Fidelity declares N16.2bn profit after tax

drinking age research paper By Abdulwaheed Usamah

go here The Fidelity Bank has said that its profit after tax for period of nine month in 2017 stood at N16.2bn, recording 65.1 per cent grow after impressive half year audited financial results. It was reported that post was another impressive financial performance of the bank for the nine months period ended September 30, been released at the Nigerian Stock Exchange (NSE) on Monday, and which showed a remarkable growth in key revenue lines and improved efficiency and regulatory ratios. The development showed how Gross Earnings grew by 17.9 per cent to N130.1 billion from N110.3 billion reported in the same period in 2016 whilst profit before tax soared by 65.1 percent from N9.8bn to N16.2 billion.

link The Chief Executive Officer, Fidelity Bank, Nnamdi Okonkwo, expressed the bank’s delight after the posted growth and increased of profit after tax, which had the Fidelity at front line of the NSE. Through a statement released by the bank on Monday, Okonkwo attributed the consistent delivery of strong financial results to the disciplined execution of the Bank’s medium term strategy which centred on optimal balance sheet management, strategic cost reduction and increased play in the digital and retail banking space.

source link “We are delighted with our 9 months financial performance which showed strong growth in key revenue lines and a corresponding decline in our operating expenses, despite the high inflationary environment’, he stated. According to him through the statement, the implementation of the initiatives from its Business Process Review Project continued to impact positively on its operational efficiency as total operating expenses declined by 2.6% to N47.5 billion, leading to the management’s cost-income ratio dropping to 66.8% from 77.3% in 2016 FYE.

go to site He explained that the combination of strong net revenue growth of N5.1 billion (8.8% growth) and decline in total expenses by N1.3 billion (2.6%) translated to a N6.4 billion (65.1%) increase in Profit before Tax (PBT) to N16.2 billion.

best college admissions essay xuzhou medical “The 9M 2017 PBT of N16.2 billion is higher than the annual profit numbers in any of the last 4 financial years (2013 to 2016)” he added. “Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 3.8 million customers who are serviced across its 240 business offices and various digital banking channels. “The bank has in recent times won accolades as the Best SME Friendly bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognition.

go site “The bank was also ranked the 4th Best Bank in the Retail Banking Segment in the 2017 Banking Industry Satisfaction Survey conducted by KPMG.

source “Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital based retail banking strategy which has resulted in a 93 percent growth in savings deposits over the last 3 years, 50 percent customer enrollment on debit cards and 30 percent of its customers now using its flagship mobile/internet banking products”.

“Only last week the bank successfully issued a $400 million Eurobond, which was priced at 10.50% coupon. The transaction regarded as the largest combined new issue and liability management offering by a Nigerian issuer is reopening the international bond markets for Nigerian Tier II banks” he hinted.

Energy experts pegs Nigeria energy sector requirement at $1.6bn

By Newsdesk

The Nigerian Association of Energy Economics (NAEE), has disclosed that the Federal Government would need over $1.6 billion to complete critical infrastructure in power generation, transmission and distribution between 2017 and 2020.

The President of the association, Prof. Wumi Iledare disclosed this in Abuja on Monday to mark the 2017 World Energy Day with the Theme “ Green Energy Solution for Sustainable Development

Iledare, who was represented by a former president of the association, Prof. Adeola Adenikinju, said: ”It has been estimated that between 2017 and 2020, Nigeria government will need over $1.6 billion  to develop or complete critical infrastructure in generation, transmission and distribution of power and another 14 billion dollars  to start and complete critical projects in the oil and gas sectors.

“However, the good thing is that with the right incentives and policies, implementation of pro-market policies, the private sector can take a large chunk of these investments off the government.

“ The issue of credibility and seriousness of government is very important. Perhaps also, is the political will to let go some decrepit downstream, assets,” he added.

He added that the nation’s continual use of generating sets for electricity was an aberration adding that  Nigerian economy would not grow with dependence on generators to power industries, offices and homes.

According to him, economies with serious desires for industrialisation do not rely on fuel generators but reliable and cost effective energy sources and systems.

He said that most countries had began to transit from fossil based energy generation to clean energy sources, while Nigeria remained fixated on fuel generating sets.

This, he said remained expensive, unhealthy to the environment and people, noting that global reliance on energy from fossil fuel sources was waning and Nigeria should take advantage of that to drive investments to hydro, solar, and other clean energy sources.

