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FCTA Director Of Treasury: Anti corruption CSOs  mobilize to picket Minister office

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FCTA Director Of Treasury: Anti corruption CSOs  mobilize to picket Minister office
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The  Citizens Awareness Against Corruption and Social Vices Initiative (CAACASVI) has commence massive mobilization of other likeminded Civil Society Organizations, threatened to pickets the office of the Honourable Minister Federal capital Territory  at the expiration of 14 days ultimatum earlier issued to him. Comrade Olumiyiwa Onlede Executive Director CAACASVI, told reporters after a meeting  with coalition of CSO’s on Monday in Abuja

Comrade Onlede explained that seven days has elapsed from the  14 days issued to the minister. He disclosed that the purpose of their meeting is to further  mobilized  like minds in the anti corruption movement to  commence preparation ahead of the picketing.
 Aluta News reports last Monday that the group has  petition President Muhammadu Buhari, over what it called series of maladministration in the FCT, by the territory’s Minister, Muhammad Musa Bello.
The petition was copied to the Secretary to the Government of the Federation (SGF), the Head of Civil Service of the Federation, and the FCT minister among others said that FCT Minister was displaying maladministration, incompetence and loss of control in the FCTA, resulting in abysmal performance and loss of revenue in the territory.
According to them, for the past six months, the office of the Director of Treasury of FCTA has been vacant for no justifiable reasons.
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“This is gross violation of principle of corporate good governance in FCTA as the Permanent Secretary is simultaneously performing the function of Director of Treasury, thereby making approvals and payments at the same time which means the Permanent Secretary approbate and reprobate at the same time,” Onlede said.
He added that the Executive Secretary in the FCTA, reports directly to the minister directly without any input from the Permanent Secretary but that these laid down reporting line has since changed at the instance of the minister, Musa Bello.
He said, “Now FCDA files goes to the Permanent Secretary from the Honourable Minister, this is totally wrong. The most serious among this issue of maladministration is the office of the Director of treasury of FCTA that has been vacant for the past six months for no justifiable reasons.”
He also cited several cases when development control that is in charge of demolition of illegal structures go ahead to demolish structures though there are substantive court orders, not vacated, restraining development control from carrying out such demolitions.
He said that the Minister always look the other way when served with court orders and that this has resulted to cost being awarded against FCDA by the court in a way that the account of FCDA is garnished to serve as a deterrent and this adversely affects the running of FCDA in term of fund.
“Since the beginning of this administration in 2015 there has been no substantive Executive Secretary to pilot the affairs of the five secretariats of FCTA, the management of the departments have being in acting capacity since then and that has affected the policy implementation of FCTA due to the fact that those in acting capacity are not permitted by law to take some critical decisions or act on them.
“Same goes to most of the parastatals under FCDA, they are also performing below expectation due to the fact that they lack power and even the confidence to carry out major and important decision which ordinarily would have benefited the agencies.
“Due to rigorous and unnecessary bureaucracy imposed on the system by the minister, court orders are not acted upon quickly and in some cases ignored by his office and this often lead to judgement against FCTA and its parastatals,” he said.
On land allocation, the CAACASVI boss said that lately places that were believed to be green areas or close to water channels are being allocated to property developers for estates, the consequences of these in future may get out of control just as being seen in big cities that failed to follow the master plan.
They, therefore, issued a 14-day ultimatum to the minister to act on these concerns, especially those relating to appointment of a Director of Treasury and obeying court orders.

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Economy

Trading on NGX rebounds by N3bn

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By Gistflash News

Sept 14, 2021

The Nigerian Exchange (NGX) closed trading on Tuesday in green to halt the six-day consecutive bearish trend with a marginal growth of N3 billion.

The market upturn was due to investors’ renewed buying interest in the financial and industrial sectors.

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Consequently, the market capitalisation inched higher by N3 billion or 0.01 per cent to close at N20.278 trillion from N20.275 trillion achieved on Monday.

Also, the All-Share Index grew by 4.88 points or 0.01 per cent to close at 38,920.50 against 38,915.62 on Monday.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; UACN, Dangote Sugar Refinery, Africa Prudential, Oando and University Press.

Analysts at Afrinvest Limited said that “In the next trading session, we anticipate a negative performance as market remains short of a positive catalyst.”

However, the market breadth closed negative recording 21 losers as against 14 gainers.

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UACN Property Development Company led the gainers’ chart in percentage terms by 9.93 per cent to close at N1.66 per share.

Academy Press followed with 8.33 per cent to close at 39k, while Courteville Business Solutions appreciated by 7.41 per cent to close at 29k per share.

Vitafoam went up by 3.88 per cent to close at N17.40, while Livestock Feeds appreciated by 2.88 per cent to close at N2.14 per share.

On the other hand, Sovereign Trust Insurance led the losers’ chart in percentage terms by 7.41 per cent to close at 25k per share.

