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Mele Kyari to be sent packing November ending:  Sack letter Already with SGF:  Presidency Source LeadingReporters
Exclusives

Mele Kyari to be sent packing November ending:  Sack letter Already with SGF:  Presidency Source

by Leading Reporters October 23, 2023
written by Leading Reporters

According to a very discreet source, the Group Chief Executive Officer GCEO of the Nigerian National Petroleum Company Limited, Mele Kolo Kyari may be shown the way out of the company he has long called the shot by the end of November. 

The source said Kyari’s sack letter has already been prepared and is currently with the Secretary to the Government of the Federation SGF Senator (Dr) Goerge Akume who will present it to him come end of November.

The source further hinted that a specific anti-corruption agency has received briefings by the President on some activities of Kyari who would be expected to give account of this stewardship.

Kyari is believed to have been involved in activities that costs Nigeria fortune, especially in his days as the Group Managing Director GMD of NNPC under President Buhari.

The GCEO is, according to the source, lobbying among top associates of the President for either an honourable exit or for retention.  A move the President is currently resisting, insisting that the likes of Mele Kyari should not be allowed to walk away untouched.

The source said that President Tinubu is not buying into the appeal by his associates to let Mele Kyari go without accounting for his stewardship.

President Tinubu is said to have a rattling intel on Krayi which he is not ready to let go.  He may likely deploy the Department of State Security Services DSS against Kyari before handing him over the Economic and Financial Crime Commission for possible prosecution.

October 23, 2023 0 comments
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Africa & World

War in Israel: Hamas surprise attack out of Gaza stuns Israel and leaves over 250 dead in fighting, retaliation

by Leading Reporters October 8, 2023
written by Leading Reporters

Backed by a barrage of rockets, Hamas militants stormed from the blockaded Gaza Strip into nearby Israeli towns, killing dozens and abducting others in an unprecedented surprise attack during a major Jewish holiday Saturday. A stunned Israel launched airstrikes in Gaza, with its prime minister saying the country is now at war with Hamas and vowing to inflict an “unprecedented price.”

In an assault of startling breadth, Hamas gunmen rolled into as many as 22 locations outside the Gaza Strip, including towns and other communities as far as 15 miles (24 kilometers) from the Gaza border. In some places they gunned down civilians and soldiers as Israel’s military scrambled to muster a response.

Gunbattles continued well after nightfall, and militants held hostages in standoffs in two towns. Militants occupied a police station in a third town, where Israeli forces struggled until Sunday morning to finally reclaim the building.

Before daybreak Sunday, militants fired more rockets from Gaza, hitting a hospital in the Israeli coastal town of Ashkelon. The hospital sustained damage, said senior hospital official Tal Bergman. Video provided by Barzilai Medical Center showed a large hole punched into a wall and chunks of debris scattered on the ground of what appeared to an empty rooms and a hallway. There was no report of casualties.

Israeli media, citing rescue service officials, said at least 250 people were killed and 1,500 wounded in Saturday’s attack, making it the deadliest in Israel in decades. At least 232 people in the Gaza Strip were killed and 1,700 wounded in Israeli strikes, the Palestinian Health Ministry said. Hamas fighters took an unknown number of civilians and soldiers captive into Gaza.

The conflict threatened to escalate with Israel’s vows of retaliation. Previous conflicts between Israel and Gaza’s Hamas rulers brought widespread death and destruction in Gaza and days of rocket fire on Israeli towns. The situation is potentially more volatile now, with Israel’s far-right government stung by the security breach and with Palestinians in despair over a never-ending occupation in the West Bank and suffocating blockade of Gaza.

October 8, 2023 0 comments
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Sunak
Africa & World

Video: UK Prime Minister “A man is a man and a woman is a woman – that’s just common sense”

by Leading Reporters October 4, 2023
written by Leading Reporters
Rishi Sunak: A man is a man and a woman is a woman – that’s just common sense

Prime minister Rishi Sunak has said “a man is a man and a woman is a woman, it is just common sense”, in his closing speech at the Conservative Party Conference.

Addressing the conference, Mr Sunak said: “It shouldn’t be controversial for parents to know what their children are being taught in school about relationships.

