Remi Adebayo
 
President Bola Ahmed Tinubu recently thumbed down the practice of servicing Nigeria’s humongous loans with huge national revenue.

 
The President’s description of that practice as destructive is indeed apt considering Nigeria’s rising population and comparable resources needed to cater for the citizens.
 
Available records indicate that Nigeria’s foreign and domestic liabilities were in excess of US$100 billion as of 2022; a burden which experts have blamed on successive governments, especially the immediate past administration.
 
“Can we continue to service external debts with 90% of our revenue? It is a path to destruction. It is not sustainable. We must make the very difficult changes that are necessary for our country to get up from slumber and be respected among the great nations of the world,” the President told lawyers while declaring open the annual conference of the Nigerian Bar Association in Abuja.
 
Although the president is under pressure to allow massive food importation as a short- term measure to arrest rising cost of living, the porous nature of Nigeria’s borders dictates otherwise. Taking such route will amount to reversing the gains made in curbing insurgency and cross-border banditry especially along Nigeria’s border up North.
 
This is where the e-Customs Project conceived but later stalemated under the former President Muhammadu Buhari should be re-examined to help boost the operations of the Nigeria Customs Service, NCS, for improved efficiency, block loopholes and increase revenue accruing to government.
 
The NCS Modernization Project, otherwise called e-Customs Project was given anticipatory approval by President Buhari on September 17, 2019 and subsequently stamped by the Federal Executive Council as a Public Private Partnership model in September 2020.
  
The project was conceived in 2015 to address the challenges of dysfunctional scanners and other gadgets, tax evasion, lack of monitoring system, smuggling of goods across the borders, inflow of banned items, lack of transparency and cumbersome functions of the Customs Service.

It is untidy and smacks of high handedness that the Buhari Administration will override its first approval without cancelling a previous approval by the President-in-Council.

It is on record that Messrs E-customs HC Project Limited and Bionica Technologies (West Africa) Limited, the original concessionaires, have jointly challenged the alleged unlawful and fraudulent replacement of their names in the concession agreement earlier approval by President Buhari and ratified by FEC on 2 September, 2020.

The firm had raised the alarm of “a sinister plot” to scheme it out as the approved concessionaire and replace it will an unknown entity registered at the Corporate Affairs Commission on 5 April, 2022, almost two years when the project was first ratified by the Federal Executive Council! 

It is inconceivable that the nation’s highest decision-making body which in September 2020 approved a 20-year Public Private Partnership – PPP concession, valued at $3.1billion to Messrs E. Customs HC Project Limited as initial concessionaire, will allow a few selfish government officials to convince it in approving an illegal concession. How does a company benefit from a process in which it didn’t participate?
It is disconcerting that less than five weeks to the end of the Buhari Administration, the Federal Executive Counting did close its eyes to a valid court order and allowed itself to be misguided.
The willingness to side-track due process and best practice methods by top officials of the Buhari administration on the e-Customs project through a second and hurried FEC approval was nothing but a desperate bid to empower cronies of retiring President Buhari before the end of his administration. With the recourse to litigation by the parties involved in the project, it is now coming to light that President Buhari may have been misled to override an earlier approval granted by the FEC, where he presided on 2 September, 2020.

While government officials can be parochial in their actions, majority of Nigerians are waiting to reap the benefits promised by the project, especially full automation of Nigeria Custom’s business processes and procedures through the development and implementation of a robust and secure ICT platform, implementation of modern customs border stations, airports and marine posts as well as revenue enhancement.

President Tinubu, now wooing international investments from across the globe, must show more than a passing interest in the e-Customs Project where Nigeria stands to reap huge revenue. More importantly, Nigeria cannot be a laughing stock among international investors!

*Adebayo is ED, Accountable Leadership for Better Nigeria Initiative.

By Otega Ogra

Change is never easy. It is often met with resistance, fear, and uncertainty. But it is through change that progress is made.

The recent quick-fix economic reforms initiated by President Bola Tinubu’s administration, including the removal of fuel subsidies and the consolidation of multiple foreign exchange regimes, are a testament to this truth.

These reforms, though challenging in the short term, hold the promise of a more prosperous and stable Nigeria.

They represent a bold step towards economic self-sufficiency, a move away from unsustainable subsidies, and a commitment to a more transparent and efficient foreign exchange market. But President Tinubu understands that these changes, while necessary, will have immediate impact on the Nigerian economy.

That’s why his administration has put in place a series of measures to cushion these effects and ensure that no Nigerian is left behind. From the establishment of the Infrastructure Support Fund (ISF) to the planned distribution of grains and fertilizers to 50 million Nigerians starting this week in collaboration with the states, from the activation of land banks to the creation of a National Commodity Board to the various taxes suspended or deferred to help Nigerians, and the half a billion dollars mobilized at the Food conference in Rome yesterday, these measures are designed to provide immediate relief and pave the way for long-term prosperity.

