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We owe Nigerians a non-partisan roadmap for incoming govt — Buhari

Published

1 year ago

January 1, 2023

NewsDirect

…Says collective electoral will, votes of Nigerians will be fulfilled under his watch

…Resist attempt to be used by politicians to create unrest — President charges Nigerians

…Says sustaining non-oil GDP growth focus for economy in 2023

By Moses Adeniyi

As he looks forward towards handing over power in 2023, President Muhammadu Buhari has said his Administration owes Nigeria a transitional responsibility to provide for the incoming government “a non-partisan and objective roadmap for 2023,” a commitment he assured he would effect.

Buhari said the fact that governance is a continuum, places a transitional responsibility on his administration to provide an objective roadmap for the new government that would be elected in 2023, without reflection of party affiliation.

Buhari in his New Year speech for the year 2023, which would be his last as democratically elected President, said he has as his “personal commitment and executive promise” to see to the letter that the 2023 elections being diligently conducted by the Independent National Electoral Commission (INEC) will be free and fair.

Buhari who acknowledged that Nigerians in the next five months, would have gone to the polls and elected a new president along with new governors and a plethora of other elected officials at both the national and state levels, said the collective electoral will and votes of Nigerians will be fulfilled under his watch by ensuring the candidates popularly elected emerge winner of the polls without compromise.

“The collective electoral will and votes of Nigerians will be fulfilled, even in the twilight moments of my watch,” he said.

Charging Nigerians to go to the polls to exercise their right to vote and elect a new Administration, he said 2023 is an important year for the country, assuring commitment to ensure “smooth transition of government, to whoever the people have decided upon.”

“This administration’s landmark Amended Electoral Act will ensure that we have free and fair elections across the nation,” he said.

He said Nigerians must also take responsibility to ensure they participate in ensuring that “the 2023 elections are free and fair by not engaging in anti-state activities and other nefarious acts that may affect the run of the polls.”

Assuring his government would clamp down on politicians seeking to create unrest to disrupt the election, he called on Nigerians to resist “every attempt to be used by politicians to create unrest in any form to disrupt the elections.”

“We, as government will ensure such activities are met with the full force of the law,” he said.

The message partly reads, “This year is particularly important to me because this message is in essence valedictory. After having the honour of serving you, my compatriots, for the last seven plus years, my tenure as your President in the most revered tradition of our ongoing and maturing democracy must necessarily come to an end. In the next five months, we would have gone to the polls and elected a new president along with new governors and a plethora of other elected officials at both the national and state levels.

“All these electoral and democratic principles are working in concert because of the transcendent beliefs, beyond partisan politics, of you the great citizen of Nigeria. In addition is my personal commitment and executive promise to see to the letter that the 2023 elections being diligently conducted by the Independent National Electoral Commission will be free and fair. The collective electoral will and votes of Nigerians will be fulfilled, even in the twilight moments of my watch.

“Reflecting on year 2022 allows us as a government to examine our legacies of successes and challenges. As we celebrate our wins and review obstacles, we all must understand that governance is a continuum, which still places a transitional responsibility on this administration to provide for the incoming government a non-partisan and objective roadmap for 2023.

“We as Nigeria; one country united under the will of God and actively growing as an indivisible entity, have been enabled year after year, decade after decade, to weather all stormy waters and emerge stronger and better where others have fallen and disintegrated. This has made us a unique nation across the globe and our continent.

“In the year 2023, Nigerians go to the polls to exercise our right to vote and elect a new Administration; it is an important year for our country to ensure that we have another smooth transition of government, to whoever the people have decided upon.

“This administration’s landmark Amended Electoral Act will ensure that we have free and fair elections across the nation.

“We as Nigerians must also take responsibility to ensure we participate in ensuring that the 2023 elections are free and fair by not engaging in anti-state activities and other nefarious acts that may affect the run of the polls.

“We must also resist every attempt to be used by politicians to create unrest in any form to disrupt the elections. We, as government will ensure such activities are met with the full force of the law.”

Security

On security, he called for support of citizens to assist security agencies by providing the community intelligence much needed in their efforts to combat insecurity in the Country.

He said, “As our security agencies continue to make the country proud, we must continue to assist our patriotic forces by providing the much needed community intelligence.

“It is our collective responsibility to ensure that Nigeria remains safe and peaceful for us all. Therefore, we have a duty and obligation to support our troops and intelligence agencies by being alert and reporting anything suspicious.

“The fight against insurgency in the North-East region has continually recorded very clear wins in the past year. The Federal Government, and the Borno State government, have started the journey of returning internally displaced persons to their ancestral homes earlier taken by the insurgents.