“Patients should know when hospitals are talking about men or women. We shouldn’t get bullied into believing that people can be any sex they want to be. They can’t.

“A man is a man and a woman is a woman, that’s just common sense.”

October 4, 2023 0 comments
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DSS Scare: MINT hides deluxe cars acquired for Executive Director leading reporters
Investigation

DSS Scare: MINT hides deluxe cars acquired for Executive Directors

by Leading Reporters September 22, 2023
written by Leading Reporters

The Ahmed Halilu-led Nigeria Security, Printing and Minting, popularly called MINT is in deep waters and doing everything to cover tracks of its perennial corruption and wastefulness. This time, according to information unveiled by LeadingReporters, posh cars acquired for top management staff have been relocated and hidden away from the MINT main factory to a secret corner in Tawada Nigeria Limited.

The latest moves follow the invitation of the top management staff of the Central Bank of Nigeria and its affiliate, the Nigeria Security, Printing and Minting (MINT), by the Department of State Security Services DSS.

Recall that DSS arrested the Governor of the Central Bank, Mr. Godwin Emiefele following reports of untamed corruption that characterized his leadership. Others, invited include the former Managing Director of Nigeria Security, Printing and Minting Abbas Umar Masanawa. The duo of Emiefele and Masanawa were arrested and detained. Masanawa has been however granted conditional bail while investigation continues, according to information available to this platform.

Others invited by DSS are the Deputy Governors of the Central Bank of Nigeria and the current Managing Director of MINT, Ahmed Halilu.

A close source who is in the know informed this platform that no sooner Halilu was questioned and interrogated by DSS than he ordered that the vehicles, previously parked conspicuously in MINT factory be relocated to a more inaccessible corner in their subsidiary company, Tawada Nigeria Limited.

The source said that Mr. Halilu is covering all tracks that may lead to more discovery of the perennial anomaly that has characterized MINT, including a missing N25 billion which allegedly missed from the coffers of MINT.

Halilu, whose tenure has elapsed is one of the Central Bank Governor’s associates who joined him from the Zenith Bank. He took over as the Managing Director when his predecessor, Abbas Umar Masanawa resigned to contest for the governorship election of Katsina State.

Mr. Masanawa worked with Emiefele in Zenith Bank, just like Mr. Halilu and allegedly use his personal company called Preferred Global Company Limited to corner billions of Naira from MINT into secret accounts in Zenith, against the Code.of Conduct Act.

September 22, 2023 0 comments
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Business

Fidelity Bank records PBT of N76.3bn for H1 2023……Declares interim dividend of 25 kobo Per Share

by Leading Reporters September 4, 2023
written by Leading Reporters

Lagos, Nigeria, September 3, 2023: Leading financial institution, Fidelity Bank Plc has recorded an impressive 204.4% growth in Profit Before Tax for the first half of 2023 to N76.3bn according to the bank’s recently issued financial result.

A review of the results published on the Nigerian Exchange Group (NGX) on Friday, 1 September 2023, showed a positive performance across all financial indices, reaffirming the Bank’s position as one of the fastest-growing and well-managed financial institutions in Nigeria.

Gross earnings for the period grew by 59.6% to ₦247.1billion from ₦154.8billion reported in June 2022. Profit After tax stood at ₦61.9billion representing a growth of 166.0% over ₦23.3billion recorded in the corresponding period.

This translates to an Earning per Share of 194kobo. The Bank’s Net Loans & Advances grew by 25.1% from ₦2.1trillion recorded as of December 2022 to ₦2.6trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2% to ₦3.2trillion from ₦2.6trillion in December 2022.

The Bank’s balance sheet remained strong with a 27.4% growth in Total Assets from ₦3.9trillion in December 2022 to ₦5.1trillion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.24% with adequate coverage of 111%. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9% and 2.8% respectively.

On the back of the strong H1 2023 performance, the board of the bank approved an interim dividend of 25k per share making it the second consecutive year the bank would be paying interim dividends and another demonstration of its capacity to provide shareholders with sustainable value.
Commenting on the Bank’s laudable performance, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc noted, “We are pleased to report on another period of quality growth across all financial and non-financial indices. Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterized by global economic headwinds. As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.

