Soludo reassures on every investment, urges indigenes to look homeward - ITREALMS

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The Anambra State government has reiterated its resolve to secure every investment in the domain, ans urged indigens to look homewards, reports ITREALMS.

Speaking at the unvieling of the Anambra Homeland Consciousness Initiative in Amowo Odofin, Lagos, on Sunday, March 2, 2025, the state governor, Prof. Chukwuma Soludo gave this assurance ans beckon on indigenes to take homeland call seriously.

Forfeiture Order: CBN reassures public on Keystone bank’s stability - ITREALMS

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The Central Bank of Nigeria (CBN) has reassured Nigerians and commercial banking public that there is no cause for alarm over the court order on forfeiture of some shares to the Federal Government of Nigeria, reports ITREALMS.

The apex bank also declared that the commercial bank is safe, sound, and fully operational.

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.

GSM reassures on security, conducive environment in Oyo State - ITREALMS

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Governor 'Seyi Makinde (GSM) of Oyo Stae, has assured investors, who already have their investments in the state and intending ones, of his government's commitment to securing life, property and businesses.

The governor also stressed that his administration would continue to ensure that there is a conducive environment for businesses to thrive.

Maida reassures Meta, foreign investors of NCC support - ITREALMS

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The Executive Vice Chairman (EVC) and Chief Executive Officer (CEO) of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, has reassured Foreign Investors of the support of the Commission, reports ITREALMS.

Director, Public Affairs, NCC, Mr. Reuben Muoka in a press statement available to ITREALMS, quoted Maida as speaking while receiving a delegation of Meta, formerly Facebook, led by the company’s Vice President for Africa, the Middle-East and Turkey, Kojo Boakye, when they visited NCC's headquarters in Abuja, said the regulatory support to all investors, including operators in Nigeria, will be predicated on their playing by the rules and regulations guiding the sector.

NEITI 2021 report: NNPC denies NGO allegations, reassures on collaboration with stakeholders - ITREALMS

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The Nigerian National Petroleum Company Limited (NNPCL) would continue to collaborate with the Nigeria Extractive Industries Transparency Initiative (NEITI) and all relevant stakeholders in the reconciliation committee set up by President Bola Tinubu to investigate, review and reconcile the financial records on alleged indebtedness to the Federation by both NNPC Limited and Federation Accounts Allocation Committee, FAAC, reports ITREALMS.

This is coming on the heels of calls by a non-governmental organisation for a probe of several monies allegedly owed to the Federation by the national oil company.

Intense flood looming: FG reassures on providing succour - ITREALMS

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The opening of the Cameroon’s Lagdo Dam has led the Federal Government to warn of intense flooding will be experienced in some states in the next seven days, reports ITREALMS.

The Minister for Humanitarian Affairs and Poverty Alleviation, Betta Edu, gave this prediction on Monday when she hosted the Minister of Water Resources, Minister of Environment, as well as other stakeholders on ways to mitigate the impact of the flooding in Nigeria.

11th AGM: FBNHoldings reassures shareholders - ITREALMS

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The 11th Annual General Meeting (AGM) of FBN Holdings Plc (FBNHoldings), the parent company of Nigeria’s premier financial inclusion services provider, FirstBank, was held on Tuesday, 15 August 2023. 

The virtual AGM was presided over by Alhaji Ahmad Abdullahi, the Group Chairman with shareholders, directors, management staff and other stakeholders in attendance.

INEC reassures on e-transmission of results in 176,606 units, calls for patience - ITREALMS

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The Independent National Electoral Commission (INEC) has reiterated resolve to deliver electronic transmission (e-transmission) of all the 176,606 Polling Units (PUs) results of last weekend general elections, reports ITREALMS.

INEC also informed ITREALMS it has overcomed the earlier challenges in uploading results using the Bimodal Voter Accreditation System (BVAS) and called for patience among Nigeria as upload is ongoing.

NCC affirms sale of 9Mobile, reassures stakeholders

ITREALMS:

Apex telecommunications regulator in the country, the Nigerian Communications Commission (NCC) may have affirmed the sale of 9Mobile to Teleology Holdings Limited, reports ITRealms.

This, ITRealms gathered follows assurances to the stakeholders on its commitment to ensure that investors with requisite technical capability and pedigree manages the new 9Mobile, without any refutal to earlier reports on this acquisition. .

The board of NCC, ITRealms also gathered, had reassured stakeholders on its commitment to ensure that the nation’s fourth largest Mobile Network Operator (MNO), EMTS/9Mobile, is duly taken over by investors with the requisite technical capability and pedigree to manage the organization.

