High Cost Of Living: Union Bank Raises Employee Compensation Twice

It is no longer news that most Nigerians are experiencing severe economic hardship due to the recent FX policy and subsidy removal. The economic challenges arising from the opening up of the foreign exchange market and the removal of petrol subsidies have resulted in soaring inflation and a significant drop in the value of the Naira against the Dollar. This has led to skyrocketing fuel prices, affecting the costs of other essential commodities and services, including food items, transportation, education, and healthcare.

This increased economic burden falls on the citizens. It has significantly impacted the lives of Nigerians, leading to calls for the government to provide palliatives and policies to cushion the biting effects of the deteriorating economy. As citizens continue to wait on the government to roll out relief packages for the public, the private sector has swung into action, taking up the gauntlet of easing the financial burdens of its workforce. Many organisations like Union Bank of Nigeria have taken swift action to ease the financial burdens its employees face, representing a substantial portion of the Nigerian population. The bank has implemented a comprehensive compensation strategy, which includes a notable upward salary review for all its staff. This salary increase applies to full-time and contract staff and support staff, such as cleaners, drivers, and security guards.

The salary review, which is the second time this year amounts to over 50%, demonstrates Union Bank's commitment to providing an enabling environment for its customers and dedicated employees. In addition to the compensation review, the bank will launch a bus pick-up service for all staff to alleviate the high cost of transportation, showing its dedication to improving the overall well-being of its workforce.

Union Bank's actions align with its core values, which prioritise customer and employee welfare. The bank has a track record of impactful humanitarian interventions, such as the Union Bank Employee Volunteer Scheme and Union Cares program, which have provided relief to impoverished communities nationwide. Additionally, the bank's Save & Win Palli Promo, launched during the height of the Covid pandemic in 2020, has been widely popular and has rewarded over 1,000 customers with over 100 million naira. The promo is set to return for its third season later this year.

While private sector organisations like Union Bank are taking proactive steps to support their employees during these trying times, there is a need for the government at all levels (federal, state, and local) to step up and address the multidimensional poverty and crippling economic hardship faced by the people.

The commendable initiatives by Union Bank, including the compensation review and transportation relief program, should serve as a motivating example for the government to take urgent action. Implementing short-term relief measures and launching palliative programs will help address hunger, job security, transportation, and minimum wage issues. These measures offer immediate assistance to the people and pave the way for long-term economic recovery.

As the months ahead remain critical, Union Bank's proactive approach sets a precedent for responsible corporate citizenship. The bank's dedication to supporting its employees and impacted communities exemplifies how collaborative efforts can lead to a stronger and more resilient nation.

2023 FIFA Women’s World Cup: Morocco Set Two Records In Australia

Morocco senior female football team has made history as the first North African side to win at the FIFA Women’s World Cup after beating South Korea by 1-0 on Sunday in far away Australia.

Moreso, Nouhaila Benzina became the first player to wear a hijab during a Women’s World Cup game when she spotted the Muslim headscarf in Morocco’s match against South Korea.

Recall that World governing body FIFA lifted its ban on footballers wearing the hijab nearly a decade ago, after previous concerns over player safety.

The 25-year-old defender Benzina, who plays her club football in Morocco, ran out against South Korea in Adelaide to write her name in the history books.

Benzina shared social media posts in the lead-up to the World Cup about wearing a hijab, but has not spoken to the media in Australia and New Zealand about it.

While featuring on a sport show on Al Jazeera. Benzina said it will be a proud moment to wear hijab whilst playing for her country.

“Lots of work was done over many years, and thank God it had a positive result,” she said.

“We hope to play at a high level and honour Moroccans.”

Several other sports have lifted hijab bans in recent years including basketball, but it is still not allowed during official football matches in France.

The Moroccan women, coached by Frenchman Reynald Pedros, are at their first Women’s World Cup on the back of a historic runners-up finish at the 2022 Women’s Africa Cup of Nations.

Morocco lost its first game of the competition after being thrashed 6-0 by Germany in Brisbane, but Benzina watched from the bench.

Fidelity Bank Stock Upgrade Excites Investors

According to The Will newspaper, investors have commended the recent reclassification of Fidelity Bank Plc stock from small price stock to medium price stock.

