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NGX rates Fidelity Bank highest on corporate governance

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Fidelity Bank Plc complies with the highest corporate governance standards as the leading commercial bank adheres promptly to all full disclosure requirements and global best practices.

 

Fidelity Bank is awarded CG+, the highest rank under the Corporate Governance Rating System (CGRS), which screens quoted companies against prescribed best practices and standards.

 

A review of the latest compliance report showed that Fidelity Bank sustains its highest-ranking rating of CG+, with shareholders and market pundits commending the high corporate standards of the bank.

 

Head, Listings Regulation Department, NGX Regulation (NGXRegco), Mr. Godstime Iwenekhai, explained that the CGRS was designed to strengthen the governance structures of listed companies and provide a valid basis for discerning investors to differentiate between listed companies on the basis of their compliance with acceptable standards of corporate governance.

 

“In our view, corporate governance promotes ethical business practices, transparency and fair competition,” Iwenekhai said.

 

He pointed out that the special character combination “CG+” underlined compliance with best practices and highest corporate governance standards, which entitle the rated companies to special privileges at the stock market.

 

Corporate governance compliance at the stock market includes prompt submission of detailed operational results from period to period as required by the market rules, full disclosures of all material and regulated information and accurate rendition of reports and accounts.

 

Also, compliance includes ensuring that the company’s shares are not encumbered in a way that impinges on free float or number of shares available to the general investing public for efficient price discovery, compliance with all investor-protection safeguards in communication with shareholders and organizing statutory meetings as required among others.

 

The Nigerian Exchange (NGX) noted that the compliance tracker was aimed at maintaining market integrity and protecting the investors, noting that listed companies are required to adhere to high disclosure standards.

 

“Financial information which is periodic disclosure and on-going material events disclosure should be released to NGX in a timely manner to enable it efficiently perform its function of maintaining an orderly market,” NGX stated, referencing some of the criteria for its corporate governance rating.

 

Market experts and shareholders agreed that corporate governance compliance is a major factor in deciding on investing in a public and the safety of such investment.

 

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said corporate governance compliance rating is “extremely important” as it indicates to the investing public the quality of compliance of a company to listing requirements.

 

“As you know, stock prices are driven primarily by available information and the NGX has a minimum level of disclosure expected of quoted companies. This disclosure helps the public make qualitative decisions as to the state or performance of the companies they are seeking to invest in. These markers are therefore the initial indicators as to whether the companies are meeting their disclosures and other regulatory obligations or not,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said.

 

Managing Director, APT Securities & Funds, Mallam Garba Kurfi, said the corporate governance rating “shows the extent companies are in compliance with corporate governance”.

 

“High rating means very good in doing the right thing timely while low rating discourages foreign investors from investing in such companies,” Kurfi, a leading market operator and member of the board of Securities and Exchange Commission (SEC), said.

 

Managing Director, HighCap Securities, Mr David Adonri, noted that “CG+ means excellent corporate governance rating”.

 

“When a company is organised and upholds good corporate governance, the benefit to stakeholders is maximized,” Adonri said.

 

Investors said its high corporate governance was one of the compelling reasons they chose to invest in Fidelity Bank.

 

President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar said Fidelity Bank has a very good corporate governance structure that reassures investors of the safety of their investments.

 

According to him, while the bank has a good succession plan, the calibre of the independent non-executive directors on the board gives shareholders strong confidence of the kind of board oversight they will be expecting.

 

National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, said Fidelity Bank’s impressive performance over the years had been built on good corporate governance.

 

“My appeal to the board is to continue to imbibe good corporate governance in order to sustain this growth,” Igbrude said.

 

National Coordinator, Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, said Fidelity Bank has created a “very excellent impression” in the minds of shareholders.

 

According to her, the bank has continually showcased exemplary leadership with continuous impressive results, with successive growths over the past five years.

 

“Fidelity Bank is a very good bank that shareholders are very happy with their investments and we have never regretted buying into Fidelity Bank,” Bakare said.

 

National Coordinator, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie said good corporate governance was the cornerstone of Fidelity Bank’s sustained growth and impressive returns over the years.

 

“Fidelity Bank remains one of the best stocks that investors should look forward to investing in for better returns. I’m very optimistic about the bank’s healthy strong assets. With its good corporate governance and excellent customers’ service, there is every reason to hope for a more promising future,” Okezie said.

