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THE FACE OF TOURISM IN LAGOS WILL CHANGE THIS YEAR – Steve Ayorinde

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Until a few weeks back, Steve Ayorinde was the Commissioner for Information & Strategy in Lagos State, a portfolio he handled so well, since October 19, 2015, two and a half years ago. It was on 11th January 2018 that the news of his redeployment came. He was moved to the Tourism, Arts and Culture Ministry which happens to be a major plank of the administration in Lagos. This is because Gov. Ambode attaches a lot of importance to Tourism and the Creative Arts. Unknown to many Steve Ayorinde is quite at home with the two Ministries.

Steve Oluseyi Ayorinde has always been a media man all his career and he rose to the very top of the ladder before he went into public service in 2014 when he joined Gov. Ambode’s campaign team as the Director of Publicity of the campaign and one of the first eleven. It was after the victory at the polls that he was appointed to the cabinet.
Now, he has been saddled with an equally tough assignment as the Commissioner for Tourism in Lagos State.But that is still a familiar terrain for this brilliant technocrat who is equally at home with the running of that portfolio. Tourism, Entertainment and the creative arts sector are the areas he naturally has a flair for. So, he was quick to settle in and he hit the ground running. He is lucky to have as Permanent Secretary in the Tourism Ministry the same man who was his Perm Secretary whilst he was at the Information Ministry. His own redeployment was ahead of Steve’s redeployment.
He was previously the Managing Director/Editor-In-Chief of the National MirrorNewspaper. Before that, he was the Editor of The Punch Newspaper in Nigeria. So he has had an impressive media career.
Not many know that as a media man he had a bias for the Creative Arts. He is also regarded as one of Nigeria’s best renowned film and art critics, who has served on the Juries for some of the world’s most recognised film festivals and awards, such as the Toronto International Film Festival, Cannes Film Festival, Berlin International Film Festival, AMAA and Mumbai International Film Festival.
What’s his pedigree like? We would tell you. Born in Ibadan, Oyo State on July 9, 1970 to the family of late Chief Sunday Adetunji Ayorinde and Chief (Mrs) Victoria Ayorinde, he is a product of Obafemi Awolowo University, Ile-Ife. Steve was also educated at the University of Lagos, Akoka and University of Leicester in the UK, where he earned a master’s degree in Globalization and Communications.Well travelled and a polyglot, Steve Ayorinde is a European Union Fellow at the Foundation Journalists-in-Europe (1997-98 set) – a comprehensive one-year training scheme for mid-career journalists. He is also an alumnus of the prestigious State Department’s International Visitors’ program (IVP) in the United States; Goethe Institute, Berlin and University of Siena for Foreigners, Italy. As a journalist, author, publisher, media consultant, Steve Ayorinde has more than 24 years experience and won multiple awards.
His career started in 1991 at The Guardian Newspapers in Lagos, Nigeria which was renowned as ‘The Flagship’ in Nigerian media space at the time. He was a pioneer staff of The Comet, where he edited the Arts, Entertainment and Media section (1999 – 2003), after which he joined The Punch, Nigeria’s largest circulating newspaper.
He worked at The Punch in various capacities, first as Arts Editor, United Kingdom Correspondent, Member of the Editorial Board and ultimately as Editor of the daily title. It was at The Punch where he started his popular back-page column, Something Before the Weekend, which ran every Thursday. He later worked at National Mirror, first as the Editor/Executive Director in charge of Publications and later as Managing Director/Editor-in-Chief between 2010 and 2013. He has since practised as a syndicated columnist and Media Consultant and Strategist. He was the Director of Media and Communications to the Akinwunmi Ambode Campaign Organization between September 2014 and April 2015.
Steve has authored 3 books: Masterpieces: A Critic’s Timeless Report (Spectrum Books, 2008); Abokede: The Man, The Hill, The City (ArtPillar Books, 2011) and Cascade of Change: A Decade of Liberal Thoughts (Liberal publishing, 2015). He also edited For Law, For Country: Conversations with the Bar and the Bench (Global Media Mirror Publications, 2012). A committed member of the pen fraternity, Steve Ayorinde has served the Nigerian Guild of Editors in various capacities over the past decade, as Assistant Secretary General; Vice-President (West) and Deputy President.

Last week, Wednesday, he told City People Publisher, SEYE KEHINDE, how Governor Ambode plans to transform Tourism in Lagos State over the next few months. Below are excerpts of the interview.

