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Group Flays Call On Emefiele To Resign

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Ideas Nigeria Movement (INM) says calls by various persons and associations for Mr Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) to resign his position is baseless.The News Agency of Nigeria (NAN) reports that INM is a group of Nigerians with a focus on national unity, innovation, and capacity.

Emefiele had been caught in a vortex of criticisms for his alleged partisanship, and purchase of form to contest in the forthcoming primary of the ruling All Progressives Congress (APC), for the presidential ticket of the party.Mallam Nadodo Abubakar, Executive Secretary, INM in a statement on Sunday said that Emefiele had not breached any law, especially the Constitution, hence should not resign.Abubakar said that Emefiele had admitted that a group of farmers had purchased the N100 million forms on his behalf, but had rejected the form, as he was yet to take a decision on contesting for the presidency and hence untenable for him to resign.He said that the CBN governor said if he was willing to contest, he would purchase the form with his own hard-earned savings from over 35 years of banking leadership, in full compliance with the laws, and Constitution of the Federal Republic of Nigeria.Abubakar said that it was, therefore, unnecessary for some persons to still call for Emefiele’s resignation, even when he had rejected the form, and was yet to declare his intent to participate in the election.According to him, Emefiele, as of today,  has not breached any extant law of the land.”Even by his own admission, the CBN governor has not formally declared his intention to contest for the presidential ticket of any party, yet certain persons are already calling for his head, or his resignation while some are threatening to shut down the nation through protests.”We dare say that these reactions are baseless, ultra vires, and of no effect, as they are based on hearsay, and the actions of some Nigerians (not Emefiele), who are working at convincing Emefiele to join the presidential race.”It is, therefore, wrong and unjustifiable for critics of Emefiele to continue to demand his resignation, when the man, himself, has not officially declared his intention to run.”We admit that several groups, including professional bodies, have since mounted pressure on Emefiele to contest the presidency, such persuasions were only vicarious, and do not represent his opinion or intention.“Even so, these groups were only persuading Emefiele to exercise his constitutional rights and liberties,” he said.Abubakar faulted critics, who were referencing the Public Service Rules, CBN Act, and the 1999 Constitution to advance their argument.He added that quoting laws was not enough, but showing proof of how his ”action or inaction offends any of the statutes”.According to him, the constitution was clear on the matter of who should resign, and when to resign, in the case of appointees seeking election to political offices.”While ruling on the suit marked FHC/UM/CS/26/2022, Justice Evelyn Anyadike of the Federal High Court sitting in Umuahia, Abia  capital, held that Sections 66(1) (f), 107(1) (f), 137(1) (f) and 182(1) (f) of the 1999 Constitution already stipulated that appointees of government seeking to contest elections were only to resign at least 30 days to the date of the election.”That any other law that mandated such appointees to resign or leave the office at any time before that was unconstitutional, invalid, illegal,  null, and void to the extent of its inconsistency to the clear provisions of the constitution.”This ruling renders nugatory, any other law, rule, or Act of Parliament stipulating that appointees must resign ahead of the primary elections of their preferred party.“Even if we assume, though not conceding, that Emefiele is running, he has not contravened any of the afore-listed canons often quoted by his traducers.”For the avoidance of doubt, Emefiele has not breached any law,” the group said in flaying calls on the CBN governor to resign.“He has not shown any partisanship, neither has he mounted any rostrum nor undertaken any tour across the land to woo delegates of any political party.”Every perceived political activity being linked to Emefiele was done by different groups, who merely made persuasive efforts to compel him to run for presidency on account of his antecedents as someone who believes in promoting a production economy as opposed to a consumption economy,” the executive secretary said.He said that it was no doubt that Emefiele remained the best CBN governor, who had genuinely-placed the nation on the path of economic diversification, through a revolutionary turnaround of the agriculture ecosystem.”We urge Emefiele to stay focused on the good job he is doing at CBN, where he has guided the nation’s economy out of two recessions, and navigated the economic landmines of COVID-19 pandemic, which consumed stronger economies in the advanced West,” Abubakar said. (NAN)Send   

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Dangote Assures Block Moulders Of Availability Of Variant For Block Moulding

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The management of Dangote Cement Plc has assured block moulders across the country of the availability of the blockmaster brand of the its product saying efforts have been put in place to produce more of the variant to make it readily available.

The assurance came in the wake of complaints by block moulders from South-West under the banner of members of the National Association of Block Moulding of Nigeria (NAMBON) that its members were finding it difficult to get the brand in the market and thus subjecting its members to untold hardship in getting the right cement for block making.

