News and Report
DR. BUKOLA SARAKI RESPOND TO RUMORED FUEL HIKE ALLEGATION……Described it as false and wicked report!
Published
7 years agoon
President of the Senate, Dr. Bukola Saraki, has described as both false and wicked the swirling reports about likely fuel hike, allegedly being orchestrated by the Senate, saying there is no such intention in the first place.
Saraki, who said he was going to order an official statement to that effect, however dismissed as a lazy type of journalism the habit of taking innocuous reports on the surface and misinterpreting them as if such writers have predetermined motives.
In the same vein, the Senate has said the recommended increase in the pump price of petrol and diesel by N5 per litre, remains a proposal that is yet to be reviewed by the Senate as a whole. The legislative body however assured Nigerians that it would reject any proposal to increase the price of fuel, just as it abolished fixed electricity charges and rejected the hike in hike in data price.
Addressing the issue in an exclusive chat with THISDAY yesterday, Saraki said the story was obviously taken from the report of a public hearing on road maintenance, which suggested taxing the already existing templates of internal inflow, such that would not affect the pump price of petroleum or the end users.
According to him, since appropriation for the road maintenance was no longer feasible and it was important they took care of it, the idea was suggested that they looked inward, perhaps, by reviewing the Petroleum Products Pricing regulatory Agency (PPPRA) inflow template and see the areas the suggested N5.00 could be taken from, albeit in bits.
He said, for instance, the public hearing reports identified some of the steady inflow from the ports in terms of charges, from where some bits could be taken, adding that the overriding instruction was that the N5.00 must not reflect on the pump price or passed down to the consumer in whatever way.
“I am surprised therefore that anybody would take such a report and turned it on its head. Do I call that lazy journalism or what? The report is so false and wicked that you can’t but see the sinister intention in it. The charge to maintain road is in no way a concern to the public because it would not be passed down to them.
“But because anything that is anti-senate sells quickly, nobody bothered to find out the true picture and the negative report sold like wildfire, when indeed, it was the imagination of the writers and possibly their sponsors.
I am going to get Yusuph (his media aide) to issue a statement on this. Whether or not the critics of the Senate like it, we are and will always be pro-masses.
“Whatever this Senate does, even if it appears in the estimation of our critics as anti-people, is done first with the interest of the people factored critically into accounts. We set out ab initio to protect our people and their interest and that has remained our guiding principle. We will not depart from it. Now ask yourself, on what basis will an increase in the pump price of fuel be justified at this period, when you consider the state of the economy?
“Maybe those who sold the story and their sponsors would have an answer. We are not insensate representatives and if that is the impression that some out there want registered in the subconscious of the people about the senate, then, they will try harder. Check out our records and genuinely analyse them, we have consistently been pro-masses of this great country and that is not going to change,” he maintained.
The Senate on its Twitter handle @NGRSenate yesterday said there was no cause for alarm over the issue which had already drawn condemnation from several sections of the country.
The tweets read: “Story about recommended increase in price of fuel remains a proposal. It has not been reviewed by Senate plenary which comprises of all 109.”
“Rest assured senate that abolished fixed electricity charges, halted hike in data price & much more will not support increase in fuel price This recommendation, like all reports, will still be reviewed & debated at plenary in line with Senate procedures and democratic practices.
“Committee Report on funding road was being deliberated, when salient issues arose which led to the stepping down to clarify grey areas. Absolutely no proposal to increase fuel price! What was discussed at public hearing with stakeholders is the need for ways to maintain roads.”
“While everyone agreed on need to set aside a particular amount to fix roads, a proviso was set that price of fuel SHOULD NOT BE INCREASED. Even for purpose of funding road maintenance, we must maintain charges as it exists within the PPPRA template of PMS at 145 Naira.”
The Senate Committee on Works recently presented for enactment by the upper chamber, a proposed law titled: ‘The National Road Fund Establishment Bill’, which is part of the 11 economic reform bills initiated by the Senate and already endorsed by the House of Representatives. The 11 economic recovery bills from where the National Road Fund Bill originated was initiated by the National Assembly leadership to help take the country out of recession.