Giving his perspective on the development, Mr Boniface Okezie, the National Co-ordinator, Progressive Shareholders Association of Nigeria, commented, “Fidelity Bank has paid its dues in the financial services sector. It has contributed immensely to the development of the small and medium enterprises (SME) sector yet pays dividends to the shareholders. Last year, it took the market by surprise by declaring a dividend of 50k per share which had not happened in previous years. The massive investment in ICT and effective branch network shows it is ready to serve the customers in a better way and make the shareholders happy”.

The NGX Limited, in a recent statement, said the reclassification became necessary because Fidelity Bank shares have been trading above the N5.00 mark since February 2023. Relying on rule 15.29 of the Rulebook of the Exchange, 2015 (Dealing Members’ Rules) NGX Limited noted that equities priced above N5 per share for at least four of the most recent six months of trading, or new security listings priced above N5 per share at the time of listing on NGX are classified as medium price stock.

“Fidelity Bank traded above the N5.00 mark on February 20, 2023 and has remained above the N5 mark up until close of business on 30 June 2023.This indicates that Fidelity Bank has been trading above N5 for at least four months in the last six months. Therefore, it should be reclassified from small price stock to medium price stock,” the NGX pointed out.

The development was an acknowledgement of Fidelity Bank’s robust contribution to the bountiful harvest that bargain hunters have enjoyed in the 62-year-old stock exchange in recent times, buoyed the bank’s corporate strategic plan.

Applauding the Nneka Onyeali-Ikpe-led organization, Prince Anthony Omojola, National Co-ordinator, Independent Shareholders Association of Nigeria (ISAN), asserted that, “Fidelity Bank is moving up in terms of performance. They have joined those paying interim dividends and they have also dipped their hand into big money tills for huge investment. They have borrowed big to be able to handle bigger contracts and be able to reap big. The reclassification is welcomed and I hope they will not disappoint us. If they are able to meet expectations, the benefit will be for Nigeria”.

On his part, Sam Ndata, Doyen of Nigerian Stockbrokers and non-executive director at UIDC Securities Limited commented, “This is a good development. If a company performs well, it will surely be rewarded to earn investors’ confidence. The NGX did very well by recognising and rewarding Fidelity Bank for the impressive performance of its stock”.

Fidelity Bank shares rose by 32 percent this year making it the nation’s best-performing bank share as of half year (June 30). On the back of this strong position, it plans to establish presence in at least five African countries after announcing the proposed acquisition of the London unit of rival Union Bank of Nigeria Plc. According to Onyeali-Ikpe, the bank is negotiating a second purchase which will be completed in the year.

Hunger And Anger In The Homeland – By Hope Eghagha

There is hunger in the land. Real hunger. The is food and food everywhere. But majority of our citizens cannot afford to feed three times daily. Inflation is eroding the purchasing power of the naira. Transportation costs have gone up. The costs of medications have gone up. Incomes have not gone up. It is cheap to die; it is also expensive to die. A paradox. A little emergency could take one’s life. Organ failure, expensive to treat, can take one’s life too. People are starving. I do not refer to quality of feeding. I am concerned that there are too many people who are now compelled to go through days without meals. It has led to executive begging. It has created parents who cannot provide meals for their kids. Parents losing moral authority because they lack what it takes to make them the real head of the family. And the cause of this socio-economic tornado is Government, our own equivalent of a natural disaster.

One of the real worries is that we have a federal government that does not care, that does not connect with the people. We are dealing with a government that is so distant that it proposes to distribute eight thousand naira to the poorest people. Eight thousand naira in present day Nigeria? Eight thousand naira cannot feed a family for two days. Is this what a government is bragging about, thumping its chest in empty vanity?

We are dealing with state governors who do not really care about the citizens. State governors who are more interested in dishing out political patronage than dealing with the hopelessness that is gradually enveloping the country. We are dealing with Houses of Assembly which are not thinking about necessary legislation to reduce hunger and poverty. We are dealing with a National Assembly that is more interested in approving fat bonuses, salaries, and emoluments for themselves than providing hope for the people. For example, while seventy billion naira was approved for about five hundred legislators, five hundred billion was allocated to over two hundred million hungry Nigerians. Ominously, thirty-five billion was allocated to the National Judicial Council. The optics, to say the least, are horrifyingly scary and despicable.  Indeed, there is palpable contempt for the ordinary citizens in the country.

