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Fidelity Bank CEO, Nnamdi Okonkwo Emerges Banker of the Year

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Fidelity Bank CEO, Mr. Nnamdi Okonkwo was on Sunday adjudged Banker of the Year at the Business Hallmark People of the Year Awards 2020.

The award, presented during an elaborate ceremony in Lagos, was conferred on Mr. Okonkwo in utmost recognition of his leadership and vision has not only overseen strong financial performance for the bank in recent times but also guiding the financial institution to greater heights in a highly competitive industry.

According to the organizers, Hallmark Newspapers Limited, the award was aimed specifically at recognizing individuals and corporate organizations that made a meaningful impact in supporting the growth of critical institutions that are needed to foster healthy growth of the Nigerian economy.

Under Okonkwo’s watch, Fidelity Bank has grown from being one of several players in the Nigerian banking space to one that has presently registered in the consciousness of many as one of the most dynamic and fast-growing businesses of its type in the land.

Receiving the award on behalf of Okonkwo, the bank’s Executive Director, Corporate Bank, Obaro Odeghe described the award as a very clear testament of his contributions, not just to the bank but the entire banking sector.

While expressing his gratitude to Business Hallmark Newspaper Group for the award, Okonkwo said that the award was not taken for granted. “We are not taking this award for granted, it is a very clear testament to our contributions, not just to the bank but the entire banking sector, he said.

Okonkwo has led Fidelity Bank to consistently post double-digit growth figures, year-on-year profitability, and wealth creation across the bank’s operations over the last six years.

Recall that the bank’s Profit Before Tax (PBT) under Okonkwo grew by 236 percent from N9.06 billion to N30.4 billion and Return on Equity (RoE) increased from 5.5 percent to 13. 3 percent.

Customer deposits grew 68 percent from N806.3 billion to N1.352.3 billion and a savings deposit growth of 275 percent from N83.3 billion to N312.1 billion. Also, under his watch, the bank has recorded unprecedented growth in its digital platforms such that the Tier 2 bank is well on its way of becoming a Tier one bank.

Earlier in his opening remarks, Chairman of the awards, Former Senate President, Senator Anyim Pius Anyim, noted that the year 2020 has been challenging because of the COVID-19 Pandemic. According to him, Nigeria needs to adopt a socio-political framework where everybody feels included.

Speaking further, he said, “Today we have gathered here to honour people who in their respective social classes have tried to make a meaningful impact in supporting the growth of critical institutions that are needed to foster the healthy growth of our country, whether, in the private or public capacities, these individuals have shone like bright stars, spreading light.

“Given the challenges that we face as a country today, we have such achievers that we are celebrating today, and we are glad to be here to honour them.

Other distinguished awardees include Attorney-General of the Federation & Minister of Justice, Alhaji Abubarkar Malami, – Public Servant of the Year award; Member, Federal House of Representatives, Dr Ottah Francis Agbo-Lawmaker of the Year award and former Director, Corporate Communication of Central Bank of Nigeria, Mr Isaac Okoroafor-Professional Excellence in Corporate Communication.

Other awardees are Director-General, NCDC, Dr Chikwe Ihekwe, Former President/ CEO Transnational Corporation of Nigeria, Konga, Heritage Bank and Keystone Bank Limited, among others.

BIG STORY

Court Remands Woman For Allegedly Stabbing Husband To Death In Ibadan

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An Iyaganku Chief Magistrates’ Court yesterday ordered the remand of a housewife, Olajumoke Olalere, 33, at Agodi Correctional facility, Ibadan, for allegedly stabbing her husband to death.

The Chief Magistrate, Mrs Olabisi Ogunkanmi, who did not take the defendant’s plea for lack of jurisdiction, ordered her remand pending the legal advice from the Directorate of Public Prosecution (DPP).

She, thereafter, adjourned the case until March 5, 2025 for mention.

According to The News Agency of Nigeria (NAN), the police charged Olalere with a count of murder.

The prosecutor, Cpl. Akeem Akinloye, had told the court that the defendant on October 30, at 9.00 p.m. allegedly caused the death of her 39-year-old husband, Oluwasegun Tinubu.

Akinloye said the defendant allegedly stabbed her husband with a knife during a disagreement at their house, at Zone 5, Gbelu, Iyana – Agbala, Ibadan.

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BIG STORY

UPDATE: EFCC Grants Former Delta Governor Okowa Bail Over Alleged N1.3trn Fraud

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The Port Harcourt zonal command of the Economic and Financial Crimes Commission (EFCC) has granted administrative bail to Dr. Ifeanyi Okowa, a former governor of Delta State, over allegations of diverting N1.3 trillion in 13% derivation funds from the federation account between 2015 and 2023.

Okowa was arrested on Monday, November 4, 2024, in Port Harcourt, Rivers State, after reporting to the Port Harcourt Directorate of the EFCC at the invitation of investigators handling his case.

Sources confirmed that the former governor left the EFCC facility around 9 pm on Wednesday night.

A source under anonymity stated: “He left the facility at about 9 pm yesterday (Wednesday).”

“Okowa is expected to return soon to provide documents and answer more questions before the matter will be charged to court.”

The former governor is accused of failing to account for the 13% derivation funds, as well as an additional N40 billion, which he allegedly claimed to have used to acquire shares in UTM Floating Liquefied Natural Gas (LNG).

Specifically, Okowa is said to have purchased N40 billion worth of shares in one of the country’s major banks, representing an 8% equity stake in the offshore LNG venture.

The funds are also alleged to have been diverted for other purposes, including acquiring properties in Abuja and Asaba, Delta State.

