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Disclose Owners of Oil Wells Within Seven Days, FG Tells Operators

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The Nigerian Upstream Petroleum Regulatory Commission on Thursday, issued a seven-day ultimatum for all lease and licence holders operating in Nigeria’s oil and gas sector, to disclose the real owners of their companies.

In the directive signed by its Chief Executive, Gbenga Komolafe, the commission demanded that the information to be disclosed must include the identity (ies) of the beneficial owner(s), the level of ownership, and details of how control is exerted.

He stressed that the full list of real owners of their companies is submitted to the commission.

The new directive released by NUPRC was tagged, “Notification No. 1 to All Licence and Lease Holders in Nigeria on the Requirement for Submission of Beneficial Ownership Information.”

The move came on the heels of the recent release of a beneficiary ownership register by the Nigerian Extractive Industries Transparency Initiative, and the Corporate Affairs Commission.

Komolafe had also recently hailed NEITI’s efforts in the promotion of an open and accountable system in the management of extractive resources, explaining that NUPRC and NEITI shared a common vision of transparency in Nigeria’s energy sector.

According to Komolafe, the NUPRC is fully committed to working with NEITI to deepen Nigeria’s implementation of contract transparency and beneficial ownership disclosures in the country.

Komolafe stated, “At the NUPRC, we are implementing the beneficial ownership reporting system, as it is a statutory requirement, which demands full disclosure of beneficial ownership information.

“The commission is engaging the oil and companies to ensure their mandatory compliance.”

In the latest notice, NUPRC stated that those expected to comply with the directive, are persons with significant control of at least five per cent shares and directly or indirectly holding the same percentage of voting rights, among others, adding that the significant persons were those otherwise having the right to exercise or actually exercise significant influence or control over a relevant person; or having the right to exercise, or actually exercising significant influence or control over the activities of a trust or firm, whether or not it is a legal entity.

NUPRC said, “The commission hereby requires all entities that apply for or hold a participating interest in an exploration or production oil and gas licence, lease or contract to provide information of their owners, including the identity(ies) of their beneficial owner(s), the level of ownership and details about how that ownership or control is exerted.

“Accordingly, all relevant persons are hereby required to provide the information of persons with significant control over them: A person with significant control means any person directly or indirectly holding at least five per cent of the shares or interest in a relevant person.

“Or a (person) directly or indirectly holding at least 5 per cent of the voting rights in a relevant person; and directly or indirectly holding the right to appoint or remove a majority of the directors or partners in a relevant person.”

Affected persons were to use the beneficial ownership declaration form included in the notification.

The Punch

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MoneyMaster PSB Promotes Mobile Wallet at Ojude Oba Festival

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MoneyMaster Payment Service Bank Limited (MMPSB), a leading payment service bank, is attending the 2024 Ojude Oba Festival to promote its mobile wallet, which simplifies banking transactions in the country.

The Payment Service bank is licensed by the Central Bank of Nigeria and insured by NDIC to promote financial inclusion in furtherance of the Nigerian financial literacy initiative driven by the Central Bank of Nigeria. With Moneymaster, Nigerians can open mobile wallets, savings account, individual and business accounts to make payments, buy airtime, pay utility bills to over 4,000 companies.

It was recently appointed a payment partner to the Ounje Eko initiative by the Lagos State government in its bid to provide discounted food items to residents of the state amidst rising cost of food items. Moneymaster is positioned to support individuals and businesses in their journeys towards financial prosperity by offering bespoke financial services that meet their aspirations.

In a press release issued at the weekend, Moneymaster said it is rounding off a month-long market activation, engaging indigenes and residents of Ijebuland to come onboard its digital banking platform – mobile wallet. Moneymaster mobile wallet avails customers the opportunity to transfer or withdraw cash from an agent, buy airtime and pay utility bills.

It added that during this month-long activation, customers in Ijebuland who open an account stand a chance of winning free airtime amongst other gift items.

The PSB further said that the drive towards a cashless economy can become a reality when more and more Nigerians embrace mobile wallet so as to help them cultivate a more convenient savings habit and also enable them engage in banking transactions with ease.

“While we rejoice with the people of Ijebuland at this time, we also want to showcase what we have in Moneymaster’s mobile wallet that can help various people to enjoy seamless banking from their phones”, the statement said.

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MultiChoice Obeys Court Order, Makes Downward Review of Subscription Cost

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Following a court order mandating it to halt the move to hike prices, MultiChoice has readjusted its subscription rates for DStv and GOtv users in Nigeria.

The company had vowed to challenge the order of the Competition and Consumer Protection Tribunal’s ruling in Abuja after reporting a decline in its subscriber base in Nigeria, leading to the loss of over a million subscribers.

MultiChoice has reflected the readjustment on its company’s apps as at Sunday, June 16, 2024.

Due to the adjustments, DStv subscribers will now pay N29,500 instead of N37,000 for the Premium package, while Compact+ package subscribers can now pay N19,800 instead of the new price of N25,000.

The readjustment now have Compact Bouquet subscribers paying N12,500 previously being charged instead of N15,700, while Confam package subscribers will pay the old price of N7,400 instead of N9,300 per month.

For the Yanga package subscribers, old rate of N4,200 will be paid against N5,100 placed as new rate; while Padi subscribers will pay the former price of N2,950 instead of the N3,600.

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Record Financial Performance: Fidelity Bank Plc Promotes 11% of Workforce

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Leading financial institution, Fidelity Bank Plc has announced the promotion of 11% of its workforce, a testament to the exceptional performance and dedication of its employees.
This significant move follows the release of the bank’s 2023 full year Audited Financial Statements, which reported an impressive 131.5 percent growth in Profit Before Tax (PBT) to N124.26 billion.
The recent promotions span every level within the bank, reflecting Fidelity Bank Plc’s commitment to recognizing and rewarding excellence across its entire organization. This strategic initiative has garnered positive reactions from staff members, who see it as a validation of their hard work and contribution to the bank’s remarkable financial achievements.
In addition to the promotions, Fidelity Bank Plc has also concluded arrangements to raise a total of N127.1 billion through a Rights Issue to existing shareholders and a Public Offer. This move is part of the bank’s broader strategy to strengthen its capital base, support future growth, and enhance shareholder value.
Fidelity Bank Plc’s impressive financial performance and the subsequent employee promotions highlight the bank’s robust operational strategy and its commitment to fostering a rewarding work environment. By investing in its people and ensuring their career growth, the bank continues to build a motivated and high-performing workforce.
Ranked as one of the best banks in Nigeria, Fidelity Bank Plc is a full-fledged customer commercial bank with over 8.5 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 Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, 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.
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