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Fidelity Bank records highest earnings per share on NGX for H1 2023

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[FIdelity Bank EPS, Fidelity Bank]

For the second year running, leading financial institution, Fidelity Bank Plc, has emerged the company with the highest earnings per share on the Nigerian Exchange Limited (NGX) based on half year financial figures.

According to a report by BusinessDay, Fidelity Bank, Seplat Energy, Total Energies, Okomu oil, Presco, Dangote Cement, MTN Nigeria, BUA Foods, First City Monument Bank (FCMB) and Geregu Power emerged as the companies with the highest earnings per share within the review period.

Earnings per share (EPS) is a company’s net profit divided by the number of common shares it has outstanding. It also indicates how much money a company makes for each share of its stock and is a widely used metric for estimating corporate value. A higher EPS indicates greater value because investors will pay more for a company’s shares if they think the company has higher profits relative to its share price.

Fidelity Bank recorded an earnings per share of N184 in the first half of 2023 from N79 in the first half of 2022. The shares outstanding stand at 32.01 million, with a price which stood at N7 and a traded volume of 32.15 million as of 12:59 p.m. on Friday.

The bank’s profit for the period stood at N53.3 billion in the first half of 2023 from N22.84 billion in the similar period of 2022. Fidelity Bank’s cash and cash equivalents rose to N501.54 billion in the first half of 2023 from N276.07 in the first half of 2022.

The bank’s shareholders recently approved a capital raising exercise via a Public Offer for up to 10 billion Ordinary Shares and Rights Issue of up to 3.2 billion Ordinary Shares representing one new share for every 10 shares held to new and existing shareholders respectively.

US president Biden condemns racism on 60th anniversary of MLK speech

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US President Joe Biden called for an end to racist shootings, saying silence meant complicity, on the 60th anniversary of the march where Martin Luther King delivered his "I Have a Dream" speech.

United States President Joe Biden spoke out against racial injustice Monday after a racially motivated attack in which three Black people were killed over the weekend.

Biden was also speaking on the 60th anniversary of the historic march on Washington where Martin Luther King Jr. delivered his historic "I Have a Dream Speech," in which he called on the US government to guarantee and uphold the rights of Black people.

Biden, seated at the head of a table, meets with civil rights advocates and the family of Martin Luther King Jr. in the White House, August 28, 2023.Biden, seated at the head of a table, meets with civil rights advocates and the family of Martin Luther King Jr. in the White House, August 28, 2023.

Biden said at a meeting at the White House with civil rights advocates and the children of Martin Luther King Jr. that they "can’t let hate prevail, and it’s on the rise."

He called for an end to the type of "hate-fueled violence" that authorities said motivated a white man to fatally shoot three Black people at a Florida store.

The shooter, a 21-year-old white man, wore a mask as he opened fire at Black people at a Dollar General store in what authorities said was a hate crime.

Police said the shooter, who had also posted racist writings, then killed himself.

Biden said they could stop hatred by "talking directly to the American people because I think the vast majority of the American people agree with this table," referring to the civil rights advocates in the room.

US Vice President Kamala Harris, the first Black person elected vice president, was also at the meeting and said Americans had more in common than what divided them.

"Yet there are those who are intentionally trying to divide us as a nation and I believe each of us has a duty, a duty to not allow factions to sever our unity," she said.

After the meeting, King’s son lamented the state of racial affairs in the US, saying, "We are at a very challenging and difficult time."

In an opinion piece written for the Washington Post, Biden said the administration is working to advance King’s dream of a society in which people don’t judge others by their skin color.

Guatemala’s election agency upholds Arevalo’s victory

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Bernardo Arevalo secured a decisive victory during the runoff vote in the presidential election. There were reports his party had been disqualified, but the electoral tribunal reaffirmed his win.

Guatemala’s Supreme Electoral Tribunal on Monday reaffirmed center-left candidate, Bernardo Arevalo’s victory in the presidential election. However, another government body suspended all activities of his Movimiento Semilla, or Seed Movement party which led to confusion as to whether he would eventually be able to take office.

Arevalo said the suspension was illegal and the party would present an appeal the following day.

"The Semilla Movement will not give up," Arevalo said, slamming what he called political persecution against his party and his candidacy.

What doubts have been raised about the victory
Officials from the electoral tribunal officially declared Bernardo Arevalo as the victor during a press conference.

