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Ekweremadus’ sentencing: Reps, ECOWAS parliament flood UK Court with leniency plea

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…Time ticks, tension builds as UK court delivers sentence on Friday

…Temper justice with mercy — Reps plead

…He’s a priceless resource, his long absence denied us invaluable service — Speaker, ECOWAS parliament

…Profiles Ekweremadu’s contribution to Nigeria, West African sub-region

By Moses Adeniyi

As it appears capital punishment lies ahead for former Deputy  Senate President, Senator Ike Ekweremadu, his wife, Mrs. Beatrice Ekweremadu and Dr. Obinna Obeta who have been found guilty of organ harvesting by the Central Criminal Court and the government of the United Kingdom, more institutions and stakeholders within the African continent have begun to deploy the organs of institutional appeals to beg for pardon for the Nigerian lawmaker and his wife as the sentence verdict draw closer.

The institutional effort is coming after some prominent figures of international repute within the region of Africa have written the UK Court for appeals on account of their personal capacity.

Within the Nigerian institutional framework, the House of Representatives joined the appeals for mercy, appealing to the Central Criminal Court and the government of the UK to temper justice with mercy in sentencing Ekweremadu, his wife, Beatrice and Dr. Obeta who have been found guilty of organ harvesting.

The appeal came on the heels of a motion titled, “Motion on the Need for Clemency for Senator Ike Ekweremadu” moved at Tuesday plenary by the deputy minority leader of the House, Hon. Toby Okechukwu under matter of urgent public importance.

The appeal came as the sentence verdict of the three is slated for announcement, Friday May 5.

Presenting the motion, Okechukwu said that Ekweremadu acted based on his limited knowledge of the UK laws, stressing that he must have learned his lessons.

“Senator Ike Ekweremadu, a Nigerian citizen, serving Senator of the Federal Republic of Nigeria, former Deputy President of the Nigerian Senate, and former Deputy Speaker and Speaker of the ECOWAS Parliament and his wife, Mrs. Beatrice Ekweremadu, were tried and convicted by the Central Criminal Court, London, the United Kingdom (UK) for offences relating to the breach of the novel Modern Slavery Act 2015.

“The sentencing of the couple is scheduled for May 5, 2023.

“Senator Ike Ekweremadu acted within his limited knowledge of the UK laws and did write to the UK High Commission to support the medical visa application for the potential donor and did declare the purpose of the trip.

“Senator Ekweremadu and Mrs. Beatrice acted under the natural instincts of parents to save an ailing daughter, and not for commercial purposes.

“It is a common practice in international relations for nations, including the UK, to seek relief for their citizens involved in situations such as that of the Ekweremadus.

“The House is also aware of the longstanding history and cordial ties between Nigeria and the UK.

“Elder statesmen such as former Military Head of State and President, Chief Olusegun Obasanjo, have made a passionate plea for clemency, testifying also to Senator Ekweremadu’s character as a patriot, god-fearing, philanthropic and progressive citizen, who has served Nigeria and West Africa as former three-term Deputy President of the Senate as well as Deputy Speaker and Speaker of the ECOWAS Parliament.

“Several Nigerian national dailies have also joined the call for clemency for the Ekweremadus through their editorials.

“The predicaments of Ekweremadu’s ailing daughter, who needs the financial support and parental love of her parents to scale through her dire health challenge.

“The Ekweremadus must have learnt their lessons,” he said.

Adopting the motion, the House urged the Federal government of Nigeria to take all diplomatic steps and other necessary interventions regarding the travails of the Ekwermadu’s family.

Consequently, the House directed the Clerk of the lower legislative chamber to convey their resolutions in writing to the British Embassy, the UK government and the parliament.

…ECOWAS parliament joins leniency plea, writes UK Court 

Meanwhile on regional institutional coverage, the Parlament of the Economic Community of West African States, (ECOWAS)/Community Parliament, a structure of which Ekweremadu had previously served as Deputy Speaker and Speaker, has joined the appeal.