”It is an option but it is not the best, and as a country, we should look at the best options and I don’t think fuel generators are what we should consider.

”Nearly 15 years after electricity sector reforms began, and in spite of the various institutional changes, regulatory and policy reforms that have taken place, electricity sector remains seriously challenged in Nigeria.

”The entire segments of the value chain are bedeviled with one problem or the other. Both the formal and the informal sectors continue to run on private generators, with attendant avoidable huge economic and non-economic costs,” he said.

Iledare explained that several countries as a result of the productivity growth impact of energy access expansion had moved significant number of their people even in rural and remote areas out of poverty.

”China is a good example we can borrow from. The energy investment-GDP ratio is too low and inefficiently allocated to support the energy infrastructure that the country requires to drive sustained economic growth.

”Hence, the fall back solution that we have adopted cannot even be ranked as second best solution, because it is totally unacceptable and incompatible with global energy transition.

”The recourse by energy consumers in the industrial, commercial and residential sector to fossil fuel fired private generators, many of which are old, energy inefficient and major sources of noise and air pollution must be phased out in timely manner.

”We should also no longer tolerate the significant health risks that the use of traditional biomass in the residential and commercial sectors for energy services like cooking, lighting, water heating, impose primarily on our women,’’ he said

He stated that NAEE was not unaware of the present economic and resource constraints the federal government had to contend with, but that a scale of preferences and priorities must be set and choices made.

He said the association would advise that in prioritising government investments, access to adequate, reliable, and affordable modern energy should rank as top priority.

Senate summons Aviation Minister, stakeholders over 4 airport concession

By Newsdesk

The National Assembly has summoned State Minister for Aviation, Hadi Sirika and other stakeholders in the industry over the planned concession of four major airports in the country, which the government claimed was to ensure they become effective.

It would be recalled that the Federal Government plans to concession Lagos, Abuja, Kano and Port Harcourt Airports to enable them meet international standard.

The General Secretary, National Union of Air Transport Employees (NUATE), Olayinka Abioye, who confirmed the development to the in Lagos on Monday, said that the lawmakers

“The National Assembly has invited us for a meeting on Wednesday. It is a joint session of the House of Representatives and the Senate. They have invited the minister, the unions and other civil society groups to deliberate on issues surrounding the concession of the airports,’’ Abioye said.

He also noted that the unions had suspended their 15 days ultimatum over the concession issues following the intervention of the Minister of Labour, Dr Chris Ngige.

Abioye said: “the minister of labour has intercepted that ultimatum. He invited us to Abuja for a meeting last week including the minister of aviation.

“Each party laid bare their own side of the story and the minister has now agreed that workers and the unions will be fully carried along because we also alleged that we were not in the know of so many things he was doing. He has promised that they will expand the scope of their operations and carry everybody along.’’

The NUATE secretary general said at the meeting, Sirika explained that the issue of concession was his own idea but that the transaction advisers who had been appointed would determine the type of models for the concession process.

According to him, the unions were informed that the three of the transaction advisers were from the United Kingdom, one from the United States, and one from Nigeria to serve as local content partner.

Nigeria must remain indivisible-Southern governors

By Olawale Abdul-fatah

After 12 years of differences, Governors from the south south, south east and south west zones of Nigeria under the umbrella of southern governors met in Lagos state on Monday, insisting that Nigeria must remain one to achieve its desired goal.

The reached the After a two hour deliberation at Lagos State House, Alausa, Ikeja, the governors with one voice in a communique also said they have decided to work together towards improving their states economies.

The meeting, co-.hosted by the state governor, Akinwunmi Ambode and Akwa Ibom governor, Udom Emmanuel, was held behind closed doors while Ambode at the end of the meeting read the communiqué, stressing that was targeted at ensuring the southern part of the country remain united.

Ambode said: “We have reinstated our commitment to a united and indivisible Nigeria. The summit also reiterated the need for true federalism and devolution of powers. It reinstated its commitment to collaborate with one another for the growth and development of their economies.

“The summit emphasised priority on security of lives and property for the citizens. It further emphasised on the need for effective linkage on good infrastructure within the space of southern Nigeria.

“The summit also appoints Ambode as the chairman while Ebonyi state governor, David Umahi and Bayelsa state, Seriake Dickson, as co-chairmen. The next meeting is scheduled to hold in Port Harcourt, River State.”