The Bank’s impressive H1 2023 results comes to join a string of recent achievements by Fidelity Bank. It would be recalled that the Bank’s stock was reclassified from small-price stock to medium-price stock by the NGX in July 2023 on the back of a consistent impressive performance.

Similarly, the bank recently emerged the company with the highest earnings per share on the NGX based on half year financial figures for the second year running.

To sustain this sterling performance, the bank’s shareholders, at an Extra-Ordinary General Meeting held on 11 August 2023, unanimously approved a capital raising exercise via a Public Offer and Rights Issue.

“We will continue to monitor and proactively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled. The interim dividend of 25kobo per share, a 150% increase compared to the 10kobo interim dividend in 2022FY, attests to the value we place on the unwavering support from our shareholders”, stated Onyeali-Ikpe.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 8 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria at the 28th annual Euromoney Awards for Excellence 2023; and the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

September 4, 2023 0 comments
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Preventing military coups in Africa: Attention, Nigeria Leading Reporters
HeadlinesOpinion

Preventing military coups in Africa: Attention, Nigeria

by Leading Reporters September 3, 2023
written by Leading Reporters


 By Tonnie Iredia
 
Two recent military coups in neighbouring Niger and Gabon have heightened discussions in Nigeria of the possibility of military intervention in the politics of the nation. The feeling appears so palpable considering the commonality of causative factors which over the years always influenced military rule in Africa: societal restiveness, poor economy, failed elections, pervasive corruption, extravagance of politicians and the helplessness of civic society accentuated by the disappearance of the middle class. In Nigeria, the division of society into two classes only; that is those who have everything and those who have nothing is more visibly felt than anywhere else. This has left many people to pray not just for something to change but for it to come through the efficacy of a military coup. The recent decision of the military hierarchy in Nigeria to formally dismiss such undemocratic undertones in the land is instructive.
 
Democracy is no doubt acclaimed world-wide as the best form of government, but then democracy is not a matter for claims. Rather, it is a system of government which is based on freedom and the politics of equality. Its features are not only sacred; they are offensive when adulterated. There are 5 such critical features, namely: the sovereignty of the people, the rule of law, free and fair elections, majority rule and the protection of minority rights. To qualify as a democracy therefore, the sovereignty of the people on whose behalf government functions is not negotiable. It is the people who matter and not the government. A democratic country in which everyone is equal before the law, cannot allow certain privileged citizens to use law enforcement agencies to detain their opponents or critics without trial. To manipulate an election process for losers to become winners nullifies real majority rule just as democracy as a game of numbers is contingent upon the protection of minority rights.
 
What the above features suggest is that those who are anxious to prevent military coups in Nigeria must first endeavour to make Nigeria a democracy. It is erroneous to continue to argue that the worst form of democracy is better than the most benevolent military rule because there is no difference between military rule and civilian rule or fake democracy. Those who argue that soldiers who shoot their way into government were not elected by the people must be fair enough to agree that those who come into office through the manipulation of the votes of citizens were also not elected by the people.  Soldiers in government are not accountable to the people because they were not elected by the people. Similarly, election riggers in government only mouth service to the people; rather than serve, they amass wealth in readiness for the manipulation of the next set of elections. It is therefore undemocratic to have elections that are neither free nor fair.
 
In truth, Nigerian politicians do not believe in hitch-free elections. They prefer to devote all their energies towards circumventing electoral laws and guidelines. Although the constitution provides for an electoral body made up of persons who are transparently non-partisan, many electoral officials in Nigeria are card carrying members of the ruling party. By so doing, some players in the game of election are also referees in the same game. Again, our constitution provides for a democratically elected system of local government, yet our governors always ensure that government at that local level is run by caretaker committees made up of party members. Where local government elections are organized, the state electoral bodies are directed to ensure the election of all chairmen and councillors of the ruling party.  The goal is to divert public resources accruing to them at that level from the federation account to the personal use of governors and their parties.

In a democracy, everything is scheduled. For example, after electioneering comes governance. In Nigeria’s democracy, every time is for electioneering. As soon as one election ends, electioneering begins for the next election due in 4 years. Already, state governors who came into office a few months ago are currently busy leading the campaign teams in other states whose elections are holding soon. When will such governors govern their states? Why can’t such governors concentrate on governance while their party officials use the party machinery for the current campaigns? In Edo state, for instance, governorship elections are holding not this year but next year, yet the matter of the, moment in that state is the number of governorship aspirants that are already engaged in open campaigns. If Kogi, Imo and Bayelsa with nearby governorship elections are doing nothing else but electioneering, should that also be the fate of others such as Edo whose elections are not immediately around the corner?
 