They are the Petroleum Industry Governance Bill; National Development Bank of Nigeria Bill; National Road Fund Bill; Federal Roads Authority Act (Amendment) Bill; and National Transport Commission (Establishment) Bill.
Others are Nigerian Ports and Harbours Authority Act (Amendment) Bill; Warehouse Receipts Act (Amendment) Bill; Companies and Allied Matters Act (CAMA) (Amendment) Bill; Investment and Securities Act (ISA); Customs and Excise Management Act and Federal Competition Bill.
However, the nine sources identified for generating revenue for the planned National Roads Fund are fuel levy of five naira (N5) chargeable per litre on any volume of petrol and diesel products imported into Nigeria and on locally refined petroleum products, as well as axle load control charges.
There is also the toll fees (a percentage not exceeding 10% of any revenue paid as user charge per vehicle on any federal road designated as a toll road, but not applicable to PPP roads); international vehicle transit charges; and inter-state mass transit user charge of 0.5% deductible from the fare paid by passengers to commercial mass transit operators on inter-state roads.
The bill also recommended road fund surcharge of 0.5% chargeable on the assessed value of any vehicle imported at any time into Nigeria; lease, licence or other fees which shall be 10% of the revenue accruing from lease or licence or other fees pertaining to non-vehicular road usages along any federal road and collected by the federal roads agency.
On the list too are grants and loans, and gifts of land, money or other property. The bill further stated that the National Roads Fund would be established with a high level of independence under the jurisdiction of the Federal Ministry of Finance, which will only oversee the fund for policy direction.
The Senator Kabiru Gaya-led Committee on Works, which processed the bill, said “The National Roads Fund shall set aside an amount not exceeding 3% of the total monies accruing to it in the preceding year as Administrative Fund.”
The bill was recently listed on the Order Paper but could not be considered, because of time constraint. Gaya, a representative of the All Progressives Congress (APC) from Kano State, however pleaded with the Senate to pass the bill to facilitate the nation’s economic recovery.
The committee report was reportedly signed by 15 members and they were Gaya (chairman), Clifford Ordia (vice chairman), Mao Ohuabunwa, Bukar Abba Ibrahim, Biodun Olujimi, Ben Bruce, Gilbert Nnaji, Abubakar Kyari, Ibrahim Danbaba, Mustapha Bukar, Ahmed Ogembe, Sani Mustapha and Buruji Kashamu as members.
Unfortunately, the stories were written in a way that suggested that the end users, in this case the people were to pay for the increase. The import of the proposed fuel levy charge, according to the reports, was that end-users, including motorists, would pay N5 tax on every litre of fuel bought at any fuel station, insinuating that “This will worsen the hardship most Nigerians currently face.”
In a similar development, the Special Adviser to the Senate President (social media), Mr. Bamikole Omishore, in a statement made further clarifications on the matter.
“At the Public hearing on the National Roads Fund Bill the stakeholders were unanimous on the need to access a percentage of the funds for the sustainable maintenance of roads from the pricing template of petroleum products. While the unanimity was on a percentage, opinion varied as to what percentage. Some argued for 25%, 11%, 7% and 5% of the value of the price of the product.
“This position was held strongly since most other African countries have actually implemented an average of N25 surcharge on petroleum products for the maintenance of their roads.
“It was the widely-held view that we may not be able to go that far in view of the economic challenges the country was going through and the need to ameliorate the suffering of the ordinary Nigerian.
“The technical committee in review this submission determined that even at a surcharge of 5% which leaves the value at about N11 (at the current price of PMS) will be untenable not only due to implementation challenge that would have require that at all times, the surcharge will mean an addition burden is placed on Nigerians beyond the cost of the petroleum product.”
“Rather it was agreed that the charge be pegged at N5 (five naira) and implemented within the existing charges template rather than a calculation arrived at in addition to the price of the product.”