The Block and Concrete moulders who were on a tour of the Dangote Cement, Ibese plant lamented that they were finding it increasingly difficult to get block master brand of Dangote Cement which was specifically launched for the block makers.National President of the Association, Prince Adesegun Banjoko who led the South-West branch of the association to the plant said its members were at a loss over why major distributors of the Dangote Cement were reluctant to take block master and urged the management to reverse the trend.As a solution to the problem, the NAMBON President suggested the creation of satellite depots for distribution of the Dangote variant so that the block and concrete moulders would have access to the products easily.In his response, the Ibese Plant Director of Dangote Cement, Mr. Azard Nawabuddin said the product would be made available at any time and assured that the management would look into the problem of scarcity in the market.He said that Dangote has thousands of tonnes of the product in its silos in the plant and wondered why the block moulders would be complaining of not getting it in the market.Nawabuddin urged the block moulders to give the company time to dissect the situation and come to an acceptable solution to the issue saying “we are in the business to sell cement, we cat be producing a brand for you and will be hiding it from you to purchase. Take it from me you will beging to get block masters as soon as possible. Take it from me.”In his comment, the National Artisan Coordinator, Dangote Cement, Mr. Johnson Olaniyi told the blockmakers to exercise patience while the solution was being worked out noting that the NAMBON members are important stakeholders who could not be toyed with.He said the company would roll out the machinery to ensure that the product is readily available in the market, “though it does nt come cheap, as the blockmaster was specifically produced for them for better quality and more yield.”Olaniyi explained that Dangote Cement has always being in the forefront of quality product and that is the reason there has not been any equivalent of Blockmaster variant in the market because it is expensive to produce.He assured the block makers that Dangote Cement would look into their complaints and come up with practically solution and ensure it’s a win-win situation for all parties.Send   

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How Fidelity Bank Became “Best SME Bank In Nigeria” – Global Banking & Finance Review

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Fidelity Bank Plc, one of Nigeria’s foremost financial institutions, has added yet another accolade to its burgeoning collection of awards with the award as the ‘Best SME Bank in Nigeria’ by the Global Finance Banking & Finance Awards 2022.

According to the organizers, Global Banking and Finance Review, the bank was presented the award after a comprehensive review and assessment of its intervention and provision of long-term financing support for small businesses across Nigeria.

Dedicating the award to customers and staff of the bank, Managing Director/ Chief Executive officer of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe said, “Our long-running support for the growth and development of small businesses stems from our recognition of SMEs as critical agents of economic transformation in Nigeria.That is why we constantly innovate new ways of helping them meet their objectives. I thank our customers for keeping faith with us and our staff for going the extra mile in delighting our customers”.According to Mrs. Onyeali-Ikpe, over the years, Fidelity Bank has developed a strong multifaceted SME banking franchise, driven by tailored products and services. She also noted that the bank has attractive offerings backed by the requisite one-on-one and cluster-focused advisory services and hand-holding support for SME customers.The Global Finance Banking Awards are recognized globally and justly regarded as the industry standard for premier banking and financial services excellence with key sources of data and intelligence on the global banking and finance industry.The yearly awards recognize deserving financial institutions and corporate organizations, that drive innovation in the global financing community. They reflect on the achievement, strategy, progressive and inspirational changes taking place within the financial sector.Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.5 million customers serviced across its 250 business offices and digital banking channels.The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.Send   

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FirstBank – Reaping From Solid Legacy – Financial Derivatives

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Financial Derivatives, a leading financial analysis company in the country has given a positive assessment of the recently released financial reports of FirstBank for the year, 2021.

According to the analysis of Financial Derivatives on the Firstbank latest report:

FirstBank delighted investors with a pleasant surprise when it announced stellar results confirming that its turnaround strategy pinned on the pillars of innovation, resilience and digging deep is working.Its profit after tax spiked 108% to N32.4billion on the back of massive loan recoveries and a sharply lower level of non-performing loans (6.1%). Its capital adequacy ratio (CAR) increased to 17.4%, giving it the much-needed buffers required to withstand financial shocks and turbulent headwinds in the coming quarters.FirstBank, one of a handful of banks that adopted the holding company structure, has been proven right as almost all the other tier one competitors have emulated the model. As far as competition is concerned, FirstBank is fighting hard to recover lost grounds to the nimble fintechs, the highly capitalised and efficient telcos and their payment savings bank subsidiaries.Indeed, FirstBank is well equipped to fight amongst the sharks in this blood-soaked ocean. We expect to see FBN stock rise in the months ahead due to its massive undervaluation and its evident potential upside. We recommend the stock as a BUY,” Financial Derivatives said in its assessment of the FirstBank annual report.–  Financial DerivativesSend   

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