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We Have Sufficient Fuel, Kachikwu Assures Nigerians

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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Sunday assured Nigerians that there is sufficient Premium Motor Spirit (petrol) in the country.

Kachikwu in an Interview with the News Agency of Nigeria in Lagos, said that the country had gone past the era of fuel scarcity and urged motorists to desist from panic buying.

“I can say that there shouldn’t be any reason for fuel scarcity, we have gone past the era of fuel scarcity.

“NNPC informed me when I made inquires that they imported enough.

“Yesterday, I saw a few pockets of scarcity in Abuja, but I was told that it was Petroleum Equalisation Fund (PEF) related distribution issues, and it will be sorted out as soon as possible..

“So, it is not an issue of lack of sufficiency, I am told they have about 28 day’s sufficiency, two weeks ago, they presently have between 14 and 15 days product sufficiency,’’ he said.

The minister noted that the 28 days sufficiency was okay based on 50 million litres daily utilisation in the country.

“ I don’t expect to see a scarcity, I just expect them to work hard over the next few days to deal with whatever logistic issue they have. I will be working with NNPC on that,’’ he added

On queues building up in some filling stations in Lagos and Abuja, he maintained that the country was wet enough to serve the needs of motorists.

“ I haven’t visited Lagos cities, but the information I have is that there is enough product on ground and we should be able to deal with whatever it is.

“The problem with fuel scarcity is that if you allow it to last for three days , then it builds up a life of its own.

“That is what I have enforced NNPC to do to make sure that it is resolved,’’ he said.

Kachikwu noted that it would had been a major issue for the country if there was insufficient product on ground but assured that NNPC would be able to resolve whatever the situation was in a few days.

A check by NAN on Sunday in Abuja, revealed that there were no queues in most filling stations along Airport road and Kubwa expressway.

NAN reports that at NNPC outlet, Conoil and NIPPCO filling stations along airport road, motorists were buying fuel with ease, except at the NNPC mega station at the Central business district, which a short queue.

A taxi driver, Johnson Adio said “this is not a serious queue, I spent just 20 minutes before buying, it is normal with this station because a lot of people like buying from them.

“It was on Friday that we had a little problem, but it is okay now,” he said.

Also, along the Kubwa Express way, there was no queue at AA Rano filling station, Shema, Mobil and NNPC stations.

NAN also reports that only few filling stations like DAN oil along the airport and the Kubwa express way were closed.

(NAN)

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Business

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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FirstBank Partners International Women’s Society to Empower Women

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First Bank of Nigeria Limited has partnered with the International Women’s Society (IWS) to empower over 250 widows, in commemoration of the 2024 International Widows’ Day.

The News Agency of Nigeria (NAN) reports that beneficiaries at the Lagos event, tagged “IWS Widows Feast and Empowerment Programme”, received various essential tools, equipment and grants. The items distributed were sewing machines, freezers, coolers, hair dryers, cake mixers, industrial cooking gas, generators, and freezers to help the widows establish and sustain their businesses.

Ms Lande Atere, Chief Customer Experience Officer, FirstBank, said that the financial institution had been partnering with IWS for over a decade. According to her, the bank has been empowering women-owned Small and Medium Enterprises (SMEs) with funding and skills acquisition.

“As an organisation that strategically prioritises financial inclusion, we will continue to support IWS in creating entrepreneurial opportunities and promoting self-reliance and vocational skills among women,” Atere stated.

Mrs Adebanke Adeola, Chairperson of the International Women’s Society (IWS) Widows Trust Fund (WTF), appreciated FirstBank for supporting the society in empowering and feasting with the widows. Adeola mentioned that the bank provided Point of Sale (POS) machines to improve the benefiting widows’ access to financial services and income generation opportunities.

Also, some beneficiaries would receive extra working capital through the generosity of the financial institution and other sponsors.

“This partnership, along with generous sponsorships from other companies and individuals, enables us to continue our mission and expand our impact. The programme, organised yearly, aims to help widows achieve financial independence and self-sufficiency,” Adeola said.

Culled from NAN

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Fidelity Bank Leads Trading As Equities Gain N324bn

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Fidelity Bank Plc was the most active stock on Monday, 10 June 2024 at the Nigerian stock market as a strong positive sentiment led Nigerian equities to a net capital gain of N324 billion in the first trading session of the week.
The market opened with widespread positive sentiment as investors sought to lock into value stocks in the high-end sectors of oil and gas, construction and manufacturing.
With three gainers for every loser, the market closed with average return of 0.58 per cent, equivalent to net capital gain of N324 billion.
The momentum of activities also improved considerably as total turnover rose by 148.33 per cent to 963.541 million shares valued at N13.498 billion in 8,657 deals. Fidelity Bank topped the activity chart with 605.257 million shares valued at N6.025 billion.
Fidelity Bank’s activities appeared to be driven by buy sentiment as the stock closed within the top 15 gainers with a gain of 6.52 per cent to close at N9.80 per share.
The All Share Index (ASI)- the common value-based index that tracks all share prices at the Nigerian Exchange (NGX), rose by 0.58 per cent to close at 99,793.71 points as against its opening index of 99,221.14 points.
Aggregate market value of all quoted equities also increased simultaneously from its opening value of N56.128 trillion to close at N56.452 trillion.
Other most active stocks included Access Holdings, which recorded turnover of 93.067 million shares worth N1.744 billion. United Bank for Africa (UBA) traded 58.726 million shares valued at N1.261 billion. Nigerian Breweries traded 45.256 million shares valued at N1.267 billion while Zenith Bank traded 16.079 million shares worth N539.552 million.
Analysts at Futureview Financial Services said they anticipated a mixed sentiment in the equities market, primarily due to the enduring allure of the fixed income market among investors.
“This interest is fueled by expectations of increased rates in the Nigerian Treasury Bill (NTB) auction and the impending release of the inflation rate. However, amidst these factors, there remains an opportunity for sustainable growth, particularly in fundamentally strong stocks that currently find themselves in the oversold region. We foresee a selective pursuit of bargains, particularly in dividend-paying stocks, driven by the nearing corporate qualification and payment,” Futureview stated.
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