“Therefore, what the Senate has adopted is an innovative and most sensitive approach to eliminate the possibility of increasing the price of fuel in order to fund the Roads Fund. Now with what we have the charge on petroleum products for the purpose of funding road maintenance will have to be determined within the charges template as they already existing within the PPPRA template.
“Finally, it’s important therefore to make it clear that there is no ambiguity in what the Senate has done as there will be no one naira added to the current price of fuel as a result of this bill.
“The charge is to be accommodated within the pricing charge template in effect within the PPPRA. What the Senate has adopted is the minimalist approach to ensure that our roads can come back to life.”
“Where we are with our roads and why the need for the National Roads Funds: 77% of our roads are classified as dilapidated and dangerous, one of the highest in Africa. The average in Africa is 25%.”
“A total of 12, 077 road crashes were recorded across the country in 2015, the News Agency of Nigeria notes. Nigeria is ranked second-highest in the rate of road accidents among 193 countries of the world.”
“WHO adjudge Nigeria the most dangerous country in Africa with 33.7 deaths per 100,000 population every year. According to WHO, one in every four road accident deaths in Africa occurs in Nigeria”, he added.
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News and Report
Sanwo-Olu vs Obasa: Tinubu, GAC, Summon Truce Meeting
Published
5 hours agoon
December 25, 2024President Bola Tinubu and the Governance Advisory Council, the apex decision making body of the All Progressives Congress in Lagos State, have intervened in the differences between the State Governor, Babajide Sanwo-Olu, and Speaker of the State House of Assembly, Mudashiru Obasa.
The duo were summoned on Tuesday to Ikoyi, the official residence of the President, who is in Lagos for the holiday season.
The meeting had in attendance: Sanwo-Olu; his deputy, Dr. Obafemi Hamzat; state APC Chairman, Pastor Cornelius Ojelabi; some APC chieftains; and GAC members, who converged on Lagos House, Marina before departing to Ikoyi for the crucial meeting.
Obasa was spotted in his black sport utility vehicle driving into the Lagos State House, Marina by himself without a chauffeur, apparently to join the convoy of the Governor and GAC members, who had left earlier.
Upon learning that the convoy had left earlier, Obasa immediately sped off in his vehicle to meet up with the other party at Ikoyi.
A source, who confirmed Obasa’s presence at the Ikoyi meeting held behind closed doors, said it lasted for several hours.
According to the source, Tinubu and the GAC, led by its Chairman, Pa Tajudeen Olusi, were able to reach a truce between Sanwo-Olu and Obasa in order to allow peace reign in the state.
Several members of the council, Sanwo-Olu and Obasa were given the opportunity to speak on the issue before the President addressed the gathering, expressing his displeasure with Obasa, but called for a way forward.
They accused Obasa of making statements likely to disintegrate and put the party into disrepute if he continues to speak carelessly about his gubernatorial ambition in 2027.
Recall that earlier, Tinubu had issued a stern warning to the Speaker over his alleged disrespect towards Sanwo-Olu and the esteemed office of the governor.
The warning came during a meeting with the leadership of GAC in Lagos over the weekend.
Olusi visited the President shortly after his return to Lagos for the end-of-year break.
The meeting, meant to be a political gathering, turned into a platform for the GAC to address growing concerns about Obasa’s perceived disregard for the governor.
Olusi, according to the report, opened the discussion, citing several instances where Obasa allegedly undermined the governor’s authority, a situation he described as unacceptable and detrimental to the state’s political stability.
Highlighting the importance of respecting the office of the governor, Olusi was said to have reminded the president of how the position was upheld during Tinubu’s tenure as governor between 1999 and 2007.
In his remarks, Tinubu, visibly displeased with the allegations against the speaker, criticised Obasa for what he described as poor political management and lack of respect for Governor Sanwo-Olu.
The President particularly cited a recent move by the Assembly under Obasa’s leadership to push for a bill enabling them to sack the chairman of the Lagos State Independent Electoral Commission, labeling it as “a huge joke”.
Tinubu expressed his disapproval of actions that could destabilise the harmonious working relationship within the Lagos State Government and called for an immediate resolution to the issues raised.