There are too many people who can no longer drive their cars. They simple cannot buy fuel in their cars. There are too many people who cannot get to their place of work every day. Their monthly pay cannot take them to where they earn their living. And the government is silent on the plight of the people. Even IBB the military dictator was more conciliatory to the people after he announced harsh economic measures in the SAP days! President Bola Ahmed Tinubu has refused or failed to connect with the people. He is following the ugly footsteps of his immediate predecessor in office. No! we expected more than this from President Tinubu who had been active in the trenches on behalf of the citizenry in the past!

There is anger too. Anger with the men and women who occupy the government houses across the country. They are angry with the judiciary. Angry with religious leaders. Angry with traditional rulers for hobnobbing with politicians at the expense of the welfare and survival of their subjects.  As we know, hunger gives birth to anger. And anger from hunger is dangerous. Nigerians are angry with the political class. Angry with Senate President Senator Godswill Akpabio who shamelessly mocked the poor people of this country over letting them breathe! The bible says in Proverbs 17 verse 5: “whoever mocks the poor insults their Maker’. Nigerians are angry with the men and women who rigged their way into office, who currently hold them captive, and who are stuffing their pockets with the national patrimony.

Let no one deceive Abuja that all is well. Let Abuja not deceive itself that all is well. All is not well. There is also fear, worry, and uncertainty. Where will this take us to? No one is assuring the citizens of the country that their lot will be different at the end of the hellish conditions. Taxes and financial obligations are on the increase. Undergraduates are being asked to pay more for half baked services. ASUU has been emasculated by the federal government after muzzling the judiciary. NLC and other unions have been bullied into acquiescence. The civil liberties organisations which tormented the administration of President Goodluck Jonathan have all gone silent. 

President Tinubu must step out. He is currently invisible, almost absent in the spirit of liberal democracy. One of the duties or obligations of leadership is to provide hope for the citizenry. Even in a season of infinite hopelessness, government must provide hope and a compass that will point in a positive direction. The president should connect with the people. But he cannot connect with the people if he does not hear them. If he does not listen to them. Ensconced in the luxury and false luxury of Aso Rock, it is very easy to be bogged down by inanities.  But the truth, the reality of the situation lies out there. I am sure the Nigerien president who was challenged last week by that nation’s army is surprised at the venom being poured on him by ordinary citizens. Power is held in trust on behalf of the people! Army takeover is not a model for the 21st century, but if dubious politicians drive the citizenry crazy and into frustration, they will welcome any form of change. The spate of coups in West Africa is worrisome. There is, there should be no alternative to the ballot box in effecting a change of government!

Palliative measures should be rolled out immediately. Workers need state assistance. Transportation should be subsidized. Wages should increase by a modest percentage. The ordinary citizens who eke out a living from menial jobs in the private sector deserve assistance. University lecturers should be paid their entitlements. Their salaries which have remained stagnant since 2009 should be reviewed. Food should be subsidized.

The governments across the country should check this slide into hopelessness. A policy that kills people first before making the economy strong is dangerous. President Tinubu should know that the buck stops at his desk. He should connect with the people as a democrat. Else, the people will start praying for a dramatic change through the judicial system!

Tinubu Hires Special Investigator To Probe CBN, Trace Stolen Funds

President Bola Tinubu has appointed a Special Investigator to probe the activities of the Central Bank of Nigeria (CBN) and Related Entities.

This was contained in a letter signed by the President and addressed to Jim Osayande Obazee, the Chief Executive Officer, Financial Reporting Council of Nigeria (FRCN), whom Tinubu named as the investigator.

The terms of the appointment required the Special Instigator to investigate the CBN and key Government Business Entities (GBEs) as well as provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments.

The President instructed Obazee to swing into action with immediate effect, adding that he should feed him with progress reports every week.

“In accordance with the fundamental objective set forth in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), this administration is, today, continuing the fight against corruption by appointing you as a Special Investigator, to investigate the CBN and Related Entities. This appointment shall be with immediate effect and you are to report directly to my office.”

