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The stock category of Fidelity Bank Plc has been reclassified and upgraded by the Nigerian Exchange Limited (NGX) in the equity market.

Fidelity Bank shares as well rose by 32 percent this year making it the nation’s best-performing bank share as of half year (June 30).

The bank is said to have moved from the small-price stock level to the medium-price stock region.

NGX noted that the reclassification became necessary because Fidelity Bank shares have been trading above N5.00 mark since February, 2023.

“Fidelity Bank traded above the N5.00 mark on February 20, 2023 and has remained above the N5 mark up until close of business on 30 June 2023.This indicates that Fidelity Bank has been trading above N5 for at least four months in the last six months. Therefore, it should be reclassified from small price stock to medium price stock,” the NGX pointed out.

Speaking on the development, Mr Boniface Okezie, the National Co-ordinator, Progressive Shareholders Association of Nigeria stressed that Fidelity Bank has paid its dues in the financial services sector.

Noting that the bank has contributed massively to the development of the small and medium enterprises (SME) sector and paid dividends to shareholders, Okezie said that investment in ICT and effective branch network had improved the the service delivery of the bank to customers and shareholders.

“Last year, it took the market by surprise by declaring a dividend of 50k per share which had not happened in previous years.”

Expressing his concern on the performance of the bank, the National Co-ordinator, Independent Shareholders Association of Nigeria (ISAN), Prince Anthony Omojola emphasised that “Fidelity Bank is moving up in terms of performance. They have joined those paying interim dividends and they have also dipped their hand into big money tills for huge investment. They have borrowed big to be able to handle bigger contracts and be able to reap big. The reclassification is welcomed and I hope they will not disappoint us. If they are able to meet expectations, the benefit will be for Nigeria”.

Similarly, a Doyen of Nigerian Stockbrokers and non-executive director at UIDC Securities Limited,Sam Ndata pointed out that Fidelity Bank that would be rewarded with earn investors’ confidence if it continues in present stride.

President of the Senate, Godswill Akpabio has declared that salaries of members of the National Assembly are not enough to take care of demands and projects from their constituents.

He said with the volume of requests from various constituents represented in the National Assembly, lawmakers’ earnings were too inadequate to cater for everything.

The Senate President made the revelation while contributing to the debate on a motion sponsored by Kano lawmaker, Senator Abdulraman Kawu, on the need to avert planned strike by the Nigeria Labour Congress (NLC).

The former Akwa Ibom state governor admitted that though hardships associated with the removal of subsidy on fuel were enormous, there was need Nigerians to be more patient with the government while they work to cushion its effect.

Defending his motion, Senator Kawu called the Senate’s attention to the fact that the strike would cripple the country as movement would be severely curtailed with commercial transport operators withdrawing their services, while markets, schools and healthcare facilities would be forced to shut down.

He said the strike action could heat up the polity adding that the gains from the strike would be far below the costs to either of the parties in conflict.

The senate, after the debate, mandated its leadership to interface between the NLC and the federal government in order to avert strike.

Senator Ishaku Abbo (APC-Adamawa North), yesterday, claimed to have taken the National Common Entrance Examination when he was in Primary Three.

Abbo described himself as exceptionally brilliant, to the amusement of his colleagues.

“I sat for common entrance examination when I was in Primary Three and I won because I was exceptionally brilliant… I passed,” he said during the screening of a ministerial nominee, Prof. Joseph Utsev of Benue State.

Upon correction by fellow lawmakers, Abbo retorted, “It’s all the same – winning and passing are all the same.”

The senator’s comments followed a question posed to Utsev by Senator Mukhail Adetokunbo Abiru (Lagos East) on his biodata where the professor’s birth year was apparently indicated as 1980 while his primary education was supposedly completed in 1989.

“On the very first page, page one, you said you were born on the 2nd of December, 1980. Now, looking further down, you attended St John’s Primary School, Gboko,” Abiru noted.

“You just wrote 1989; I’m wondering whether you finished primary school at 1989 which would suggest that you either started primary school at the age of three or two, for you to finish in 1989.”

In response, Utsev stated that his admission to primary school came in 1984.

“The year 1989 was when I got my first (school) leaving certificate,” he said.

“That was when I passed out with a first school leaving certificate. I’m talking about primary school.”

Later, as Abbo gave his submission on the subject matter, he argued that it was plausible for the nominee to have been enrolled in primary school at the age of three.

“You may be like me, exceptionally brilliant,” he told the professor which elicited chuckles from some of his colleagues.

“Because you’re on national television, I don’t want people to go home thinking that your integrity is being called into question. You’re a professor in this country and have done exceptionally well for the university to make you a professor.”

President Bola Ahmed Tinubu has approved the appointment of Ajuri Ngelale as his Special Adviser on Media and Publicity.

This was made known in a statement by Willie Bassey, the Director of Information in the Office of the Secretary to the Government of the Federation, Senator George Akume on Monday.

The statement reads, “President Bola Ahmed Tinubu, GCFR, has approved the appointment of Chief Ajuri Ngelale as Special Adviser to the President on Media and Publicity.

“The appointment takes effect from 31st July, 2023 and would terminate at the end of this administration unless otherwise decided by the President.

“The President urges him to bring his wealth of experience to bear on the new assignment.”

Ngelale served as a Senior Special Assistant for Public Affairs in the Presidency in the immediate past government of Muhammadu Buhari.

The Presidential candidate of the Peoples Democratic Party, PDP, in the last presidential election, Atiku Abubakar has stormed the Presidential Election Petition Tribunal for the final legal fireworks in his petition against the declaration of Bola Tinubu as winner of the election.

Atiku, who dressed in a sky blue kaftan, arrived the Court of Appeal, venue of the tribunal, with a retinue of his political associates and friends.

The former Vice President was heralded into the court room by several members of his legal team.

At the time of this report, Atiku was the focus of action and visit inside the court room.

His lead counsel, Chief Chris Uche SAN, has also arrived the Tribunal to engage Chief Wole Olanipekun SAN, lead counsel to President Tinubu in the last legal fireworks for and against the declaration of Tinubu as winner of the February 25 presidential election.

President Bola Tinubu will on Tuesday honour an invitation to attend the 63rd independence anniversary of the Republic of Benin.

This is contained in a statement by Mr Dele Alake, Special Adviser to the President on Special Duties, Communications and Strategy on Monday in Abuja.

He said that the President, who is also the Chairman of the Authority of Heads of State and Government of the Economic Community of West African States, would be the Special Guest of President Patrice Talon at the ceremony.

President Tinubu had first met with Talon on the sidelines of the summit on New Global Financing Pact in Paris, France and at the 63rd Ordinary session of the Authority of Heads of State and Government of ECOWAS held in Guinea-Bissau.

The two leaders also more recently met at the State House, Abuja along with leaders of three other West African nations, where the Benin Republic President invited him for the anniversary.

Tinubu had drawn the attention of the Beninese leader to the need to review and strengthen cultural, trade and economic relations between their two countries.

The president also highlighted the need for joint border patrols by the Customs and harmonizing regulations on the frontlines among West African countries.

The President will be accompanied on the one-day visit by six governors, who were invited by Talon, and his personal aides.

The six governors are: Ogun, Dapo Abiodun; Lagos, Babajide Sanwo-Olu; Oyo, Seyi Makinde; Kwara, AbdulRahman AbdulRasaq; Kebbi, Nasir Idris, and Niger, Mohammed Umar Bago.