Lontor Unveils Music Star, Patoranking As Brand Ambassador

General Manager, Commercial & Group Head of Communication, Choice International Group, CIG, Jubril Arogundade (left); Chairman, Choice International, Chief Diana Chen (2nd Left); Lontor Brand Ambassador, Patoranking (middle); Managing Director, Lontor HI-Tech & CIG E-Home, Andrew Wei (2nd right) and Head of Legal, Lontor Hi-Tech, David Aloh during the official signing ceremony of Patoranking as brand Ambassador of Lontor Products, at the Choice International Building, Victoria Island, Lagos, on Monday, 30/10/2023.

A Nigerian reggae-dancehall singer and songwriter, Patrick Okorie, popularly known as Patoranking, has been unveiled as the Brand Ambassador of Lontor products in Nigeria.

Okorie was unveiled as an ambassador of Lontor during the signing of the Memorandum of Understanding between the Nigerian singer and Choice International Group (CIG), the manufacturers of Lontor products on Monday in Victoria Island, Lagos.

The MoU between Patoranking and CIG is to drive e-commerce through entertainment.

Speaking during the signing of the MoU, the Chairman of Choice International Group, Chief Diana Chen, said the choice of Patoranking as Lontor's brand ambassador was due to his huge fan base on social media platforms.

Chief Chen who was optimistic that the partnership would birth a new dawn for the Lontor brand, assured consumers of affordable and durable rechargeable products to meet the realities of the nation's economy.

Chen said Patoranking had always been a consistent front runner in his career as a musician.

The CIG boss also restated the support of the organisation in supporting and investing in Nigeria's creative industry.

Speaking at the MoU ceremony, Patoranking said his emergence as Lontor brand ambassador, would entail doing a lot of things targeted at youths as his music is about addressing issues that had to do with injustice and social vices, among other menace in the society.

Okorie said he is ready to work with the brand, which stands for quality, durability and greatness.

The renowned singer and dancer assured CIG that the new generation of youths in Nigeria would be captured in the marketing net to ensure increased visibility of the Lontor rechargeable products.

He advised youths and upcoming artists to shun drug abuse, corruption and other social vices capable of jeopardizing their contribution to national development.

Patoranking, who encouraged youths to follow the right direction in life, also called on them to be focused, persevere, hardworking and prayerful for them to excel in their career.

Some of the rechargeable products under the Lontor brand include Touch light, standing and hand fans and bulbs, among others.

 

Fidelity Bank Wins Export Finance Bank Of The Year Award At 2023 BusinessDay BAFI Awards

L – R: Executive Director/Chief Risk Officer, Fidelity Bank Plc, Mr. Kevin Ugwuoke; Group Chief Executive Officer, Emerging Africa Group, Mrs. Toyin Sanni; and Executive Director, Lagos and South West Business, Fidelity Bank Plc, Dr Ken Opara at the BusinessDay and Other Financial Institutions’(BAFI) Awards 2023 where Fidelity Bank received the award of the “Export Finance Bank of the Year” over the weekend.

31 October 2023 - Lagos, Nigeria- Fidelity Bank Plc’s leadership in the exports space has once again been reaffirmed with the bank’s emergence as the Export Finance Bank of the Year at the BusinessDay and Other Financial Institutions’(BAFI) Awards 2023.

The bank was presented the award at a prestigious dinner event held on Saturday, 28 October 2023 at Lagos Continental Hotel, Victoria Island, Lagos.

 

“The BAFI Awards is the benchmark of distinction for institutions in the Nigerian financial services sector. Now in its 10th year, the awards recognises and celebrates organisations that excel in the delivery of financial services in Nigeria,” read a statement by BusinessDay Media Limited, the award organisers.

 

Commenting on the award, MD/CEO Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe said, “We are grateful for this recognition and dedicate the award to our customers who rely on us to provide the right support for operating effectively in the global non-oil exports market space. As a bank, we remain committed to our goal of helping individuals grow, inspiring businesses to thrive and empowering economies to prosper.”

 

It would be recalled that the bank recently hosted the second edition of its non-oil exports expo tagged the Fidelity International Trade and Creative Connect (FITCC) in Houston, Texas, United States of America. At the two-day event, the bank signed a cocoa pre-export deal with AFREXIM Bank and JohnVents Industries worth $40million dollars which has been adjudged as a landmark development by analysts in the exports space.