“The full terms of your engagement as Special Investigator shall be communicated to you in due course but, require that you immediately take steps to ensure the strengthening and probity of key Government Business Entities (GBEs), further block leakages in CBN and related GBEs and provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public).

“You are to investigate the CBN and related entities using a suitably experienced, competent and capable team and work with relevant security and anti-corruption agencies to deliver on this assignment. I shall expect a weekly briefing on the progress being made,” the letter read.

Meanwhile, Tinubu also sent Obaze a copy of his order suspending the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele on June 9, 2023.

This is coming barely a week after the embattled apex bank chief was arraigned at a Lagos High Court by the Department of State Services (DSS) over a two-count charge of illegal possession of firearms and ammunition. 

The suspended CBN Governor has been with the DSS since his suspension and was immediately re-arrested in a dramatic fashion on the court premises last Tuesday, after he had been granted bail by the court.

Troops Clamp Down On Illegal Oil Refining Site In Delta

Troops of the Nigerian Army, operatives of the Nigerian Security and Civil Defence Corps (NSCDC) and those of a private security firm have jointly uncovered a major illegal refining site in Delta.

Director, Army Public Relations, Brig.-Gen. Onyema Nwachukwu, stated on Sunday in Abuja that the operation was undertaken by troops of 181 Amphibious Battalion.

The battalion operates in 6 Division Area of Responsibility at Owahwa community in Ughelli South Local Government Area of Delta.

Nwachukwu stated that the operation was in continuation of the sustained effort to deny oil thieves the freedom of action and to protect the oil sector from economic saboteurs.

He explained that the sting operation on Saturday followed a surveillance report on the activities of illegal oil refiners in the area.

He explained that the troops stormed the site and discovered 35 modular ovens used for illegal oil refining; three fabricated reservoirs; 30 dugout reservoirs and 75 galvanised pipes.

“The operatives have since clamped down on the illegal refining site.

“The Nigerian Army enjoins all law-abiding citizens to continue to support on-going anti-oil theft operations by reporting suspected illicit refining and illegal bunkering in their areas to security agencies,’’  Nwachukwu stated.

Falana Says NLC’s Planned Protest, Strike Is Lawful

Human rights lawyer Femi Falana says the Nigeria Labour Congress and its affiliates can proceed on the Aug. 2 strike and protest as planned, saying the exercise does not translate to contempt of court.

This is contained in a letter from the Falana Falana Chambers, solicitors to the NLC, by Sam Ogala, titled “Re- NLC in contemt of Court” and addressed to the Permanent Secretary/ Solicitor-General, Federal Ministry of Justice on July 28.

According to the Senior Advocate of Nigeria, the decision of Nigerian workers to participate in peaceful rallies is for the interest of the masses and to protest the worsening economic crisis in the country.

“You were reported to have accused the leaders of the Nigeria Labour Congress of treating the order of the National Industrial Court with contempt.

“Contrary to your unwarranted allegation, the Nigeria Labour Congress does not intend to disobey the ex parte order of the National Industrial Court.

“And to the effect that “the defendants/respondents are hereby restrained from embarking on the planned Industrial Action/or strike of any nature, pending the hearing and determination of the Motion on Notice dated June 5.”

Falana added that the National Industrial Court or any other Court had not granted an order of interim, interlocutory or perpetual injunction restraining Nigerian workers from participating in peaceful rallies convened by the NLC.

He argued that it was the constitutional right of Nigerian workers to protest peacefully and cannot by any stretch of imagination be classified as an industrial action or strike of any nature.

“It is pertinent to draw your attention to the case of Inspector- General of Polic vs Nigeria People Party (2008) of where the Court 12 WRN 65, where the Court upheld the fundamental right of Nigerians to protest without police permit in the leading judgment of the Court, Justice Adekeye.

“This includes the right to demonstrate, and the right to protest on matters of public concern are rights which are in the public interest and that which individuals must possess, and which they should exercise without impediment as long as no wrongful act is done.

“If as speculated by law enforcement agents, that breach of the peace will occur, our criminal code has made adequate provisions for sanctions against breakdown of law and order.

“So that the requirement of permit as a conditionality to holding meetings and rallies can no longer be justified in a democratic society.”