The Speaker ECOWAS Parliament/Community Parliament, Hon. Sidie Mohamed Tunis wrote a letter to the Chief Clerk of the Central Criminal Court in London to temper justice with mercy over the conviction of Ekweremadu and his wife.

The letter by Tunis addressed to the  Chief Clerk, The Central Criminal Court Old Balley, London, EC4M TEH United Kingdom, titled, A PLEA FOR LENIENCY RE: SENATOR IKE EKWEREMADU, read: “My name is Dr. Side Mohamed Tunis, Speaker of the Fifth Legislature of the Parlament of the Economic Community of West African States, ECOWAS Parliament/Community Parlament (an organization similar in nature and function as the European Parliament). I am also a former Majority Leader and currently a Member of the National Assembly of the Republic of Sierra Leone, where I have served since 2012

“I am aware of the conviction and pending sentencing of Senator Ike Ekweremadu (my predecessor in office) and his wife, Mrs. Beatrice Ekweremadu, who had just undergone trial at the Central Criminal Court, Old Bailey over the breach of UK laws relating to organ trafficking and modern slavery.

“Senator Ike Ekweremadu had over a decade of service with the ECOWAS Parliament. Within that period, he was Speaker of the Third Legislature of the ECOWAS Parlament from 2011 to 2015. He equally served as the First Deputy Speaker of the Second Legislature of the Parliament from 2007 to 2011. Ekweremadu is highly appreciated in the Parliament and the West African sub-region for his sterling roles in the development of the Community Parliament and the preservations and stabilization of democracy in the sub-region.

“I wish to recall that as the First Deputy Speaker of the ECOWAS Parliament in 2009, he chaired the ECOWAS Parlament Ad Hoc Committee on the Political Situations in Niger Republic and the Republic of Guines. His efforts in that regard contributed in no small measure towards resolving the impasse in the two ECOWAS Member States.

“As Speaker, he strenuously and diligently guided the ECOWAS Parliament in the actualisation of the 2011-2015 Strategic Plan of the Community Parliament, among them, the strengthening of the institutional role and powers of the ECOWAS Parliament and the promotion and defense of human rights, justice, gender, democracy. peace, and security in the sub-region. He rallied the Parliament against unconstitutional takeover of power in West Africa, as well as the menace of terrorism, insurgency, and militancy. He visited virtually every flashpoint, sometimes at his very personal expense, in the quest to preserve democracy, peace, and stability in the sub-region.

“Importantly, we, to a very great extent, owe it to his leadership the Enhancement of the Powers of the Community Parliament, a cause he dedicated himself and his resources to in the determined bid of the Third Legislature to transit the Parliament from a consultative to a legislative Parliament. In addition, we will always be grateful to his leadership for the infrastructural transformation of the ECOWAS Parliament.

“I also wish to recall Senator Ike Ekweremadu’s interventions in his personal capacity towards the welfare of Parliamentarians and their constituents in special need throughout his long years of service in the Community Parliament. Many Members of Parliament had had the opportunity of attending the Annual Ikacha Foundation Day where he, together with his wife, doled out full scholarships and bursary awards to indigent students to brighten their future, while equally empowering widows and the youth

“In view of Senator Ike Ekweremadu’s contributions to the West African Community Parliament and his knowledge of the sub-region, as well as his wide experience as a ranking Senator of the Federal Republic of Nigeria, longest-serving presiding officer of the legislature in Nigeria, and a member of several international legislative institutions such as the International Parliament for Tolerance and Peace, International Parliamentary Congress, Climate Parliament, among others, it could be understood why he has been a major asset to the ECOWAS region. He remains a priceless resource and his long absence owing to his circumstance since June 2022 has denied us his invaluable service. It remains dreadful if he faces a long prison sentence in the present circumstance.

“Concerning his daughter, Sonia, I wish to state that it is a common feeling among parents, especially in Africa, not to bury or survive his or her child. As a father, therefore, I can easily relate with the pains, dilemma, and crossroads of the Senator and his wife over the health condition of their alling daughter, who must still undergo a kidney transplant to stand a chance of surviving to fulfil her destiny. And who else could foot the bills better and also provide that morale support for the daughter? It still remains Senator and Mrs. Ekweremadu. It is certain that Sonia cannot survive the absence of her parents in her present health condition.

