Zainab Ahmed, the minister of finance, says the federal government will implement fuel subsidy removal gradually.
Addressing the press on the sidelines of the ongoing spring meetings of the International Monetary Fund and World Bank Group, Ahmed said fuel subsidy cannot be removed at once.
In her address on Thursday, Christine Lagarde had advised Nigeria and other countries to remove fuel subsidy saying the money spent on subsidy can be redirected to health and education.
“The advice from the IMF on fuel subsidy removal was good advice but also we have to implement it in a manner that is both successful and sustainable. We are not in a situation to wake up one day and just remove subsidy,” she told journalists.
“We have to educate the people, we have to show Nigerians what the replacement for those subsidies will be so we have a lot of work to do.
“We also need to understand that you don’t remove large amounts of subsidy in one go, it has to be graduated and the public has to be well-informed on what you are trying to do.”
Speaking on the mission to the meetings, Ahmed said Nigeria will ask the World Bank to review some of the criteria provided for infrastructure funding.
“What we found in Nigeria is that the Environmental and Social Standards (ESS) that they have put in place is causing significant delays in the rollout of infrastructure.
“We understand that it is well intended but we’ve informed them that they need to review how they implement it so that we are not overtly slowed down because of the new proceedings.”
The minister also said that the National Sovereign Investment Authority (NSIA) has made progress with investments.
“We have achieved quite a lot of progress by building more of the fund from where we met it and by utilising the savings at the Sovereign Wealth Authority for projects that are physically visible. We still have some movements to go but the movement is a positive one.”
Winners Of 2019 FirstBank Sponsored National Company Of The Year Competition Contest In The Africa Company Of The Year Competition
First Bank of Nigeria Limited has announced that Taidob College Abeokuta, the 2019 winners of the National Company of the Year competition organized by Junior Achievement Nigeria would compete against student teams from 10 other Junior Achievement member countries across Africa. The student team contestants comprise representative from the Kingdom of Eswatini (Swaziland), Ghana, Zambia, Gabon, Uganda, Zimbabwe, Mauritius, Botswana, Kenya and South Africa. The event is scheduled for Friday, 6 December 2019 at Alisa Hotel in Accra, Ghana.
The African stage of the National Company of the Year competition is a buildup and sequel to the national event hugely competed by 12 student companies from across the country, including the eventual winner Taidob College Abeokuta. Terra Kulture, Lagos played host to the event on 3 October 2019.
Speaking on the event, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited said “the youngsters from Taidob College are indeed not just solution providers, but also life savers. The impact of their innovation – the Gas Leakage Detector – would go a very long way at solving the problem of fire outbreaks due to gas leakages in homes, offices, and industries. I no doubt believe that they would make Nigeria and indeed the rest of Africa proud at the competition. We are delighted to associate with them and congratulate Junior Achievement on the feats so far attained”.
Last year, Inventive Explorers, from Caro Favored College Ajegunle, emerged the grand winners at the Africa Company of the Year competition in Ghana. Their rechargeable handheld LED traffic lights has solved a real problem in various congested communities and reduced traffic accidents, especially in areas with school children crossing busy streets. Over the years, FirstBank has been at the forefront of partnering with Junior Achievement Nigeria in Company of the year program and competition.
The National Company of the Year Competition (NCOY) is an annual flagship event by Junior Achievement Nigeria’s (JAN), which convenes the winners of the JA Company Program Regional Competitions across Nigeria together to compete for the National Company of the Year Award. The national winner then proceeds to represent Nigeria against other JA Africa member-nation companies.
Keystone Bank boosts workplace engagement and productivity
In demonstration of its commitment to promoting fitness, healthy living, fostering effective and healthy workplace collaboration amongst its staff and their family members, Keystone Bank Limited, has announced the launch of a sporting event tagged, Keystone Bank Inter-divisional Games (KIG).