Before the summit commenced, Ambode stressed the need for the practice of true federalism in the country, saying, there is certainly alot to be done about it.

Ambode made the remark in his address at the opening session of the summit, which had 13 governors in attendance while three sent their deputies. It was only Imo state governor, Rochas Okorocha, that was obviously absent and did not send any representative

The inaugural edition of the forum was organised under the tenure of Asiwaju Bola Tinubu in 2001 while the last meeting before Monday’s summit was held 12 year ago.

Ambode remarked: “This resuscitation of the SGF is coming at a most appropriate time. As we are,aware, the senate and house of representatives are currently harmonising their differences on the proposed amendments to the 1999 constitution before they are transmitted to the state houses of assembly for approval.

“Perhaps, we need to quickly remind ourselves some of the landmark achievements obtained through the pressure exerted by  this forum in the past The first was its collective advocacy for the special allocation to oil producing states in the federation account which resulted in the current formula of 13 percent accruing for derivation in allocating revenues from the federation account.

“Another major victory won towards strengthening the country’s practice of true federalism was the declaration by the supreme court in 2002 that the then prevalent practice of the federal government deducting monies from the federation account as a first line charge for the funding of joint venture contracts, NNPC priority projects , servicing of Federal Government’s external debt, the judiciary and the Federal Capital Territory FCT, and other Federal obligations were illegal and unconstitutional.

“Despite these successes, there is still alot to be done. There is certainly a lot to be done about true federalism, an issue that requires urgent, meticulous and pro active attention by this forum.

“No less disturbing is the failure to undertake the periodic review of the revenue allocation formula as provided for by the constitution to reflect evolving realities. This is another critical matter that ought to engage this forum in order to enhance the viability of the states and local governments as well.”

In an earlier statement by the Secretary to the Lagos State Government (SSG), Tunji Bello, the summit was held 12 years after their last gathering in Lagos to deliberate on how to forge stronger ties for the three geo-political zones.

Bello said the meeting was in line with the realisation that the different states in the South had since 2005 developed several areas of comparative advantage which could be harnessed and become mutually beneficial.

According to him, the Governors would also be expected to adopt a common position on the issues of armed robbery, kidnapping, devolution of powers and issue of fiscal federalism which have all gained prominence of late.

“The 2017 Lagos summit of the 17 Southern Governors representing the South South, South West and South East zones is expected to come up with a communiqué after the deliberation.

“It is noteworthy to recall that the inaugural meeting of the Southern Governors took place in Lagos in 2001 under the administration of Asiwaju Bola Ahmed Tinubu,” Bello said.

The statement added that the predominance of views is that if the Southern States speak with one voice, they are bound to attract weighty and credible listenership.

The roll call of the governors in attendance were:  Governors Emmanuel Udom of Akwa Ibom; Godwin Obaseki, Nyesom Wike – Rivers  State; Seriake Dickson- Bayelsa.

Others were Okezie Ikpeazu – Abia State; David Umahi – Ebonyi State; Ifeanyi Ugwuanyi -Enugu State; Rauf Aregbesola – State of Osun; Abiola Ajimobi – Oyo; Ibikunle Amosun –Ogun; Oluwarotimi Akeredolu – Ondo; Ayodele Fayose – Ekiti and Akinwunmi Ambode of Lagos State.

Those represented by their deputies were: Anambra state governor, Willie Obiano was represented by Ikem Okeke, Cross River state governor, Ben Ayade, and Delta state governor, Ifianyi Okowa was represented by Kingsley Otuaro

Buhari reverses Maina reinstatement, Fayose trades words

By Abdulwaheed Usamah

Following public outrage after announcement of former Chairman of Presidential Task Force on Pension Reforms, Abdullahi Maina, President Muhammadu Buhari has ordered reversal of reinstatement of the man who was alleged of corruption practice during his service at his former office.

However, in a memo to the Head of the Civil Service of the Federation, the president demanded a full report of circumstances of Maina’s recall and posting to the Ministry of Interior.

The memo, released by the president aide on Media and Publicity, Femi Adesina, which was directed that report was expected to be submitted to the office of the Chief of Staff to the president, Mallam Kyari, before Monday close of work.