Vanguard News.
News and Report
Christmas: Low-key celebrations as prices soar, traders lament poor sales accross Nigeria.
Published
6 hours agoon
December 25, 2024As Nigerians celebrate Christmas, traders across various markets in Nigeria are lamenting poor patronage amid skyrocketing food prices, a sharp contrast to the festive sales experienced in previous years.
In Lagos, Abuja, Osun, Rivers, Edo, Kano, Kaduna, and Sokoto, among other states, traders decried the high cost of food items and ever-increasing food inflation on the jump in the petrol pump prices nationwide.
This came as consumers of food commodities called on the Federal Government to work hard to address the spike in Nigeria’s inflation, as they lamented their inability to buy food items to celebrate Christmas.
At the Bwari market in the Federal Capital Territory, a tomato seller, Ramatu Ali, shared her plight with The PUNCH on Tuesday.
Despite a slight drop in the price of a basket of big Derica fresh tomatoes—from N58,000 on Monday to N45,000 on Tuesday due to a glut in the market—customers remain scarce.
“By December last year, a basket of tomatoes cost N30,000, and sales were much better. Now, the prices are relatively high, and customers are not coming like before,” Ali lamented.
Similarly, another trader, Mallam Musa, expressed concern about the perishability of his goods.
“We hope to dispose of our stock before tomorrow because these tomatoes are perishable. You can see how I packed the old ones I sold for N58,000 yesterday to sell this new stock, but buyers are pricing for less. This is not a favourable season for us at all,” he said.
A survey conducted by The PUNCH revealed significant price disparities across markets. A bag of local rice sells for N76,800 in Bwari Market but is priced higher at N86,400 in Suleja Market.
The poultry section is no exception, with broilers selling at a minimum of N25,000 for an average-sized bird, up from N15,000 to N20,000 last year.
Mama Ibeji, a chicken seller, attributed the increase to rising transportation and feed costs.
“The price we sell chicken now has increased by about N10,000 to N15,000 because of the high cost of feed, poultry drugs, and transportation. I believe Nigerians will still manage to buy this season, but it’s not like last year. I also need money to take care of my family this Christmas,” she explained.
The frustration is equally felt by buyers. A shopper, Igono, expressed shock at the price of onions.
“A small basket that sold for N5,000 last year now costs N15,000. Four pieces of onion bulbs for N1,000? This is too much,” he lamented.
“I couldn’t buy as much as I needed. We will manage whatever I can afford,” he added.
According to the World Bank, the rising poverty levels in Nigeria, which now affect 104 million people compared to 79 million five years ago, have exacerbated the situation.
With an inflation rate of 34.6 per cent in November—the highest in 28 years—economic instability and the removal of fuel subsidies have caused food and festive item prices to increase.
A 50-kg bag of beans in Bwari market now costs N170,000, up from N40,000 in December 2023.
Other food items have followed a similar trend. A kilogram of goat meat costs N4,000, while frozen foods have doubled in price.
High petrol prices
A visit to Ile Epo Market in Lagos by our correspondent on Tuesday revealed an alarming hike in prices compared to the previous year, with traders attributing the increase to rising transportation costs fueled by high fuel prices and overall inflation.
A trader simply identified as Iya Mustafa, stated that a 25-litre container of groundnut oil, which sold for N41,000 last year, now goes for N95,000, nearly doubling in price. Similarly, the cost of a bag of sweet potatoes has risen from N25,000 to N80,000.
“We are not happy about the situation because customers are complaining bitterly, but we have no choice but to sell at these prices since we also buy at higher rates,” she said.
Another trader identified as Moshood told our correspondent that the poultry section has also witnessed a steep increase in prices.
He added that a carton of chicken laps, which was N29,000 last year, now costs N50,000, while a carton of turkey has jumped from N35,000 to N60,000.
Additionally, rice, a staple in most Nigerian homes during festive periods, now costs N90,000 for a bag, compared to N41,000 last year.