 

The NGX tags defaulting companies for poor corporate governance and also applies various monetary and non-monetary sanctions, including fines ranging between N100,000 to N100 million, partial or full suspension of trading, naming and shaming with a red alert tag and compulsory delisting in extreme cases.

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Alimosho LG Vice Chairman, Akinpelu Johnson Gets Appointment Letter To Take Over Office

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The Vice Chairman of Alimosho Local Government Area, Mr. Akinpelu Johnson has officially received an appointment letter to take over from the suspended Chairman, Jelili Sulaimon.

 

The letter, dated 8th October, 2024, was signed by Kikelomo Bolarinwa, Permanent Secretary of the Ministry of Local Government, Chieftaincy Affairs and Rural Development.

 

Titled: ‘Re: Suspension of Mr. Sulaimon Jelili, Chairman, Alimosho Local Government Area Resolution of the House’, the appointment letter read: “I write to refer to the resolution of the House of Assembly in respect of the above

subject which states that Mr. Sulaimon Jelili has been suspended indefinitely from

Office as the Chairman, Alimosho Local Government in accordance with Section 24

(1,2,3,4) of the Local Government Administration Law (Amendment) Law, 2016. (Copy attached for ease of reference).

 

“In view of the above, you are to assume duty IMMEDIATELY as the Acting Chairman, Alimosho Local Government.”

 

Recall that the Lagos State House of Assembly on Monday suspended Jelili Sulaimon from office following various allegations by the lawmakers.

 

The lawmakers resolved at the sitting that Johnson should take over the running of the affairs of the council.

 

The lawmakers further instructed the management of the council, including the manager and treasurer, to recognise Johnson and accord him all the support to make him work effectively.

 

Meanwhile, four out of the seven councillors in the council have denounced the purported suspension of Johnson by their three colleagues.

 

In a press release signed by the four councillors including Deputy Leader Mojisola Fabusuyi Ayeni (Ward D), Saheed Adejoke (Ward C), Rasheed Semiu (Ward E), Elizabeth Fashina (Ward F), they commended the House of Assembly for intervening while urging stakeholders’ in the council to go about their activities peacefully.

 

Read the full statement below:

 

 

Illegal Suspension of Hon. Akinpelu Ibrahim Johnson,Vice Chairman Alimosho Local Government

 

 

We, the undersigned legislators from Alimosho Local Government, officially dissociate ourselves from the staged managed, and illegal suspension of Mr. Akinpelu Ibrahim Johnson, The Vice Chairman of Alimosho Local Government.

 

We condemn in totality the purported suspension of the Vice Chairman by minority legislators who acted on instructions of the validly suspended Chairman.

 

As representatives of our people from different wards in Alimosho, we remain committed to supporting the state and federal government’s efforts to improve the lives and well-being of our people, most especially at the grassroots.

 

We commend the State House of Assembly for their intervention in the mismanagement of the local government over the years. We urge all stakeholders to remain peaceful as there’s no cause for alarm.

 

The Renewed Hope (RH) Agenda of our Dear President, H.E Asiwaju Bola Tinubu GCFR, and Governor Babajide Sanwo-Olu’s THEMES + Agenda, deserve every attention and support at this critical stage of our state and nationhood and by extension at the local government.

 

We would like to emphasize that at no time was the Vice Chairman suspended hence our readiness to support him going forward with the administration of the Local Government.

 

As a man of the people, we have no doubt in our minds that Hon Akinpelu Johnson will deliver beyond the expectations.

 

We shall keep the public posted should there be any information of interest to the public.

 

Signed:

 

1. Councillor. Mojisola Fabusuyi Ayeni (Ward D), Alimosho LGA, Deputy Leader

 

 

2. Councillor Saheed Adejoke (Ward C), Alimosho LGA, Chief Whip

 

 

3. Councillor Rasheed Semiu (Ward E), Alimosho LGA, Member.

 

4. Councillor Elizabeth Fashina (Ward F), Alimosho LGA, member.

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The Villa’s Chief of Staff

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The office of the Chief of Staff to the President of the Federal Republic of Nigeria, has suddenly acquired a larger than life aura. The powers believed to be domicile in that office are now synonymous with that of the president himself. The progression of that office, through the window of time, started in recent years.
Rising from the backwaters of official obscurity, akin to the civil service rule of “being seen but not heard”, the office of the chief of staff to the president is now one that many people would do anything – indeed go to any length – to occupy.
Although not a constitutional creation, its functions are largely at the discretion of the president, with direct supervision of his activities, personal staff, and security details.
Since 1999, when former President Olusegun Obasanjo introduced the idea patterned after the US presidency, Aso Rock Villa, has played host to a few persons as chief of staff to successive presidents. Each of them lived their time and left their marks in the sand of time.