University Press followed with 6.42 per cent to close at N1.02, while Regency Alliance Insurance shed 6.25 per cent to close at 45k per share.

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UACN lost 4.85 per cent to close at N9.80, while Chams declined by 4.55 per cent to close at 21k per share.

Meanwhile, the total volume rose by 13.6 per cent to 228.48 million shares worth N1.88 billion traded in 3,376 deals.

This was in contrast with 201.10 million shares valued at N2.53 billion achieved in 3,340 deals on Monday.

Transactions in the shares of Wema Bank topped the activity chart with 46.76 million shares worth N35.97 million.

Access Bank followed with 28.24 million shares valued at N263.49 million, while United Bank of Africa sold 17.77 million shares worth N135.08 million.

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Mutual Benefits Assurance traded 17.24 million shares valued at N4.88 million, while Fidelity Bank transacted 14.80 million shares worth N36.07 million.

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Economy

Fidelity Bank grows PBT by 72.4% in 6 months

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By Gistflash News

Sept 12, 2021

Fidelity Bank Plc has posted a profit before tax (PBT) of N20.6 billion for the six months ended June 30, 2021.

The Managing Director/Chief Executive Officer of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, disclosed this in the bank’s audited half-year (H1) results released to the Nigerian Exchange (NGX) Limited on Sunday in Lagos.

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Onyeali-Ikpe said that the bank’s PBT represented a 72.4 per cent growth when compared to N12.0 billion recorded in the comparative period of 2020.

She added that profit after tax (PAT) rose to N19.31 billion from N11.30 billion recorded in the corresponding period.

She said the growth was on the Back of Increased customer transactions and improved operational efficiency.

“We sustained our impressive financial performance with double-digit growth in profit as increased customer transactions drove non-interest revenue while improved operational efficiency continued to moderate cost-to-serve,” she said.

Onyeali-Ikpe also said that the financial result for the period indicated that Gross Earnings increased by 6.2 per cent Year-on-Year (YoY) to N112.3 billion on account of 27.8 per cent growth in Non-Interest Revenue (NIR) to N23.8 billion from N18.1 billion in H1 2020.

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She added that the bank’s NIR was driven by strong growth in commission on banking services by 57.7 per cent, account maintenance charges by 50.6 per cent, digital banking income by 49.4 per cent and trade income by 33.7 per cent among others.

Total customer induced transactions across all distribution channels increased by 58.0 per cent YoY and 21.2 Per cent QoQ.

The bank showed a good appetite in funding the real sector with net loans and advances increasing by 15.8 per cent YTD to N1.53 billion from N1.32 billion in 2020FY.

However, the actual growth was 14.7 per cent while the impact of the currency adjustment (2020FY: N400.3/dollars-H1 2021: N410.6/dollars) accounted for a 1.1 per cent YTD growth in the loan book. Cost of risk came in at 0.3 per cent and the NPL ratio (stage 3 loans) dropped to 2.8 per cent from 3.8 per cent in 2020FY.

Other regulatory ratios remain well above the minimum requirement: capital adequacy ratio at 18.8 per cent from 18.2 per cent in 2020FY.

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Total Deposits increased by 16.5 per cent YTD to N1.98 billion from N1.69 billion in 2020FY, driven by increased deposit mobilisation across all deposit types.

“Digital Banking gained further traction as we now have 55.1 per cent of our customers enrolled on the mobile/internet banking products and 89.3 per cent of customer-induced transactions were done on digital platforms.”

She also explained that the bank’s foreign currency deposits increased by 23.1 per cent YTD at 149 million dollars and now accounted for 18.5 per cent of total deposits from 17.5 per cent in 2020FY.

According to her, this is  as the bank continues to harness the benefits of its renewed drive in the diaspora banking space.

“We look forward to sustaining the current momentum in H2 by optimising our balance sheet and lowering our cost–to–serve.

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“This will translate to improved earnings while we remain committed to our medium to long-term strategic objectives,”  Onyeali-Ikpe said.

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Economy

Desist from Foreign Exchange malpractices, CBN warns commercial banks

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By Gistflash News

Sept 11, 2021

The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to always observe due diligence and desist from all forms of malpractices in foreign exchange (FX) transactions.

The apex bank gave the warning in a letter by Ozoemena Nnaji, Director of Trade and Exchange Department, addressed to the DMBs.

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Nnaji urged the banks to, not only ensure to know their customers, but also to know their customers ‘ businesses.

She said  the directive was necessitated by recent occurrences in the FX market.

“The CBN wishes to remind all banks that it is their responsibility to not only know their customers (KYC requirements) but also know their customers’ businesses (KYCB requirements).

“Given this responsibility , and in view of recent occurrences in the market, the CBN will like to remind banks to desist from all forms of FX malpractices.

“We wish to reiterate that FX operating licences of any bank or banks that are found culpable with ongoing investigations will be suspended for at least one year,” the director said.

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She urged all the DMBs concerned to take note and ensure compliance. (

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