The result of our culture of “electioneering without end” is poor governance which makes it virtually impossible for the living standards of the ordinary people to improve. Nigeria’s electioneering is not only long and capital intensive; it is also bastardized. To start with, incumbents are busy placing hurdles in the way of their opponents during campaigns. This short-changes the electorate because state facilities do not belong to a ruling political party; they belong to the people and ought to be used for public enlightenment. Level playing field which guarantees the politics of equality is distorted when opposition parties are precluded from using public facilities such as stadium or any other platform. Indeed, state media outfits are propelled to shut their gates to opposition political parties in breach of the electoral law which directs the public media to provide equal time for all.
 
Poor governance in society frustrates all and sundry such that aggrieved soldiers think of nothing but coups while traumatized citizens troop out to rejoice and embrace military intervention in politics. To prevent Africa’s wind of coups from blowing towards Nigeria, so much has to be done to keep the society on good footing. First, it is necessary to draw a fine line between electioneering and governance. A presidential or governorship candidate has to be loyal to his party but when he becomes president or governor, his oath of office demands that his loyalty shifts to the general public. The trend in Nigeria in which members of the ruling party want to constitute government alone is parochial. In the last few days some APC members had openly condemned the appointment of a non-party member into a newly constituted board. The posture works against inclusivity as the office-holder was not elected by members of only one party.
 
Monopoly which members of a ruling party seek to exercise over government is particularly dangerous as it has capacity to swell up the numerical strength of ordinary people who feel aggrieved against government.  It is in fact offensive for a government to allow itself to be seen as not belonging to all. Some non-partisan citizens especially notable technocrats must be included in any government that intends to succeed in developing society. After all, the most effective members of successive governments in Nigeria were sourced on the basis of their track records of service and not because they were card-carrying members of the ruling party. Except government follows such well tested pattern of leadership recruitment, conducive environment would be created for civil society groups to distract government with criticisms only.
 
It is also important for government to depoliticise the security agencies as well as the military. Ironically, those who went to court in the past against the use of the military in our elections have since 2015 consolidated the same anomaly. But when it is convenient it is said that the military must not intervene in politics. There is the urgent need to equip the forces appropriately and give them attractive conditions of service. The new National Security Adviser has reportedly begun moves to reposition the police to take full charge of internal security. It is hoped that he would also sensitize them to recognise that in a democracy, public protests are allowed and not teargassed. It is also hoped that the common practice of supersession among our uniform forces would be checked. If not, those who are superseded or compulsorily retired to pave way for their chosen juniors to take control of the forces will join the army of aggrieved citizens especially the massive unemployed youths to canvass, urge and pray for military coups.  
 
 September 03, 2023

September 3, 2023 0 comments
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Commission’s Chief Executive, Gbenga Komolafe NUPRC Leading Reporters
BusinessHeadlines

NUPRC threatens to revoke ‘oil operators’ licences

by Leading Reporters September 2, 2023
written by Leading Reporters

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has threatened to revoke the licences of oil operators or settlors who failed to remit the three per cent statutory fees to oil communities before September ending.

The NUPRC management on Friday said its attention had been drawn to the agitation by host communities in the oil and gas producing areas of the Niger Delta region over the delay by industry settlors/operators in remitting the statutory fees.

A statement signed by the Commission’s Chief Executive, Gbenga Komolafe, said the three per cent (3%) remittance was governed by Section 235 of the Petroleum Industry Act (PIA), 2021.

The relevant section states that failure by any holder of a licence to comply with its obligations under this Chapter, may be grounds for revocation of the applicable licence.

“Therefore, defaulting operators (settlors) under PIA 2021 (section 235) are advised to do the needful by fulfilling their obligations and remitting the outstanding arrears without further delay.

“As the commission might be compelled by emerging circumstances to fully apply the law under section 235 of PIA 2021.