 

FITCC Houston also featured exhibitions by more than 160 Nigeria and US-based businesses as well as panel sessions as stakeholders engaged on strategies to increase the pipeline of Nigerian businesses that export into the US market. In recognition of the bank’s commitment to fostering bilateral trade and economic development between Nigeria and the USA through its FITCC initiative, the Mayor of the City of Houston, Sylvester Turner, proclaimed October 25, 2023 as FITCC Day in Houston Texas.

 

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

 

The bank has won multiple local and international awards including the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Ballon D'or Awards: Victor Osimhen Makes History As He's Ranked 8th Best Footballer In The World

Super Eagles star, Victor Osimhen made history on Monday night, October 30 as the first Napoli player and Nigerian footballer to make the top 10 of the Ballon d’Or rankings.

 

 

The Edo born striker is the No. 8 best football player in the world on the 2023 Ballon d’Or list.

 

The Nigeria international contributed to Napoli’s first Serie A title in 33 years, becoming the 2022–23 top scorer in the league with 26 goals in 32 appearances.

 

 Napoli also reached the Champions League quarterfinals last season, the best result for the Partenopei in Europe’s elite competition.

 

 

Osimhen netted five times in six Champions League games last season, and individual achievements, combined with Napoli’s results, have allowed the 24-year-old to earn a spot in the top 10 of this year’s Ballon d’Or.

 

Ruud Krol finished 15th in 1980, meaning this is the best finish for a Napoli player in the history of the prestigious award.

The Thether players included in the top 10 are Julian Alvarez, Kevin de Bruyne, Erling Haaland, Lylian Mbappé, Leo Messi, Luka Modric, Rodri, Bernardo Silva, and Vini Jr.

 

Osimhen’s teammate Khvicha Kvaratskhelia finished 17th, while Inter stars Lautaro Martinez and Nicolò Barella finished 20th and 27th, respectively.

Polaris Bank Wins Nigeria's Best Digital Bank Of The Year Award, Third Time In A Row

... scoops 'Best MSME Bank Of The Year' prize also

L-R: Nduneche Ezurike, Group Head, Brand Mngt & Corporate Communication; Bukola Oluyadi, Group Head, Customer Xperience & Value Mngt; Dele Adeyinka, Divisional Head, Retail & Digital Banking; Frank Aigbogun, BusinessDay Publisher; Rasheed Bolarinwa, Head, Corporate Communication; Peter Daniel, Head, Digital Bank & Anthony Aina, Business Analyst, Corporate Banking at the prestigious BusinessDay BAFI Awards Ceremony in Lagos on Saturday where Polaris Bank was adjudged 'Digital Bank of the Year' & 'MSME Bank of the Year 2023'. 

Lagos, Nigeria: October 30, 2023:  Polaris Bank shone brightest over the weekend as its bespoke home-grown digital bank, VULTe won for the third time, Nigeria's 'Best Digital Bank of the Year' prize at the prestigious BusinessDAY’s Banks And Other Financial Institutions (BAFI) Awards.

Polaris Bank also scooped 'Best MSME Bank of the Year' award at the same event.

VULTe, is a digital banking platform designed to enable customers to consummate every banking transactions -  from account opening, through requesting for certain categories of loans - to generating bank statements. It also connects the customer to discover lifestyle trends and social events. It is an all-in-one solution that is created to offer the most convenience for customers and built  to provide solutions to everyday challenges of accessing financial services and more.

In the last 12 months, VULTe which hitherto caters more to individual customers, now has enhanced capabilities to render seamless self-services to SMEs, High Net worth, and retail customers. The over 40million MSME operators in Nigeria could now use Vulte to access collateral-free loans for personal and business purposes; where eligible entrepreneurs and SME operators could apply and get up to N20million in a space of 5 minutes without visiting the Bank in person.

While presenting the Best Digital Bank award to Polaris Bank, BAFI Awards organisers disclosed that the awards selection/review committee voted Polaris Bank’s VULTe the winner having outperformed its industry peers, across eight metrics for consideration.

The metrics include; strength of strategy for attracting and gaining digital customers, accelerated user engagement, success in getting clients to use digital offerings, growth of digital customers, and platform security.

Other metrics are the breadth of product offerings for retail and corporate clients, evidence of tangible benefits gained from digital initiatives and web/mobile site design, intuitiveness and functionality.

At the same BAFI Awards,Polaris Bank was declared ‘MSME Bank of the Year’ making it a back-to-back win for the Bank (haven won same award in 2022) in what the organisers described as the Bank’s expansive impact on MSME operators across Nigeria.

In the last Nine Months, Polaris Bank had committed billions in loans to expand operations of MSME operating in Nigeria.

