The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said that reforms initiated by the federal government to clean up years of corrupt practices in the Nigerian National Petroleum Corporation (NNPC) have not completely guaranteed that the state oil firm is now transparently run.
This is coming as a group of civil society organisations (CSOs) operating in Nigeria’s extractive industry has accused the international oil companies (IOCs) of complicity in the huge theft of crude oil recorded in the country.
Kachikwu explained that there are still a lot of works to be done to completely transform the corporation and make it accountable and its operations transparent to all Nigerians.
The minister stated this in the October edition of the monthly podcast he released to intimate Nigerians on the status of the country’s oil and gas industry. This edition was recently released in Abuja by his office and he stated in it that the government had though made some efforts in repositioning the NNPC.
“We delivered an open NNPC, we basically opened up our books, we published and tried to be as transparent as we can, but a lot of works still needs to be done there, but for the first time we delivered the kind of NNPC that has never been the sort of NNPC that you used to know,” said Kachikwu, on the results the government had recorded in the last one year.
In a related development, a group of civil society organisations (CSOs) operating in Nigeria’s extractive industry have claimed that IOCs in the Niger Delta cannot be totally absolved of the huge theft of crude oil recorded in the country.
They said IOCs had been found culpable of stealing oil from Nigeria, and that oil theft cannot be limited to illegal refining in the Niger Delta.
Rising from a recent workshop on improving CSOs’ engagements in Nigeria’s extractive sectors which they held in Enugu, the CSOs led by Publish What You Pay (PWYP) Nigeria, also stated that it was difficult to achieve transparent contracting processes in the country’s extractive sectors.
They said in a communique signed by the National Coordinator of PWYP Nigeria, Mr. Peter Egbule, that: “It is difficult to achieve contract transparency in the extractive sector in Nigeria. Although, there are legal frameworks that regulate contracts in the industry, however, they are not always complied with.”
“Nigerians find it difficult to know the exact quantity of crude the country produces. Tax incentives are granted to companies without cost benefit analysis. Oil theft is not limited to illegal refining, IOCs have been found to be culpable of oil theft in Nigeria,” the communique stated.
It further explained: “At the moment, EITI application standards in Nigeria are faced with numerous challenges. Efforts are being often being concentrated on transparency, without adequate attention on accountability.
Experience has shown that transparency alone does not deliver good governance, it must come with accountability.”
They noted that the Land Use Act has become a legislation the states use as a justification for the exploration of minerals without adequate compensation to communities.
In their recommendations, they called on the government to ensure that citizens know the exact quantity of crude produced and lifted daily from the country’s oil fields.
“Besides transparency, environmental and human rights issues must begin to dominate discourse around EITI standards. The civil society needs to demand accountability alongside their strong demand for transparency, CSOs should make sure all facts are crosschecked and are correct before engaging in advocacy,” they added.
Banking
WHY THE 2022 EDITION OF DECEMBERISSAVYBE BY FIRSTBANK WASN’T JUST ABOUT THE EXCITEMENT BUT MEMORIES
By Farouk Mohammed
The 2022 edition of “#DecemberIssaVybe” by FirstBank, Nigeria’s premier financial institution, has stood the test of time as it yet again created exciting opportunities for individuals and families to come together to celebrate the end of the year. The listed events promoted by the Bank birthed memories that will be hard to fade off one’s mind for many years.
From Culturati to Beeta Arts Festival Abuja, Koffi Tha Guru Unorthodox, Duke of Shomolu Production’s Encore, Our Duke Has Gone Mad Again and Ufok Iban, FirstBank had fun goers granted opportunities to relive many exciting moments. These had many people memorably end 2022 as they were able to see their favourite act perform Live for the first time.
Other activities supported were: Joromi: The Musical Concert; Osamede, Awo and Ufok Iban by Duke of Shomolu Productions, Kizz Daniel Live in Concert, Asake Live as well as Vibe on the Beach, featuring Nigeria’s musical sensation Big Wiz and many others.