“At this juncture, I wish to add that I totally stand against the crime for which the Senator and his spouse have been convicted. The Community Parliament also stands against it. We do not support organ harvesting in anyway and by any method. Nevertheless, we believe that lessons have been learnt, not only by Ekweremadu, but by everybody.

“In view of all these, therefore, I wish to fervently appeal to the honorable court, on behalf of the ECOWAS Parliament, for leniency in meting out justice to the couple. We understand the position of the law, but only appeal that the honourable court puts on a human face in this circumstance and temper justice with mercy, especially considering his good behavior and contributions to the good of the society, the less privileged, and democracy.

“Importantly, the typical Ekweremadu, being one, who is given to charity work and experienced in lawmaking in Nigeria and internationally, could also be very useful to the Nigerian and international community in public enlightenment and legal reforms campaigns on organ trafficking to curtail such incidents drawing from his personal experience.”

Ekweremadu, 60; his wife, Beatrice, 56; alongside a Nigerian doctor, Obeta, 51, were recently found guilty of attempted organ harvesting of a Nigerian trafficked to Britain to provide a kidney for their ailing daughter.

Recall, that after a period of legal trial, former President Olusegun Obasanjo, taking a sympathetic side had, in own capacity, written the UK court for leniency.

In a letter addressed to the Chief Clerk, the Central Criminal Court, Old Bailey, in London, the former President had requested Clerk to intervene and ensure the UK government temper justice with mercy on the matter.

The trial of the former Deputy Senate President had become a concern since last year when it was speculated there were clear evidence that could lead to his conviction.   It is feared Ekweremadu may be at risk of being sentenced to 10 years imprisonment in line with the Modern Slavery Act 2015 of the United Kingdom after a London court found him and his wife guilty of organ trafficking.

Obasanjo had in his letter pleading for mercy profiled Ekweremadu with the sense of responsiblity, saying though he recognised the act of the conduct was illegitimate, yet the UK government should be magnanimous in mercy, arguing that both Ekweremadu and his wife have  been committed to enhancing poor people’s access to quality education and healthcare and building their capacity to participate in mainstream social, political and economic activities of their communities.

His letter had read, “My dear Chief Clerk, may I seize this opportunity to commend your utmost dedication and resourcefulness which you have demonstrated with rare qualities of commitment and courage, while also upholding the cherished traditions of the Public Service.

“I am Olusegun Obasanjo, a soldier commissioned into the British Army of the West African Frontier Force in 1958, and rose to the rank of a full General in the Nigerian Army. I received the surrender of the Biafran Army at the end of the Nigerian civil war. I was military Head of State from 1976 to 1979 and elected President from 1999 to 2007.

“It is with great pleasure that I write in respect of Senator Ike Ekweremadu, who I have known for over two decades. Within this period, I have followed and watched, with keen interest, Ike Ekweremadu’s inspiring career which traversed private legal practice and public administration. I recall, with fond memories, the beginnings of our political and social relationship at the outset of our collective quest for democratic rebirth for our fatherland. During my administration as a democratically-elected President of the Federal Republic of Nigeria between 1999 and 2007, Ike Ekweremadu and I had close relationship and interactions as staunch members of our political party, Peoples Democratic Party, PDP, and more so as he got elected into the Senate of the Federal Republic of Nigeria in 2003, of which he has since remained a member till date.

“Within this period of his service in the Nigerian Parliament, he has served as Deputy Senate President of the Senate and has headed so many Committees in various capacities and brought to bear his broad-based experience in legal practice and public administration. Sometime in 2009, he was appointed as the First Deputy Speaker of the Economic Community of West African States, ECOWAS, and made to lead ad hoc Committee to work for the return of constitutional order in the Niger Republic.

