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Pipeline vandals hurt most communities more than government – President Buhari

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President Buhari today said the destruction of oil facilities by vandals was hurting the host communities, the majority of the people and the environment more than the government.

Receiving South-South Monarchs Forum (SSMF) led by King Edmund Daukoru, Mingi XII, Amanyanabo of Nembe Kingdom, at State House, President Buhari appealed to South-South elders to do more to end pipeline vandalism in their communities.

The President told the traditional rulers who came to congratulate him on his re-election and discuss issues of specific relevance to the zone, that they were culturally and traditionally positioned to complement government efforts on enhancing security in the Niger Delta.

He, therefore, charged them to educate the youths on the dangers such nefarious activities posed to the environment and the economy. ‘‘You need to educate the people that the destruction of installations is hurting the majority of the people.

If pipelines are blown and the waters are polluted, it affects both the fishermen and farmers. Even the fishes in the sea are affected. These people who blow up the installations are hurting the people more than they are hurting the government,’’ the President said.

President Buhari also decried the spate of kidnapping in the area, urging the royal fathers not to relent in their support to security agencies to effectively contain the negative trend.

Responding to an inquiry by the group on 10 per cent equity participation for host communities in solid minerals and whether the same is applicable to the oil sector, President Buhari said:

‘‘The constitution is very mindful of the way resources are shared. The 13 per cent derivation means that relative to whatever you are producing, 13 per cent is given to your States.

‘‘Then, whatever is offshore in the continental shelf belongs to the nation. Again your States get their own shares. This means your constituencies get two shares, the 13 per cent derivation and the balance in the continental shelf, which is shared among the 36 States of the Federation and the Federal Capital Territory.

‘‘If the 13 per cent or what is in the continental shelf is not getting to you then I think by now you ought to have known because you have qualitative leaders with great antecedents.

‘‘For example, when I was a junior officer, one of the royal fathers here was Governor of a State.

‘‘Everybody knows him and he has continuously been in the limelight of the politics of the country, and if the Federal Government is cheating you by denying you part of the 13 per cent derivation or the balance from the continental shelf, you as the leadership ought to have seen it by now and brought it out.’’

On Niger Delta Development Commission (NDDC), the President told the Forum that his administration was mindful of the core mandate of the commission.

‘‘We are concerned about the leadership of NDDC and we hope that money which is constitutionally allocated to it is properly utilised for infrastructure in the area.

‘‘Be assured that we are very mindful of the conditions in your area and how strategic your geopolitical zone is to the economy and stability of the country,’’ the President said.

Congratulating the President on his re-election, Daukoru said: ‘‘In exercise of our role as traditional rulers, we plead with all those who are unhappy with the imperfections of our electoral process to graciously transcend their grievances and to join the immense task we all face of building a secure and prosperous Nigeria.’’

A prepared text presented by the Royal Father on behalf of the Forum raised the issue of Niger Delta security, economic development, infrastructure, environment and oil sector matters.

On oil sector matters, King Daukoru said: ‘‘Mr President, we think it is time to hold operators accountable for their lack of transparency in community development programmes.’’

The traditional ruler accused the operators, among others, of ‘‘polarising communities and by-passing traditional authority by pandering to the interest of bully boys and their local militia.’’

Speaking on behalf of Bayelsa Elders’ Council, HRM Alfred Diete-Spiff (former military governor, old Rivers State), the Amanyanabo of Twon-Brass Kingdom, appealed for more tangible Federal presence in Bayelsa.

He urged the Federal Government to give priority attention and award contracts for Ogbia-Nembe-Brass Road, Yenegoa-Oporoma-Ukubie-Koluama Road and Sagbama-Ekeremor-Agge-Road.

According to the Royal Father, the contracts for the construction of these roads were awarded by him 50 years ago as military governor, but nothing much had happened.

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GTBank Releases 2019 Half Year Audited Results, Reports Profit before Tax of N115.8Billion

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Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2019 to the Nigerian and London Stock Exchanges. 

The half year result shows positive growth across key financial metrics and reflects GTBank’s leading position as one of the best managed financial institutions in Africa. The Bank reported a Profit before Tax of ?115.8billion, representing a growth of 5.6% over ?109.6billion recorded in the corresponding period of 2018. The Bank’s loan book grew by 1.0% from ?1.262trillion recorded as at December 2018 to ?1.274trillion in June 2019 and customer deposits increased by 6.3% to ?2.418trillion from ?2.274trillion in December 2018.

The Bank closed the half year ended June 2019 with Total Assets of ?3.598trillion and Shareholders’ Funds of ?603.0Billion. In terms of Asset quality, NPL ratio and Cost of Risk improved to 6.8% and 0.2% in June 2019 from 7.3% and 0.3% in December 2018 respectively. Overall, asset quality remains stable with adequate coverage of 84.7%, while Capital remains strong with CAR of 23.5%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 33.7% and 5.8% respectively. The Bank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended June 30, 2019.

Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said; “We have delivered a good result inspite of a challenging market, characterized by varying degrees of uncertainty and a rapidly changing competitive landscape. Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives.”

He further stated that “In a rapidly changing world and increasingly unpredictable environment, we are committed to building a long-term business that is both nimble and focused on flawless execution. The progress that we have made over the past six months demonstrates that we have the right strategy and the dedicated team to deliver for all our stakeholders, even in difficult conditions.”