He added that, finally, freedom of speech and freedom of assembly are part of democratic rights of every citizen of the country.

“Our legislature must guard these rights jealously as they are part of the foundation upon which the government itself rests.

“Having advised the NLC and its allies to conduct the rallies peacefully, you may wish to advise the Nigeria Police Force to comply with section 83(4) of the Police Establishment Act 2020.

“Where a person or organisation notifies the police of his or its intention to hold a public meeting, rally or procession on a public highway or such meetings in a place where the public has access to.

“The police officer responsible for the area where the meeting rally or procession will take place shall mobilise personnel to provide security to provide security cover for the meeting, rally or the procession,” he said.

The National Industrial Court in Abuja on June 5, restrained the NLC and the Trade Union Congress, TUC, from embarking on their planned strike to protest the unilateral removal of fuel subsidy by the Federal Government.

The court, in a ruling that was delivered by Justice O. Y. Anuwe, barred the two organizations from proceeding with the strike action, pending the determination of a suit that was brought before it by FG.

The court held that the interim order, as well as the substantive suit, should be immediately served on both the NLC and the TUC, which were cited as defendants/respondents in the suit marked: NICN/ABJ/158/2023, even it fixed the matter for hearing on June 19.

The court order followed an ex-parte application that FG filed through the Federal Ministry of Justice.

FG’s lawyer, Mrs. Maimuna Lami Shiru, who moved the application, maintained that the proposed strike action was capable of disrupting economic activities, the health sector and the educational sector.

FG further tendered Exhibits FGN 1, 2 and 3, which were notices from the NLC, TUC and the Nigerian Union of Journalists, NUJ, to their members, asking them to withdraw their services with effect from Wednesday, June 7.

The court, in its ruling, held that it was empowered by section 7(b) of the NIC Act, 2006, with the exclusive jurisdiction in matters relating to the grant of any order to restrain any person or body from taking part in any strike, lockout or any industrial action.

It held that sections 16 and 19(a) of the NIC Act 2006, also empowered it to grant urgent interim reliefs.

The court held that the affidavit of urgency as well as the submission of FG’s lawyer revealed: “a scenario that may gravely affect the larger society and the well-being of the nation at large”.

On July 27, the federal government said the planned strike by the NLC over the removal of fuel subsidy and its attendant hardship is in contempt of an order of the national industrial court.

Solicitor-General of the Federation Beatrice Jeddy-Agba, in a statement on the issue, warned the NLC leadership to desist from threatening court orders with disdain.

The NLC, on July 19, issued a notice to begin a nationwide strike on Aug. 2 to protest the removal of fuel subsidy amid an astronomical hike in the pump price of petrol resulting from the policy announced by President Bola Tinubu at his inauguration on May 29.

My Policies Already Yielding Positive Results – Tinubu

President Bola Ahmed Tin noubu says the Federal Government is receiving support and commendations from the global communities over the removal of fuel subsidy and the foreign exchange regime policies, saying they are yielding positive results.

Tinubu stated this at a Gala/Award Night on Saturday, organised by the office of the Head of the Civil Service of the Federation (HOCSF), to recognise and honour outstanding civil servants to mark the 2023 Civil Service Week.

Represented by the Secretary to the Government of the Federation, Sen. George Akume, President Tinubu appreciated civil servants for their numerous contributions to the economic development of the country.

The president, who accepted the fact that the policies had in one way or the other affected the masses, said the government was working on measures to cushion the effects.

“We shall without delay cushion the pains being experienced by our people as a result of these measures through a number of well-targeted interventions aimed at giving adequate relief and succour to a great number of our long- suffering citizens, ” he said.

He, however, pledged to give more supports to the civil service sector, being the custodian of public trust to consolidate on the gains of the ongoing reforms in the sector. 

Earlier, in her opening remarks, the HOCSF, Dr Folasade Yemi-Esan, said every human being had an inherent desire to be appreciated or acknowledged for their efforts, and so hard-working civil servants deserve reward for their services to the nation.

According to Yemi-Esan, when an individual feels valued and recognised for hard work, he or she is more likely to be
committed and enthusiastic next time around. 