Reacting after the president reversal, the Ekiti State Governor, Ayodele Fayose, described Buhari’s directive for the immediate disengagement of Maina, as an afterthought, saying the president had only acted to save his face from global embarrassment caused him by the outcry of Nigerians on the news of the reinstatement.

Governor Fayose demanded for the immediate arrest and trial of Maina as well as sack of all those who perpetrated his reinstatement, which he described as fraudulent and shameful.

In a statement signed by his Special Assistant on Public Communications and New Media, Lere Olayinka, on Monday Fayose, who likened Buhari’s anti-corruption fight otherwise, reminded Nigerians of his stand against the president move on challenges confronting the nation.

The governor described Buhari’s government  as corruption personified, noting that, If Maina, who was declared wanted for corrupt practices by the International Police Organisation, (INTERPOL) after he was dismissed from office by the Civil Service Commission in 2013 for allegedly committing N2.1 Billion pension fraud while in office, could be secretly reinstated and even promoted without writing the required civil service promotion examination, no one should be in doubt any longer that Buhari is not fighting any corruption.”

Fayose, said; “Even the former Chairman of Economic and Financial Crime Commission, Ibrahim Lamorde, who was accused of corruption by the Senate, removed from office unceremoniously and declared wanted is now the Commissioner of Police in charge of the Special Fraud Unit (SFU), Ikoyi, Lagos.

“When the Minister of State for Petroleum Resources Ibe Kachikwu raised allegation of award of $25 billion contracts without following due process against the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC); Dr. Maikanti Baru, the Presidency was the one that defended him (Baru)”, he added.

“Also, President Buhari has refused to act on the report of the committee that investigated the $43 million discovered in an apartment at Osbourne Towers, Ikoyi, Lagos, despite that Nigerians have been asking him to act on it.

“Even the Acting Chairman of EFCC, Ibrahim Magu was indicted of corruption by the Department of State Service (DSS) and all that was done by President Buhari was to ask the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), to investigate the DSS report. Up till today, nothing has been heard about it and Magu, despite his rejection by the Senate, Magu is still acting as the EFCC chairman.

“It was also under this government of Buhari that Ahmed Gambo Saleh; the Supreme Court Registrar was indicted and put on trial for alleged over N2 billion fraud. The case against Gambo Saleh was withdrawn almost immediately, and he has been appointed the Secretary of the National Judicial Council (NJC). Not only that, he was made the Secretary of the Corruption and Financial Crime Cases Trial Monitoring Committee, headed by Retired Justice Isa Ayo Salami .

“In the words of APC Senator, Shehu Sani, ‘when it comes to fighting corruption in the National Assembly and the Judiciary and in the larger Nigerian sectors, the President uses insecticide, but when it comes to fighting corruption within the Presidency, they use deodorants.’

“Like I have said several times, as far as President Buhari is concerned, corruption involving his men is family affair, and one won’t be surprised if Maina is rewarded with bigger office very soon, just like others before him.”

FIFA 2017 world best goes to Ronaldo, second-straight award

By SportDesk, with agency report

For second consecutive times in 2017, the football calendar year has also favored world soccer star, Christian Ronaldo, with another FIFA best men player been awarded to him, the recognition that had him as the football governing body’s world player of The Year before being re-branded as the Ballon d’Or between 2010-2015.

However, the FIFA first Best Men’s Player was awarded in January 2017 with Ronaldo winning.

There was view that the award allowed fans to express themselves, giving them the ability to vote for their favorites.

According to the views, the platform also used team captains and members of the press, following a shortlist of 24 players, the final three contenders for the award which consisted Lionel Messi, Neymar and Ronaldo.

The Ballon d’Or would be awarded later this year and Ronaldo or Messi, who have held the Ballon d’Or title since 2007, are on the look out, even though the former is holding the prize at the moment.

Accident victims receive first aid treatments from Lagos police

By Abdulwaheed Usamah

Scores of motorists and commercial buses’ passengers were left ajar after policemen from patrol teams of operatives of Rapid Response Squad of Lagos State Police Command, came to rescue of, with first aid treatment, unidentified people who were occupants of a commercial and two other private vehicles, which had accident on third mainland bridge in Lagos on Monday.

Some of the amazed commuters told The Guild that the police officers exhibited professionalism in saving victims lives  and that people involved received first aid treatments at spot of the accident, which occurred on Monday evening.