These are not mere palliatives; they are strategic investments in our future. They are a testament to President Tinubu’s commitment to creating a Nigeria that is not only self-sufficient but also prosperous and resilient.

So, as we navigate these challenging times, let us remember that we are not alone. We have a leader who is not only aware of our struggles but is also committed to ensuring our prosperity.

President Tinubu is confident in the resilience of the Nigerian People and the strength of the Nation’s economy. Let us embrace these changes, not with fear, but with hope and confidence in the promise of a brighter future.

There is light at the end of the tunnel, and with these reforms, Nigeria is taking a bold step toward that light.

In an increasingly uncertain macroeconomic environment, Fidelity Bank Plc has remained appealing in the banking sector.

This is evident in its full year 2022 financial results which showed a better-than-expected performance amid the headwinds in the economy.

Specifically, in the full year 2022 results, Fidelity Bank’s gross earnings increased to N337,050 billion as of December 31, 2022, significantly higher than the N250,776 billion recorded at the end of 2021.

Also, Fidelity Bank’s Net Interest Income climbed to N152 billion in the year under review, up from N94.879 billion the previous year.

Also, its profit before income tax stood at N53.677 billion in the year under review, higher than N25.215 billion the previous year.

Fidelity Bank’s profit after tax for the year under review stood at N46.724 billion, higher than the N23.104 billion it realised in 2021. Additionally, its total assets increased to N3.989 trillion in 2022, up from N3.278 trillion in 2021.

While its loans and advances to customers in the year under review stood at N2.116 trillion in the year under review, up from N1.658 trillion the previous year, customers’ deposits grew to N2.580 trillion, higher than N2.024 trillion the previous year.

Owing to this, the Board of Directors of the bank have proposed a final dividend of 40 kobo per share which in addition to the 10 kobo per share earlier declared as interim dividend amounts to N0.50 per Ordinary Share of 50 kobo (2021: Dividend of N0.35 per Ordinary Share of 50 kobo each amounting to N10,136,904,992.20) from the retained earnings account as of 31 December 2022.

On the back of an impressive first half 2022 results, Fidelity Bank had declared an interim dividend payment of 10 Kobo per 50 Kobo ordinary share, subject to appropriate withholding tax, to shareholders whose names appear in the Register of Members as at the close of business on September 12, 2022.

The interim dividend payment was the first in the bank’s 34 years history. Fidelity Bank had reported a remarkable 21.6 per cent growth in its half-year 2022 profit to N25.1 billion.

Since she assumed the position of the Managing Director/Chief Executive Officer of Fidelity Bank Plc in 2021, Nneka Onyeali-Ikpe has made it clear that her target is to deliver a financial institution that meets all stakeholders’ expectations, even as she continues to push the bank to rise to be among the tier-one banks in the country.

In August 2022, Fidelity Bank intimated the public of its proposed acquisition of Union Bank United Kingdom as part of its expansion plans and in line with regulatory stipulations.

The bank’s plans to acquire a 100 per cent stake in Union Bank UK marked its first foray into the international market.

Commenting on the transaction, Onyeali-Ikpe stated, “This transaction aligns with our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients.”

Indeed, the Nigerian banking sector is evolving, with the changes being driven by competition, accelerated adoption of technology and the move by banks to meet the banking lifestyle of an evolving demography.

This has seen a lot of banks, including Fidelity, embrace innovative means to satisfy their customers.

It also organised the Fidelity International Trade and Creative Connect (FITCC), which is the largest trade exhibition by Nigerian-based businesses in the United Kingdom in recent times.

It was a major move in increasing Nigeria’s foreign exchange earnings.

At the end of the maiden edition which held in London, it recorded pipeline deals of over $200 million, more than 100 exhibitors from Nigeria with product offerings ranging from processed food to fashion, fintech and the arts and over 2,000 attendees over two days.

“In collaboration with our strategic partners, we have created this platform to connect Nigerian exporters with UK buyers.

This inaugural edition of the FITCC hosts more than 100 exhibitors from Nigeria with product offerings ranging from processed food to fashion, fintech and the arts.

“Fidelity Bank is a leading financial institution in Nigeria and a market leader in supporting small and medium scale enterprises and export-oriented businesses.

This event is therefore an extension of the support that we provide to the business ecosystem in Nigeria as work to help them compete favourably on the global stage,” Onyeali-Ikpe said in her welcome remarks at the event.

It is expected that the impressive financial would continue to attract investors to the bank even as it continues to meet the expectations of its customers.

Source: Thisdaylive.Com