“Also, over 82,000 insurgents with their families have surrendered to the Nigerian military. A number of surrendered insurgents are currently being processed by the rehabilitation (Operation Safe Corridor) programme.

“The fight against banditry, kidnapping and other crimes in the North-West and other regions is gaining momentum and showing very clear results. One of which is the resumption of Train Service along the Kaduna to Abuja corridor.

“In the aftermath of the #EndSARS, our administration took heed and instituted the ongoing Police Reform programme based on a new Presidential Vision for Policing in Nigeria.

“This new vision is framed in a clear road map that transcends the tenure of this administration and it is predicated on six principles: a) Building Trust and Legitimacy b) Leadership, Accountability and Oversight c)Technology and digital media d) Community Policing and Crime Reduction e) Officers Training and Education f) Funding, Officers’ Welfare, Wellness and Safety.

“This reform programme is very much in its foundational phase but has recorded noteworthy successes in improving police welfare and their emoluments. Other gains have been the ongoing training of 500 police cadet trainers to enable a better training regimen for the 2022 first batch of the 10,000 new cadets with an additional 10,000 set for 2023.

“In support of these reforms has been the provisioning of new material for the Nigeria Police to steadily improve on its constitutional responsibility to enforce law and order, protect lives and property as well as street level peace and security.

Economy

On the economy, Buhari said despite the the ongoing global economic crisis, his government has been able to weather the storms.

“Inflation across the globe is at its highest, the Federal Government has been resolute through its economic interventions to remain above water during this period.

“2022 brought a combined impact from ongoing wars and aftereffects of COVID-19. Though creating its own fiscal challenges, we have continued to subsidise our energy costs to buffer households from inflationary pressure of high energy costs,” he said.

He added that in 2023, the Government is focused on building on “the Gross Domestic Product and sustain the huge surge in the non-oil GDP growth.”

Emphasising commitment to youth empowerment, he said year 2023 would be a time when his Administration work to solidify on delivering key strategic priorities under the “SEA” – (Security, Economy and Anti-Corruption) Agenda of his government.

“The Nigerian Start up Bill has been passed as an Act. This is considered a huge step in lowering our unemployment figures by boosting job creation and supporting the entrepreneurial drive of our youths. If you recall in my 2021 New Year speech, I had mentioned the need to secure the future of our youth recognizing that our young people are our most valuable natural resource, at home and abroad.

“In this regard, we worked with the legislature to develop an enabling law to turn their passions into ideas that can be supported, groomed and scaled across regions. 2023 will see the implementation of the Nigerian Start Up Act nationwide.

“The year 2023 would, indeed, be a time when we would work to solidify on delivering key strategic priorities under our ‘SEA’ – (Security, Economy and Anti-Corruption) Agenda. Some of the key priority areas we would direct our attention and strengths to include:

“Focus on SECURITY; we will continue to engage, push back and dismantle the operations of both internal and external extremist and criminal groups waging war against our communities across the Nation.

“We will also focus on ensuring that free and fair elections would be held come February 2023. Our security forces are working in partnership to ensure the wins we have got in war against insurgency, banditry, secession and other crimes are sustained and more wins acquired.

“For the ECONOMY; our focus would be on maintaining and building economic growth through the national economic diversification agenda that supports the goal of national food self-sufficiency and growth in non-oil sources.

“The ongoing infrastructure revolution by our administration will see us deliver the key projects across the Nation in power, rail, roads, ports and technology.

Anti-corruption

On the anti-corruption drive of our administration, we have created new records in this fight, growing from 117 convictions in 2017 to 3,615 convictions as at December 2022. We as a government are committed to ridding our nation of all forms of corruption, through the collaboration with all the arms of Government to effectively prosecute this fight.

Felicitation

In felicity, he said: “As we welcome the New Year, let us look with hope to 2023, a year to move forward as a nation towards unity, progress and prosperity.

“I offer my own personal felicitations, mindful of the various opinions and interpretations of our executive legacies.

“I welcome and accept both the accolades and criticisms in equal measure secure in the conviction that I did my best to serve our dear country Nigeria and I pray that the next President will also pick up the baton and continue the race to make Nigeria one of the leading countries of the world by the end of this century.

“Long Live the Nigerian spirit of oneness, togetherness, and unity. Long Live the Federal Republic of Nigeria. A happy and prosperous New Year.”

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NDIC increases deposit insurance coverage for financial institutions

Published

18 hours ago

May 3, 2024

Walewale

…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

Published

18 hours ago

May 3, 2024

Walewale

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

Published

19 hours ago

May 3, 2024

Walewale

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.