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Tinubu to depart Nigeria for Investment Summit in Germany on Saturday

by Leading Reporters November 18, 2023

written by Leading Reporters

President Bola Tinubu is set to leave Abuja this Saturday for Berlin, Germany, where he will participate in the G20 Compact with Africa (CwA) Conference on November 20, 2023. The conference is hosted by German Chancellor Olaf Scholz.

This was disclosed by the President’s spokesperson on Media and Publicity, Ajuri Ngelale.

The conference will see President Tinubu engaging with Heads of State and Governments from CwA member countries, bilateral partners, and Heads of International Organizations. Their discussions will center on the immediate enhancement of economic and business cooperation, aiming to identify concrete measures that will foster investments in crucial areas such as energy, trade, infrastructure, and new technologies.

According to the statement, the G20 CwA Conference is scheduled to occur concurrently with the Fourth G20 Investment Summit, which will be co-hosted by the German government and German business associations.

He said the President is committed to attracting foreign direct investment in Nigeria is resonating worldwide. Taking charge of Nigeria’s delegation at the investment summit, he is poised to propel the mission to new heights.

What the Presidency is Saying

Furthermore, Ajuri stated that the President will be accompanied by the Minister of Foreign Affairs, Amb. Yusuf Tuggar; the Coordinating Minister of the Economy and Minister of Finance, Wale Edun; the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite; and the Minister of Power, Chief Adebayo Adelabu.

He said,

“This visit also affirmed President Tinubu’s commitment to diplomatic reciprocity as the invitation to Germany from the German Chancellor is being honoured following the visit of the German Chancellor to Abuja and Lagos, Nigeria, from October 29 to October 30, 2023.
“Leveraging on the opportunity presented by the Fourth G20 Investment Summit, the Nigerian delegation will follow up on productive meetings previously conducted with high-ranking representatives from German business organizations who were part of the official delegation of the German Chancellor to Nigeria.
“In his discussions with Chancellor Scholz in October, President Tinubu highlighted the imminent need for more German companies to invest in the Nigerian market across multiple sectors of the Nigerian economy, such as transportation, mining, and energy, all while noting that Nigeria remains Germany’s second-largest trading partner in Africa.
“Nigeria and Germany, being the largest economies in Africa and Europe, respectively, recorded an increase in bilateral trade volume from two to three billion Euros between 2021 and 2022.”

President Tinubu will return to the country following the conclusion of the conference.

November 18, 2023 0 comments

Headlines

Tinubu replaces, redeploys four NUPRC commissioners

by Leading Reporters November 8, 2023

written by Leading Reporters

President Bola Tinubu on Tuesday approved the appointment of three new Executive Commissioners to serve in the Nigerian Upstream Petroleum Regulatory Commission, and the redeployment of one current Executive Commissioner, pending their confirmation by the Nigerian Senate.

Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed this in a statement titled ‘President Tinubu appoints three new NUPRC executive commissioners.’

According to Ngelale, the President approved the reshuffling and replacement based on “his deeply informed assessment of all factors concerning the sector to establish a regulatory framework and culture that comprehensively disincentivises errant behaviour and incentivises diligence and rules-based business practice across the industry.”

The new executives include Mr Bashir Indabawa (North-West) who is the Executive Commissioner, Exploration and Acreage Management; Mr. Enorense Amadasu (South-South), Executive Commissioner, Development and Production and Mr. Babajide Fasina (South-West), Executive Commissioner, Economic Regulation & Strategic Planning.

The President also redeployed Dr. Kelechi Ofoegbu (South-East) who is now Executive Commissioner, Corporate Services and Administration.

November 8, 2023 0 comments

Africa & World

Breaking: Trump Ally Mike Johnson Becomes US new House Speaker

by Leading Reporters October 25, 2023

written by Leading Reporters

Mike Johnson has been elected Speaker of the House of Representatives, ending weeks of chaos and Republican infighting on Capitol Hill.

The conservative Louisiana lawmaker won with 220 votes in the lower chamber of Congress.

Mr Johnson is the fourth Republican nominated for the position since Kevin McCarthy’s ouster on 3 October.

The previous nominee, Minnesota’s Tom Emmer, abruptly dropped out of the race on Tuesday after about four hours.

Mr Johnson’s success in the hard-fought Speaker battle represents a victory for the ideologically right-wing, Trump-aligned faction of the Republican Party and a loss for its moderates, whose candidates struggled to gain traction among conservative representatives on Capitol Hill.

Mr Johnson, 51, is considered a staunch conservative and close ally of former President Donald Trump.

In 2020, he was a key figure in efforts to legally contest the results of the 2020 presidential election, urging Mr Trump to “keep fighting” and “exhaust every available legal remedy”.

The mild-mannered former lawyer and talk radio host has served in the House since 2016 and is a former chairman of the Republican Study Committee, a position that is often seen as a first step toward leadership positions within the party.

He has also taken a hard-line conservative position on a number of policy issues, including abortion rights and same-sex marriage, which he opposes. Mr Johnson is also against further US aid to Ukraine.

When nominating Mr Johnson on the floor of the House, Elise Stefanik, the chair of the Republican conference, called him a “dedicated servant” and “titan” who has dedicated his life to “America’s great principles of life, liberty and the pursuit of happiness”.