Polaris Bank had in May 2022 launched a N1billion fund for MSMEs in partnership with Lagos State Employment Trust Fund (LSETF) in what the Bank explained was aimed at providing the much-needed funding to create wealth and empower entrepreneurs and players within the MSME space in Nigeria, starting with Lagos.

Prior to the launch of the N1billion MSME Fund, Polaris Bank had committed, and indeed, continued to provide multibillion financing to MSME operators across sectors, health inclusive among other incentives, like moratorium on facilities granted to cushion businesses following the impact of the COVID-19 pandemic on businesses.

Receiving the award on behalf of the Bank, Dele Adeyinka, Retail & Digital Banking Divisional Head, while expressing the Bank's appreciation to BusinessDay for the recognition, dedicated the 

awards to the Bank's  customers and stakeholders for making VULTe what it is today and promised that "Polaris Bank will continue to impact MSME digitally through innovative banking products, affordable finance and creative services that add significant value for the greater good of all stakeholders'.

Polaris Bank is digital-forward Bank dedicated to forging a customer-focused future through innovative partnerships that reshape both businesses and communities.

NLC Makes Fresh Demands Over FX Crisis, Meets FG Today

Nigeria Labour Congress (NLC) has lamented the devastating impact of the forex crisis on the economy and demanded urgent stabilisation of the Naira. 

NLC President, Joe Ajaero said this in a statement on Sunday and blamed government officials’ love for foreign luxury products for the free fall of the national currency.

Ajaero warned that the economy was at risk of “a wave of devastating consequences” if the Naira failed to stabilise against the American dollar.

This is coming ahead of the organised labour and the Federal Government’s meeting scheduled to hold today (Monday).

At the meeting, the Federal Government and the organised labour will review the implementation of the Memorandum of Understanding they signed on subsidy removal palliatives.

In a statement titled, “Urgent action to stabilise the naira amidst alarming depreciation,” the NLC president said the repercussions of the weakened currency would be felt by workers and the masse. 

He said, “Hopefully, we may meet tomorrow (today) with the federal government to see whether the agreement with organised labour on the fuel subsidy removal palliatives was met or not.

“If that meeting is to be held, it will be without the Minister of Labour and Employment (Simon Lalong) because we will not be part of any meeting with the federal government that the minister of labour and employment will attend.

“You will recall that the decision we had on the National Union of Road Transport Workers was that all parties, including the police should leave the premises, pending the resolution of the dispute but that did not happen.

“Therefore, any meeting we will have with the federal government, the minister of labour and employment will not be part of it.”

Akpabio, Kalu Lead Senators To Villa, Brief Tinubu On Outcome Of IPU Assembly, Hail President On Victory At S’Court +Photos

President of the Senate, Senator Godswill Akpabio and the Deputy Speaker of the House of Representatives, Hon. Benjamin Okezie Kalu Saturday night led the Nigerian delegation to the just concluded Inter-Parlientary Union (IPU) held in Luanda, Angola to the Presidential Villa, Abuja to brief President Bola Ahmed Tinubu on the outcome of the event.

Recall that Akpabio was elected into the Executive committee of the IPU, having been nominated by Kalu at the 147th legislative assembly for the executive position. 

The development ultimately led to the breaking of a 59year- old jinx of Nigeria’s absence into the decision making organ of the global parliamentary body.

A statement by the Chief Press Secretary (CPS) to the Deputy Speaker, Mr. Levinus Nwabughiogu stated that earlier on their arrival from Angola via Nnamdi Azikiwe International airport, Abuja, both top Nigerian lawmakers told journalists of their exploits at the assembly, saying Nigeria has now taken her rightful place in the comity of nations.

Akpabio also said that Nigeria’s membership into IPU’s top committee will create job opportunities for Nigerians.

He revealed that President Tinubu was consulted on their decisions while in Angola.

“A lot of employment opportunities will be created. A lot of offices will be opened. Sub national offices will be oppend and a lot of children who wish to be diplomats will have the opportunity of working there and it will also attract foreign direct investment in the area of training and retraining and capacity building not just for the legislators but for people who are in different fields. It’s quite a lot actually. The benefits are enormous. We thank God.

“And it is something we should dedicate to the victory of President Bola Ahmed Tinubu because it was happening at this time. And we were also consulting and briefing him on what was going on and there were very critical decisions we had to make sure that he was involved as the President of the country because that was an international body. You can’t take a wrong step”, the Senate President had said.

Speaking on the recent electoral victory of Tinubu, Akpabio congratulated the President and the ruling All Progressives Congress (APC).