 

From General Abdullahi Mohammed under Olusegun Obasanjo to Gbolade Osinowo under Umaru Musa Yar’Adua, Mike Oghiadomhe and Jones Arogbofa under Goodluck Jonathan, Abba Kyari and Ibrahim Gambari under Muhammadu Buhari and now Femi Gbajabiamila, under the current president, Bola Tinubu, that office has been shaped largely by the content of the characters of the individual appointees.
Unfortunately, apart from the late Mallam Abba Kyari, who was considered “too powerful” under Buhari and thus, received constant knocks and criticisms for doing his job and taking the flaks for his principal, none other comes close to Gbajabiamila in terms of attacks and constant machination of antics designed exclusively to get rid of him.
Today, Gbajabiamila is one of the most popular persons in the country – holding office or not. This, sadly, is not on account of the fact that he was not doing his job well. But essentially, because he has in his hands what several other people desperately covet.

 

Perhaps, it comes with the job and the territory. But the recent interpretations accorded an otherwise innocuous statement by the presidency, which last week hinted at possible cabinet reshuffle was rather discrediting.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, while addressing State House correspondents in Abuja, said Tinubu would be aided in his decision by public opinions that have been empirically extracted.
In company with another Senior Special Assistant to the President on Digital and New Media, O’tega Ogra, Onanuga said there was no timeline to when Tinubu would reshuffle his cabinet, which he inaugurated in August, 2023.
“I don’t have any timeline. The president has expressed his desire to reshuffle his cabinet, and he will do it. I don’t know whether he’s going to do it before October 1, but he will surely do it.

 

“So that’s what I will say. He has not given us any timeline he’ll do it, but he will do it. He has expressed his plan he wants to do it,” he said.
Ogra would further shed more light on the planned exercise. He explained that the president would be guided by an empirical process, making reference to the performance indicator of everyone.
This, of course, was being coordinated by none other than the Special Adviser to the President on Policy Coordination and head of the Central Delivery Coordination Unit, Ms. Hadiza Bala Usman.
He added: “We also need to realise that the president’s decision to reshuffle is also based on empirical evidence. He said it during the retreat for the ministers that they were going to have periodic reviews, and the decisions that are extracted from these reviews will be used to make that final decision.

 

“I know he’s got a couple of reports, and as Mr. Onanuga said, when he’s ready to do that, I believe he will,” he said, adding that the president has also instructed his ministers to actively promote the accomplishments of his administration.
“The president has given an order to all his ministers at the last Federal Executive Council (FEC) meeting to go out there and speak about the activities of his administration.
“Some of them have been media shy, television shy, radio shy, and he wants them to overcome all that and go out there and speak about what they have been doing.
“Because the feeling out there is that government is not doing enough and the government has been doing a lot. It is up to them to go out there and blow their own trumpet. They should go out there and talk about what their ministries have been doing,” he added.

 

Nothing in the statement above suggested that the president had hinted at the possibility of dropping any of his appointees. At best, the statement was big on the word “reshuffle” and not “shake-up” even though they both mean changes to the cabinet.
However, while the former presupposes moving people around to improve the effectiveness of the government, the latter indicates a more chaotic situation, which suggests dropping some appointees outright, albeit for the same purpose. Still, it would not be out of place if he drops anyone as he deems fit.
But the brazen misinterpretation of facts in some of the reports, insinuating that Gbajabiamila was top on the list of those who had been penciled in to be relieved of their duties, was not only curious, but further exposed the reality of the forces that seemed to have piled up against the chief of staff since he assumed office.