In order to expose fans to make the most of these experiences, FirstBank organized several contests on social media as many followers won VIP tickets for the concerts.
The campaign provided a range of memorable homecoming experiences, particularly for the ”I Just Got Backs” (IJGBs) as the DecemberIssaVybe created a platform for these individuals to come together and celebrate their homecoming.
Undoubtedly, the heights of the campaign included the Kizz Daniel Live in Lagos concert held on Saturday, December 17th at the Eko Convention Center, then Asake’s on Friday, December 23rd at the same venue. Vibes on the Beach featuring Big Wiz (Wizkid) on Friday, December 30th at Landmark Beach, Oniru, Lagos also added spice to the excitement.
In addition to providing these memorable experiences, FirstBank also demonstrated its commitment to its stakeholders by generously rewarding attendees with the sum of 1 million naira. This act of generosity further showcases the bank’s dedication to supporting the arts and enabling memorable experiences for its stakeholders.
The decision to reward some attendees with this sum highlights the bank’s commitment to going beyond functional products and benefits for its stakeholders and providing unique and exciting experiences. Overall, the “#DecemberIssaVybe” campaign is a testament to FirstBank’s commitment to supporting the arts and providing enabling opportunities for its stakeholders.
The bank’s dedication to going beyond functional products and benefits for its stakeholders and providing these types of enabling experiences sets it apart in the industry and solidifies its position as a leader in not just directly supporting the arts and entertainment industry but economically impacting its value chain.
Anyone not following the Bank is surely on a long thing but hey, it is never too late as there are still many excitements the Bank creates on its social media ecosystem via @firstbanknigeria (Instagram); @FirstBankngr (Twitter) and First Bank of Nigeria Limited (Facebook).
2023 will surely be another back-to-back hit as the financial giant creates more memorable fun for its customers and followers.
Culled from Okay NG
FBNBank UK, a member of First Bank of Nigeria Limited and Subsidiaries had London, the United Kingdom painted blue as it celebrated its 40th anniversary, themed Partnership Beyond Borders, on Friday, 11 November 2022.
The event which had customers, members of government functionaries and the diplomatic community, regulators, captains of industries in attendance, was convened to appreciate the patronage and support the Bank had received since it opened its doors in the United Kingdom 40 years ago. As key stakeholders, they were instrumental to establishing the Bank as an important gateway to connect international markets in Africa, Europe and the rest of the world to the finest financial services solutions that the UK has to offer.
Guests at the event include Hon. Justice Olukayode Ariwoola GCON, Chief Justice of Nigeria; Oba Sen. Dr. Moshood Olalekan Ishola Balogun, Alliiwo II, Olubadan of Ibadan land; Ambassador Sarafa Tunji Isola, High Commissioner, Nigerian High Commission, UK; His Highness, Muhammadu Sanusi II, former Governor, Central Bank of Nigeria.
Other dignitaries that graced the occasion include Alhaji Umaru Abdul Mutallab, Nigerian businessman and former Chairman of FirstBank; Mohammed Indimi OFR, Chairman, Oriental Energy Resources.
Delivering his welcome address to the dignitaries and guests present, Sam Aiyere, Chief Executive Officer, FBN Bank UK Ltd said “since its establishment, our Bank has demonstrated an unmatched dexterity, serving as a gateway connecting international markets in Africa, Europe and the rest of the world to the finest financial services solution that the UK has to offer. Through its office in the UK and the Paris Branch, our Bank has continued to facilitate international trade between Africa and Europe while offering top-notch, world-class corporate, institutional, and private banking solutions to our esteemed customers.
We have recorded laudable achievement only because you stand solidly with us. Therefore, I dedicate the success of the past 40 years to all our stakeholders. Thank you for being the lever beneath our thrust”, he also added.
