Category Archives: Business

Buhari Rejoices As Review Committee Clears Adesina’s Name Off Ethical Misconduct

President Muhammadu Buhari has issued a congratulatory statement to the African Development Bank (AfDB) President, Akinwunmi Adesina following his exoneration by an independent review panel from 16 allegations of ethical misconduct levelled against him as the chief executive of the AfDB and urged him to remain steadfast in pursuing the goal of the institution.

were on Tuesday excited, following the clearance of African Development Bank (AfDB) President Akinwumi Adesina by an independent review panel.
Dr. Adesina was exonerated from 16 allegations of ethical misconduct levelled against him as the chief executive of the AfDB.
Congratulating the AfDB boss for coming out clean of all allegations, President Buhari said the bill of health given to him has validated his competence to further lead the organisation.

In the statement by Buhari’s Special Adviser on Media and Publicity Femi Adesina, the President said he warmly rejoices with President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, on the clearing of all allegations against him by an anonymous group, and further validation of his competence and integrity to lead the institution.

President Buhari also congratulates AfDB Board of Directors, the Ethics Committee and members of staff for their courage, maturity and patience in following through the process of investigations, and acceptance of Report of Panel of High-Level Independent Experts, which reviewed the Report of Ethics Committee of AfDB, and Dr Adesina’s response.

He also commends the eminent personalities, consisting of Mary Robinson, Justice Hassan B. Jallow and Leonard F. McCarthy, who handled the review of the report of the Ethics Committee, and their professionalism in rejecting support services, and providing a unanimous report.

Buhari further said that he believes the conclusion of the review should finally draw a curtain on the allegations that created distractions for the entire institution for a period, and serve as impetus for more diligence in handling responsibilities, while fuelling the zeal to deliver on the promises of a greater Africa.

He concluded by urging Dr Adesina to remain steadfast, dedicated and resolute in pursuing his noble goals for the institution, especially with the now expected second term in office, assuring him of the prayers and support of Nigerians.

‘Facemask Causes Failed Transactions’ Banks Explain

Users of Automated Teller Machines have been urged by their respective banks that they should endeavour to remove their facemasks when carrying out transactions through the machine to ensure that their faces are properly recognised in order to prevent failed transactions.

This which is against the wearing of face masks as a condition to enter the banking halls in this pandemic period was said to have been a necessary exemption as wearing of Facemask while using the ATM might hinder successful transaction due to the fact some banks have installed face detection features in their ATMs which can prevent an ATM from dispensing cash if it is unable to recognise the face of the user.

In an email to its customers on measures to keep transactions protected , Fidelity Bank said that wearing of face masks is a safety and precautionary measure which must be adhered to in this period of the COVID- 19 pandemic and however advised that customers should remove their mask while making withdrawals or carrying out ATM transactions to allow the ATM to properly recognise them.

In the same development, Guaranty Trust Bank Plc in an email to its customers listed its branches that would be accessible to customers .

It said customers should not come to the banking hall without wearing Facemask.

It added that customers can withdraw up N150,000 from the ATM and they can safe themselves from stress and do the transaction at home to keep safe.

Picture Story: Eleven Things To Note About Nigeria Economic Sustainability Plan (ESP) For Post-Covid 19

Recall that On June 11, President Muhammadu Buhari received the report of the Economic Sustainability Committee (ESC) headed by Vice President Yemi Osinbajo and described the report as a `National Plan’, which is a road map to follow in order to bounce back from the mess caused by Covid-19 pandemic. Below are the some things to note about the report in pictures.

1. Self Reliance

2. Job Creation

3. Mass Agricultural Programme

4. Infrastructural development

5. Mass Housing Programme

6. Power Supply

7. Supports for local products

8. Support for informal sector

9. Support for MSMEs

10. Broadband Connectivity.

11. Expansion of Social Investment Programmes

What do you think about the plan?

Please, drop your comments.

Dangote Clinches ‘Most Compelling Agency Story’ Award Days After Winning Most Admired African Brand

The wealthiest African man company, Dangote Industries Limited has clinched an award through its television commercial featured on the
Cable Network News , detailing its business processes .

A statement issued by the company said the recognition came barely a week after emerging the most admired brand in Africa .

It said the award, dubbed ‘ Most Compelling Agency Story’ by the World Travel Market was won with the ‘ Farm to Table’ commercial, which detailed the process of food metamorphosis from the farm as raw material to the final process as food on tables at home .

The pan – African company said the commercial, which is part of the ‘ Touching Lives’ documentary aired weekly on the CNN , was shot by the
CNN International Commercial, and showcased how Dangote had been touching the lives of the people through its businesses .

Nigeria’s Refineries Count N50 Billion Loss In First Quarter of 2020

Nigeria’s refineries have recorded a combined loss of N50 billion in the first quarter of this year.

The proclamation was made by Mr. Joseph Nwakuwe, during a webinar seminar titled ‘Repositioning the newsroom to respond to changes in the oil sector in a COVID-19 era’ organized by Accountability Workstream Facility for Oil Sector Transformation (FOSTER 11) yesterday.

Nwakuwe, who is the Chairman of Society for Petroleum Engineers(SPE), said the refineries post an average of N10 billion on a monthly basis, saying the country cannot afford to record losses in that huge number.

The oil expert warned that should the country fail to sell the refineries now, they may not get value for it anymore.

He said the refineries have outlived its usefulness and should be sold as soon as possible to those who can add value to it, adding that the amount of money spent on the endless rehabilitation of the refineries was no longer sustainable.

He added that country must come up with a fiscal policy that drives development in the midstream and downstream sectors so that they are more energized.

Nwakuwe lamented that the country was not getting value for its crude oil because a larger chunk of the resources was exported in its crude form and later returned as imported petroleum products.

This, he said, was not good for the industry and the economy as a whole.

From January to October 2019, refineries under the management of the Nigerian National Petroleum Corporation(NNPC) made a cumulative loss of N123.25billion.

An analysis of data in the October 2019 oil and gas report of the NNPC showed that all three entities recorded losses during the period under review.

Findings showed that while Kaduna Refining & Petrochemical Company (KRPC) posted a loss of N49.3billion in the 10-month period, Port Harcourt Refining & Petrochemical Company (PHRC) and Warri Refining & Petrochemical Company (WRPC) lost N36.7billion and N37.24billion respectively during the same period.

It was further observed that the actual revenue made by the three facilities during the period was N68.82billion while their expenses were put at N192.1billion.

Of the three refineries, WRPC made the highest revenue of N59.1billion during the period, even as it posted the highest loss of N96.32billion.

KRPC and PHRC made N6.23billion and N3.46billion as revenues in the 10-month period but lost N55.59billion and N40.16billion respectively.

For October 2019 alone, the facilities posted a cumulative loss of N11.72billion.
Their individual losses in October were N5.24billion, N3.38billion and N3.1billion for KRPC, PHRC and WRPC respectively.

On subsidies, the oil and gas expert said, the time to suspend further funding of fuel subsidy was now as the monies expended on same since 2006 was capable of building about five refineries.

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