However, a document from the citizens registry surfaced in local media reports, which ordered a temporary suspension of Semilla’s legal registration.

Irma Palencia, the head of the electoral tribunal, clarified that the cited document originated from a lower authority.

"These are the official results, and that’s what counts in Guatemala," tribunal magistrate Gabriel Aguilera said.

Arevalo is the son of a former president Juan Jose Arevalo and emerged as a surprise frontrunner. He campaigned for social development and vowed to fight corruption.

Arevalo did not secure enough votes for a decisive win in the first vote and headed towards a second round of voting. He managed secure 60.9% of valid votes cast.to the 37.2% received by former first lady Sandra Torres,

Arevalo and other political opponents have faced legal challenges in recent days. The Organization of American States’ human rights commission had asked Guatemala to provide protection for Aravelo earlier this week, after reports emerged of an attempt to kill him.

Customs says alleged smuggler offered 50m bribe

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The Tincan Island Port Area Command of the Nigeria Customs Service (NCS) said a suspect, Mr Boniface Ike, offered its officer a N50 million bribe for the release of some seized containers.

The Area Controller of the command, Comptroller Adekunle Oloyede, disclosed this at a news conference in Lagos on Monday, where he stated that the seized contraband was allegedly imported from India.

According to Oloyede, the suspect and one of his accomplices are detained at the command’s Enforcement Unit for investigation.

He said that the suspect, who allegedly confessed to being the importer of the seized containers, valued at N550.3 million, wanted to have a private discussion with one of the officers.

“I instructed my officers to play along; the request was granted in expectation of receiving vital information from the suspect. But to their bewilderment, the suspect pleaded for his freedom from detention and the release of the containers.

“He offered gratification to the tune of N50 million, as displayed, equivalent to $54,330 at the current exchange rate of N920. The money was collected and kept in safe custody at the enforcement unit to be tendered as an exhibit,” he narrated.

Mr Oloyede, who confirmed that the command received timely intelligence from its Customs Intelligence Unit, said the products were concealed in two 40-foot containers with bills of lading numbers 227578945 and 227898171.

“On arrival of the vessel at Tincan Island Container Terminal (TICT), the containers (MRSU 592397/0 and MRKU 553432/1) were transferred immediately to the enforcement station for 100 per cent physical examination and further investigation,” he affirmed.

The physical examination was conducted on both containers by enforcement officers, Customs Intelligence Operatives, Customs Police, and examination officers of the terminal on August 22 at about 2 pm and August 23 at about 1 pm, respectively.

It was discovered at the end of the examination that the content contradicted the bill of lading for the container numbered MRSU 592397/0.

The bill of lading (No. 227578945) stated that the contents are electricals, ceiling fan, 36 jewels (Cooper) and chilly cutters (stainless steel plastic)

“After examination, the container was found to contain five cartons of Timaking 120 tapentadol (Tramadol) hydrochloride carisoprodol capsules. Each carton contains 50 rolls; each roll contains five packets, and each packet contains 200 tablets,” he said.

Other contents in the containers were listed as 84 cartons of gastro-resistant Omeprazole capsule BP 200mg, each carton contains 50 packets, each packet contains 10 capsules; 876 cartons of CSMIX cough syrup containing codeine (each bottle 100ml) with each carton containing 200 bottles, 50 cartons of manual grater machines, with 70 pieces per carton; and one carton of a ceiling fan.

The second container, numbered MRKU 553432/1, was found to contain 10 cartons of Super Royal 225 mg (Tramadol).

Mr Oloyede said: “Each carton contains 50 rolls; each roll contains 10 packets; each packet contains 10 tablets. Other contents are 105 cartons of Omeprazole Capsule BP 200mg; each carton contains 50 packets, each packet containing 10 capsules; 754 cartons of Barcadin with Codeine 100ml, and each carton contains 200 Bottles; 50 cartons of manual grater machines, 70 pieces per carton, and one carton of compo ceiling fan.”

The unregistered pharmaceutical products intercepted, according to him, were regulated products by the National Agency for Food and Drug Administration and Control (NAFDAC).

He also said the importer had no required permits and certificates for importation or documents to ascertain the safety of the products for Nigerians.

Mr Oloyede said that the suspects, containers, and exhibits would be handed over to the agencies charged with the responsibility to regulate and prosecute the alleged offenders.