 

For context, the expanded work of the chief of staff varies from president to president. Aside from the ability to exercise discretion, in addition to the rudimentary responsibilities of the office, he functions majorly at the whims of his principal.
In the case of Gbajabiamila, he had so earned his principal’s confidence that the president once deemed it expedient to come out to defend and as well reiterate his confidence in him, at the peak of the attacks against him.
This happened at one of the Federal Executive Council (FEC) meetings in October 2023, during which Tinubu also set the ground rules for those eligible to attend the meeting.
“Let me reiterate  that a lot of stories are going around about what is happening. I’ve told everyone that I can make mistakes. They’re bound to air them out and correct them.
“Perfection is of God. I have confidence in the integrity of my chief of staff. All campaigns of calumny and insinuations should stop. The buck stops here.
“If I make a mistake, I’m ready to own up to it. We’re all joining hands to fight corruption, and we want to enforce the law with you,” he explained.
Even if it was a façade (which it didn’t really seem like), the fact that the president came out to stoutly defend his chief of staff was enough to douse insinuations and quell the vacuous struggle for that office, intended to viciously pull down the current occupant, Gbajabiamila.
The office of the chief of staff is not elective, and therefore, the struggle to acquire it is not just unsightly but also dishonourable. This insatiable lust for power accentuated by poverty of ambition, has peaked in this case, sadly, with disturbing consequences on the polity and governance.
Isn’t it strange, therefore, that a chief of staff has many jobs on his hands and yet, in the same stroke, has none? Even worse, it is such a thankless call to service that earns the individual a legion of enemies as against medals. So, what about the vain struggle?
In fact, at the state level, many governors had long adopted the idea of abandoning their chief of staff to make very good use of their deputy chief of staff, for personal reasons, instead. If the chief of staff was indispensable, why would they travel that route in the first place?
It is, therefore, interesting to note how some people arrogate so much power to this office and rustle up huge imaginations about the identity of the occupant, sometimes beyond his own grasp.
For instance, how in anyone’s wildest imagination is the chief of staff responsible for the state of economy or the rising costs of living? In what capacity, beyond advisory, would a chief of staff give instructions or directive to ministers, the CBN governor, heads of parastatals and agencies outside of the personal staff of the president?
Yet, the impression created out there by the political hawks is that the chief of staff is the alternate president, a dip that could equally create a needless friction between the principal and his staff, where maturity and trust are lacking. This battle for space could even be extended to the vice-president, who might think he’d been shoved aside for the chief of staff to thrive. It’s a dangerous power gambit!
For Gbajabiamila, there’s no gainsaying that the last 17 months must be the longest in his over two decades of public service and career. He has waltzed through some of the most demeaning allegations of corruption to being tagged the most powerful man in the country, in obvious moves to pit him against his boss.
These ungodly orchestrations by the vermin in the corridors of power are enough to mess with his mental health and emotional stability, especially for a man with grownup kids, whose friends also read some of the “devastating lies” and are wont to ask relevant questions.
Unfortunately, for both his real and perceived enemies, while Gbajabiamila does not appear desperate, his fate is clearly not in their hands either, but his principal, who once publicly stood for him, based on convictions.
It also doesn’t mean they would back off if they failed in their current adventure. It is just characteristic of the filthy power play in a black society, where every approach is considered fair, so long the end justifies the means. They are likely to moot and sculpt other more devastating plots in no time.
Until the president decides what he ultimately does with his appointees, some of whom are being reportedly considered for reshuffling in the coming days, the political jobbers currently strutting the turf and fretting their hours on dead wishes, should, at least, let Gbajabiamila breathe?

 

As published today in Thisday Newspaper https://www.thisdaylive.com/index.php/2024/10/08/the-villas-chief-of-staff/

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CBN Weighs In: Responds to Attempts to Misinform the Banking Public and Reasserts Its Role as Apex Banking Authority 

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In a show of strong support for GTCO and move to debunk false allegations being levelled against the GTCO and its Executive Management by faceless and unqualified entities using the media, the Central Bank of Nigeria (CBN), issued a today reassuring the public that their deposits with Nigerian Banks are safe.

 

The Statement titled, “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds” and signed by Ag. Director, Corporate Communications, Hakama Sidi Ali (Mrs.), begins with a firm assurance: “The Central Bank of Nigeria (CBN) wishes to reassure the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.” It further stated, “The CBN recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure. The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system. Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.”

On how the Monetary Authority fulfills its oversight responsibility, ensuring system-wide monitoring of licensed Banks in Nigeria as well as their offshore operations, the Statement says, “In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues. The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector. Furthermore, the CBN has established Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located. This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.”

 

In closing, the Ag. Director said, “The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.”

 

 

 

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