She used the occasion to present prizes namely, a brand new 2022 JAC JS4 Luxury Model SUV, a 2 Bedroom semi-detached bungalow; and a plot of land to the top three outstanding civil servants.

The gesture, which is in collaboration with the Aig-Imoukhuede Foundation, also favoured 29 other outstanding civil servants who went home with other awards while few got N500,000 each. 

“The Star Prize of a Brand New 2022 JAC JS4 Luxury Model SUV won by Mrs Juwon Olayiwola of the Federal Ministry of Education; a 2-Bedroom Semi-Detached Bungalow was won by Mr. Nwachukwu of Service Welfare Office, office of the HOCSF and the 3rd prize, a Plot of Land, was allocated to Mrs. Chukweke Stella Oluchi, Office of the Secretary to the Government of the Federation (OSGF).”

While urging heads of MDAs to reward outstanding workers, the HOS said recognition/rewards could serve to inspire employees to go the extra mile to innovate and achieve excellence in the course of discharging their jobs.

“In this ever-evolving corporate world, fostering a positive and motivating work environment has become crucial for the success of any institution.”

Also, the Chairman, Federal Civil Service Commission, Dr Tukur Ingawa, represented by Dr Simon Etim, a Commissioner in the Commission, said rewarding a worker is critical innovative factor for motivation in executing the needed jobs in any organisation.

The theme for the service week is: ‘Digitalisation of work processes in the public service: A gateway to efficient resources utilisation and national development’.

BREAKING: ECOWAS Enforces No Flight Zone On Niger

In response to military coup in Niger Republic, the Economic Community of West African States (ECOWAS) has enforced a no-flight zone over the country.

The decision was announced on Sunday by the ECOWAS, at an urgent meeting following the increasing tension stirred by the military actors who are attempting to take over in Nigeria.

This significant move is seen as a strong reaction to the recent ascendancy of the junta, which has stirred significant unrest in the country and poses a threat to the stability within the region.

The ECOWAS leadership believes that the imposition of a no-flight zone will help curb the junta’s influence and hinder any potential allies from providing aerial support, even as leaders of the military coup fear that the regional body could stage an imminent military intervention in the capital of the Sahel ccountry.

In addition to the no-flight zone, the regional body has agreed immediate financial sanctions over the coup, and has given the junta a week to cede power, while noting that a use of force has not been ruled out.

Deregulation: IPMAN, Stakeholders, Laud Polaris Bank, Emadeb Energy For Landmark 20,000 Metric Tonnes PMS Import

The Independent Petroleum Marketers Association of Nigeria (lPMAN) has commended Polaris Bank, Nigeria's leading digital commercial Bank and Emadeb Energy Services Limited, one of Nigeria's leading indigenous players in oil and gas, for their collaborative efforts and strategic partnership that resulted in the recent importation of 20,000 metric tonnes of premium motor spirit (petrol) into the country. 

The National Operations Controller of lPMAN, Mr. Mike Osatuyi, speaking exclusively to PLATFORMS AFRICA, described the pioneering feat by Polaris Bank and Emadeb Energy as unprecedented, noting that they have both made it possible for Nigeria to break the age-long monopoly in the downstream sector. 

He specifically commended Polaris Bank for fully funding the whole cargo to the tune of N13bn, thus enabling the transportation of the 20,000 metric tonnes, or 27 million litres of petrol, to the country seamlessly. He noted that the Bank's support exemplified the pivotal role played by the financial institutions to support the growth of the critical downstream sector of the economy. 

"The NNPC's many years of monopoly in terms of importation have been broken by Emadeb Energy Services Ltd. This is commendable, particularly for the company. Being the pioneer in a tough terrain is not easy. But of specific interest is (Polaris Bank) the Bank that financed this feat. We were there to witness the event. We saw the cargo ship as it arrived. It is a huge investment. The Bank has demonstrated strong belief in the market after deregulation. I call on others to emulate this," Osatuyi said.

The IPMAN Chief added that total deregulation of the downstream sector was good for the economy and assured the association's support for the policy and financial institutions willing to collaborate with other players to ensure an uninterrupted supply of petroleum products available in the country.

"We are now in a free market for PMS, and I believe everyone will be better for it. As for us in IPMAN, we are ready to collaborate with financial stakeholders in making supply available across the country," he stated.