It was gathered from sources that the police were able to provided the victims emergency medical treatments through first aid boxes distributed by the Lagos State Governor, Akinwunmi Ambode, with directive to assist accident victims during emergencies.

A motorist, who spoke to our correspondent under anonymity, said that the patrol team, which was on the bridge to put of fire from a burning vehicle but had to split themselves, after hearing of another of an accident, involving a commercial buss which rammed two private vehicles, should be commended for their for efforts and that the action of the men showed a positive development in Nigerian police.

He said that the display of the officers left most motorists and commuters on the bridge surprised particularly the medical treatments which the occupants of the vehicles received from the policemen.

According him, the commercial bus, with the registration number BOG 340 XR, suspected to had had  issue with its break, rammed two other vehicles and among which was the one that its occupants sustained injuries.

Another motorist said that over four passengers inside the commercial bus also sustained various forms of injuries which necessitated the first aid treatment of the police before arrival of medical personnel.

It would be recalled that the state government had in April commenced training and retaining of RRS personnel on application of first aid treatment during emergencies, CPR, Controlling bleeding and fracture management.

However, at the training about 150 branded first aid boxes were reported to had been handed over to the operatives by the state, in June, for distribution to RRS patrol vehicles.

Fire guts police barracks in Lagos

By Olawale Abdul-Fatah

At least, property worth millions of Naira were reported to have been destroyed after a police barracks, know in Yaba, Lagos state, gutted fire on Monday, though length of damage caused by the inferno was not ascertained

It was gathered that the fire started at about when many of barrack occupants, who were law enforcement officers, had left for their duty posts.

Confirming the inferno, Director, Lagos State Fire Service, Rasak Fadipe, disclosed that there was fire out break at the reported police station and that casualty was yet to be reported.

“There is serious fire outbreak presently at Adekunle Police Barracks. We are in control.”

Everton sacks coach after season poor starts

By Newsdesk

Following English Premier League (EPL) club, Everton, defeat at home to Arsenal, the Liverpool based club has sacked their Dutch manager, Ronald Koeman, ending the 16 months relationship between both parties.
Koeman’s retrenchment which ends his stay at Goodison Park, home of the club, increased number of premier league managers that have been shown exit door since commencement of the season to three.
His sack on Monday was sequel to yesterday’s 5-2 defeat to Arsenal, which left them with just two wins from their first nine Premier League matches, nailing them to the relegation zone on the EPL table.

Koeman was backed heavily during the transfer window, as Everton spent a reported £142 million on recruitment of new players including return of former wonder boy, Wayne Rooney.

But the Merseyside club have flattered to deceive despite showing some early signs of promise, with the Toffees winning just once in the league since drawing 1-1 at Manchester City in their second game of the season.

They showed some fight when rescuing a late draw at Brighton and Hove Albion on last weekend but the result did little to paper over their failings.

That draw was then followed by a 2-1 defeat at home to Lyon in the Europa League, with the club guilty of another abject performance, leaving them bottom of Group E with just a single point from three matches.

And Sunday’s result proved to be the final straw for the Dutch man, who departs just over 16 months after leaving Southampton for Goodison Park.

Asa discloses battle with depression, virginity lose at 28

By Newsdesk

The France-based Nigerian singer, songwriter, and recording artist, Asa, has revealed her how she battled with depression and lost her virginity at 28.

Asa, 35, opened up on her private life in a tell-it-all explosive interview with television host, Funmi Iyanda, where she disclosed battling with depression and waiting for many years before having sex.

During the interview, the multi-award winning musician further hinted her preference in men, admitting that she compromised on them, as she got older yearly.

She said, “I never wanted to date any artiste. On the day I lost my virginity, I called my manger, Janet to tell her and she was surprised that I was a very late starter. I also called my mum and she didn’t have any advice, she said, “it will be painful at first’, and I was there wondering what she was saying.

“I am ashamed to say I lost my virginity at 28, so don’t clap for me. Perhaps one of the reasons why I lost my virginity that late was because I was shy and somewhere else where I was too focused on my career that I didn’t even think about having sex.”

Asa, who described Angelique Kidjo as her mentor, also discussed moving past rumours about her sexuality and disclosed that she sued  someone for peddling an untrue information.

On lesbianism allegations which was published recently, she said: “I sued someone for writing that I was a lesbian and I regret doing so.”

In hindsight I don’t think it was necessary but a lot of people nudged me to sue the writer.”