He urged the President’s opponents to join hands with him in building the nation.

"We were very glad to receive the report of the victory of President Bola Ahmed Tinubu at the Supreme Court. So, we use this opportunity on arrival on the Nigerian soil to also congratulate him and our party, APC. We had no doubt that he won the election. We had no doubt that this was the will of God for Nigeria. And we pray that God will give him the wisdom, the health and sound mind to pilot the affairs of this country for the next 4 years. And we are also praying that those who contested against him up to turn courts to see the need to drop all their hatchets and join to build a greater Nigeria particularly at a time of this kind of economic difficulties. So, congratulations to us. Congratulations to Mr. President”, he said. we

Signed:

Levinus Nwabughiogu, Chief Press Secretary (CPS) to the Deputy Speaker, House of Representatives, Federal Republic of Nigeria. 

Isale Eko Descendants Donates Medical Supplies To Commemorate Oba Akiolu's 80th Birthday

L-R: Prince Wale Ojora (Gen Sec Isale Descendants Union), Mr. Kunle Ajanaku (Chairman membership Committee of Isale Eko Descendants Union), Prince Abiola Olojo-Kosoko (Chief Oloja of Lagos-Elect), Dr. Bello Moshood, Medical Officer of Health  -IGA Idungaran Health Centre, Alhaji Bolaji Are, Elder & Member of the Membership Committee of Isale Eko Descendants Union and Adeniji Kazeem SAN - Former Attorney General Lagos State & Chairman of Isale Eko Descendants Union.

The Isale Eko Descendants’ Union has extended warm congratulations to the esteemed Lagos community and beyond on the occasion of the 80th birthday of His Royal Majesty, Oba Rilwan Babatunde Osuolale Aremu Akiolu, the Oba of Lagos.

In a press statement signed by its Chairman, Adeniji Kazeem, SAN, the IDU also announced the donation of medical supplies to the Iga Idungaran Community Health Centre to mark the birthday of the revered monarch.

The Union said the significant milestone is a testament to a lifetime of service, leadership, and unwavering commitment to their beloved community.

Born on October 29, 1943, HRM Oba Akiolu is a distinguished alumnus of Ansar-Ud-Deen Grammar School, Surulere, and a graduate of law from the University of Lagos. With a remarkable 32-year career in the Nigeria Police Force, he ascended to the position of Assistant Inspector-General of Police in 1999. His glorious journey led him to be crowned as the 21st Oba of Lagos on May 24, 2003, succeeding the late Oba Adeyinka Oyekan, who reigned from 1965 to March 1, 2003.

The IDU said Oba Akiolu's legacy is deeply interwoven with the history and identity of Lagos, saying his reign has been marked by wisdom, grace, and a profound dedication to the well-being of his subjects. The group insisted that under His Majesty's leadership, Lagos has witnessed remarkable growth and development, and the city continues to thrive as a centre of commerce, culture, and tradition.

The group said Oba Akiolu is celebrated for his benevolence, candour, and bravery, stressing further that the monarch's impact on the lives and well-being of the people of Lagos and Nigeria is profound.

IDU added that the retired Assistant Inspector General of Police should also be celebrated for his modernization efforts at the palace, which include the construction of a guest house, library, and health centre, adding that the Iga Idunganran Health Centre, funded entirely by the Oba, provides free healthcare services to the community.

"He has also been instrumental in securing employment opportunities for numerous Lagos indigenes within the Lagos State, Federal Government, and private organizations. Additionally, he has been at the forefront of the return of properties belonging to Lagos indigenes, including the iconic Tafawa Balewa Square in Lagos, from the Federal Government.

"Our revered monarch has been a resolute and effective leader, ensuring peace and harmony in his domain through timely and astute guidance to his subjects and governmental bodies. Oba Akiolu's reign has witnessed the progress of his subjects in all aspects of human life, including the attainment of the highest offices in the nation.

"As the traditional custodian of our heritage, Oba Akiolu has been a source of inspiration and guidance to Isale Eko and the wider Lagos community. His commitment to preserving our cultural heritage while also promoting progress and modernization is a testament to his visionary leadership.

K’ade pe lori,

ki bata pe lese

Ki ase pe lenu

Omo obalufon,

Omo erin jogun ola,

Omo Oba ado kenme, bini arokun tayo,

Omo oba ologunkutere asa logun,

Orisha ni e be ,

e ma be kutere,

Orisha a gba obi,

kutere a gba odindin ori eni,

omo atupa idunganran,

Igba odun odun kan ni oooooo Olowo Eko Baba Fuad

We wish His Royal Majesty, many more years of purposeful leadership as the Oba of Lagos, filled with good health and tranquillity," Kazeem was quoted in the press statement.