Moshood noted that the situation is no different for tubers of yam, which now sell for between N5,000 and N6,000, depending on the size, up from N1,500 and N1,700 last year adding that the price of a basket of tomatoes, a key ingredient in Nigerian cuisine, has soared to between N60,000 and N70,000, from N20,000 to N22,000 last year. Similarly, a basket of pepper that sold for N13,000 last year now costs between N50,000 and N60,000.
Abimbola, another trader, explained, “Transportation has become very expensive due to the high cost of fuel. This is why food prices keep going up. Customers are frowning, but we are also struggling to keep up.”
Traders at Ile Epo Market have called for government intervention to address the rising cost of transportation and essential goods, as the current situation threatens to overshadow the joy of the festive season.
Lagos markets filled
Nigerians were observed in their numbers at popular markets in Lagos as they made last-minute purchases ahead of the Christmas celebration on Wednesday.
Visits to these markets showed that the prices of foodstuffs and other items had increased compared to last year and even last week, Nigerians were still buying what they could.
At the Ijora frozen foods market, the price of a carton of turkey jumped from N44,000 last Thursday to N57,000 on Monday.
A carton of chicken was retailing at about N84,000, and a sack of croaker fish was sold for N120,000.
There were lots of customers buying clothes and such at the popular Tejuosho market although some of the surrounding bookshops had closed for the Yuletide.
It was at the Tejuosho market that The PUNCH correspondent discovered that some Point-of-Sale operators had devised means to avoid paying the N50 electronic transfer levy on transactions above N10,000.
Withdrawing N9,999 instead of N10,000, a POS operator, Miracle Daniel, explained that was her way of avoiding the levy.
“This way, I won’t have to pay that N50. They want to kill us. The machine will collect its charges, but they will still charge me the electronic transfer levy. See ehn, N1 will not kill me,” she argued.
Point-of-sale operators raised their charges in early December in line with the implementation of the Electronic Money Transfer Levy of N50 by the Federal Inland Revenue Services charged on any electronic transactions of N10,000 and above.
At the Tradefair market along the Lagos-Badagry Expressway, there were a lot of business activities as customers bought cosmetics, hair, makeup, perfumes, and foodstuffs.
The prices of onions ranged from N10,00 to N30,00 for small to medium-sized pieces.
Big yellow bell peppers were N2000 a piece same with the red ones. A ball of cabbage was priced from N1000 upwards. A paint bucket of tomatoes was N6000 inside Tradefair, and half of it was N3500.
Some live broilers sold for N20,000 and N18,000 each and a pair of layers sold for N17,000.
A customer, Nneka described the two layers at N17,000 as a better deal compared to the other one.
“This time last year, I would be using that N20,000 to buy two of the boilers but here we are,” she added.
Live turkey at the Iyana-Iba market went for N31,000.
A survey visit by one of our correspondents at the Karimo market showed that a 50kg bag of rice sold at N85,000, indicating an increase of N33,000 or 66.46 per cent from the N52,000 it sold in December 2023.
Further enquiries showed a bag of beans sold for N110,000, Groundnut oil costs N3,500 per litre, N1,000 for one Spaghetti, and a basket of Onions cost N12,000 from N6,500 last year December.
Similarly, the cost of a live Chicken has increased by 75 per cent to N35,000 compared to what it was around this time last year.
Traders who spoke to The PUNCH stated that the dire economic situation has further impacted the cost of basic food items from what was obtainable last year.
At the Garki International Market, Abuja, a mudu of rice, which previously cost between N2,000 and N2,500, now costs as much as N3,200, while a mudu of beans increased from N3,000 to N3,500. A live chicken is also sold for between N25,000 and N35,000, depending on its size.
Speaking with our correspondent, one of the traders, Halliru Yusuf, explained that the increase in prices was both due to the high demand and the rising inflation across the country.
Another trader, Mallam Hussein, who sells tomatoes, expressed pleasure at the quick sale he had recorded so far, noting that the high demand ensured he made a lot of sales in this period.
Our correspondent observed that many last-minute customers thronged the Kubwa Village market, causing traffic that made driving into or out of the market from its three entrances difficult.