NCC at the end of its board meeting Thursday in Abuja, did not refute the news making round that 9mobile has finally landed in the court of Teleology, rather the regulator, choose to reaffirm determination to avoid the recurrence of any missteps that may have led to the current situation.

Reaffirming this indication to ITRealms, the Director, Public Affairs at NCC, Mr. Tony Ojobo, said the board also made it clear that pursuant to the powers conferred on the Commission by the provisions of the Nigerian Communications Act 2003 and other instruments in that regard, the Commission will ensure that all relevant statutory and regulatory processes are duly complied with in the process leading up to the emergence of new owners for the company.

The board therefore assured all stakeholders that the Commission will apply all necessary diligence to see the ongoing sale process through to its logical conclusion in a manner that protects the overall national interest and the seamless operation of the national telecommunications network.

Nonye Dom/GEE

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TCP @80: NCC reassures on consumer-centric stance

ITRealms:

The Telecom Consumer Parliament (TCP) has marked its 80^th edition at a ceremony in the Federal Capital Territory (FCT) Abuja, just as the Nigerian Communications Commission (NCC) has reassured on consumer-centric stance, reports ITRealms.

The Nigerian Communications Commission, NCC, earlier today hosted a broad spectrum of telecom consumers, operators and an array of other stakeholders for the 80th Edition of the Telecom Consumer Parliament (TCP)

The event which took place at the Shehu Musa Yar’Adua Centre, Abuja on Tuesday, saw the assemblage of broad spectrum of telecom consumers, operators and an array of other stakeholders.

ITRealms reports that in his opening remarks, the Executive Vice Chairman/ Chief Executive Officer of NCC, Prof. Umar Danbatta who was represented by Mr. Sunday Dare, the Executive Commissioner, Stakeholder Management at the Commission, recalled the basis for the institutionalization of the TCP of NCC’s consumer-centric stance, which the declaration of 2017 as Year of the Nigerian Telecom Consumer has come to underscore.

Danbatta also said that the Year of the Nigerian Telecom Consumer Programme is an offshoot of items 2 and 6 of the NCC Management’s 8-Point Agenda unveiled to the public in January 2016. These items speak to the desire to improve the quality of telecom services; and the protection of the consumer as the King, the lifeblood of the telecom sector in Nigeria.

The Year of the Nigerian Telecom Consumer Danbatta said is a reiteration of NCC’s commitment to consumer empowerment and protection through continuous improvement of qualitative, universal and affordable services; wider consultative engagement of consumers to identify challenges, needs and desires; as well as creating pervasive platforms for consumer information and education.

ITRealms recalled that the Telecom Consumer Parliament is the flagship interactive programme of the Commission instituted in 2003 to bring the regulator (NCC), operators and consumers together to reflect on challenges of telecom operations and offer solutions. 

The Consumer Outreach Programme (COP) and Townhall Meeting (THM) are the other two companion programmes designed by the Commission for the same purpose of consumer information, education discussion and resolution of challenges face by the consumers.

Uboshe Uboshe with additional report from Doris Minimah/GEE

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Pix: Sunday Dare, Executive Commissioner of NCC speaking during TCP@80

NCC reassures consumers on rights protection

ITRealms:

The Nigerian Communications Commission (NCC) has said it recognizes telecom consumers and the need to protect their rights, reports ITRealms.

The Executive Vice Chairman/CEO of the NCC, Prof. Umar Garba Danbatta who was represented by the Zonal Controller, Port Harcourt Zonal Office Engr. Chidi Diugwu, gave this assurance at maiden edition of the Consumer- Conversation Forum at the Hall of Celebration Asaba, Delta State.

The gathering according to ITRealms findings was made up of a mix of stakeholders including market groups, students, and representatives of telecoms operators, community leaders, government and non-governmental organisations.

The Commission, he said, recognises telecoms consumers and the commitment to protect their rights were central to the EVC’s welcoming address.

ITRealms also gathered that some key discussions were on the year of consumer doctrine encompassing - Activation of Do-Not-Disturb short code – 2442, to prevent unsolicited SMS messages and calls; Utilization of NCC Toll Free Line – 622 to report complaints regarding unresolved issues with Network Service Providers.

In addition, the doctrine contains “Efforts aimed at enhancing Telecoms Quality of Service, Non-harmful effect of Electromagnetic Field (EMF) radiation on consumers health from Base Transceiver Stations, Effects of Non-Type Approved Telecoms Devices on QoS and Health, NCC Conflict Resolution Processes, as well as Mobile Number Portability Processes.

Uboshe Uboshe/GEE

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