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Finance

Fidelity Bank’s new CEO targets Tier 1 by 2025

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May 1, 2021

- Finance

 

The Managing Director of Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, said that the top priority during her tenure would be to ensure the bank’s emergence as a Tier 1 financial institution by 2025.

 

Onyeali-Ikpe disclosed this on the sidelines of the bank’s 33rd Annual General Meeting (AGM) in Lagos on Friday.

 

 

 

She said that the bank was also targeting to achieve 7.5 per cent of the market share in total deposit by 2025.

 

Onyeali-Ikpe said that the bank would achieve the targets through digitisation of processes and innovation.

 

“We will digitalise our processes; ensure that we have a strong staff welfare by taking care of our employees.

 

“Employees are a very critical resource for an organisation to move forward and we would continue to be innovative to be competitive in the industry,” she said.

 

 

 

Onyeali-Ikpe added that the bank would refresh its brand to ensure top brand awareness among customers and the general public.

 

Meanwhile, the shareholders at the meeting unanimously endorsed the payment of a cash dividend of 22k per share after considering taxes and other financial obligations.

 

The dividends translated to N6.4 billion as pay-out for the year ended Dec. 31, 2020.

 

The shareholders who spoke at the event praised the bank and management for the 38.7 per cent increase in total customer deposits, which rose from N1.23 trillion in 2019 to N1.69 trillion in 2020.

 

 

 

Speaking at the meeting, Dr Farouk Umar, President, Association for the Advancement of the Rights of Nigeria Shareholders, commended the bank for posting an encouraging performance in 2020 despite the challenges of the COVID-19 pandemic.

 

Umar appreciated the bank for paying dividends the same day of the Annual General Meeting unlike their peers in the industry that pay a day after the AGM.

 

Also speaking, Mrs Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria, commended the bank for declaring dividends in spite of the unfriendly economic environment and the COVID-19 pandemic challenges.

 

 

 

Bakare welcomed Onyeali-Ikpe and Mr Chike-Obi, urging them to sustain the growth and ensure higher dividend in the years ahead.

 

Earlier, Mustapha Chike-Obi, Chairman of the Board of Directors of Fidelity Bank, assured shareholders that the board and management of the bank would do everything possible to ensure the bank’s continued growth in the years ahead.

 

“We will continue to strengthen our enterprise risk management capabilities to ensure the sustainability of our business, while modelling our governance practices to align with international best practices”, said Chike-Obi.
(NAN)

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Gov Ayade assures international passengers on Obudu airport

By on

April 26, 2021

- Government, Tourism, TRAVEL

Gov. Ben Ayade of Cross River has given assurance that the construction work on the Obudu International Passenger and Cargo Airport would be ready within the stipulated time.

Ayade, who gave the assurance while inspecting the project on Sunday at Obudu, however, did not state the exact time the airport would be ready for inauguration and operation.

The governor expressed satisfaction with the speed of work at the project site in Obudu, saying that the number of contractors engaged in the project would ensure completion in stipulated time.

“I am quite excited at the progress of work so far, we have five subcontractors working here at the Obudu International passenger/cargo airport and we hope to be done with all the earthworks in the next four months.

“The contract was only awarded earlier this year and they moved to site about two months ago and they have achieved about 35 per cent in terms of job completion.

“We are passionate about this project, we are very aggressive about this project, you can see the number of equipment and different subcontractors on site,” he said.

He said that the airport project and the state-owned airline, Cally Air, had been positioned to change the economic narrative of the state by increasing its tourism potentials.

“The Cally Air is completely set up to drive traffic into the state. If you take Emirates out of Dubai, you will have no Dubai, therefore we must understand the fact that logistics is key in today’s world.

“No matter how much you want to depend on a digital world, some physical movement remains imperative,” he added.

Ayade noted that the airport is a vital life wire for the Obudu Cattle Ranch.

He explained that the facility has the capacity to meet Nigeria’s tourism needs, hence the need to create higher footfalls and densification for the ranch.

“To achieve this, access is critical. You cannot have access to Obudu Cattle Ranch even if you were to come in from Lagos, for example.

“You will have to land in Calabar and then you have to deal with six hours of travel time by road to get to the Ranch, which is quite discouraging.

“Tourism cannot be tolerated; tourism is a pleasure. When it becomes tolerance it becomes torture.

“So, we needed to deal with the access because even if I have to put gold in the Ranch nobody will come unless the access to the Ranch is very convenient.

“Beyond increasing footfalls to the Ranch, the main objective of the airport is to create an industrialization process that will give every industry in the state an export potential.

