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Monday, January 20, 2025

FirstBank clarifies, reassures on Gold Standard banking services - ITREALMS

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FirstBank Nigeria has clarified some misleading reports and reassured customers of gold standard banking services, reports 
ITREALMS.
A press statement from FirstBank noted that reports regarding a commercial transaction between First Bank of Nigeria Limited (FirstBank) and General Hydrocarbons Limited (GHL) that is currently a subject of litigation.

As a responsible and law-abiding corporate citizen of Nigeria with utmost respect for the courts, FirstBank will not be able to offer comments on issues which are pending for determination by the courts, as such issues are sub-judice.

However, we are constrained to issue the following clarifications to correct the sponsored but false narratives on the matter presented in some of the media publications.

There is a subsisting commercial transaction between FirstBank as lender, and GHL as borrower, where FirstBank extended several credit facilities to GHL for the development of some Oil Mining Lease assets.

These facilities are backed by very robust loan agreements executed by the parties in which the obligations of the parties are clearly defined and the security arrangement clearly spelt out.

While FirstBank has diligently performed its obligations under the loan agreements, at the root of the present dispute is FirstBank’s demand for good governance and transparency in the transaction, which GHL rejected.

Upon FirstBank’s realization of breaches on the part of GHL including diversion of proceeds, FirstBank requested that an independent operator mutually acceptable to both parties be appointed in line with the terms of the agreement, to operate the financed asset in a transparent manner that will bring greater visibility to the project, protect the interest of, and bring value to all stakeholders. Not only did GHL roundly reject this reasonable and fair request, rather GHL insisted that FirstBank avails it with more funding. GHL refused to execute the terms of offer stipulated by the Bank for the availment of additional funding but rather proceeded to commence needless Arbitral proceedings.

GHL issued a notice to initiate arbitration and has no substantive claim pending at the Federal High Court. GHL approached the Federal High Court solely to seek preservative orders pending arbitration. Some of the preservative orders sought by GHL were granted while others were denied.

FirstBank is the only party that filed a substantive claim against GHL at the Federal High Court and the subject matter of FirstBank 's claim is not identical with the dispute GHL submitted to arbitration because FirstBank's claim is in respect of subsequent credit facilities granted to GHL and the offer letters and finance documents pertaining to the subsequent transactions clearly state that the disputes arising from the subsequent facilities are to be resolved by a court of competent jurisdiction in Nigeria and not by arbitration.

Consequently, it is incorrect to assert that FirstBank abused the process of the court.

GHL off-took crude from the Floating Production Storage and Offloading (FPSO) vessel and diverted the proceeds. The Bank had no choice as a secured lender, under these circumstances of continued breaches, non-payment of due obligations and attempts to shield the Bank away from agreed security and repayment sources, than to approach the court for legal remedies, to preserve assets, recover the diverted proceeds, prevent reoccurrences and safeguard FirstBank’s interest. It is clear to us that the courts do not support or protect illegalities and breaches of contracts.

FirstBank has a long and very rich history of supporting and providing for the financial needs of its customers over its more than 130 years of unbroken existence. FirstBank remains committed to ensuring that it continues to support legitimate business aspirations of its teeming customers. At the same time, FirstBank is committed to the building of a strong credit culture where borrowers pay their debts when they borrow and will always take appropriate steps, within the ambit of the law, to resist attempts by borrowers to repudiate their repayment obligations.

We wish to assure FirstBank’s numerous customers, stakeholders and the general public that FirstBank remains solid, calm, steadfast and unflinching in its resolve to continue to provide first-class services to its teeming customers within and outside the country.

FirstBank also wishes to respectfully thank our shareholders for the indicatively oversubscribed Rights Issue of its parent Company, First Holdco Plc (“FirstHoldco”), in the first round of its capital raise and looks forward to an equally successful final leg of the recapitalization exercise when it is announced by FirstHoldco.

Pump price increase, don't blame us says Dangote - ITREALMS

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The management of Dangote Group has clarified that the recent adjustment in ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices, reports ITREALMS.
Pump price increase, don't blame us says Dangote - ITREALMS
A press statement from Dangote Group informed ITREALMS that as crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.

"At Dangote Petroleum Refinery, we recognise the critical importance of affordable fuel for all Nigerians, and we remain committed to offering the best value with guaranteed quality to our customers. While we have made a 5% adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days, in addition to the premium for Nigerian crude (approximately $3 per barrel) in international markets. Furthermore, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.

"All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide. We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).

"Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market. This is due to our unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remain central to our mission. If Dangote Refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would be approximately N1,150 to N1,200 per litre in some locations, compared to the current price of N970 per litre.

"We are committed to providing reliable, top-quality petrol to the Nigerian people at competitive prices. In these challenging times, we continue to prioritise the best interests of Nigerians, striving to shield consumers from the full impact of global price volatility while adapting to evolving market conditions.

"We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations.

"In the interest of transparency and good governance, Dangote Refinery will commence publishing its ex-depot price, ex-vessel price as well as pump price on a weekly basis so that consumers are not exploited.