“I clearly remember that in the heady days of the keen contest for the presidential ticket of our Party in early 1999, he joined other well-meaning Nigerians from the South-Eastern part of Nigeria to set aside extraneous considerations and ensured that South East unanimously adopted me for the Presidency. This was without regard to the fact that my closest competitor hailed from their part of the country.

“I truly cherish his God-fearing, dispassionate, moderate and pan-Nigerian approach to national issues and developments, in our multi-ethnic, multi-religious geo-polity. He dedicates himself to the service of God and humanity and he continues to play visible roles in national development.

“Through the Ikeoha Foundation, a non-governmental organization founded by him and his wife, in 1997, he and his wife have rendered a lot of charitable activities, enhancing poor people’s access to quality education and healthcare and building their capacity to participate in mainstream social, political and economic activities of their communities.

“Ike Ekweremadu’s conferment with the coveted national honour of Commander of the Federal Republic, CFR, is further testimony to his selfless service to our country, Nigeria.

“Mr. Chief Clerk, I am very much aware of the current travails and conviction of Ike Ekweremadu and his wife in the United Kingdom resulting from their being charged with conspiring to arrange the travel of a 21-year-old from Nigeria to the UK in order to harvest organs for their daughter.

“I do realise the implications of their action and I dare say, it is unpleasant and condemnable and can’t be tolerated in any sane or civilized society.

“However, it is my fervent desire for very warm relations between the United Kingdom and Federal Republic of Nigeria; for his position as one of the distinguished Senators in the Nigerian Parliament, and also for the sake of their daughter in question whose current health condition is in danger and requires urgent medical attention, you will use your good offices to intervene and appeal to the court and the government of the United Kingdom to be magnanimous enough to temper justice with mercy and let punishment that may have to come take their good character and parental instinct and care into consideration.

“I do hope Mr. and Mrs. Ekweremadu have learnt from this distressing experience of theirs to guide their future actions or inactions so they will continue to be outstanding members of their community and will continue to contribute fully to the good of society in particular and the nation in general.

“Please accept the assurances of my highest consideration.”

Ekweremadu’s fate was held in fear after he, his wife, and a doctor were convicted of organ trafficking by a UK court.

The accused were found guilty after a six-week trial at the Old Bailey over the case of facilitating the travel of a young Nigerian to the UK with a view to exploit him by harvesting his organ.

The jury had found that they criminally conspired to bring the 21-year-old Lagos street trader to London to exploit him for his kidney.

Recall  that  the former deputy senate president was arrested and charged by MET Police last June for conspiracy to traffic a man whose name was later revealed as David Nwamini (Ukpo).

Nwamini reportedly was not a minor, based on the details provided by the Nigerian Immigration Service (NIS) and Westminster Magistrate Court last June and July respectively.

Nwamini, according to the UK Guardian, was offered an illegal reward to become a donor for Ekweremadu’s daughter who has a kidney disease that forced her to drop out of a master’s degree in film at Newcastle University.

“In February 2022 the man was falsely presented to a private renal unit at Royal Free hospital in London as Sonia’s cousin in a failed attempt to persuade medics to carry out an £80,000 transplant. For a fee, a medical secretary at the hospital acted as an Igbo translator between the man and the doctors to help try to convince them he was an altruistic donor, the court heard,” UK Guardian had reported.

The prosecutor, Hugh Davies had told the court that the Ekweremadus and Obeta had treated the man and other potential donors as “disposable assets – spare parts for reward.”

He had said they entered an “emotionally cold commercial transaction” with the man.

The behaviour of Mr Ekweremadu, a successful lawyer and founder of an anti-poverty charity who helped draw up Nigeria’s laws against organ trafficking, showed “entitlement, dishonesty and hypocrisy,” Mr Davies told the jury.

He said Ekweremadu, who owns several properties and had a staff of 80, “agreed to reward someone for a kidney for his daughter – somebody in circumstances of poverty and from whom he distanced himself and made no inquiries, and with whom, for his own political protection, he wanted no direct contact.”