“You have to invest in Naira and earn in dollar for this country to grow,” Ayade said.
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Nigeria: Amended broadcasting code yielding results – Lai Mohammed

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April 13, 2021

- ICT

The Minister of Information and Culture, Alhaji Lai Mohammed says the amendments made to National Broadcasting Code to reposition the sector has started yielding results.
The minister made this known on Monday in Lagos during an engagement of the Ministerial Task Force on Digital Switch Over (DSO) with relevant stakeholders.
Mohammed disclosed that in adherence to the amended code, he was rightly informed that a big multinational recently cancelled an advertising production slated for South Africa and moved it to Nigeria.
“The result? Practitioners in Nigeria made N10 million from the production, while model fees totalled N5 million.
“This is just the beginning, as we are determined to diligently implement the reforms
The News Agency of Nigeria (NAN) reports that to stimulate growth and investment in the advertising sector, an amendment was made to broadcasting code regarding production of advertising for local goods and services.
The amended section states, “all television and radio advertisements for airing on all broadcast platforms, pertaining to products and services manufactured, grown, processed, developed, created and originating from Nigeria, shall be wholly produced in Nigeria’’
The minister said the broadcasting code was amended to, among others, boost the local content, curb anti-competitive and monopolistic tendencies and boost advertising revenues.
“As many of you will recollect, we have carried out an unprecedented reform of the broadcasting industry, because we know that there is a nexus between those reforms and the success of the DSO.
“We have amended the Code to curb monopoly and exclusivity of programme content in order to create room for the local industry to grow,’’ he said.
The minister frowned at a situation where pay tv sector of the broadcast Industry in the country had been controlled by foreign interests.
He said indigenous efforts to compete have been frustrated and weakened by the established control of the big monopolies.
“It will interest you to know that to date, the National Broadcasting Commission (NBC) has licensed over 30 Nigerian pay tv companies, but only one is currently struggling to break through. This is not acceptable.
“The monopolies exclude many Nigerians from enjoying or having access to premium content, especially in the area of sports and movies.
“With the amendment to the Code, anyone owning any sports rights must make such available to other parties in Nigeria, who may be interested in acquiring these rights.
“This obviously extends the opportunity for TV sports content to indigenous players,’’ he said.
The minister said under the new amendment, for a programme to qualify as local content, it must be authored, directed and produced by a Nigerian.
He added that at least 75 per cent of the leading actors and major supporting cast must be Nigerians.
Mohamme said a minimum of 75 per cent of its programme expenses and 75 per cent of post-production expenses paid for services provided by Nigerians or Nigerian companies.
He said the initiative would develop the skills, expertise and industry of the local content market.
Speaking on DSO, Mohammed said the federal government considered it as one of its priority projects, because of its potential to create jobs and bring governance closer to the people through better access to information.
He said DSO will bring internet to millions of Homes, provide quality programming, especially those produced locally, to Nigeria’s estimated 24 million television households, with high fidelity pictures and sound.
He said they had rolled out the DSO in five states, Plateau, Kaduna, Enugu, Kwara, Osun as well as Abuja the Federal Capital Territory.
“With the recent approval by the Federal Executive Council of outstanding payments to key stakeholders in the DSO Project, we are moving rapidly to cover the remaining 31 states.
“We are kick-starting the new rollout here in Lagos state on April 29, Kano state on June 3 and Rivers state on July 8.
“We will then follow up with Yobe state on July 15 and Gombe state on Aug. 12.
The minister reiterated that the DSO project is capable of generating one million jobs in three years.
He said as part of efforts to make the DSO proposition viable, he had directed GoTV and StarTimes to stop self-carriage by the end of June 2021.
Mohammed enjoined the stakeholders to support the project to develop the broadcasting sector.
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Bayelsa oil, gas park to create 2,000 jobs – Sylva

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April 10, 2021

- Energy

Chief Timipre Sylva, Minister of State For Petroleum Resources, on Friday said the Nigerian Oil and Gas Park Scheme (NOGAPS) at Emeyal, Ogbia Local Government Area, Bayelsa will create at least 2,000 jobs on completion.
The News Agency of Nigeria (NAN) reports that Sylva, who visited the NOGAPS site to ascertain the pace of work, said the project which is 70 per cent completed, would be ready for inauguration by the fourth quarter of 2022.
NAN reports that the groundbreaking ceremony for the project was performed on May 4, 2018 by then Minister of State for Petroleum Resources, Dr Ibe Kachikwu.
He said that when it begins full operation, it will create a regional low-cost manufacturing hub that will produce equipment components and spare parts to be utilised in the nation’s oil and gas industry.
“I must say I’m very impressed with what I have seen today. Once upon a time this place used to be a swamp.
“President Muhammadu Buhari has promised to bring jobs to our people because we believe that job creation can also solve the problem of the Niger Delta Region. President Buhari is living up and doing just that.
“We are certain that within the life of this administration this project will be settled and commissioned.
“The Nigerian Content Development and Monitoring Board, (NCDMB) has done very well. Before the establishment of this Board, local participation was just about three per cent but today they have taken it to over 30 per cent and the trajectory is to boost it to 70 per cent within a few years from now.
“This place, when completed, can create 2000 jobs, and this is just one of many we have across the country,” the minister said.
Sylva applauded the host community for a sustained atmosphere of peace, adding that the feat could not have been attained without peace.
Also speaking, Mr Simbi Wabote, Executive Secretary of the NCDMB, commended the minister for his drive towards the success of the project.
“This is possible because of the support you have given to this project since becoming minister of State For Petroleum Resources and that is responsible for the swift pace of work we are seeing here today.
“NOGAPS is the NCDMB’s flagship project, which is in line with the Federal Government’s mandate to develop indigenous capacities for the oil and gas Industry.
”The policy of President Buhari-led Federal Government to drive towards opening up local manufacturing in the country is one sure way of driving economic development,” Wabote said.
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