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NUPRC To Implement Advance Cargo Declaration Regime To Curtail Oil Theft 

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has obtained necessary approvals to implement Advance Cargo Declaration regime in upstream petroleum operations, to curtail export of stolen crude oil.NUPRC says this will ensure that Crude Oil and Gas cargoes exported from Nigeria will have a unique identifier that confirms all documentation as regards the exported consignment.

Mr Gbenga Komolafe, Commission Chief Executive (CCE) NUPRC, said this on Friday in Abuja at a stakeholders’ engagement with newsmen while highlighting its initiatives to curb oil theft in Nigeria.Komolafe said this implied that any cargo that did not have the unique identifier was not legitimately exported from the country.He said in line with President Muhammadu Buhari’s directive, it evolved additional initiatives to collaborate with oil and gas operating companies (including NNPC) and the top echelon of Nigerian security forces to end the menace.He said the NUPRC had commenced full-scale audit of crude oil theft and assessment of upstream assets integrity audit to establish actual crude oil theft figures in the upstream petroleum industry as a way to curtail the issue.This, he said, was in view of recent controversial figures on theft volumes thrown up by some industry operators, which impacts negatively on Federation revenue.“This is very important as the nation derives its royalty from net crude oil receipts,’’ he said.Similarly, he said in line with its statutory duties as regulator, the commission obtained necessary approvals to ensure installation of metering equipment (LACT Units) in the upstream petroleum industry, using Original Equipment Manufacturers (OEMs).He disclosed that this would avert potential manipulation of figures that could result in shortchanging the Federation of oil and gas revenue.On its reforms, he said that in line with section 314 of the PIA, 2021, it had successfully implemented the delineation of staff between the commission and the Midstream/Downstream Petroleum Regulatory Authority (MDPRA).Subsequently, he said the commission had commenced manpower audit, job mapping and capacity building programmes tailored towards optimisation of human capital.“The Commission has completed the unbundling of Enterprise Data Warehouse (EDW) from legacy DPR and implemented automation of the business workflow processes.“The processes are the Revenue Ledger and Information System (RLIS) portal for companies to submit all local and foreign royalty payment and National balance of payment portal for reporting inward and outward direct investment associated with crude oil export.“Others are Development of Asset Management Web Portal (AMWP) for Marginal Fields and petroleum facilities and e-library – providing access to all internal resources, including checklists, SOPs, templates and reference materials,’’ Komolafe said.The CCE, however, noted that the commission was deliberate in identifying and sanctioning new projects and new field developments, to help boost the national oil production.“We will continue to work with all stakeholders on the strategic areas and we will, without prejudice to the mid and long-term strategies.“We will continue to implement some immediate (short term) oil gain strategies in the light of current realities of upward trend in international crude oil prices,’’ he 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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