“What he agreed to do was not simply expedient in the clinical interests of his daughter, Sonia, it was exploitation, it was criminal. It is no defence to say he acted out of love for his daughter. Her clinical needs cannot come at the expense of the exploitation of somebody in poverty,” UK Guardian had quoted Mr Davies as saying.

Meanwhile, Ekweremadu had denied the charge, claiming he was the victim of a scam. In the same vein, the doctor, Mr Obeta, who also denied the charge, claimed the man was not offered a reward for his kidney and was acting altruistically.

Ekweremadu’s wife, Beatrice, denied any knowledge of the alleged conspiracy while his daughter, Sonia, did not give evidence.

WhatsApp messages shown to the court revealed Mr Obeta charged Mr Ekweremadu N4.5 million (about £8,000) made up of an “agent fee” and a “donor fee.”

Ekweremadu and Obeta later admitted to falsely claiming Nwamini was Sonia’s cousin in his visa application and in documents presented to the hospital.

The prosecution lawyer, Mr Davies had said Ekweremadu ignored medical advice to find a donor for his daughter among genuine family members.

“At no point in time was there ever any intention for a family member close, medium or distant to do what could be paid for from a pool of donors,” he argued.

The judge, Jeremy Johnson, is expected to pass a sentence on Friday.

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NDIC increases deposit insurance coverage for financial institutions

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…New review ensures safety of depositors’ funds — MD

…Warn depositors against patronising unregistered operators

By Matthew Denis, Abuja

The Nigeria Deposit Insurance Commission (NDIC) has announced an increase in maximum deposit insurance coverage for financial institutions in the country.

The new review was announced at a press briefing held at the NDIC headquarters in Abuja.

The Managing Director of the NDIC, Mr. Bello Hassan revealed that the increase of the maximum deposit insurance coverage from N500,000 to N5,000,000, would provide full coverage of 98.98percent of the total depositors compared with the current cover of 89.20 percent.

The MD said, “Findings indicate that high percentages of depositors ranging from 89.20 percent to 99.99 percent were fully insured under the maximum deposit insurance coverage levels across different bank categories (DMBs, PMBs, MFBs, and PSBs), meanwhile, a substantial portion of the total value of deposits, remain uninsured.

“We need to stress at this juncture that high levels of uninsured deposits pose a risk of bank runs. Indeed, the International Association of Deposit Insurers (IADI) Brief No. 9 of 2023 that examined the recent bank failures in the United States of America and Switzerland, concluded that, high levels of uninsured deposits in insured institutions might increase the likelihood of bank runs with dire impact on the stability of the financial system,” he explained.

 Mr. Bello stressed “that based on these considerations, and in line with our commitment to enhancing depositors’ protection, public confidence, financial inclusion, and stability of the financial system, I am pleased to announce that the NDIC’s Interim Management Committee (IMC), during its 18th meeting held on April 24th and 25th, approved an 3 increase in the maximum deposit insurance coverage levels for all licensed deposit-taking financial institutions with immediate effect.

“The adjustments are as follows: i. Deposit Money Banks (DMBs) The increase of the maximum deposit insurance coverage from N500,000 to N5,000,000, would provide full coverage of 98.98 percent of the total depositors compared with the current cover of 89.20 percent.

“In terms of the value of deposit covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37 percent compared with the current cover of 6.31 percent of total value of deposits.”

The NDIC  boss explained  that at the Microfinance Banks (MFBs) the increase of the maximum deposit insurance coverage from N200,000 to N2,000,000, would provide full coverage of 99.27 percent of the total depositors compared with the current level of 98.76 percent and would increase the value of deposits covered by deposit insurance to 34.43 percent compared with 14.38 percent of total value of deposit, currently covered.

He revealed that Primary Mortgage Banks (PMBs) The increase of the maximum deposit insurance coverage from N500,000 to N2,000,000 would provide full coverage of 99.34 percent of the total depositors compared with the current 97.98 percent and would increase the value of deposits covered by deposit insurance to 21.04 percent compared with 10.77 percent of total value of deposit, currently covered.