City Of Houston, Texas, USA Proclaims October 25 As FITCC Day

In recognition of Fidelity Bank Plc’s commitment to fostering bilateral trade and economic development between the city of Houston, Texas and Nigeria, the City of Houston has designated October 25 as “Fidelity International Trade and Creative Connect Day”. 

 

Mayor Sylvester Turner of Houston officially declared the special day in a statement released from Houston, Texas, on Thursday, 26 October 2023.

 

The proclamation reads in part, “Whereas, The Fidelity International Trade and Creative Connect summit committed to fostering bilateral trade and economic development between the city of Houston and Nigeria. The City of Houston commends Fidelity Bank Nigeria for their commitment to enhance international trade.

 

“Therefore, I, Sylvester Turner, Mayor of the City of Houston, hereby proclaim October 25, 2023, as Fidelity International Trade and Creative Connect Day.”

 

It would be recalled that Fidelity Bank hosted the second edition of its international non-oil trade expo tagged FITCC Houston on 24 and 25 October 2023 in the city of Houston, Texas, United States of America. The event featured exhibitions by more than 160 businesses as well as several panel and networking sessions all tailored towards increasing the number of Nigerian businesses that export into the US market and enabling exporters to build capacity to improve product quality and meet international standards amongst other objectives.

 

“We are grateful for the warm welcome from the Houston community and residents of Nigerian descent. Quite often we are asked why we choose to host this year’s FITCC in the city of Houston and our response has revolved around the economic opportunities provided by its demographic profile and ethnic diversity as well as its strategic location which makes the City the ideal destination for international trade and a transit point to other regional markets in the South of the United States of America”, remarked Fidelity Bank’s MD/CEO, Mrs. Nneka Onyeali-Ikpe in her welcome address at FITCC Houston.

 

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank was recognized as the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. 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.

Lagos Govt Impounds 100 Vehicles Parked On Bridges

Lagos State Government has impounded no fewer than 100 vehicles for parking on bridges in the state.

This is contained in a statement issued by Mr Taofik Adebayo,Director, Public Affairs and Enlightenment Department ,Lagos State Traffic Management Agency (LASTMA),on Thursday.

According to the statement, the vehicles were impounded during an enforcement operation ,led by Mr Sola Giwa, Special Adviser to the Governor on Transportation,on Wednesday.

it said the exercise was carried out following the expiration of a seven -day order issued to motorists and commercial drivers to vacate all illegal garages, and bridges.

The statement quoted Giwa as saying that the enforcement operation was aimed at removing all infractions impeding the free flow of traffic on bridges.

Giwa said the vehicles ,both  private snd commercial, were impounded on Ejalonibu, Obalende, Apongbon Ebute-Ero, Idumota (Carter) bridges on Lagos Island. 

The special adviser described indiscriminate parking   as nauseating,saying it causes gridlock ,thereby inconveniencing other road users .

“The enforcement operation would be a continuous exercise until zero tolerance on activities of these commercial bus drivers operating illegally across the state was achieved in line with the T.H.E.M.E agenda of the present administration.

“We would continue to ensure free flow of traffic movement by scaling up our enforcement and clampdown operations on these stubborn private/commercial bus drivers,”Giwa said.

He said indiscriminate parking was contrary to the provisions of the Lagos State Transport Sector Reform Law, 2018.

Giwa said owners of the impounded vehicles would soon be to court for prosecution.

Sterling Commits N1 Billion To Agro-Innovators For ASA 2023

Agric Summit Africa (ASA), known for its significant contributions to the agriculture sector, proudly announces the forthcoming 5th edition of its annual event. This year's event, themed "Empowering Innovations: A Confluence of Capital, Vision, and Agribusiness Enterprise," is set to take place on 8th of November 2023 in Lagos, Nigeria.

The Group Head of Agric and Solid Minerals, Sterling Bank Limited, Dr. Shola Obikanye, commented that, since its maiden edition in 2019, ASA has played a pivotal role in addressing critical issues within Nigeria's agriculture sector. It has consistently brought together influential figures from various sectors to discuss and explore innovative solutions for the industry's challenges.

The initiative has rightly earned its place as a cornerstone event for the agriculture sector in sub-Saharan Africa.