"We would like to express our gratitude to President Bola Ahmed Tinubu for the introduction of the visionary Naira for Crude Initiative. This groundbreaking initiative has enabled consistent access to high-quality PMS for all Nigerians, while also insulating the Nigerian consumers from the volatility of the global oil market."

Chuks Egbune/Editor

Thursday, January 16, 2025

ANLCA 2025 Chapter Election: Chairmanship aspirant Isikaku vows not to step down - ITREALMS

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The Chairmanship aspirant of Association of Nigerian Licensed Customs Agents (ANLCA), Onne seaport chapter in the 2025 election, Chief Ifeanyi Isikaku, (Onwa) has vowed not to step down for any candidate.
Disclosing this Tuesday in a pre manifesto unveiling in his office in Port Harcourt, Rivers state, Chief Isikaku emphasized the essence of experience and integrity as cardinal ingredients for successful leadership.

Journalist’s son, 'Hundred' plans music debut with 'Habibi Cover' - ITREALMS

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A new hip-hop single, titled "Habibi Cover" by Olawale Kayode-Adedeji whose stage name is 'Hundred' is set to hit the music landscape, reports ITREALMS.
Olawale is the 26-year-old son of journalist Prince Dimeji Kayode-Adedeji, founder of Penpushing Media.

USSD code debt: Zenith, Fidelity, UBA, Sterling, 5 others may be disconnected - ITREALMS

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A total of nine banks may be disconnected before end of this month due to unpaid debt arising from deployment of Unstructured Supplementary Service Data (USSD) Codes with Zenith, Fidelity, United Bank for Africa (UBA) and Sterling Bank leading the list, reports ITREALMS.
USSD code debt: Zenith, Fidelity, UBA, Sterling, 5 others may be disconnected - ITREALMS
Other financial institutions that may be affected include First City Monument Bank, Jaiz Bank Plc, Polaris Bank Limited, Unity Bank Plc, and Wema Bank Plc.

Wednesday, January 15, 2025

Soludo congratulates Mark Okoye as pioneer MD South-East Dev. Commission - ITREALMS

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The Governor of Anambra State, Professor Chukwuma Charles Soludo, has congratulated Mr. Mark Okoye on his confirmation by the Senate as the pioneer Managing Director of the South East Development Commission (SEDC) after a rigorous screening, reports ITREALMS.
Soludo congratulates Mark Okoye as pioneer MD South-East Dev. Commission - ITREALMS
In his goodwill message, Governor Soludo described Mr. Okoye's appointment, following his nomination by President Bola Ahmed Tinubu, GCFR, as an attestation to his exceptional leadership capabilities and dedication to public service, qualities he abundantly demonstrated while serving as the MD/CEO of the Anambra State Investment Promotion and Protection Agency (ANSIPPA) and previously as Commissioner for Budget and Economic Planning in the state. 

Gulf American University awards Max Amuchie with doctor honoris causa of science - ITREALMS

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The Gulf American University (GAU), Dubai, United Arab Emirates, has awarded the founding Chief Executive Officer (CEO), Sundiata Post Media Ltd, Dr. Max Amuchie, with Doctor Honoris Causa of Science, reports ITREALMS.
GAU awards Max Amuchie with doctor honoris causa of science - ITREALMS
A Doctor Honoris Causa or honorary doctorate, is a doctoral-level honorary degree that a school can give to an individual who has made significant impacts in a given society.

NIMC CEO, Coker-Odusote bags honourary doctorate @African University - ITREALMS

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The Chief Executive Officer (CEO) and Director-General (DG) of the National Identity Management Commission (NIMC), Mrs Abisoye Coker-Odusote was honoured with an honorary doctorate degree by the African University of Science and Technology (AUST) in Abuja, the federal capital territory (FCT), reports ITREALMS.
NIMC CEO, Coker-Odusote bags honourary doctorate @African University - ITREALMS
The event which took place on Tuesday. 

NCC approves mobile operators' disconnection of debtor banks over USSD - ITREALMS

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The reasons for the latest approval by the nation’s telecoms regulator, the Nigerian Communications Commission (NCC) to telecommunications companies, especially the Mobile Network Operators (MNOs) to disconnect some nine indebted financial institutions have emerged, reports ITREALMS.
NCC approves mobile operators' disconnection of debtor banks over USSD - ITREALMS
NCC had on Wednesday, January 15, 2025 issued a public notice of the approval to telcos to withdraw Unstructured Supplementary Service Data (USSD) Codes assigned by the Commission to financial institutions over unreconciled over N200 billion indebtedness.

Media Rights accuses FG over underfunding FoI - ITREALMS

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The Media Rights Agenda (MRA) has accused the Federal Government of Nigeria, of undermining the effectiveness of the Freedom of Information (FOI) Act by persistently under-funding its implementation, reports 
ITREALMS.
Media Rights accuses FG over underfunding FoI - ITREALMS
MRA also noted that only one percent of Federal public institutions have allocations in their 2025 budget proposals for FOI-implementation and related activities.

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Sophia Oluchi Nwafor of Urum wins Anambra State 'Most Innovative Content Creator' - ITREALMS

ITREALMS ... making leadership SENSE with digital news! A student of Nnamdi Azikiwe University, Awka, Anambra State in the Department of Eco...