However, upon entry, prices were notably not very different from the prices at the Garki International market. Prices for a live chicken seemed to be steady at between N25,000 and N30,000, while tubers of yam sold for between N12,000 and N16,000.
Speaking with our correspondent, some customers expressed frustration at the prices of commodities in the market, noting however that they had no choice, as they had to maintain the Christmas tradition.
“Honestly, the prices of things are quite high, but there is also no choice. Because apart from the whole Christmas tradition, people have to eat. I had to price tomatoes until I got a basket for N11,000. Chicken is a no-go area basically. It’s not funny”, Rhoda Bamako stated.
“I have been wandering the market for more than an hour, trying to get the best affordable price from any stall that sells what I want to buy. It is almost like there is nothing less than N10,000 anymore. It’s both annoying and frustrating”, another customer, Chidinma Ezekiel told our correspondent.
River traders lament
Traders in popular markets in Port Harcourt, the Rivers State capital are lamenting low patronage during the festive season despite the usual surge, a survey by one of our correspondents revealed.
At the popular Mile 3 Ultra-Modern Market and Mile 1 Market in the Mile Diobu axis of Port Harcourt traders are struggling to make sales due to the high prices of foodstuffs and other commodities.
The prices however varied depending on the foodstuff and the brand.
At the Mile 1 market, traders shared the same concern and called for government intervention.
A trader who sells fresh tomatoes and other perishable goods said, “Since we got into the season, we are now buying fresh tomatoes at the rate of 35,000, the minimum is N30,000.
“We sell half custard N2,500- N3,000, full custard is N6,000, N5500 or N5000, the ones in the plate, minimum N800. Half a bottle of red oil is 1800, full bottle is N3200. The market is not moving as we expected, people are crying there’s no money due to the economic situation. So we are facing a lot of financial challenges here in the market.”
Kano traders react
Traders in Kano lamented the poor patronage from customers due to the economic situation in the country.
Some traders, especially foodstuff sellers at the Sabon Gari and Yankaba markets expressed concern over the lack of buyers.
Bala Musa, who deals in assorted foodstuff, said he had yet to record a significant number of buyers when one of our correspondents spoke with him.
“This is the first time I am recording poor sales during such a period. We are however grateful to Allah for the fact that one is healthy, but the situation is really bad,” Musa said.
Residents of Kaduna State are also grappling with the harsh reality of skyrocketing food prices.
A survey conducted by The PUNCH at the Television Market in Chikun LGA revealed that the prices of essential food items have hit an all-time high, leaving many residents struggling to afford basic necessities.
The prices of onions, a staple ingredient in many Nigerian dishes, have more than tripled, with a single bulb now costing between N200 and above. According to Sani Aliyu, an onion seller, “there are no more N50 onions,” and even selling at N200 feels like giving it away for free.
The situation is equally dire at the Sabon Market, where a resident, Gladys Akpo, lamented the exorbitant prices of food items. “The prices of foods are just too high,” she exclaimed, urging the government to intervene and provide relief to ordinary Nigerians.
The prices of other essential food items are equally staggering. A mudu (local measure) of garri costs between N1,400 and N1,500, while a 50kg bag of rice sells for N110,000. A kilogram of meat costs between N7,000 and N8,000, and chicken prices range from N17,000 to N25,000. Even the smallest bottles of palm oil and vegetable oil are sold for N1,800 and N3,000, respectively.
The prices of other staples, such as tomatoes and peppers, are equally prohibitive, with the smallest paint rubber selling for N3,500 and onions for N8,500. The 5kg palm oil costs N10,000.
As the Christmas and New Year celebrations approach, many residents of Kaduna State are forced to make difficult choices between feeding their families and other essential expenses. The government’s inaction in addressing the soaring food prices has left many feeling abandoned and frustrated.
REPORT COMPILED BY THE PUNCH
News and Report
Greenwich Group celebrates 30th Anniversary, set to break new territories
Published
7 hours agoon
December 25, 2024The Greenwich Group, a leading financial solutions provider in Nigeria, is celebrating 30 years of delivering innovative financial solutions tailored to the evolving needs of stakeholders while contributing to the growth and development of the Nigerian economy.