He declared that to commemorate its fifth anniversary, ASA has chosen to lead with the kind of innovation and change it has advocated for over the years. “This year the organisers of the ASA will feature an incubator-style investors' deal room, which, in addition to its insightful discussions, will offer the opportunity for agribusiness entrepreneurs to promote their innovative ideas and receive the necessary funding and business support they need to scale”.

This unique addition provides a platform for promising agro-innovators to present their transformative business solutions to a panel of industry experts, with a chance to secure grants of up to N50 million and financing options totalling up to N1 billion.

The driving force behind ASA AgroPitch 2023 is rooted in ASA's commitment to financing Nigeria's agriculture sector and fostering the change needed for advancement. By injecting substantial capital at the SME level, ASA is championing the movement to shape a sustainable agricultural future for Nigeria.

This initiative warmly invites all promising agropreneurs to join this noble endeavour and establish themselves as pioneers of agricultural innovation.

To participate in ASA AgroPitch 2023, interested agribusiness owners can submit their applications through the ASA website at www.agricsummit.org. Follow the two-step application process for an opportunity to grow your agribusiness exponentially.

Entries for applications will close on the 30th of October, 2023 at 11:59pm.

Senate To Conduct Holistic Investigation On PIA

Senate at plenary on Thursday urged its Committees on Petroleum Downstream and Gas to conduct a holistic investigation on the implementation of the Petroleum Industry Act (PIA).

This followed the adoption of a motion on “Urgent Need for Enquiry into Implementation of the Petroleum Industry Act (PIA) 2021with Regards to Potential Exit of International Oil Companies (IOCS) from Nigeria: Case of ExxonMobil in Akwa Ibom, sponsored by Sen. Etim, Aniekan. 

Presenting the motion, Aniekan said that the discovery of oil and gas in commercial quantity in Nigeria saw the arrival of International Oil Companies (IOCs) such as Shell PB, Mobil Producing Nigeria Unlimited, ater merged into ExxonMobil) Nigerian Agip Oil Company (NAOC) among others.

He said the coming of the IOCs in Nigeria was for purpose of further exploration, development and production in the oil and gas sector.   

He said the IOCs went into Joint Venture (JV) contracts with the Federal Government through the NNPC Ltd.

Aniekan said the case in point was the JV where the NNPC had 60 per cent while ExxonMobil had 40 per cent shares in the JV between the NNPC and ExxonMobil.

“The responsibilities for injection of capital expenditure into the JV and the proceeds of same are shared in corresponding proportions,” he said.

He said ExxonMobil offered to sell its entire onshore and shallow water facilities and business in Akwa Ibom which had established fields and high-quality operations with a highly skilled local operational teams.

Aniekan said the company also had track record of safe operations, high production rate as well as crucially extensive footprint in Akwa Ibom.

He said the it was in preparatory to its exit from its onshore and shallow water operations in the state and to focus on deepwater production. 

He said it was curious that NNPC has the Right of First Refusal (RFR) and has notified ExxonMobil of its intention to exercise that Right of Pre-emption on ExxonMobil’s planned sale of its entire asset in Nigeria’s onshore and shallow waters.

He, however, said that ExxonMobil proceeded to seal a deal with Seplat Energy PlC for that purpose.

He said that the Petroleum Industry Act (PIA) 2021 was enacted to provide legal governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and address the multifarious challenges in the sector which is still the main stay of the country’s economic life.

He said the PIA had not made clear implementation plans for situations such as the now emerging trend of exit of the IOCs. 

He also said the PIA had not holistically resolved issues bothering on protection of interest of the federal government, producing states, host communities or provided future assurances in the handling of situations such as the issue now in focus.

The lawmaker expressed concern about the potential adverse effects of the exit of ExxonMobil from Akwa Ibom including high loss of jobs, exit of professionals and service companies, loss of revenue and abandonment of certain yet to be satisfied obligations.

He also expressed worry that the new company taking over the assets and liabilities of ExxonMobil may not have sufficient capacity to successfully step into the ExxonMobil footprints.

“Concerned that the need to get involved in the processes regarding exit of ExxonMobil in Akwa Ibom State cannot be left in the hands of the NNPC and other regulators alone.

”But that there is real need to involve all stakeholders for purpose of mapping, profiling, marking up, inventorizing and analyzing what Exxon Mobil was doing in the oil producing states and host communities.

“This is to obtain clear undertaking that whoever takes over ExxonMobil will in the interest of the state and her people, also take over all or a reasonable volume of those responsibilities previously undertaken by ExxonMobil,” he said.

