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Protest: Dangote Sugar refutes staff death report at Numan

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The management of Dangote Sugar Refinery has denied the rumored deaths of staff during a protest at its Numan, Adamawa plant by some youths of its Gyawana host community.

A statement from the management signed by the Managing Director, Mr. Ravindra Singhvi said neither was there a protest by its staff nor was anyone shot dead as insinuated in an online report.

The statement said: the attention of the management of Dangote Sugar Refinery (DSR) has been drawn to an online report by Sahara Reporters about the deaths of some protesting staff at our Sugar Refinery, in Numan, Adamawa state.

“We would like to state categorically that this report is an absolute falsehood, none of our staff protested and no life was lost. On several occasions, members of the Gyawana Youth Association have shut down the operations of the company while threatening staff on duty to stop work.

Read Also: Dangote Sugar Denies Involvement in Price Fixing, Asserts its Strong Participation in the NSMP

The activities of these hoodlums have been reported to security operatives following which the Adamawa State Commissioner of Police and State Director of Security Services invited the executives of the Association and asked them to desist from interfering and threatening the DSR Numan’s staff and operations.

To protect our staff from external violence and ensure continuity, DSR Numan also obtained a Restraining Order from the Magistrate Court in Numan against the Gwayana Youth Association; an order they disobeyed, resulting in an arrest warrant issued by court against the Executives of the same Association.

Another threat was issued by the Youth Association on Thursday, July 15, 2021, about plans to forcefully enter and destroy the assets of the company and attack any person found within the company premises.

With this threat to life, family and company assets, management requested the assistance of law enforcement agencies in Numan to help protect life and assets of the company. The request was granted, and some officers were drafted in to secure the gates against the protesters.

Read Also: Dangote’s $500m Sugar Complex and National Quest for Self-sufficiency

“In a bid to prevent the protesting youths from forcefully shutting down the company’s operations, the law enforcement officers mounted a barricade at the entrance of the Company during which three people sustained minor injuries and were promptly taken to the hospital for treatment and discharged accordingly.

“We repeat that no single casualty was recorded during the protest as erroneously reported in the online publication. As a responsible corporate organisation, we believe in due process and rule of law and sanctity of human lives and that was why we went to court and also reported the disturbance to the security agencies.

“We also urge Sahara Reporters to always check thoroughly to have all the facts before rushing to the press as to avoid misleading the populace.”

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Sterling Bank Set To Change Name, Read Why

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Sterling Bank To Change Name, Read Why

Nigeria commercial bank, Sterling Bank Plc has moved to change its name after getting stakeholders’ consent of converting to a holding company.

This was disclosed by the board, as it will create a chance for the bank to have a controlling stake in companies where it currently holds a substantial interest.

Recall, a few days back, the bank convened a meeting of shareholders at the order of a court as part of the last key stages of the corporate reformation.

READ ALSO: CBN Increases Interest Rate For 3rd Time This Year

According to a report seen on the Nigerian Exchange Limited’s website, the bank will become known as Sterling Financial Holdings Company when the transition is delivered.

Becoming a Holding Company will see the bank have the leverage to make inroads into other sectors within financial services apart from commercial banking which its current license and those of many lenders in Nigeria do not allow.

Such sectors, comprising pension; asset management; payments, and fintech, are gaining appeal among banks and provide chances for diversification as competition for interest income, which accounts for the bulk of the revenue of the banking industry turns increasingly fierce.

Stanbic IBTC Holdings, one of the early birds that adopted the Holdco structure, is a testament that the Holdco structure is a model that works. Its pension unit controls around one-third of the N14.2 trillion assets under management as the market leader in the Nigerian pension industry.

With the key resolutions for the scheme of arrangement now approved, the transition will proceed to its final phase where regulators including the Central Bank of Nigeria are to sanction the new entity into existence.

“The bank will transfer all the assets, liabilities, and undertakings related to the non-interest banking business to The Alternative Bank Limited,” the statement said in reference to its newest subsidiary that received in approval-in-principle in December.

Sterling Bank’s issued and paid-up share capital valued at 28.8 billion outstanding shares will passé to the holding company in exchange for the allotment of those same units to shareholders on completion.

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Victor Ikpeba Endorses Moores Energy

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Victor Ikpeba Endorses Moores Energy

Super Eagles legend, Victor Ikpeba has endorsed Moores Energy, as he encouraged residents of the Ikorodu area of Lagos State, and its environs to patronise the brand at its retailing station.

At a media launch where Ikpeba was unveiled as Moores Energy brand ambassador, the Nigerian football legend expressed confidence in the newly-established company floated by Bola Tom-Jones.

Referring to the Chief Executive Officer (CEO) of Moores Energy, Ikpeba stated: “I have no Bola now for over a decade and I have strong confidence in her offerings. She’s someone very passionate about people, especially as it relates to their well-being. With her establishing this energy company, I believe it’s her way of contributing to Nigeria’s green energy drive.

Victor Ikpeba Endorses Moores Energy
Victor Ikpeba joins Bola Tom-Jones to unveil the newly-purchased bobtail truck of Moores Energy

The gas retailing facility of Moores Energy is fully-automated, and it is a proven solution to reduce exposure to household air pollution and disease.”

On her part, Tom-Jones expressed gratitude to Ikpeba, saying she couldn’t think of any other celebrity that carries the dignity her brand represents.

Tom-Jones further explained the unique selling proposition of her brand, as she unveiled her newly-purchased bobtail truck.

What we are doing differently at Moores Energy, is that we give our customers the assurance of getting the right quantity, and quality. So, if you are coming for your 12.5kg, you are sure to get the exact thing, and that can take you several weeks. We have as well subsidised our rates for senior citizens to encourage them to make use of cooking gas in their homes. Our products are affordable and accessible to everyone,” she added.

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Fidelity Partners SMEDAN to Empower SMEs

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Fidelity Bank

In what has been termed a major move to bridge the gap in helping small businesses access much needed funding and capacity development initiatives, leading financial institution -Fidelity Bank Plc – has announced a strategic partnership with the Small and Medium Enterprises Development Agency (SMEDAN).

At a Memorandum of Understanding (MOU) signing ceremony held in Lagos recently, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe said the partnership reinforces the fact that the bank is a leading supporter of SMEs in Nigeria.

“For us at Fidelity Bank, supporting SMEs is in our DNA and for more than two decades we have been creating multiple platforms to help them thrive. These include the numerous products we have pioneered for the sector, our collaboration with the Lagos Business School to host the Export Management Programme, the Fidelity SME Academy and our weekly SME Forum radio programme where we have had successful business owners and even SMEDAN share tips on running thriving ventures with listeners.”

“This partnership is therefore another step in our journey of helping entrepreneurs grow and compete favorably in any market they operate and we are very happy to have SMEDAN join us”, commented Onyeali-Ikpe who was represented by the Executive Director, Lagos and South-West, Fidelity Bank, Dr Ken Opara.

On his part, Director-General/Chief Executive Officer, SMEDAN, Olawale Fasanya thanked Fidelity Bank for facilitating the partnership emphasizing that the MOU was particularly significant not just to the Agency but to the MSMEs ecosystem.

“Fidelity Bank is one of the few commercial banks in Nigeria that have shown immense interest in providing support to the large MSME community. I am very aware of some of your products purposely designed to serve the MSMEs. This explains why the Agency is very excited entering into this relationship that we believe will help change the narratives of the sub-sector”, commented Fasanya.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 7 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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