Let me start by asking you how easy it has been settling in as the new Lagos Tourism Commissioner. What are your plans for the industry?

For me, it wasn’t difficult settling down. It’s a continuum. It is a continuation of our efforts. Information, Tourism and Culture, idealy, are together. That is what you have at the Federal level and most other states like Rivers, Oyo, etc. Inspite of that, even while I was in Information Ministry, I have had very close relationship with the Tourism, Arts and Culture Ministry and therefore its been a smooth cross over.
Incidentally, my Permanent Secretary who I had worked with for the past 3 years in Information ministry happened to have been redeployed to Tourism Ministry before me. So, it looked like a fore runner. Its like a familiar room in a house that you have lived in for a couple of years. You will have a fair idea of your room, the living room and some other rooms. One of such rooms which I am pretty much familiar with is the Tourism, Arts & Culture Ministry. For me its hitting the ground running. It won’t require learning any ropes.
For the past 2 and half years, one has seen a certain bias for Tourism and Entertainment by the Ambode administration. Is it one of the planks of his government?

It is a major solid pillar of this administration. Maybe the 1st time ever in the history of Lagos State or shall we say in the history of any state in Nigeria, with the exception of Cross River at a time under former Governor Donald Duke, this is perhaps the first time, any state will be showing seriousness and strategic commitment to Arts and Culture. If you noticed, right from the campaign, perhaps the only acronym that Gov. Akinwunmi Ambode used in campaigning was Project THESE.
There were other key things that he promised like the strategic way he was going to intervene in road construction, when he said a certain number of roads will be constructed, per year amounting to a certain number of roads in 4 years and also the manner in which he said he was going to intervene in job creation and opportunities when he spoke about the N25 billion employment Trust Funds and also when he said he will do a lot more in attracting investments into the state which ultimately led to Lagos Global. But the new thing he was bringing on board that had a distinct acronym of its own right from campaign which has stuck up till now was his interest in TOURISM, Arts, Culture and Entertainment with, what he calls Project THESE.
THESE stands for TOURISM, HOSPITALITY, ENTERTAINMENT and the ARTS, together with SPORTS to achieve excellence-THESE. I was lucky to have been part of the team that worked on the document that produced the agenda for Project THESE. Even whilst I served as Information Commissioner, I was very conversant with the fact that the Information Commissioner was the Chief spokesperson for the State, Chief Strategist, after His Excellency, the Governor who is the Senior Chief Strategist for the state but I knew of course that ideally, the way His Excellency designed the Ministry of Tourism, Arts and Culture, whoever heads that Ministry ought to be for the state, the Chief Marketing Officer for the state, because what would be used in selling Lagos, branding, Lagos, in attracting people to come, even when they are coming bringing their moneys will be TOURISM. That will be our comparative advantage in areas of what we call the Creative Economy.
That was going to be thing. So, we were deliberate right from the outset. Don’t forget that the Ministry as we have it now, never existed. There was a time before now when you had Culture and Tourism together with Information. That was under the Ministry. But Asiwaju changed all that. Asiwaju created what we now have up till today. He felt we should use Information and the Media as the key strategy for the state, because no matter what you do with your deliverables, without the public knowing it, you will be winking in the dark.
So, Asiwaju wanted a codified, a streamlined approach. To Information Management and Strategy and therefore Information and Strategy was born. Tourism and Culture had to be ceded to other Ministry. Tourism was humped with Inter-governmental affairs, while Culture was hibernating under the Home Affairs. But right from campaign, H.E Gov. Ambode said he knew what he wanted to do with Tourism, Arts, Culture. So, he removed culture from Home Affairs. He removed Tourism from Inter-governmental affairs and added Arts to it.
So that you will have the Ministry of Tourism, Arts and Culture that will stand alone, work in consonance with the Ministry of Information, with Lagos Global, with Ministry of Commerce, depending on the need and re-energise the Creative economic sector of the state. And we believe that in the last two and a half years, we would have succeeded considerably in creating a road map and sinking it in the consciousness or the people, what was possible. But we knew we were not there yet.
The state at which we are now is with the seriousness and commitment of His Excellency, the governor, to say let us now build on the foundation that we have laid.
Let us now begin to see the business part of show business.
So that we do not see just the show business, let us see the business part. Let us see the economic part of the creative sector. That is where we are now and we believe that with what we have lined up, beginning from this year, it will be obvious in no time to people that this is a government that means business, when it comes to the business of entertainment, arts, culture and tourism

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Fidelity Bank grows gross earnings by 38% to N434.95b in Q1

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Fidelity Bank grows gross earnings by 38% to N434.95b in Q1

 

Fidelity Bank Plc recorded 37.9 per cent growth in gross earnings to N434.95 billion in first quarter 2026 as the international commercial bank continued to expand its core banking market share.