According to the lender, the initiative is part of the bank’s objective in creating a better working relationship on the job thereby boosting performances and building a positive work atmosphere with employee welfare and development at its crux.
the maiden edition held at the main bowl of the prestigious University of Lagos
Sports Centre on Saturday, November 23, 2019, the exhilarating event was a culmination
of various sporting activities such as football, table games and track &
field. The business divisions within the bank which were grouped into four
teams (White Lions, The Bulls, Phoenix and Warriors) competed in games such as
sprint, chess, sack race and football. It was indeed a relaxed fun-driven
atmosphere where colleagues competed for the glory of winning at the games.
Families and friends who attended were also not left out, as they spent time
with loved ones bonding and the children thrilled with much excitement.
Speaking on the initiative, Keystone Bank executive director, Olaniran Olayinka said: “Maintaining work-life balance helps reduce stress and helps prevent burnout in the workplace, particularly, as chronic stress is one of the most common health issues in the workplace. It is in view of this that KIG was initiated.
“KIG has enabled the vibrant employee force of Keystone Bank to foster better relationships outside the office which would impact on a better working relationship on the job thereby boosting performances and workplace happiness.
“We will build on the good that has been done in this maiden edition as we push to make Keystone a great place to work.”
Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.
FCMB Produces More Millionaires, Empowers Customers as Season 6 of Promo Ends
The Season 6 of the First City Monument Bank (FCMB) bumper reward
scheme tagged ‘’FCMB Millionaire Promo’’, has come to an exciting end
with the grand finale draw. At the end of the promo, which ran from
March to October this year, another set of 16 lucky customers of the
Bank emerged as millionaires by winning cash ranging from N1million to
N2million. In addition, 2,560 others won LED televisions, generating
sets, decoders, tablets and smart phones.
The winners emerged through electronic selection of all qualified customers at the colourful grand finale draw of the promo held at the four regions and nineteen zones that make up FCMB across Nigeria on November 27, 2019. It had in attendance officials of the National Lottery Regulatory Commission, Consumer Protection Council, thousands of customers of the Bank and other top dignitaries. The first draw of the promo was held in May this year, followed by the second in July and the third in September. At each of the draws, 644 qualified customers won cash of N1million and other exciting prizes.
At the Lagos grand finale regional draw, Obiajulu Ujunwa won the star prize of N2million, while Nabegu Bushira smiled home with the same amount at the Abuja & North regional draw which took place in Abuja. Nwachukwu Chigozie emerged winner of N2million at the South-East & South-South regional draw held in Umuahia, Abia state, just as Yetunde Olubanwo got the reward of the same amount at the South-West regional draw in Ijebu-Ode, Ogun state.
The winners were unanimous in commending FCMB for sustaining and boosting its support to customers through various empowerment opportunities, including the millionaire promo.
One of the winners of N2million, Obiajulu Ujunwa, said “FCMB has positively changed how the rest of the year turns out for me and my family. My heart is completely filled with joy! I would never have guessed that I would be ending this year as a millionaire. But as you must have now heard, I am the newest millionaire in town. And it’s all because of this amazing bank. God bless FCMB and all its endeavours”.
Speaking on the just-concluded season 6 of the promo, FCMB’s
Executive Director, Retail Banking, Mr. Olu Akanmu, said the Bank has
fulfilled the promise it made to customers to reward those who
participated and qualified for the promo.
According to him, ‘’one of the major objectives which characterised the Millionaire Promo was our commitment to drive financial inclusion and promote savings culture in the society, particularly the unbanked segment. Through this promo, we have consistently achieved this aim. The fact that the lives of thousands of Nigerians have been positively changed through the promo speaks volumes about its impact. We are committed to distinguishing our offerings in the retail banking space by delivering exceptional products and services that would ultimately ensure the growth and achievement of the aspirations of our customers. We encourage the winners to make wise use of their prizes’’.
For more information about the FCMB Millionaire Promo Season 6, visit www.fcmb.com/millionaire.
See pictures from the draws below:
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