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Fidelity Bank Investors Lose N289.74m

Fidelity Bank Investors Lose N289.74m

Fidelity Bank investors lose N289.74m as CBN probe triggers sell off

Over N289.74 million was lost by Fidelity Bank investors on Monday, following a sell off among shareholders after a disclosure that the Central Bank of Nigeria (CBN) was probing its financials.

Fidelity Bank had notified its shareholders in a letter dated August 27, 2021, and signed by the lender’s Company Secretary Ezinwa Unuigboje, that the central bank is reviewing its Half Year Audited Financial Statements.

The examination by the financial regulator has caused a delay in the release of the financial statements to the public.

“Please be informed that the AFS is still undergoing review by the CBN and will be published upon receipt of the CBN’s approval.” Fidelity Bank told investors.

This triggered a sell off on Monday, causing the market value of Fidelity Bank to depreciate by 0.42 percent, while wiping off N289.74 million from shareholders investment.

Last week, high volume of sell off occurred on Fidelity Bank’s stock, as investors sold an average of three million shares on a daily during the five days of trading.

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Business

Dangote Refinery announces first PMS exports to Cameroon

Dangote Refinery and Neptune Oil jointly announced the first-ever export of Premium Motor Spirit, PMS, from Dangote Refinery, Africa’s largest oil refinery, to Cameroon.

The 650,000 barrels per day refinery disclosed this in a statement on Wednesday.

Dangote Refinery said that the feat is the result of a strategic collaboration between the two companies, underscoring their commitment to strengthening economic ties between Nigeria and Cameroon while meeting the region’s growing energy demands.

Reacting, Aliko Dangote, President and CEO of the Dangote Group, noted that the export of PMS to Cameroon is a tangible demonstration of the group’s vision for a united and energy-independent Africa.

“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” he said.

On his part, Antoine Ndzengue, Director and Owner of Neptune Oil, emphasised that the partnership with Dangote Refinery marks a turning point for Cameroon by becoming the first importer of petroleum products from this world-class refinery.

“We are bolstering our country’s energy security and supporting local economic development. This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently,” he stated.

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Business

Ekiti Airport gets NCAA’s approval to commence non-scheduled flight operation December 15

Ekiti Agro-Allied International Cargo Airport (EAICA) Ado-Ekiti has received the approval of the Nigeria Civil Aviation Authority (NCAA) to commence non-scheduled flight operation effective December 15th, 2024.

The NCAA, in a letter dated December 11, 2024 and addressed to Ekiti State Governor, Mr. Biodun Oyebanji, said the approval of the non-scheduled operations under Visual Flight Rules (VFR) at the airport is for a period of six months- December 15, 2024 to June 15, 2025.

The letter, which was signed by NCAA Acting Director General Civil Aviation, Capt. Chris Najomo, was in response to the state government’s application for flight operational permit for the airport.

According to NCAA, the approval for a six months non-schedule operation at the airport is to enable the NCAA validate the implementation of the pending findings and to allow Ekiti State Government time to rectify a few outstanding Corrective Action items indicated in the agency’s last inspection report.

As part of compliance steps towards the commencement of the non-scheduled flight operations at the airport, operations are to be in agreement with relevant agencies for provision of essential services, including Air Traffic Services, Aerodrome Rescue and Fire Fighting Services, Aviation Security and Meteorological services.

It will be recalled that the State government had earlier signed MoUs and Service Level Agreements with these federal aviation agencies.

The Government of Ekiti State welcomes NCAA’s approval for the non-scheduled flight operation, which allows private jets and other chartered flights to land and take off from the airport between 6.00am to 6.00pm (or sunrise to sunset), preparatory to the final approval for commercial flight operations.

Most new airports are usually given non-scheduled flight approval to allow them clear audit gaps in their compliance before final approval for flight operational permit.

Governor Biodun Oyebanji describes the NCAA’s approval as a welcome development and a justification for the state’s investment in the airport project, which was designed to boost Ekiti State’s socioeconomic development by making the state more readily accessible.

Governor Oyebanji had earlier in the year assured stakeholders that the Ekiti airport would become operational before the end of the year.

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Business

NCAA to punish airline operators for delayed tickets refund

N46bn debt: NCAA threatens to withdraw airlines’ licences

The Nigerian Civil Aviation Authority, NCAA, has expressed its readiness to punish any airlines that delay tickets refund to the passengers.

The Director of Public Affairs and Consumer Protection, NCAA, Michael Achimugu, made this known in a statement on Tuesday in Abuja,.

He said tickets refund compliance regulations remain central to the NCAA’s consumer protection agenda.

According to him, the time had come for airlines to adhere strictly to the refund timelines as failure to comply will attract immediate sanctions under Part 19 of the regulations.

The director said Part 19 of the NCAA Regulations 2023 aimed to safeguard passenger rights.

Speaking on a specific case involving Air Peace, the director stated that the airline had exceeded the stipulated refund timeframe, compelling the NCAA to demand swift compliance.

Achimugu added that the incident has triggered the regulators to take decisive action against any form of non-compliance.

“Cash purchases must be refunded immediately, and by cash. Refunds for electronic payments, including mobile apps and internet banking, must occur within 14 days.

“Over the past year, the NCAA has worked with airlines to enhance passenger experience and resolve operational challenges.

”The Authority has maintained a balanced approach, fostering cooperation between operators and regulators to promote better service delivery.

“Most airlines have been responsive, and the relationship between operators and the NCAA has significantly improved, benefiting passengers across the board,” he said.

Achimugu, however, said that the era of leniency had ended with stricter enforcement measures now in place, adding that airlines that failed to meet the refund timelines outlined in the NCAA Regulations 2023 would face sanctions

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