation of this intervention, a Monitoring Committee with members drawn from religious groups, Trade Unions, People with Disabilities, Civil Society/Non-Governmental organizations, Youth Groups, Community Development Councils, and representatives of the Lagos State House of Assembly will be constituted.

 

 

 

 

“Further to this, distribution will be phased among the various beneficiary groups for ease of the distribution process. In line with this plan, each group will be duly informed of the date for collection.

 

 

 

 

 

“I would like to use this opportunity to solicit the support of well-meaning and public-spirited individuals and organizations for this programme so that more of our people in need of this intervention can be reached. Be rest assured that adequate measures have been put in place to ensure that all items received get to the intended beneficiaries,” he said.

 

 

 

 

 

Governor Sanwo-Olu, who acknowledged the economic challenges being experienced by Lagosians at this time, promised that his administration will do everything within its capacity to implement measures that will cushion the pain by continuing to initiate programmes and projects that will uplift the people and provide quality living conditions to all.

 

 

 

 

 

He said: “Let me assure all Lagosians that we acknowledge the economic challenges being experienced at this time. The policies being implemented right now by the Federal government are difficult but necessary measures that must be taken to reposition our economy on the path of sustainable development and prosperity for all citizens.

 

 

 

 

 

“I am therefore appealing for the continued understanding of all Lagosians with the assurance that we will do everything within our capacity to implement measures that will cushion this temporary pain as we continue to initiate programmes and projects that will uplift our people and provide quality living conditions to all.”

 

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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

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10 hours ago

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May 12, 2026

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*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._

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Fidelity Bank grows Gross Earnings by 45.6% for FY 2025 

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11 hours ago

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May 12, 2026

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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.

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ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

Published

13 hours ago

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May 12, 2026

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ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

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.

 

ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

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