Mr Oloyede also added that the command intercepted a container found to contain frozen poultry products on August 24.

According to him, the interception followed an intensive surveillance operation on a routine examination carried out at TICT on a container numbered TTNU 804678/9, which falsely declared that its contents were tangerines.

“The goods were falsely declared as they are under import prohibition (Trade). The container has been seized for the contravention of Section 233 of the Nigeria Customs Service Act (2023),” he stated.

Mr Oloyede vowed that Customs would deploy all necessary resources and strategies at its disposal, in collaboration with other security and regulatory agencies, to curb the llegal importation of illicit and unregulated substances.

Nigeria’s president says his administration will stick to economic reforms

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President Bola Tinubu has decried the futility of servicing Nigeria’s external debt profile with 90% of the country’s revenue base, saying it is a simple path to destruction and, hence, not sustainable.

He made the comments as he sought to justify his ongoing economic reforms, declaring that Nigeria will not sustain a failed economic theory that leads to the wastage of 90% of its scarce revenue in the servicing of external debts in the midst of the many development challenges facing the country.

The President made the statement on Sunday in Abuja while declaring open the Annual Conference of the Nigerian Bar Association at the Velodrome, Chief MKO Abiola Stadium, Abuja.

While energising the gathering of 16,190 lawyers in attendance with an extemporaneous speech, President Tinubu stated that the prosperity Nigerians require will only occur once poverty is banished from society with the focused cooperation of Nigeria’s private sector leaders, many of whom were present at the opening ceremony.

“Can we continue to service external debts with 90% of our revenue? It is a path to destruction. It is not sustainable. We must make the very difficult changes that are necessary for our country to get up from slumber and be respected among the great nations of the world,” the President stated.

Speaking on the theme of the conference, “Getting it Right: Charting the Course for Nigeria’s Nation-Building,” the President stated that hard decisions must be made to set the country on a growth trajectory, despite the initial pains that meaningful reforms usually bring.

“We cannot have the country we desire without the reforms we have initiated. It is painful at the beginning, in the short and medium term, but we must do what we have to do to take this nation to its great destiny. It is not about you, and it is not about me. It is about our generations yet unborn, for whom we must bequeath a great and prosperous country,” he affirmed.

Against the backdrop of the renowned judicial reforms he undertook as Lagos State Governor, President Tinubu renewed his commitment to deal conclusively with the pressing issue of remuneration for judicial officers and legal practitioners, noting that true justice reform must begin with world-class salaries and benefits for legal professionals in Nigeria.

“You are learned. I want to learn. Why are we so blessed, yet we are still lacking? We must have a change of attitude and a change of mindset. We accuse our nation and its previous leaders. We complain a lot about the past. Is that the solution? No. Let us look forward and be determined! God has given us what we need. We must work hard with determination to make our country great, and it begins with you, who are seated here with me,” the President said.

Referring to the keynote address delivered by the Chairman of UBA Plc and Heirs Holdings, Mr Tony Elumelu, whom he praised for setting an agenda for economic growth and development, President Tinubu bemoaned the inability of the country to eradicate poverty and tackle poor electricity supply, despite Nigeria’s abundance of gas.

He made a commitment that his administration would ensure that Nigeria generates and distributes the electricity the economy requires to thrive.

“Yes, it is a shame not to have adequate electricity for the mass majority of homes in Nigeria and to power our industries. How can we address poverty without electricity? We can take many people out of poverty with an uninterrupted electricity supply. Poverty is not acceptable, and we must banish it,” President Tinubu concluded.

In his welcome address, NBA President Yakubu Maikyau, SAN, expressed NBA’s confidence in the ability of President Bola Tinubu to deliver good governance to Nigeria because of his pedigree and past track record of excellent performance in Lagos State, where he was the governor between 1999 and 2007.

“President Tinubu got it right in Lagos, and it is our considered expectation that as President of Nigeria, you will not only replicate your achievements in Lagos but surpass them for our country,” he said.

The conference was attended by the Attorney General of the Federation, Prince Lateef Fagbemi; Chief of Staff to the President, Femi Gbajabiamila; Minister of Federal Capital Territory, Nyesom Wike; Minister of Sports, Senator John Enoh; former Secretary to the Government of the Federation, Boss Mustapha; past NBA presidents; and many senior government officials.