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Crisis rocked NNPC as 40 top executives proceed on compulsory retirement

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Fresh crisis has rocked Nigerian National Petroleum Corporation as top 40 executives proceed on compulsory retirement. We gathered that uncertainty currently pervades the NNNPC, following the forceful retirement of 40 top executives in the corporation.

Their retirement has been approved by Group Managing Director of the NNPC, Mallam Mele Kyari. Those affected by the retirement, according to Punch Newspaper are group general managers and general managers.

“The one that is raising concern at the corporation is that most all the top management staff from M-3 to M-4 who are due for retirement within a year were asked to leave yesterday (Wednesday).

“About 40 GGMs and GMs were asked to leave, as they were retired by the corporation yesterday (Wednesday). Most of those affected are also not happy because they felt they were not due for retirement. However, they were all asked to leave yesterday and that is raising dust and concern among staff at the corporation.”

“But ask yourself this question, how long will it take the upcoming staff to get to those positions? The system is currently heated up and employees from certain regions of the country are not happy about this. As at this week, the corporation witnessed a massive shakeup. The management had to readjust some prominent positions.

“One of such is the movement of a top chief operating officer from a position that he only assumed last year to another position of COO that is not comparable to his former office.

“Another issue is that in the corporation, we have two categories of subsidiaries, the ones considered as redundant and the ones considered as grade A subsidiaries, such as NAPIMS, NPDC, shipping, NNPC Trading, PPMC.

“Under the present dispensation, one would have expected some form of balancing in terms of postings to these subsidiaries. But as it is right now, most of the positions in these subsidiaries are headed by people from one region of the country.

” If we doing something, we will officially announce it. So let’s just leave it at that,” the source told Punch Newspaper

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business

GOING!!!: ECOBANK SETS TO SELL OBA AKINRUNTAN’S ABUJA HOTEL OVER N5BN DEBT

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The High Court of the Federal Capital Territory (FCT), Jabi, Abuja, will on April 9 hear an application by Ecobank Nigeria for an order authorising it to sell the Abuja hotel belonging to Obat Oil and Petroleum Limited, owned by Oba Fredrick Akinruntan, the Olugbo of Ùgbo Kingdom in Ondo State.
The bank said it has agreed with Obat Oil, which belongs to the monarch, to sell the hotel to offset N5 billion debt owed the bank by the hospitality outfit.
The hotel, Febson Hotels & Malls, is on Plot 2425 on Herbert Macaulay Way in Abuja.
Justice Hassan Babangida had adjourned to enable the parties to settle, but Obat’s lawyer, Mr Olalekan Ojo (SAN), said “not much had been achieved” in the settlement talks.
The bank’s lawyer, Mr Kunle Ogunba (SAN) of Insolvency Forte, said the talks had broken down completely.
He added that he was yet to receive any correspondence or document on an out-of-court settlement.
The bank, in its last October 18 motion, said the agreement to offset the N5 billion debt, is contained in a consent judgment of a Lagos High Court delivered on March 15, 2017.
It said the agreement between it and Obat Oil was adopted by the court as its judgment.
The bank, however, said despite the registered consent judgment, Obat Oil prevented potential buyers from paying for the hotel by demanding unrealistic sums.
But Obat Oil, in its counter-affidavit, said the bank, in an April 5, 2017 letter, assigned its rights and interests in the case to a third party, ETI Specialised Finance Company Limited, which is Ecobank Group’s debt recovery vehicle.
The oil company accused the bank of concealing the fact before the court.
The respondent contended that by the alleged concealment, the bank “no longer had any right or interest in the judgment-debt sought to be enforced before the honourable court”.
Justice Babangida fixed April 9 for definite hearing but noted that parties were at liberty to settle.

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Access Bank ranked as Overall Best in Corporate Social Responsibility (CSR) in Nigeria

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Access bank plc has been ranked as the overall best company in Corporate Social Responsibility (CSR) and Sustainability in Nigeria for the year 2019 as published in Forbes Africa, Prestige Magazine magazine gathered that ,The ranking was based on a result drawn from impact assessments of 910 organisations operating in Nigeria over the last 13 years.

According to the report, the ranking took into cognizance Access Bank’s participation in impactful national projects, its recognitions, and ratings from international award bodies, investment in CSR and sustainability in the period under review.Reacting to the ranking, the Head, Sustainability, Access Bank Plc., Omobolanle Victor-Laniyan said: “Access Bank has a corporate strategy and philosophy which places sustainability at its core. We ensure that our projects and initiatives are impactful and strategically linked with the United Nations Sustainable Development Goals.“Over the years we have recorded outstanding results by undertaking several initiatives across the country, and we are deeply honoured to be recognised as the overall best company in Corporate Social Responsibility (CSR) and Sustainability,” Victor-Laniyan added.

Having launched the Nigerian Green Bond Market Development Programme in June 2018, Access Bank’s determination to promote sustainable growth through funding of projects at a lower cost of capital, led to the issuance of a N15 billion (USD41 million) corporate green bond in 2019. The issue is the first-ever Climate Bonds Initiative certified corporate green bond in Africa.

Additionally, it is worthy of note that Access Bank dedicates a minimum of one percent of its Profit-Before-Tax to Sustainability. The bank also championed the Malaria-to-Zero initiative, co-created the first disability inclusion hub in Nigeria, initiated and led the development of the Nigerian Sustainable Banking Principles and has brought about social and economic benefits to host communities across Nigeria through its employee volunteering scheme.

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Access Bank Launches New Product, ‘TraderLite’ For MSMEs

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Access Bank Plc. in its bid to stimulate the growth of the economy has launched TraderLite, an account that enables micro businesses, with turnover of between N50,000 to N1 million operate their businesses with their individual name or registered business name.

The bank’s Executive Director, Retail Banking, Victor Etuokwu, speaking at the launch of the new product, said; “Access Bank is already looking at its customers beyond being just customers but as partners.”

“The future of Nigeria’s economy is Small and Medium-Scale Enterprises because they can provide more than enough jobs to the unemployed if empowered.”

“That is why the bank’s passion is to offer more than financial services to customers and also work with them in growing and expanding their businesses. Whichever category you fall into; we are here to work with you to take your business to a whole new level”.

It is noteworthy that TraderLite, a variant of the Diamond Business Advantage account is within the bank’s emerging businesses portfolio. It is specially designed for micro businesses with the aim of providing financial inclusion for businesses in that segment while equipping them with the required skills to grow their businesses.

Also, the product has two variants namely; DBA TraderLite Individual, which is for individuals with unregistered businesses. DBA TraderLite Business, which is for registered businesses.

The Diamond Business Advantage proposition from Access bank has been designed to add value to Micro, Small and Medium scale business owners so that they can grow their businesses with smart banking. The proposition provides SME’s market linkages, increased referral base and networks that enable them scale the hurdles of accessing new markets for their products.

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