 

Interim report and accounts of Fidelity Bank for the three months ended March 31, 2026 released at the Nigerian Exchange (NGX) showed that gross earnings rose from N315.42 billion in first quarter 20025 to N434.95 billion in first quarter 2026, representing an increase of 37.9 per cent.
The top-line performance was driven by impressive growth in the bank’s core business operations with interest incomes rising by 22.8 per cent to N314.48 billion in first quarter 2026 as against N256.10 billion in first quarter 2025.

 

With net interest income at N180.97 billion, the bank closed the period with profit before tax of N92.48 billion. After taxes, net profit stood at N74.47 billion for the three-month period. Earnings per share remained high at N5.69, underlining the capacity of the bank to reward its shareholders.

 

 

The balance sheet of the bank also emerged stronger. Total assets crossed the N11 trillion mark to N11.35 trillion by March 2026 compared with N10.46 trillion recorded in December 2025. Customers’ deposits increased from N6.89 trillion to N7.38 trillion. Total equity rode on the back of earnings growth to a 27.5 per cent increase from N1.09 trillion in December 2025 to N1.39 trillion by March 2026.

 

 

The first quarter 2026 results further consolidated the strong earnings outlook of the bank, which had successfully completed its recapitalisation amidst impressive earnings performance in 2025.
Fidelity Bank had recorded double-digit growths in interest and non-interest incomes as well as key balance sheet items during the year ended December 31, 2025.

 

 

The audited report showed that gross earnings rose from N1.04 trillion in 2024 to N1.52 trillion in 2025, an increase of 45.6 per cent. Interest and similar incomes had grown by 38.7 per cent from N803.1 billion in 2024 to N1.11 trillion in 2025. Fees and commission incomes also rose by 44.7 per cent from N78.4 billion to N113.4 billion. The bank recorded net profit after tax of N242.4 billion in 2025.

 

 

The bank’s balance sheet emerged stronger with total assets rising by 18.6 per cent to N10.46 trillion in 2025 as against N8.82 trillion in 2024. Customer deposits increased by 16.1 per cent from N5.94 trillion to N6.89 trillion, reflecting continued franchise strength and an improved funding profile. Net loans and advances meanwhile declined by 2.4 per cent to N4.28 trillion in 2025 as against N4.39 trillion in 2024, attributable to customers paying down on their mature obligations.

 

 

The bank had in 2025 strengthened its capital position, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy had remained robust, with Capital Adequacy Ratio of 30.94 per cent by December 2025 as against 23.47 per cent by December 2024.

 

Managing Director, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, said the first quarter 2026 results reinforced the bank’s strong and resilient business model.

 

She noted that with the remarkable success of its recapitalisation programme and continuing expansion, Fidelity Bank has entered a new era of growth and impressive returns.

 

“We are on a stronger footing and confident that we will set new growth records that are reflective of our legacy and the future we are working on,” Onyeali-Ikpe said.

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Dangote Refinery Ends Nigeria’s Era of Fuel Import Dependence, Boosts GDP, FX Earnings — EIU

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NLC Commends Dangote Refinery, Urges FG to Sell Adequate Crude in Naira to Reduce Fuel Prices

Dangote Refinery Ends Nigeria’s Era of Fuel Import Dependence, Boosts GDP, FX Earnings — EIU

The operational ramp up of the 650,000 barrels per day Dangote Petroleum Refinery & Petrochemicals is fundamentally reshaping Nigeria’s downstream oil sector, significantly reducing the country’s dependence on imported refined petroleum products and strengthening its external position, according to the Economist Intelligence Unit (EIU).

In its latest assessment on Nigeria’s fuel market and regulatory environment, the EIU said the refinery has already transformed a sector that was previously characterised by heavy reliance on imported fuel despite Nigeria being Africa’s largest crude oil producer. The report noted that the refinery met nearly 80 per cent of domestic petrol demand in April and produced enough volumes to satisfy local consumption requirements as operations approached full capacity.

The EIU described Nigeria’s downstream petroleum sector before the refinery as “long dysfunctional”, noting that the country had remained almost entirely dependent on costly imported fuel while producing nearly 1.5 million barrels of crude oil daily.