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BIG STORY

Oil Marketers Respond To Dangote Refinery Claims, Say SON, NMDPRA Certify Imported Petrol

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The Standards Organisation of Nigeria (SON) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) certify the imported Premium Motor Spirit, popularly called petrol, that is imported into Nigeria, oil marketers have said.

They disclosed this on Thursday in response to claims by the Dangote Petroleum Refinery that off-spec petroleum products were imported into the country by dealers.

On Tuesday, the refinery informed Pinnacle Oil and Gas Limited and other oil marketers that the deregulation of the downstream oil sector should not be used as a justification for the importation of off-spec petroleum products or the undermining of Nigeria’s national interests.

Oil marketers denied this claim on Thursday, with the Managing Director/Chief Executive Officer of Pinnacle Oil and Gas Limited, Robert Dickerman, revealing that his firm signed a 13-year agreement with the Dangote refinery to distribute the refinery’s petroleum products through pipelines.

Dickerman pointed out that independent inspectors, NMDPRA, and SON, among others, “inspect our products, so we can’t bring in off-spec products into this country.”

His position was confirmed by SON, as an impeccable source at the agency told one of our correspondents that the Standards Organisation of Nigeria was involved in the testing of imported petroleum products.

The official added that the organisation operates its own laboratory facility to check if the commodities are off-spec or not.

“Yes, We are involved in the testing of petroleum products when they come into the country. We are involved in that. We have our laboratory facility where these tests are conducted. It’s to ensure if the commodities meet regulatory standards or off-spec,” the official said.

A major marketer also kicked against the claim that dealers import off-spec products into the country, particularly since the downstream oil sector was deregulated by the Federal Government.

“I once told you what we went through when we brought in our imported cargo of petrol. The product underwent a lot of laboratory tests. I know the NMDPRA carries out tests on imported products. They took a sample of our recent import when it was still in the mother vessel at Atlas Cove before it was moved to Apapa.

“At the point of discharge, they took the sample again before allowing us to put it in our tanks. The NMDPRA has certified laboratories that they use. We have our laboratory, but the NMDPRA will not allow you to do your test without them certifying the product by themselves.

“The testing is in three stages, the one in Atlas Cove when the vessel lands in Nigeria. When the product moves to your point of discharge, they will do another test before they allow it into your tanks and aside from that, the day you want to start loading they will carry another test,” the marketer, who spoke in confidence due to lack of authorisation to speak on the matter, stated.

Addressing newsmen in Lagos on Thursday, Dickerman said the clarification became necessary to debunk the statement from the Dangote refinery, which accused Pinnacle of plans to blend substandard petrol in Nigeria.

The Dangote refinery had also said the Pinnacle MD approached it, pleading with the refinery to extend pipelines to its tank farms in order to blend substandard imported petroleum products with its ‘high-quality’ ones.

Reacting, Dickerman described the statement as defamatory, inaccurate, and intentionally misleading.

The managing director said it proposed and invested in pipelines to distribute petroleum products from the Dangote Refinery, saying pipeline transfer is far less costly than distribution by ship or trucking across the country.

According to him, when the project was proposed to Dangote, it wholeheartedly agreed and signed a 13-year interconnection agreement with Pinnacle Oil.

“On November 5, Dangote issued a Press Release titled, ’Pinnacle Oil and Gas FZE: Our Stand’. It is unfortunate and deeply concerning that this release contained several statements that are defamatory, inaccurate and intentionally misleading. Further, it advocated a national policy that would cause severe economic damage to Nigerians by raising the cost of petrol above global market prices and higher than they are today.

“In our effort to further enhance distribution efficiency, we proposed and invested in pipelines to distribute petroleum products from the Dangote Refinery, as pipeline transfer is far less costly than distribution by ship or trucking across the country. When we proposed this project to Dangote, they wholeheartedly agreed and signed a 13-year interconnection agreement with us.

“In addition, Dangote facilitated our process of achieving regulatory approval by writing two Letters of No Objection to the regulator to enable our project to proceed. The agreement to allow us to interconnect our pipeline to them was agreed actually in 2022 and I think it was signed in early 2023. So it was about two years ago that we actually reached this agreement, and it was done very comprehensively, from a commercial and a legal standpoint,” Dickerman stated.

He narrated that a lot of processes had gone into the project since it was signed, including the engineering design for the pipelines, surveying, getting the right of way, and letters of no objections from anyone who could be affected by the pipeline.

“There’s a whole bunch of stages to a project. This is not unlike any other construction project. It’s a very simple and straightforward process. This was done first. There was never a hint that this was not a good deal for both parties ever. So, it’s just not true that they opposed it. It’s simply not true that they opposed it. They supported it,“ the Pinnacle boss stated.

This came as the Nigerian National Petroleum Company Limited denied a video clip that claimed the oil firm was selling dirty fuel from an NNPC Retail outlet at Keffi Flyover.

“We have carried out spot checks at all our outlets and found this claim to be false. The product was not, and could not have been bought from any NNPC Retail outlet as the company does not dispense petroleum products into bottles or jerrycans as displayed in the video,” it said in a statement issued by its spokesperson, Olufemi Soneye.

It added, “NNPC Retail Ltd does not deal in adulterated products as it adheres to rigorous standards and quality control measures at every stage in its operations to ensure that only high quality, safe, and reliable petroleum products are available at its stations nationwide.

“Members of the public should discountenance the spurious claims made in the video and be wary of selfish and unpatriotic elements pushing such a narrative as they do not mean well for the country.”

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