Appreciating the patronage and support extended to FBNBank UK, Dr. Adesola Adeduntan, CEO, FirstBank said “today we celebrate 40 years of unbroken business operations in the United Kingdom; 40 years of supporting and enabling dreams; 40 years of resilience and relevance; 40 years of trust, safety and security; 40 years of long-term value to all stakeholders; and 40 years of partnerships beyond borders. I believe the future is bright for FBN Bank UK. With our beautiful outing tonight, our Group stands out, once again, as one big and happy family of many parts.
In his speech, Godwin Emefiele, Governor, Central Bank of Nigeria highlighted that “FBNBank UK’s established presence in a leading global financial centre such as London ensures that FirstBank Group is well positioned to play an active role in the promotion of Africa as an investment destination, attract much needed capital to the continent and facilitate trade with other parts of the world. The presence of FirstBank in other countries outside Nigeria shows that the span of its impact is continent-wide. As you are headquartered in the largest economy on the continent, you have a unique role in also facilitating capital flows into other African countries and assisting their economic growth and development.
In addition, in his goodwill message, President Muhammedu Buhari, GCFR, President and Commander-in-chief, Federal Republic of Nigeria said “FirstBank has profoundly demonstrated a high level of nationalism by keeping the Nigerian dream at the heart of its business through constant evolution to birth agile financial services solution to suit the demands of its customers both home and abroad. Also, perhaps more than any other institution in its class, FirstBank has supported the Government by providing human resources at various times to booster much required professional expertise in various sectors of our economy.”
Established in the United Kingdom in 1982 as the London Branch of the First Bank of Nigeria Limited., FBNBank UK was initially established to service the UK banking requirements of Nigerian companies and FirstBank.
Later in November 2002, the Bank was incorporated in the UK as a registered and a wholly-owned subsidiary of First Bank of Nigeria Limited with offices in the City of London and has then developed into a much broader business in the gateway to Europe and beyond for African banks, companies and high net worth individuals.
President Muhammadu Buhari has congratulated the Board, Management, and Staff of First Bank of Nigeria Limited (FirstBank) for cross-border services through FBNBank UK in the United Kingdom for 40 years, sharing almost 130 years of banking experience.
In a statement signed by the Special Adviser to the President on Media & Publicity, Femi Adesina, Buhari noted the competence and professionalism that have become the hallmark of the Bank for many years.
This includes winning and retaining the trust of customers in Nigeria, and beyond, like in the United Kingdom, and successfully consolidating on its benchmark of reliability and professionalism.
“As the FBN, United Kingdom celebrates 40 years anniversary, the President believes the strength and buoyancy of any country depend largely on the capacity of the banking sector, extolling the organization for steady rise and expansion, with remarkable awards for transparency, accountability, and reliability,” the statement reads.
Buhari however, congratulates FBNBank UK for the milestone, and well-deserved acceptance and credence, urging the bank to further leverage on its strengths to retain the trust and confidence of the banking public.
FBNBank UK is a wholly owned subsidiary of the First Bank of Nigeria Limited, an African bank with a rich heritage, established in 1894 as the first banking institution in Nigeria.
FBNBank UK is authorised by the UK’s Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA).
Operating in the City of London with a branch in Paris and a representative office in Lagos, FBNBank UK provides a range of domestic and international banking and financial services.
Interestingly, it is the international banking and treasury centre of FirstBank and acts as connecting hub between the group and its regulatory, financial and social partners. FBNBank UK equally provides world-class, cross border trade and investment services to institutions, corporates and individuals conducting business in and with Africa’s most dynamic and vibrant economies.
FBNBank UK has been operating in the United Kingdom since 1982 as the London Branch of the First Bank of Nigeria Limited.
It was initially established to service the UK banking requirements of Nigerian companies and FirstBank.
In November 2002, the Bank was incorporated in the UK as a registered and a wholly-owned subsidiary of First Bank of Nigeria Limited with offices in the City of London.
Since then, FBNBank UK has developed into a much broader business in the gateway to Europe and beyond for African banks, companies and high net worth individuals.