He also expressed worry that the PIA implementation had yet to produced any workable coordination or clearing house by which NNPCL, regulators and oil producing companies, coordinate to ensure vital petroleum sector changes.

Sterling Commits N1 Billion To Agro-Innovators For ASA 2023

Agric Summit Africa (ASA), known for its significant contributions to the agriculture sector, proudly announces the forthcoming 5th edition of its annual event. This year's event, themed "Empowering Innovations: A Confluence of Capital, Vision, and Agribusiness Enterprise," is set to take place on 8th of November 2023 in Lagos, Nigeria.

The Group Head of Agric and Solid Minerals, Dr Shola Obikanye, commented that, since its maiden edition in 2019, ASA has played a pivotal role in addressing critical issues within Nigeria's agriculture sector. It has consistently brought together influential figures from various sectors to discuss and explore innovative solutions for the industry's challenges.

The initiative has rightly earned its place as a cornerstone event for the agriculture sector in sub-Saharan Africa.

He declared that to commemorate its fifth anniversary, ASA has chosen to lead with the kind of innovation and change it has advocated for over the years. “This year the organisers of the ASA will feature an incubator-style investors' deal room, which, in addition to its insightful discussions, will offer the opportunity for agribusiness entrepreneurs to promote their innovative ideas and receive the necessary funding and business support they need to scale”.

This unique addition provides a platform for promising agro-innovators to present their transformative business solutions to a panel of industry experts, with a chance to secure grants of up to N50 million and financing options totalling up to N1 billion.

The driving force behind ASA AgroPitch 2023 is rooted in ASA's commitment to financing Nigeria's agriculture sector and fostering the change needed for advancement. By injecting substantial capital at the SME level, ASA is championing the movement to shape a sustainable agricultural future for Nigeria.

This initiative warmly invites all promising agropreneurs to join this noble endeavour and establish themselves as pioneers of agricultural innovation.

To participate in ASA AgroPitch 2023, interested agribusiness owners can submit their applications through the ASA website at www.agricsummit.org. Follow the two-step application process for an opportunity to grow your agribusiness exponentially.

Mohbad’s Mother Opens Up On Soured Relationship With Late Singer

Mrs Abosede Aloba, the mother of deceased singer Ilerioluwa Aloba (a.k.a Mohbad), on Wednesday told a coroner’s court that her relationship with the late singer was not cordial for a long time.

Abosede said that the soured relationship was because Mohbad’s father, Joseph, took him away and instructed him not to contact her. 

She, however, told the Coroner, Magistrate Adedayo Shotobi, that she began to relate better with him in 2019.

She testified during a corner’s inquest into the death of his son.

The musician died on Sept. 12 and was buried the following day. He was aged 27 years. 

His death has been generating controversies, prompting Lagos State Government to direct a coroner’s inquest into the death.

The inquest, which began on Oct. 13, is taking place at the Ikorodu Magistrates’ Court in Lagos State. 

Abosede said that she and Joseph went to the residence of singer Azeez Fashola (a.k.a Naira Marley) to ask him why he had been having a dispute with Mohbad.

“I asked Mohbad to call Pasuma to report Naira Marley because of the consistent beating, and Pasuma said he would intervene.

“Mohbad kept on cautioning me not to talk. I only got to know about the injury four days after, and the only person he had issues with is Naira Marley. The only complaint from the wife about him was infidelity,” she said.

Also testifying, Mr Sultan Ayobami, Mohbad’s disk jockey, said that he knew the deceased since 2018 and started working with him in 2022.

According to him, Mohbad was bullied twice.

He testified that the first time was in June at a club on Lagos Island, while the second took place at Elegushi, Lagos Island, during a film shooting “when Sam Larry drove in with his boys and started to beat Mohbad before he was rescued by Zlatan who took him to his car”.

He said that the matter was reported to the police.

Ayobami said that Mohbad’s brother, Aduragbemi Aloba, was present when Larry threatened to kill Mohbad.

He added that Mohbad sustained injuries during an altercation with Marley, adding that a nurse was invited to treat him.

“When I got back from the chemist where I went to get drugs, I met Mobhad on the floor lifeless, and we rushed him to a hospital where he was confirmed dead,” he said.

Earlier, Mohbad’s father, Joseph, told the coroner’s court that the deceased had been living with Marley since December 2019.

Joseph told the Coroner, Magistrate Adedayo Shotobi, that he and his son lived together for 18 years.

He said that he did not know the exact house in which his late son was living with Marley.

He testified that his son left his (Joseph‘s) house at the age of consent and began to assist Marley while embarking on his own career in music.

