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Tinubu to Qatari investors: Report officials who demand bribes to me

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President Bola Tinubu has asked Qatari investors to bring their investments to Nigeria, saying public officials who demand bribes from them should be reported.

 

Speaking at the Nigeria-Qatar business and investment forum in Doha on Sunday, Tinubu told the investors that Africa’s largest economy and its systems are being reformed and upgraded.

 

According to a statement on Sunday, the president assured the international business community that Nigeria is ready for serious business, pledging to remove all bottlenecks hindering profitable and legitimate enterprise.

 

He encouraged Qatar’s captains of industries to report any government official who demands a bribe or any form of inducement at any point in their business endeavour, assuring them of direct access to his office.

 

“I am here to give you the assurance that reforms are going on; forget about whatever you heard in the past. Whatever is the obstacle or problem that some of you might have experienced; it is in the past, because there is no obstacle in the future,” he said.

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“Do not offer a bribe to any of our people, and if it is requested or taken from you, report to us. You will have access to me.

 

“Nigeria will no longer be defined by the past, but by what we do now and moving forward. Do not let perceptions become a hindrance to your will to invest. Nigeria is serious about revolutionizing investment promotion.

 

“We are removing obstacles today and we are going to continue to remove all obstacles. We have done so much within nine months. And I am assuring you, it is free entry, and free exit. Your funds will flow smoothly into and out of our country. Bring your investments.”

 

He said Nigeria possesses vast opportunities in various fields, telling his host that the West African nation is rich in mineral resources.

 

“We have oil and gas; we have solid minerals. I do not see why we cannot become prolific partners in exploring iron ore, as well as steel production, and energy across the board,” he said.

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“I am here to give you assurances in all spheres: tourism, hospitality, healthcare, and in many other opportunities that abound around us. Do not be the investors who miss out on the golden opportunity we present.”

 

‘WAR AGAINST CORRUPTION STRENGTHENED’

Tinubu also said the war against corruption and insecurity in Nigeria has been significantly strengthened with the appointment of Nuhu Ribadu as the national security adviser (NSA).

 

“We have a man who has won many global awards for anti-corruption as an anti-corruption czar,” he said.

 

“My responsibility is to tell you that Nigeria is open for business, and to assure you that your investments are safe in our hands. We have men and women of great reputation here. And we believe we can forge a good committee that will advance our discussions to fruitful conclusions.

 

“A nation is an artificial entity unless there are good people to drive it. People build great nations and we have great people. We are ready.”

 

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Welcoming the Nigerian delegation, Sheikh Mohammed Bin Hamad Bin Qassim Al Abdullah Al Thani, Qatar’s minister of commerce and industry, said his country looks forward to exploring opportunities in Nigeria, owing to its population demography and market, as it seeks to prioritise new investments in low carbon initiatives, mineral products, petroleum chemicals, industry, and consumables.

Accompanying the president to the Nigeria-Qatar business forum were Babagana Umara Zulum, Borno governor; Uba Sani, Kaduna governor; Babajide Sanwo-Olu, Lagos governor; Wale Edun, coordinating minister of the economy and minister of finance; Dele Alake, minister of solid minerals development; Muhammad Ali Pate, coordinating minister of health and social welfare; Adegboyega Oyetola, minister of marine and blue economy; Doris Uzoka-Anite, minister of trade, industry and investment; Jamila Bio Ibrahim, minister of youth; and Ekperipe Ekpo, minister of state for petroleum resources (Gas).

Others include Nuhu Ribadu, national security adviser; Olu Verheijen, special adviser on energy; and Dele Kelvin Oye, president of the Nigerian Association of Chambers of Commerce and Industry, Mines, and Agriculture (NACCIMA).