“Notice is hereby served that in a situation where defaults are not remedied by the end of September 2023, the Commission would have no option but to revoke the licence of the defaulting settler/operator,” said the statement.

The commission said it understood the sentiments of the host communities, especially as the PIA had suspended and replaced existing provisions with a new Host Community Development Trust Fund (HCDTF).

The old provisions are; Global Memorandum of Understanding (GMOU) and the Memorandum of Understanding (MOU).

The Commission said it was fully aware of the implications of the development if allowed to fester.

It said the agitation might frustrate the Commission’s efforts at up-scaling the drive for higher foreign exchange and attracting Foreign Direct Investment (FDI) into the country.

Incidentally, it said it was also capable of truncating efforts at stabilising the value of the Naira, attaining the much-desired rebound in the national economy and improving the country’s macro-economic status.

“The statutory provision of the PIA regarding the annual contribution of operators in the industry, under Section 240 (2) of the PIA, 2021, is very clear.

“And it states: Each settlor, where applicable through the operator, shall make an annual contribution to the applicable host communities development trust fund.

“It should be an amount equal to three per cent of its actual annual operating expenditure of the preceding financial year in the upstream petroleum operations affecting the host communities for which the applicable HCDT fund was established.

“Given the implications of allowing continued default on sustained peaceful operations and the eventual effect on national oil and gas output.

“The Commission will be minded to activate its regulatory powers in line with PIA’s provisions as stated above, to bring defaulting recalcitrant settlors into compliance,” said the statement.

The NUPRC management said it recently passed the Host Community Regulation and organised a sensitisation programme, emphasising the responsibility of settlors under the PIA, 2021, but those concerned had neglected this, thereby stoking avoidable agitations.

“The settlors are, therefore, required to perform their obligation to commence remittance of the statutory three per cent contribution,” it added.

It stated that remittance of the statutory contribution, which should have served as succour to the host communities, had sadly become a source of pain to the lawful beneficiaries.

This, it said, had given impetus to actions that might affect smooth upstream operations within affected host communities, a situation that could have been addressed through routine social inclusion.

It further said although the ultimate regulatory sanction, as enshrined in Section 238 of the PIA, was the revocation of assets, but it had been careful in applying it.

It said this was to avoid compounding the already low level of investment and divestment rate and further impact negatively on production levels and revenue.

It said, rather, it chose to draw a balance and be strategic in implementing the provisions of the law. (NAN)

September 2, 2023 0 comments
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Headlines

Group Asks President Tinubu To Purge MINT, NIRSAL, Others Of Emefiele’s Cohorts

by Leading Reporters September 1, 2023
written by Leading Reporters

A Texas-based pro-good governance group, League of Patriots has appealed to the President and the Commander-in-Chief of the Armed Forces, President Ahmed Bola Tinubu to, as a matter of urgency purge Nigeria Security, Printing and Minting, popularly called MINT and The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending NIRSAL of all Emiefele-Boys who thronged out with him from Zenith Bank.

The group said Emiefele perennially ran those strategic institutions controlled by the Central Bank of Nigeria with utmost and untamed impunity with his Zenith-Bank clique.

League of Patriots is a Nigerian pro-good governance and investment-promoting group, based in Austin Texas. The group in their Zoom meeting with membership participation from USA, Europe and Nigeria frowned that if its previous outcry about the activities of Godwin Emiefele were heeded, Nigerians would have been saved from a lot of difficulties Emiefele’s currency redesign policy caused them.

The League, as it is fondly called, noted that Godwin Emiefele ran a cult-like policy with his clique from Zenith Bank to fill strategic institutions for the purpose of self-aggrandizement and self-enrichment. MINT and NIRSAL were two strategic institutions The League identified as hubs of corruption and inefficiency.

“You recall that Mr. Masanawa was quite reckless like his principal in running MINT. Aside from violating the Code of Conduct Act by sitting on a board of private companies with which he siphoned money to acquire property, buy shares in other private businesses and fund his political ambition, he took corruption to another height with his team members. Funny enough, one of his types replaced him when he resigned. Mr. Ahmed Haliru. It was just a game of hitmen. Something close to what we say in Nigeria – chop, I chop”

“Our message is simple. As a
strategic partner in progress, and as Nigerians who desire a change not only in words but in actions, we appeal to President Ahmed Bola Tinubu to, as a matter of national urgency purge these strategic institutions where Emiefele riling impunity festered across.