Joseph said that he saw the deceased three days before his death.

He added that he saw the deceased’s casket only in a picture.

According to him, the deceased assured him that he would be able to handle his dispute with Marley.

Joseph testified that the deceased’s landed property were in the custody of his mother-in-law, adding that the deceased often told him about his possessions held by his wife and her family.

He claimed that Mohbad’s wife put sleeping pills into his food sometimes.

According to Joseph, his daughter-in-law had been unfaithful to the deceased.

At the beginning of proceedings, the coroner, commiserated with Mohbad’s family on his death, promising that justice would be served in the case.

A Yaba Magistrate’s Court, Lagos State, on Oct. 4, remanded Marley and a Lagos socialite, Balogun Eletu (a.k.a Sam Larry) in police custody over the death of Mohbad.

Africapitalism: Projecting African Solution Developed For Africa – Tony Elumelu Speaks At FII7

Future Investment Initiative Institute (FII7) conference  kicked off  in Riyadh, on Tuesday October 24 and it will run till Thursday October 26th.

The FII7 is a gathering of over 6,000 delegates including political leaders, ministers, CEOs, business leaders, investors, and entrepreneurs to discuss and address global challenges, with leading consulting firms  driving a fair share of the agenda.

The Future Investment Initiative Institute is a global non-profit foundation with the aim to help the world solve challenges in four critical areas: artificial intelligence and robotics, education, healthcare and sustainability. 

The  conference is organised by the Public Investment Fund (founding partner) and the Ministry of Investment of Saudi Arabia (vision partner), and is backed by 23 strategic partners and co-delivered in partnership with knowledge partners and academic partners.

Themed ‘The New Compass’, this year’s event at the King Abdulaziz International Conference Center  delves deep into socioeconomic, geopolitical, and corporate transformations that are taking place across FII’s four key themes of scope.

One of Africa’s representative, Nigerian economist and philanthropist, Anthony Onyemaechi Elumelu CFR, chairman, Heirs Holdings, Transcorp, United Bank for Africa and  the founder of The Tony Elumelu Foundation, during a stimulating fireside chat with event host, Richard Attias  gave an insight into processes designed to give Africa a facelift.

Speaking at the event, Elumelu highlighted the significance of Africapitalism on the continent of Africa.     

According to him, private sectors have a big role to play in developing the continent, saying all hands must be on deck to develop the continent.

Continuing, he said that Africapitalism is a call on the private sector to play it roles in empowering the youth population, empowering young men and women in developing the continent. 

on the business model used in achieving their goal, Elumelu added that transcorp the largest electricity generating company in the world today, has been involved in critical sectors that help to fix some challenges on the continent.

He explained that Africa has to create a bigger market where Africans need to consume what they produce and produce what they consume.  

He said Africans should endeavour to be investors on the continent.

The entrepreneur further explained that Africa’s demography is favourable and it should be used to its advantage.

He added that despite Africa’s challenges, the continent is ready for investment because it has huge investment opportunities, saying the continent needs a marshal plan and a long term capital.

Elumelu further noted that the idea is to work together with the western world to open their eyes of the huge investment on the African continent.  V

Richard Attias, CEO of the Future Investment Initiative Institute, said that the event’s line-up is stronger than ever before.

Yasir Al Rumayyan, Chairman of the Future Investment Initiative and Governor of the Public Investment Fund, will deliver a keynote discussing the role of investment in combating climate change, ensuring technology benefits all, and equitable access to resources.

The event will also feature an Energy Summit, investigating the pace of global decarbonization and how Paris Agreement goals can be realized, and an Innovation Hub that will focus on the future of GPT, Web3 adoption, advancements in autonomous robots, and unlocking quantum computing’s potential.

Partners play an integral role in delivering speakers and insights. Among the line-up of strategic partners are Aramco, Emaar, Neom, PepsiCo, Sabic, Saudi Electricity Company, and Standard Chartered.

Insights, thinking, and dedicated panel discussions are supported by knowledge partners, which includes nine consultancies: Accenture, Arthur D. Little, Bain & Company, Boston Consulting Group, Deloitte, EY, Kearny, KPMG, McKinsey, and Strategy&.

Well-known academic partners include King Abdullah University of Science and Technology and Stanford University.

“Our partners are what make the FII Institute community so impactful. This year, we are proud to recognise partners from 42 leading global corporations, consulting firms, universities and institutions. Our partners reflect an unparalleled concentration of great minds and leaders, and alongside this community, the Institute is making strides towards our only agenda: Impact on Humanity,” said Al Rumayyan.