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‘We are changing lives every day’ —  Oando restates commitment to a sustainable energy future for Nigerians

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In continuation of his dedicated mission to ensure a robust sources of energy for Nigerians, Wale Tinubu, the Group Chief Executive of Oando, has emphasized the company’s long-standing dedication to transforming lives through accessible energy sources. 
“This is an energy story we’ve been writing for over 30 years. We are changing Nigeria’s lives every day by providing access to varied energy sources that power industries and fuel the economy,” Tinubu stated.
Tinubu, in a compelling narrative about Nigeria’s energy landscape, conveyed a strong sense of purpose, asserting that Oando has a mission to demonstrate the capacity of indigenous companies to lead the nation’s energy sector.
While drawing a parallel to Nigeria’s independence in the 1960s, he explained, “We see this as the emancipation of Nigeria’s indigenous oil and gas community.
“With a deep understanding of the resources beneath the surface, Oando is determined to excel and embrace meritocracy. We do not understand limits; we strive for the best,” Tinubu affirmed.
He noted that the company adheres to global standards in operations and maintenance, while at the same time showcasing its commitment to quality and excellence.
Highlighting the significance of the Okpai Phase I and II projects, Tinubu explained that the facilities boast a combined capacity of approximately 1GW, marking them as “the most reliable and efficient plants in the country.
“Since 2005, Okpai has contributed over 43,435 GWh to the national grid, enabling communities across Nigeria to thrive. Okpai Phase II is set to make an immediate impact, with an expected injection of 300 MW into the national grid, followed by an additional 180 MW anticipated by the third quarter of 2025.”
 Tinubu emphasized that the $800 million, 480 MW facility is centered on the company’s mission: “Building our nation remains at the heart of what we do.”
He went further to highlight Oando’s commitment to local communities, noting that over 8.5 GW of electricity has been delivered since the commissioning, and stressing the company’s role in fostering employment.
 “We have achieved 12,332,594 LTI-free man-hours as of September 2024,” he proudly announced.
Oando continues to lead the charge in the energy sector, taking significant strides in illuminating the lives of Nigerians and securing a sustainable energy future for all.

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Marketers can’t lift petrol without NNPC approval – Dangote refinery

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The Dangote Petroleum Refinery says it has not received any payment from the Independent Petroleum Marketers Association of Nigeria (IPMAN) for refined petroleum products.

 

In a statement on Thursday, Anthony Chiejina, the company’s group chief branding and communications officer, told IPMAN that the refinery cannot be held accountable for payments made to the Nigerian National Petroleum Corporation (NNPC), adding that no approval has been received from the national oil firm on the sale of petrol to marketers.

 

On October 29, Aliko Dangote, founder of the Dangote Industries Limited (DIL), said the refinery currently holds over 500 million litres of petrol, but oil marketers are not buying the product.

 

In a counter-response, the IPMAN said its members had been unable to load petrol from the Dangote refinery for days.

 

Speaking on Channels Television’s Sunrise Daily programme on October 30, Abubakar Garima, IPMAN’s president, said the association has paid N40 billion to the NNPC, but still cannot source the product.

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In the refinery’s latest statement, the organisation said it currently has no direct dealings with IPMAN.

 

“Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them,” the refinery said.

 

“Consequently, we cannot be held responsible for any payments made to other entities.

 

“The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us.

 

“In the same vein, NNPCL has neither approved nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.”

 

Dangote refinery reiterated its ability to meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel.

 

The Chiejina said the refinery is capable of loading 2,900 trucks per day and has also been evacuating petroleum products by sea.

READ  “He will be sorely missed': Tinubu mourns Baba Adini of Lagos

 

He advised IPMAN to register with the refinery directly and make direct payments, noting that there is “more than enough petroleum products to satisfy the needs of their members”.

 

“It is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu,” Chiejina said.

 

The company also encouraged all stakeholders to collaborate and heed Tinubu’s advice, promoting a unified approach rather than engaging in media conflicts and unnecessary propaganda.

 

On October 10, IPMAN had asked the NNPC to sell PMS to its marketers at the Dangote refinery rate or refund the oil marketers’ money.

 

During the television programme, the president of IPMAN said the marketers’ monies have been with the national oil company for three months.

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Wema Bank Releases Q3 2024 Unaudited Results

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Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth

Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

 

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to ₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

 

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to ₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023: ₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

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Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.

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