Business

Why we went against the Unbundling of NNPC – Oil workers explain

Published

10 years ago

March 9, 2016

Nigerian oil workers have vowed to continue their strike embarked upon Wednesday until they receive clarifications regarding Tuesday’s unbundling of the Nigerian National Petroleum Corporation, NNPC.

The Minister of State for Petroleum Resources, Ibe Kachikwu, had announced President Muhammadu Buhari’s approval of the immediate restructuring of the NNPC into seven independent operational divisions.

Under the new arrangement, the corporation has five business-focussed divisions, namely Upstream, Downstream, Gas & Power Marketing, Refineries and Ventures, in addition to two service-oriented divisions, consisting Corporate Planning & Services and Finance and Accounts.

Each of the divisions is to be headed by a chief executive officer who would report to the Group Managing Director.

But the workers, who criticise the minister’s handling of the exercise, accuse him of a secret agenda by taking a “unilateral and arbitrary decision” without consulting with all interested parties.

Following the announcement Tuesday night by the minister, the two workers’ unions, the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, and the National Union of Petroleum and Natural Gas Workers, NUPENG, began mobilizing their members to reject the policy.

Although the protest recorded partial compliance on Tuesday, it was total shutdown at all NNPC offices and locations across the country at the resumption of work on Wednesday, as the workers’ unions halted all normal operations.

The Acting General Secretary of PENGASSAN, Lumumba Okugbawa, told PREMIUM TIMES on phone on Wednesday in Abuja that the workers would not call off the protest until the minister agrees to invite the workers to discuss with him what the restructuring was all about.

“We do not accept any unilateral and arbitrary restructuring. The minister cannot restructure NNPC without carrying all stakeholders along. The minister cannot run the industry as a private estate. He must carry all Nigerians along,” Mr. Okugbawa said.

“With such a massive decision-making, a lot of things would be affected, particularly its implication on workers interest. We are unaware of what is happening. It is not fair that the workers are hearing about the restructuring in the media just like every other person. He is just creating unnecessary confusion in the polity.”

Mr. Okugbawa said the minister could not restructure the NNPC when he was yet to take necessary legal steps to facilitate the process.

“If the minister says he wants to restructure NNPC, has he repealed or amended the NNPC Act of 1977? What happens to the PIB (Petroleum Industry Bill), which has NNPC restructuring as one of its key objectives? Has it been jettisoned, or is there a new PIB? These are fundamental questions that the minister has to answer,” the oil workers spokesperson said.

He frowned at the “secretive manner” the minister was going about the restructuring of NNPC, saying throughout the period, every attempt to sit down with him to discuss how the exercise would affect the interest of the oil workers were rebuffed, as he made himself inaccessible.

Although the protest is limited to NNPC offices and locations nationwide, Mr. Okugbawa said normal business would remain closed until further notice.

Regardless, Mr. Kachikwu had explained on Tuesday that the oil workers had nothing to fear as the exercise has a “zero sum in terms of job loss”.

“The principle of restructuring approved by the president is that nobody losses work,” he said. “I do not have the mandate of the president to create a job loss situation, but to try to ensure that everyone gets busy, unless for reasons of bad staff performance and fraud. There is no mass attempt to let people go.”

Source: Premium time

Bank

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

Published

3 hours ago

May 12, 2026

Sahara Weekly

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._

Bank

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025

Published

4 hours ago

May 12, 2026

Sahara Weekly

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.

Business

ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

Published

6 hours ago

May 12, 2026

Sahara Weekly

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.