Stakeholders who also spoke on the feat had positive reflections and perspectives on the development. The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, during the historic welcoming of ST Nnene, the vessel bearing 20,000 metric tonnes of premium motor spirit on 19th July 2023, described the development as an important milestone since the downstream sector was fully deregulated.

"This is what we have been looking forward to. When we talk about deregulation, people think it's all about increasing prices. No. Although prices would now be determined by market dynamics, deregulation also opens up the market for other players to come in," he declared.

Speaking on the feat, Chinwe Iloghalu, Executive Director at Polaris Bank, said: "We are enthralled to have partnered with Emadeb Energy on this important project". She added, "This importation is a major milestone for us as a financial partner and Banker to Emadeb Energy, and we are proud to have played a role in making it possible." Continuing, she noted, "Polaris Bank is a leading provider of financial services to businesses of all sizes. The Bank has a long history of supporting businesses in achieving their goals, and we are proud to be a part of Emadeb Energy's success story," Chinwe remarked.

Polaris Bank, since its inception in 2018 as a strategic financial institution, has been at the forefront of providing the required funding and financial advisory to top, medium and small players in the oil and gas industry for the growth of the nation's upstream and downstream sector, as well as the overall growth of the Nigerian economy. 

Emadeb Energy, it would be recalled, recorded a landmark feat with the importation of 20,000 metric tonnes of PMS into Nigeria, the first-of-its-kind ever undertaken by any private sector player towards product availability in Nigeria since the final removal of subsidy on petrol.

Polaris Bank is a digitally-enabled Bank focused on providing superior financial solutions and products to its customers across sectors with industry-specific and individual needs; the Bank was adjudged Digital Bank of the Year in 2021 and 2022.

Sanwo-Olu Congratulates Senate Leader, Opeyemi Bamidele On 60th Birthday

Lagos State Governor, Mr. Babajide Sanwo-Olu, has congratulated the Senate Leader, Senator Opeyemi Bamidele, on his 60th birthday celebration.

 

The Governor described Senator Bamidele, who was a former two term commissioner in Lagos State as a democrat, a tireless fighter for a good course, and a firm believer in responsive government. He clocks 60 on Saturday, July 29,

 

Governor Sanwo-Olu in a statement issued on Friday by his Chief Press Secretary, Mr. Gboyega Akosile, said Senator Bamidele deserved all the accolades on his Diamond Jubilee for his contribution to the growth and development of Lagos State.

 

He said: “Senator Michael Opeyemi Bamidele's Diamond Jubilee birthday is an opportunity for me and the people of Lagos State to appreciate God for the impactful and purposeful life that MOB has lived, especially his service to our dear State, Lagos and our nation, Nigeria.

 

“Senator Bamidele deserved to be celebrated for his contribution to the growth and development of Lagos State. Though he is from Ekiti State by origin, he served Lagos State passionately for 11 years as Special Adviser to the Governor on Political and Intergovernmental Affairs; Commissioner for Youths, Sports and Social Development, as well as Commissioner for Information and Strategy. During this period he distinguished himself in public office as a brilliant lawyer, seasoned politician, information manager, and administrator.

 

“MOB is a good ambassador of his home State, Ekiti. He distinguished himself as a brilliant lawmaker during his four years stay in the House of Representatives, representing Ekiti Central Federal Constituency 1. He has also proved his worth on the floor of the Senate by contributing immensely to legislative business in the Red Chamber from 2019 till date. I believe his impact in the Senate earned him the position of the Senate Majority Leader of the 10th National Assembly.

 

“Having worked with Senator Bamidele in the cabinet of our leader now President, Asiwaju Bola Tinubu, and ex-Governor Babatunde Fashola, I cherish his worldview on good governance and democracy as a system of government established for the attainment of sustainable development for the people. He is a democrat, a tireless fighter for a good cause, and a firm believer in responsive government.

 

“On behalf of my wife and family, the government, and the people of Lagos State, I felicitate Senator Opeyemi Bamidele on his Diamond Jubilee, which is a glorious opportunity to appreciate God for his life. As he celebrates his 60th birthday, I pray that God will increase him in good health to enable him to render more service to humanity, his State, and our dear country, Nigeria.”