The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 33.7% and a cost to income ratio of 37.6% evidencing the efficient management of the banks’ assets. These ratios are a testament to the competent and experienced management and work-force, efficient balance sheet structure and operational efficiency of the Bank. In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. Some of these include Africa’s Best Bank and Best Bank in Nigeria from Euromoney Magazine, and Best Banking Group and Best Retail Bank by World Finance Magazine.

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In commitment to transparency, NNPC announces new DSDP bid winners

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In line with its avowed commitment to transparency and accountability in all its activities as committed by the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, the National Oil Company has announced winners of its 2019/2020 Direct Sale of Crude Oil and Direct Purchase of Petroleum Products (DSDP) arrangement.

A release on Sunday in Abuja by the Corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said following the completion of the 2019/2020 DSDP tender exercise, 15 consortia/companies made up of reputable and experienced international companies and Nigerian Downstream companies emerged successful to undertake the 2019/2020 DSDP arrangement.

The contract is for one year effective 1st October, 2019 to 30th September, 2020.

It listed the successful companies as follows:

1.  BP OIL INTERNATIONAL LTD./AYM SHAFA LTD.

2.  VITOL SA/CALSON-HYSON

3.  TOTSA TOTAL OIL TRADING SA/TOTAL NIG. PLC

4.  GUNVOR INTERNATIONAL B.V./AY MAIKIFI OIL & GAS CO. LTD.

5.  TRAFIGURA PTE LTD./A. A. RANO NIG. LTD

6.  CEPSA S.A.U./OANDO PLC

7.  MOCOH SA/MOCOH NIG. LTD.

8.  LITASCO SA/BRITTANIA-U NIG. LTD./FREEPOINT COMMODITIES

9.  MRS OIL & GAS COMPANY LTD

10. SAHARA ENERGY RESOURCE LTD

11. BONO ENERGY LTD./ETERNA PLC/ARKLEEN OIL & GAS LTD./AMAZON ENERGY

12. MATRIX ENERGY LTD./PETRATLANTIC ENERGY LTD./UTM OFFSHORE LTD./LEVENE ENERGY DEVELOPMENT LTD

13. MERCURIA ENERGY TRADING SA/ BARBEDOS OIL & GAS SERVICES LTD./RAINOIL LTD./PETROGAS ENERGY

14. ASIAN OIL & GAS PTE LTD./ EYRIE ENERGY LTD./ MASTERS ENERGY OIL & GAS LTD/CASIVA LTD

15. DUKE OIL COMPANY INCORPORATED.

The release stated that the tender process comprised technical and commercial bid submission respectively, evaluation and shortlisting, then commercial negotiations with prequalified companies and engagement of the successful consortia/companies by NNPC.

“Under the DSDP arrangement, the under listed fifteen (15) consortia/companies shall over the contract period, offtake crude oil and in return, deliver corresponding petroleum products of equivalent value to NNPC, subject to the terms of the agreement”, the release declared.

In his takeover note on 8 July, 2019, the newly appointed NNPC GMD, Mallam Kyari, had promised to open NNPC books to public scrutiny, saying as a publicly owned company Nigerians deserve to know about the operations of the Corporation. 

He reiterated his management’s team commitment to transparency and accountability when he had a maiden Town Hall engagement with the staff of the Corporation where he launched the team’s policy direction tagged: Transparency, Accountability, Performance and Excellence (TAPE).

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HY’ 19: GTBank posts N115.8bn pre-tax profit

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Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2019 to the Nigerian and London Stock Exchanges.

The half year result shows positive growth across key financial metrics and reflects GTBank’s leading position as one of the best managed financial institutions in Africa. The Bank reported a Profit before Tax of ?115.8billion, representing a growth of 5.6% over?109.6billion recorded in the corresponding period of 2018. The Bank’s loan book grew by 1.0% from ?1.262trillion recorded as atDecember 2018 to ?1.274trillion in June 2019 and customer deposits increased by 6.3% to ?2.418trillion from ?2.274trillion in December 2018.

The Bank closed the half year ended June 2019 with Total Assets of ?3.598trillion and Shareholders’ Funds of ?603.0Billion. In terms of Asset quality, NPL ratio and Cost of Risk improved to 6.8% and 0.2% in June 2019 from 7.3% and 0.3% in December 2018respectively. Overall, asset quality remains stable with adequate coverage of 84.7%, while Capital remains strong with CAR of 23.5%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 33.7% and 5.8% respectively.The Bank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended June 30, 2019.

Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said; “We have delivered a good result inspite of a challenging market, characterized by varying degrees of uncertainty and a rapidly changing competitive landscape. Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives.”

He further stated that “In a rapidly changing world and increasingly unpredictable environment, we are committed to building a long-term business that is both nimble and focused on flawless execution. The progress that we have made over the past six months demonstrates that we have the right strategy and the dedicated team to deliver for all our stakeholders, even in difficult conditions.”

The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 33.7% and a cost to income ratio of 37.6% evidencing the efficient management of the banks’ assets. These ratios are a testament to the competent and experienced management and work-force, efficient balance sheet structure and operational efficiency of the Bank. In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. Some of these include Africa’s Best Bank and Best Bank in Nigeria from Euromoney Magazine, and Best Banking Group and Best Retail Bank by World Finance Magazine.

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