 ”While the Payment Service Banks (PSBs) the increase of the maximum deposit insurance coverage from N500,000 to N2,000,000 would provide full coverage of 99.98 percent of the total number of depositors and would increase the value of deposits covered by deposit insurance to 43.10percent  of the total value deposits from the current cover of 40.60 percent.”

“Subscribers of Mobile Money Operators:  The increase of the maximum Pass-through deposit insurance coverage from N500,000 to N5,000,000 per subscriber per MMO as the applicable coverage level for depositors of DMBs. 4 7.0 I must emphasise that, the revised deposit insurance coverage has balanced the NDIC’s goals of deposit protection and financial system stability with incentives for depositors to practice market discipline and prevent banks from unnecessary risk-taking and moral hazard. Consideration was given to ensure that the coverage was limited but adequate enough to protect a large number of depositors and credible enough to prevent the destabilizing effect of bank runs,” he said.

Speaking further, Bello said the adoption of the revised maximum deposit insurance coverage is supported by the Corporation’s current funding, represented by the balances in the various Deposit Insurance Funds (DIFs), expected annual premium collection, enhanced supervision that would reduce the likelihood of bank failures, effective bank resolution frameworks and other funding arrangements provided by the NDIC Act No. 33 of 2023.

He buttressed further by noting, “I would like to reaffirm the NDIC’s unwavering commitment to protecting depositors and contributing to the stability of the financial system. These adjustments to the maximum deposit insurance coverage reflect our dedication to adapt and evolve in response to the changing landscape of the financial industry, and we remain steadfast in our pursuit of a secure and resilient banking environment for all.”

The MD also advised depositors to patronise only licensed and registered financial operators by the Central Bank and NDIC to avoid falling prey to mouth-watering Fintech operators who deceive customers with a lot of incentives and high interest rates.

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Minimum wage: Governors await committee decision, assure workers of increased wages

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The 36 states Governors of Nigerian states have stated that they are awaiting the decision of the 37-member tripartite committee inaugurated on the National Minimum Wage before taking an action on minimium wage.

Recall that the Federal Government had earlier set up a committee to look into the demands of the Organised Labour regarding measures to cushion the effects of the removal of fuel subsidy.

Edo State has since go on to increase her minimium wage to N70,000 while other Governors have initiated wage awards for workers in their respective states.

In a statement signed yesterday by the Nigeria Governors Forum (NGF) Chairman and Governor of Kwara State, AbdulRahman AbdulRazaq, at the end of the virtual meeting held Wednesday night, the state executives disclosed that they were committed to looking into issues bordering on the remuneration of state judicial officers and the infrastructure of the courts.

The 36 state governors under the aegis of the NGF said that they celebrate with workers across the country for their dedication to service and patience, as all have worked with the Federal Government, labour, the organised private sector, and relevant stakeholders in arriving at an implementable national minimum wage.

According to the governors, while they acknowledge various initiatives adopted recently by way of wage awards and partial wage adjustments, it was imperative to state that the 37-member tripartite committee inaugurated on the National Minimum Wage was still in consultation and yet to conclude its work, just as they said that they would remain committed to the process and promise that better wages would be the invariable outcome of their ongoing negotiations.

The statement read, “We, members of the Nigeria Governors’ Forum (NGF), at our meeting held today, deliberated on various issues of national importance.

“The Forum celebrates with workers across the country their dedication to service and patience as we work with the Federal Government, labour, organised private sector, and relevant stakeholders to arrive at an implementable national minimum wage.

“While we acknowledge various initiatives adopted recently by way of wage awards and partial wage adjustments, it is imperative to state that the 37-member tripartite committee inaugurated on the National Minimum Wage is still in consultation and yet to conclude its work.

“As members of the committee, we are reviewing our individual fiscal space as state governments and the consequential impact of various recommendations to arrive at an improved minimum wage we can pay sustainably. We remain committed to the process and promise that better wages will be the invariable outcome of ongoing negotiations.