The lead institution, formerly known as Greenwich Trust Ltd, has transitioned from its early days as a Financial Adviser and Issuing House into a Merchant Bank. In March 2024, Greenwich Merchant Bank was granted an Approval- In-Principle (AIP) by the Central Bank of Nigeria (CBN) for a non-operating financial holding company structure. Today, Greenwich Merchant Bank is the most capitalized Merchant Bank in Nigeria, with a strong asset base of N146 billion as of June 30, 2024.
In commemoration of its 30th Anniversary, the Company hosted an exclusive dinner event at the Grand Ballroom, Oriental Hotel in Lagos, to celebrate and appreciate its loyal Clients and Customers who have been part of the journey, as well as express its deep gratitude to the stakeholders, while rewarding 45 Staff members who have been instrumental in the Group’s journey to success. The event was well attended by dignitaries across board.
Amongst the awardees was a posthumous award for leadership, which was awarded to the late (Sir) Remi Omotosho with the sum of N50million. The best Staff across the Greenwich Group, Mrs. Yakashim Shettem, also received the Kayode Falowo Award for Excellence which also went with a cash prize.
In his welcome remarks, Chairman of Greenwich Group, Kayode Falowo, expressed profound gratitude to God, appreciated the Company’s stakeholders, and noted that the dinner is part of the Group’s broader initiative to further appreciate its Clients and recognize the efforts of the Staff for their loyalty as it progresses to its next growth phase.
According to him, the institution is set to unfold a remarkable transformation by launching into new territories of businesses—Insurance, PFA and Fintech, as it has received an Approval- In-Principle from the Central Bank of Nigeria to operate as a holding company.
Speaking of some of the awardees, the Chairman hinted that Greenwich has continued to build on the legacy of the late (Sir) Remi Omotosho’s good governance, integrity, and professionalism, as he was part of the journey of the Company while alive. He further explained that the recipient of the Kayode Falowo Award for Excellence, Shettem was honored for epitomizing the core values of integrity, efficiency, innovation, loyalty, and transparency.
The Governor of Ogun State, Dapo Abiodun, a special guest at the event, commended the Chairman of Greenwich for demonstrating exemplary leadership and commitment to excellence in his role for spearheading the remarkable traits that have significantly contributed to the growth and success of the Institution.
“We are celebrating the testament of the triumph of tenacity, which is predicated on faith, hope, and fortitude. Kayode is somebody who is dependable, reliable, and very consistent. Kayode upholds all the attributes of good governance. He has demonstrated himself to be a good manager of human and financial resources over the years. I am convinced that your best is yet to come,” he added.
In his vote of thanks, the MD of Greenwich Merchant Bank, Benson Ogundeji acknowledged the presence of the stakeholders, other distinguished guests, top executives of other banks, and valued customers. He emphasized the significance of the celebration, attributing the success of the past decade to the unwavering support and guidance of the Chairman which has been instrumental to the growth of the institution, the commitment of the Staff, and the unwavering faith of the esteemed Shareholders in the Company’s vision, as their continued patronage has been fundamental to Greenwich’s success.
Dignitaries who attended the event included the Ooni of Ife, Oba Adeyeye Ogunwusi; Governor of Ogun State, Dapo Abiodun; Phillip Ikeazor, Deputy Governor, Financial System Stability of the CBN; President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Professor Pius Olanrewaju; Kayode Fayemi – Former Governor Ekiti State; Haruna Jalo Waziri, MD/CEO, CSCS Plc and Dr Emomotimi Agama, DG, SEC.
Other dignitaries who attended the event included Mrs. Olufunke Agagu, the wife of a former Governor of Ondo State; Chief Pius Akinyelure, Chairman, Board of Directors, Nigerian National Petroleum Corporation (NNPC) and Ray Atelly, Chairman, Nigerian-British Chamber of Commerce (NBCC) and many others.
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