Fidelity Bank Appoints Chike-Obi As New Chairman

Fidelity Bank Plc has on Sunday announced the appointment of Mr. Mustafa Chike-Obi, the Executive Vice Chairman of Alpha African Advisory as its new Chairman.
In a statement, the bank said the outgoing chairman, Mr. Ernest Ebi, and Mr. Seni Adetu, an independent non-executive director will be retiring from the bank's board after their tenures.
While serving as Chairman, the bank under Ebi recorded significant growth, the bank's market share has been strengthened. Also, Adetu played a significant role in complementing management effort in upgrading the bank, enhancing service delivery in accordance with the vision of the bank.

Coronavirus: Nigeria Received A Donation Of €26m From Germany

The Government of Germany has yesterday announced the donation of €26m to support Nigeria’s effort in the fighting of the COVID-19 global pandemic.

The Federal Government of Nigeria has announced committees in all 36 states and the FCT for its planned creation of 774,000 jobs across the federation. In October 2019, President MuhammaduBuhari, approved a Pilot Special Public Works Programme in the rural areas, domiciled in the National Directorate of Employment (NDE) for implementation, which aims at employing 1,000 persons from each of the 774 Local Government Areas.

Major Oil Producers To Meet On Saturday Over Output Cuts

Top oil-producing countries are billed to meet on Saturday via video conference instead of next week, and OPEC source informed on Friday. This is to assess their current agreement on output cuts amid the coronavirus crisis. OPEC's 13 members led Saudi Arabia and their allies, including Russia, had originally been due to meet on June 9 and 10. But Algeria which currently chairs the Vienna-based organisation proposed a change of date intended to better synchronise the decisions of oil producers with the timing of transactions on the oil market. 

N-Power: Over One Million Applications Received In Less Than 48hrs – Ministry

The Federal Ministry of Humanitarian Affairs, Disaster Management, and Social Development has revealed, the Ministry has received over one million applications from across Nigerians in less than 48hrs that it had opened the N-Power (Batch C) portal. This was disclosed in a statement signed by, Rhoda Iliya, the Deputy Director in the ministry.

Nigeria's Foreign Reserve Appreciates By $2.7b – CBN

The Central Bank of Nigeria has revealed yesterday that the nation’s foreign reserve has gained up to $2.7bn in May after declining for several months. According to the CBN, the foreign reserve which stood at $33.52bn as of April 30th, 2020 has subsequently risen to 36.59bn as of May 29th, 2020 making it an increase by 2.7%. The reserve has rocked the bottom after hitting a high of $45.17 on June 11, 2019, making it a loss of more than $11bn in 11 months.

Chad Seeks Electricity Supply From Nigeria

The Republic of Chad has formally requested the Nigerian government to connect them with the Nigerian electricity grid, assisting the country with electricity supply. The request was presented by Abakar Saleh Chachaimi, the Chadian Ambassador to Nigeria while on a visit to the Minister of Power, Engr. Sale Mamman in Abuja. Speaking, Chachaimi stressed the need for assistance, saying the connection will further strengthen the collaboration between the two countries.

Revised Budget: Education, Health & National Assembly Appropriation Slashed

The Federal Government has slashed the earlier budgeted N37bn for the renovation of the National Assembly to N27.7bn. The Federal Government in a revised Budget proposal on Tuesday slashed about N9.3bn from the earlier budget slated for the renovation of the National Assembly Complex. Contained in the earlier budget, the renovation of the complex was slated to gulp N37bn and to be executed by the Federal Capital Territory Administration was greeted with uproar from members of the public despite the paucity of fund in the national treasury.

Zero Revenue From Kaduna Refinery: Concerned Citizen Renew Calls For Privatisation

The audited financial statement for the year 2018 of the Nigerian National Petroleum Resources (NNPC) indicating the Kaduna refinery with zero revenue and incurred a total cost of N64 Billion has made some individuals call for its privatization.

The Department of Petroleum Resources (DPR) has on Monday disclosed that Nigeria has launched its first licensing round for marginal oilfields in almost 20 years. "A total of 57 fields located on land, swamp and shallow offshore terrains are on offer," DPR tweeted.