“Members received the outgoing Country Director, Mr. Shubham Chadhuri, and the incoming Country Director, Mr. Ndiame Diop, of the World Bank, to discuss the Bank’s vision for transitioning. Mr. Chadhuri appreciated the Forum for the strategic role it continues to play in coordinating collective action for developmental change.

“He applauded the non-partisan character of the Forum, the professionalism of its Secretariat, and state governments’ commitment to mutual accountability mechanisms such as performance-based financing interventions by the Bank. Members expressed confidence in the choice of Mr. Diop to lead the collaboration going forward and look forward to a sustained and deepened relationship.

“The Forum discussed the revised National Policy on Justice (2024–2028) from the just concluded National Summit on Justice on 24th & 25th April 2024. Members agreed to consider the submissions from the summit as may concern their individual states, including recommended legal amendments, administrative improvements, and policies to strengthen the justice sector. Also, the Forum committed to looking into issues bordering on remuneration of state judicial officers and the infrastructure of the courts.”

“The Forum received a presentation from the National Human Capital Development (HCD) Programme—Core Working Group Secretariat, led by Ms. Rukaiya El-Rufai and Dr. Ahmad Abdulwahab. Both highlighted the marginal progress made by states and its contribution to Nigeria’s Human Development Index (HDI), especially across health, nutrition, education, and labour force participation.

“Having reviewed the previous program design and national strategy, a revised governance and implementation roadmap was proposed to scale up impact and ensure sustainability. Members pledged to support the effective domestication of proposed revisions to the national HCD strategy.

“Members received a briefing from Mrs. Oyinda Adedokun, Program Manager, State Action on Business Enabling Reforms (SABER) Federal Ministry of Finance Programme Coordination Unit.

“The briefing highlighted states’ performance in implementing advocated reforms relating to land administration; regulatory framework for private investment in fiber optic infrastructure, services provided by investment promotion agencies and public-private partnership units; efficiency and transparency of government-to-business services, under the World Bank financed program.

“The Forum commiserated with the Governors of Rivers State, H.E. Siminalayi Fubara, and Ogun State, H.E. Prince Dapo Abiodun, over the petrol tanker explosion and gas explosion that occurred on April 26th and 27th, 2024, respectively. Members called for proper maintenance of trucks, especially those fitted to convey Compressed Natural Gas (CNG), and recommended appropriate training for truck drivers.

“On enforcement of regulations, members resolved to engage relevant Ministries, Departments, & Agencies (MDAs) in order to align the activities of federal regulators with the operations of officials at the sub-national level.”

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Fidelity Bank records 120.1% growth in PBT to N39.5bn in Q1, 2024

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In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1 percent growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn for Q1 2024. This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.

According to the statement, Gross Earnings increased by 89.9 percent yoy to N192.1bn from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7 percent yoy) and non-interest income (84.0 percent yoy). Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, FX-related income, trade, banking services, and remittances, supported by increased customer transactions.

Commenting on the results, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc stated, “We are pleased to report another quarter of strong financial performance driven by our strategic focus on customer-centricity, digital innovation and operational excellence. Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.”

In the period under review, the bank grew Net interest income grew by 89.5 percent yoy to N99.6bn from N52.6bn in Q1 2023, driven by interest and similar income as the yield on financial instruments improved to 14.7 percent from 10.1 percent in Q1 2023 (2023FY: 11.6 percent). In line with the steady rise in interest rates through the year, average funding cost increased by 80bps ytd to 5.2 percent. However, NIM came in at 8.8 percent  compared to 8.1 percent in 2023FY, as increased yield on earning assets surpassed funding cost to 15.1 percent from 13.3 percent in Q1 2023 (2023FY: 13.5 percent).

Similarly, Total Deposits increased by 17.2 percent ytd to N4.7tn from N4.0tn in 2023FY, driven by double-digit growth across all deposit types (demand, savings and term). Net Loans and Advances increased by 21.2 percent to N3.7tn from N3.1tn in 2023FY.

“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” explained Onyeali-Ikpe.

Ranked as one of the best banks in Nigeria, Fidelity Bank 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.

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