“We hold the view that Mr President should be more interested in serving Nigerian people who elected him than serving the interest of those who have a history of corruption. He should ensure that the likes of Masanawa, Haliru and their likes in NIRSAL do not get away with the crime they have committed against Nigeria people.

September 1, 2023 0 comments
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BusinessHeadlines

BREAKING: NCAA Suspends Xejet Operations Over Fake Certificate

by Leading Reporters August 31, 2023
written by Leading Reporters

The Nigeria Civil Aviation Authority (NCAA) has suspended the operations of Xejet Airlines over alleged fake insurance certificates for its Embraer 145 aircraft.

A letter NCAA/DGCAIGC/8/16/628, to the Accountable Manager XeJet Limited, dated Wednesday August 30, 2023, titled, ‘Notice of Suspension of the Air Transport License (ATL) and Air Operators Certificate (AOC) EXJETJAOC/01-22/00’, signed by the Director General of NCAA, Captain Musa Nuhu, stated that the aircraft insurance documents did not emanate from Consolidated Hallmark Insurance as claimed by the airline.

Information gathered that the NCAA also copied the the Minister of Aviation and Aerospace Development, Festus Keyamo, Executive Chairman, Economic and Financial Crimes Commission (EFCC), and the Managing Director of the Nigerian Airspace Management Agency (NAMA).

The letter read, “The Nigeria Civil Aviation Authority (NCAA) is in receipt of the response to our letter of verification from the National Insurance Commission (NAICOM) regarding your Certificate of insurance with No.40122093300118-22E in respect of your Embraer 145; the authenticity of your insurance documents and that the documents did not emanate from Consolidated Hallmark Insurance as presented to the Authority.

“In view of above, the Authority is investigating the matter and hereby suspends your Air Operators Certificate (A0C) with certificate No XEIETIA0C/01-22/001 for safety considerations and public interest in accordance with Section 59 (7) of the Civil Aviation Act with immediate effect pending the conclusion of our investigation.

“Consequent upon the above, the operations of the underlisted aircraft are suspended: 5N-BZM Embraer EMB-145LR with Serial No. 14500842, 5N-BZL Embraer S.A EMB-145MP with Serial No. 145360, 5N-BZN Embraer EMB-145MP with Serial No. 1450056, 5N-XEL Bombardier INC. CL-600-2B19 (CRJ 200) Serial No. 7975.

“You are therefore required to return the ATL and AOC to the office of the Chairman Flight Standard Group upon receipt of this letter.”

August 31, 2023 0 comments
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Fidelity Place Leading Reporters
Business

Fidelity Bank to help Schools prepare for New School Session with Edu Loan Product

by Leading Reporters August 30, 2023
written by Leading Reporters

As the summer break winds down, leading financial institution, Fidelity Bank Plc, has emphasised its devotion to help schools prepare adequately for the next session and deliver quality education.


Through its bespoke product known as the Fidelity Edu Loan, administrators of registered private primary, secondary and tertiary institutions in Nigeria can access loans of up to N180million.


In a chat with journalists, Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede said, “At Fidelity Bank, we recognize the pivotal role quality education plays in the development of any nation and this informed our introduction of the Fidelity Edu Loan. Through the offering, privately-run educational institutions can access loans at a friendly rate for working capital needs like minor renovation on their school property, financing the purchase of school supplies like books, teaching materials, furniture or uniforms; and making salary payments.


“Similarly, schools can leverage the Fidelity Edu Loan to purchase fixed assets like school buses, generators and construct new school buildings.
To be eligible for the product, the requesting customer must have operated their educational institution for at least three years and should be duly registered with the relevant authorities.


“The Fidelity Edu Loan is part of our larger education finance proposition at Fidelity Bank as we aim to empower everyone within the education ecosystem, including the schools, parents and contractors, with amazing financial and non-financial products and services.


For instance, we have the Fidelity Personal loan which provides instant loans of up to N5million to employees of private and public organisations by simply dialing 77008# from their mobile phones. This can become handy for paying school fees or meeting other personal needs”, explained Ede.


Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 8million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

August 30, 2023 0 comments
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