IMF Advice: Queues Creep Back to Fuel Stations, FG considers N250 per Liter

Uche Mbah Following the advice of the International Monetary Fund, IMF, that Nigeria should go the whole hog and remove the subsidy on downstream oil products, government is said to be geared towards a phased increase in pump price of Premium Motor Spirit, PMS. Hours after the announcement by the IMF boss, there appeared long queues at the filling stations. The IMF had advised Federal Government to remove subsidy on Premium Motor Spirits, PMS, for enhancement of economic recovery. Speaking in Washington, the IMF boss, Christiana Lagarde, insisted that subsidy…

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Fidelity Bank Appoints Three New Executive Directors

Fidelity Bank

By Uche Mbah The Board of Directors of Fidelity Bank have recently announced  the appointment of three Executive Directors who, it is expected, will steer the ship of finance to the next corporate level. In a recent meeting in Lagos, the Board approved the appointment of Gbolahan Joshua, a mergers and Acquisition Banker; Obaro Odeghe, a Consumer Service Banker, and Hassan Imam, a Risk Management Banker into Directorial positions. Joshua will act as Executive Director/Chief of Operations and Information Officer while Odeghe will oversee corporate Banking. Imam will take charge…

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NNPC/IPMAN Distract Nigerians Over Pump Price

By Oji Odu First, the Independent Petroleum Marketers Association of Nigeria (IPMAN) came up with a gimmick, following the postponement of the 2019 elections to reduce fuel pump price so as to help ease movement of voters to their polling stations. Today, the association is threatening hell and brimstone that they will unilaterally increase petroleum pump price to over the official N145 per litre if the depot owners keep selling to them at a hiked price of N135.50 instead of the N133.28 The Nigeria National Petroleum Corporation (NNPC) on its…

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Unity Bank Rebounds, Declares N643m Profit

By The Source Unity Bank appears to have escaped impairments that slowed down growth for the mid-tier bank in the last few months. Recall that the Nigerian Stock Exchange, NSE placed the Tomi Shomefun-led bank on suspension for failure to file its financial statements last November. But in what keen market analysts described as a rebound, the bank has announced N643m profit before tax for the nine months financial period ending September 30th, 2018. Notably, analysts insist that the bank has shown increased presence in the agro-business sector by providing…

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IPMAN Set To Increase Fuel Price From N145

By Akinwale Kasali Few weeks after President Muhammadu Buhari is re-elected as the President of the Federal Republic of Nigeria, Nigerians are on the verge of experiencing another pump fuel price increase. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Federal Government and the Nigerian National Petroleum Corporation to ensure that private depot owners maintain the official ex-depot price of Premium Motor Spirit (petrol) at N133.28 per litre. The Chairman, IPMAN, Ore Depot, Mr Shina Amoo, who said this in an interview with our correspondent in Lagos…

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After Sealing Off Seven GTBank Branches, Innoson Eyes Their Headquarters, GTbank Calls For Negotiations

By Uche Mbah The messy face-off between Innoson Motors and GTBank has taken a bizarre turn with Innoson legal  team threatening to seal of GTBank office in Lagos to recover their N8.8 billion. Last week, the, spokesperson of the group, Connell Osigwe, said as many as seven branches of the Bank have been sealed off. He named the Branches as one in Nnewi, two in Onitsha, two in Awka and two in Enugu. “We will have to move to the head office by next week”, he was quoted as having…

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Fidelity Bank: N3b Dividends Pay Out Excites Shareholders

Fidelity Bank

By Bayo Bernard Fidelity Bank Plc has proposed N3.2 billion dividend payout to shareholders ahead the Annual General Meeting, AGM coming up later this year. The development, the tier two lender said came following strong financial results it recorded for the year-ended December 31, 2018. Some shareholders of the bank who spoke with the magazine over the issue said they were happy that the bank has sustained the tradition of paying dividends despite the harsh business environment. Some banks have not paid dividends for years. While speaking on the issue…

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Ikeja Electric’s Bill Resolution Board of Deceit

By Oji Odu Why does the Ikeja Electricity Distribution Company (IEDC) think that the solution of the problem of its electricity district, and Nigeria’s electricity sector is the formation of an electricity Bill Resolution Board (BRB)? Why does it think that the nations electricity consumers have become so senseless that they will waste their precious times to come and engage in unfruitful arguments so that their crazy bills will be reduced? Why do they think that they are doing Nigerian electricity consumers favour by establishing such board instead of doing…

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Customs: FG Cracks Down On Diplomatic VIPs

By Bayo Bernard The intelligence unit of the Seme command of the Nigeria Customs Service, NCS has been stressed to the limit as it struggles to apprehend criminals and smuggler who sometimes use various means, including hiding under the cloak of diplomatic immunity to get passage at the border. The situation is not helped by the delay on the part of the Nigerian Nuclear Regulatory Authority, NNRA to approve for use the multi-million dollar scanner donated by European Union, EU to aide seamless clearance of goods at the Seme/ Krake…

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FAAN vs Air Peace: Pilots Leave In Anger, Fidelity Bank Still Backs Air Peace

The Federal Airports Authority, FAAN, has been battling to extricate itself from the ethnic slur being given to the Ground handling company in the way they handled the Air peace landing crisis. Recall that a Boeing 737-300 acquired by Air Peace was denied Landing at the Murtala Muhammed International Airport, Lagos by FAAN for several hours.  After several hours of wrangling, the Aircraft was allowed to pack at the Cargo terminal instead of the normal parking bay. The visibly angry foreign Pilots who were expected to train the crew on…

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