According to the report, the emergence of the refinery has reduced import dependence, improved domestic fuel availability and strengthened Nigeria’s balance of payments position through lower import demand and rising exports of refined petroleum products.

“The gradual ramp up of the 650,000 barrel/day Dangote refinery since May 2023 has transformed Nigeria’s long dysfunctional downstream sector,” the report stated. “The country’s main refineries, all state owned, had been inoperative for years and Nigeria was almost entirely reliant on costly imported fuel.”

The research and analysis division of The Economist Group, London added that the refinery’s attainment of full operational capacity and its planned expansion would further support Nigeria’s economic growth and foreign exchange earnings over the medium term.

“Meanwhile, the attainment of full capacity at, and an increase in exports from, the Dangote refinery will support real GDP growth and foreign exchange earnings in 2026 and 2027 and beyond, as a planned doubling of the plant’s output comes on stream around the end of the decade,” it added.

Industry analysts said the refinery is increasingly positioning Nigeria as an emerging refining and export hub, altering energy trade flows across Africa and reducing the vulnerability associated with fuel import dependence.

The EIU noted that the refinery’s expansion has coincided with major reforms in Nigeria’s downstream sector, including the removal of fuel subsidies and the introduction of market driven pricing mechanisms.

The report, however, said the transition from a state dominated fuel import structure to large scale domestic refining has triggered resistance from interests linked to the old import regime.

The latest tensions emerged following the decision by the Nigerian Midstream and Downstream Petroleum Regulatory Authority to relax restrictions on petrol imports despite the refinery’s growing capacity to meet domestic demand.

Dangote Industries subsequently initiated legal action, arguing that continued import approvals undermine domestic refining investments and conflict with the objectives of the Petroleum Industry Act, which seeks to encourage local refining capacity and reduce import dependence.

Analysts noted that the availability of large-scale domestic refining capacity has improved Nigeria’s energy security and reduced exposure to external supply shocks and foreign exchange volatility.

The Centre for the Promotion of Private Enterprise also cautioned against unrestrained importation of petroleum products, warning that such a policy could weaken Nigeria’s industrialisation drive and discourage investments in domestic refining.

Chief Executive Officer of CPPE, Muda Yusuf, said continued dependence on imported fuel had historically contributed to pressure on foreign reserves, exchange rate instability and fiscal leakages.

The refinery’s growing impact is also being reflected in Nigeria’s broader macroeconomic indicators. Earlier this month, S&P Global Ratings cited increased domestic refining capacity and rising hydrocarbon exports among the major factors supporting Nigeria’s sovereign credit rating upgrade – the first in 14 years.

Beyond Nigeria, analysts said the refinery is increasingly being viewed as a strategic industrial asset for Africa, where many countries remain heavily dependent on imported fuel despite rising demand for transportation, manufacturing, and power generation.

 

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BREAKING: Court Dismisses $19.6 Million Claim Against NNPCL — Rules Contract Scope Cannot Be Changed Orally

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BREAKING: Court Dismisses $19.6 Million Claim Against NNPCL — Rules Contract Scope Cannot Be Changed Orally

 

In a landmark ruling on Friday, May 22, 2026, the Federal Capital Territory High Court in Abuja threw out a $19.6 million lawsuit filed by Alternate Dimensions Ventures Ltd against the Nigerian National Petroleum Company Limited (NNPCL), affirming a key legal principle: a written contract cannot be expanded through oral agreements or conduct.

Alternate Dimensions had sought $19,600,000 in professional fees, claiming the scope of its Direct Sale, Direct Purchase (DSDP e-pro) contract with NNPCL was orally expanded. Represented by counsel Patrick Peter, the firm argued it was entitled to the revised sum for services rendered under the alleged new terms.

But NNPCL, through its lawyer Ituah Imhanze of KENNA LP, pushed back sharply, arguing that parties are bound exclusively by the clear terms of their written agreement. Imhanze contended that without any written amendment, the claim was legally unsound, and the court agreed.

Delivering judgment, Justice Hamza Mu’azu upheld NNPCL’s defense, stating that the contract was unambiguous and that no evidence was adduced during the trial, which supported the alleged scope expansion. The court further found that NNPCL fully complied with all contractual terms and committed no breach.

Dismissing the suit as meritless, Justice Mu’azu reinforced the doctrine of sanctity of contract: any amendment to a written agreement must be express, unequivocal, and documented, not implied or verbal.

The ruling spares NNPCL from the S19.6 million claim and also a floodgate of similar potential liabilities.

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