But Democrat Pete Aguilar called him “the most important architect of electoral college objections” to the 2020 presidential vote and said he was chosen because he “can appease Donald Trump”.

October 25, 2023 0 comments

Investigation

Diversion of N5billion campaign fund: Tinubu vows never to reward FFK with pollical appointment

by Leading Reporters October 24, 2023

written by Leading Reporters

Politics they say is about reciprocation. President Bola Ahmed Tinubu understands this to the core. But many wonder why one of the president Tinubu’s vociferous associates, Femi Fani Kayode popularly known as FFK is yet to be compensated with political appointment, just like his comrades who bore the brunt of one of the most controversial and emotion-laden elections in Nigerian political History.

LeadingReporters went underground and uncovered a shocker on why FFK may not be rewarded with any political appointment. To start with, according to a piece of insider information, President Ahmed Bola Tinubu hates to be associated with FFK, even now. He knows, just like most Nigerians that FFK acts like a Tuna fish that swims where the waves haul it. No sense of direction. No decency and no dependability.

“President Tinubu never trusted or liked FFK. FFK was foisted on him, and he warned those who presented FFK to him that left for him, he would not want FFK around him”. The source said.

How FFK was Presented to Tinubu:

In the build-up of the last presidential election, FFK was said to have been presented to Bola Ahmed Tinubu by the former media aide to former First Lady, Patience Jonathan. According to our insider information, Tinubu was said to have vehemently refused to work with FFK, citing a series of insults and vituperations FFK hauled on him. Patience Jonathan’s aide was said to have assured Tinubu that FFK would be needed be needed in his camp because not doing so may mean that another opponent may use FFK against him.

FFK to Be Drafted as Media Attacker

President Tinubu was told that if FFK is left as a political freelancer, he would do a lot of damage to Tinubu’s campaign. Tinubu insisted that he was not going to work with FFK, but if they felt that FFK was so good for the job, they should find a way to accommodate him in their team. He however left a warning “The guy is not a dependable ally”. FFK was then drafted as a media attacker with a mandate to attack, insult, and bully anyone with dissenting opinion. He was specifically instructed to attack any Christian leader who says anything against Tinubu candidacy.

How FFK cornered N5billion Campaign Fund with which he acquired three Jeeps a day

It was learnt that no sooner FFK was brought into the campaign team than he initiated a letter to some APC governors, requesting financial support to push Tinubu’s campaign. It was learned that FKK was able to mop up more than N5 billion, with Kogi State Governor, Yahaha Bello dolling out as much as N3 billion to FFK. FFK was said to have diverted the sum and other monies he received as campaign support with which he acquired for himself three Range Rover series, all in one day. This irked Tinubu who vowed that FFK should not be allowed one inch close to him for anything.

October 24, 2023 0 comments

MD of Printing and Minting Squanders Over N200m on Bullet Proof Car Leading Reporters

Exclusives

Aisha Buhari’s Brother and MD of Printing and Minting Squanders Over N200m on Bullet Proof Car

by Leading Reporters October 23, 2023

written by Leading Reporters

While the fortune of the Nigeria Security, Printing and Minting company popularly called MINT continues to dwindle, the Managing Director of the company, Mr. Halilu Ahmed has acquired for himself a bullet proof car worth over N200m, according to an insider information uncovered by LeadingReporters.

Mr. Halilu who is the elder brother of Nigeria’s former first lady, Aisha Buhari was said to have secretly acquired the car under the disguise of using same for MINT operations.

According to a discreet source, Mr. Halilu Ahmed instructed the Executive Director Finance and the Procurement Director to offset the payment of the bullet proof car under the guise that it would be used for official operations.

It was further learnt by this news platform that the vehicle was acquired and taken to his home state in order to keep it from the knowledge of the staff and other officers.

Meanwhile a pro good governance group, The League of Patriots has called on the President and Commander-in-Chief of the armed forces, President Ahmed Bola Tinubu to make good his promise to clean the perennial corruption that characterized the Central Bank of Nigeria under Mr. Godwin Emiefele and his proxies in MINT and NIRSAL.

Speaking after a zoom consultative meeting consisting of Zonal Leaders of the League in America, Europe and Nigeria, the group said that President Tinubu should take a step further at ensuring that Emiefele stooges in MINT and NIRSAL are not only booted out of office, but are made to give account of their stewardship to Nigerian people.

Aisha Buhari’s Brother and MD of Printing and Minting Squanders N200m on Bullet Proof Car

While the fortune of the Nigeria Security, Printing and Minting company popularly called MINT continues to dwindle, the Managing Director of the company, Mr. Halilu Ahmed has acquired for himself a bullet proof car worth N200m, according to an insider information uncovered by LeadingReporters.

Mr. Halilu who is the elder brother of Nigeria’s former first lady, Aisha Buhari was said to have secretly acquired the car under the disguise of using same for MINT operations.

According to a discreet source, Mr. Halilu Ahmed instructed the Executive Director Finance and the Procurement Director to offset the payment of the bullet proof car under the guise that it would be used for official operations.

It was further learnt by this news platform that the vehicle was acquired and taken to his home state in order to keep it from the knowledge of the staff and other officers.

October 23, 2023 0 comments

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

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

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

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

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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