by Abdulrahman Obaje

Nigeria’s leading financial institution, Zenith Bank, has reassured its customers of improved services following recent infrastructure upgrades.

In a message posted on Thursday, October 3rd, 2024 the bank apologised for the service disruptions experienced across its e-channels during the upgrade period. js">

The bank clarified that the glitches were a result of routine information and technology maintenance, which is essential for optimizing service delivery.

Zenith Bank emphasized its commitment to ensuring 100% uptime, stating that it takes this responsibility “very personally” and continuously allocates resources to maintain uninterrupted service availability.

In the statement, the bank expressed its sincere apologies for any inconvenience caused to customers during the upgrade process, highlighting that the information technology enhancements are designed to improve the quality of service for its esteemed clientele.

The message reads in part: “Dear Valued Customer, We sincerely apologise for the service disruptions you experienced recently on our banking channels. This was due to an information Technology upgrade aimed at improving the quality of service we provide.

“We have made significant progress with the upgrade and you can now perform transactions conveniently with the following Zenith bank Channels:

Your Zenith Bank Debit Card
The Zenith Bank Mobile App
The Zenith bank Internet Banking Platform
Zenith Agents nationwide (Agent Banking)

“You can also visit any of our branches nationwide to perform your transactions

Please direct all enquiries to Zenith Direct on +234 201 278 7000, 0700ZENITHBANK, 0904 085 7000 Or via email at Zenithdirect@zenithbank.com. Thank you for banking with us”

Author Profile

Abdulrahman Obaje

Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

ALSO READ  Must Read: What Kogi State Governor Yahaya Bello’s Wife Said in Abuja

Latest entries

• Food and AgricultureOctober 16, 2024Gov Ododo Flags Off 19.55km Obajana-Uro-Aku Rural Road Project
• PoliticsOctober 10, 2024PDP comeback strategy: Ajia harps on Youth Inclusion, Financial Stability
• NewsOctober 7, 2024Breaking News: Kogi State Unveils ₦72,500 New Minimum Wage for Civil Servants
• NewsOctober 6, 2024Kogi Flood Relief Efforts: Gov Ododo Moves to Curb Impending Traffic Gridlock

idelity Bank Plc complies with the highest corporate governance standards as the leading commercial bank adheres promptly to all full disclosure requirements and global best practices. adsbygoogle || []).push({});

Fidelity Bank is awarded CG+, the highest rank under the Corporate Governance Rating System (CGRS), which screens quoted companies against prescribed best practices and standards.

A review of the latest compliance report showed that Fidelity Bank sustains its highest-ranking rating of CG+, with shareholders and market pundits commending the high corporate standards of the bank.

Head, Listings Regulation Department, NGX Regulation (NGXRegco), Mr. Godstime Iwenekhai, explained that the CGRS was designed to strengthen the governance structures of listed companies and provide a valid basis for discerning investors to differentiate between listed companies on the basis of their compliance with acceptable standards of corporate governance.

“In our view, corporate governance promotes ethical business practices, transparency and fair competition,” Iwenekhai said.

He pointed out that the special character combination “CG+” underlined compliance with best practices and highest corporate governance standards, which entitle the rated companies to special privileges at the stock market.

Corporate governance compliance at the stock market includes prompt submission of detailed operational results from period to period as required by the market rules, full disclosures of all material and regulated information and accurate rendition of reports and accounts.

Also, compliance includes ensuring that the company’s shares are not encumbered in a way that impinges on free float or number of shares available to the general investing public for efficient price discovery, compliance with all investor-protection safeguards in communication with shareholders and organizing statutory meetings as required among others.

The Nigerian Exchange (NGX) noted that the compliance tracker was aimed at maintaining market integrity and protecting the investors, noting that listed companies are required to adhere to high disclosure standards.

“Financial information which is periodic disclosure and on-going material events disclosure should be released to NGX in a timely manner to enable it efficiently perform its function of maintaining an orderly market,” NGX stated, referencing some of the criteria for its corporate governance rating.

Market experts and shareholders agreed that corporate governance compliance is a major factor in deciding on investing in a public and the safety of such investment.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said corporate governance compliance rating is “extremely important” as it indicates to the investing public the quality of compliance of a company to listing requirements.

“As you know, stock prices are driven primarily by available information and the NGX has a minimum level of disclosure expected of quoted companies. This disclosure helps the public make qualitative decisions as to the state or performance of the companies they are seeking to invest in. These markers are therefore the initial indicators as to whether the companies are meeting their disclosures and other regulatory obligations or not,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said.

Managing Director, APT Securities & Funds, Mallam Garba Kurfi, said the corporate governance rating “shows the extent companies are in compliance with corporate governance”.

“High rating means very good in doing the right thing timely while low rating discourages foreign investors from investing in such companies,” Kurfi, a leading market operator and member of the board of Securities and Exchange Commission (SEC), said.

Managing Director, HighCap Securities, Mr David Adonri, noted that “CG+ means excellent corporate governance rating”.

“When a company is organised and upholds good corporate governance, the benefit to stakeholders is maximized,” Adonri said.

Investors said its high corporate governance was one of the compelling reasons they chose to invest in Fidelity Bank.

President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar said Fidelity Bank has a very good corporate governance structure that reassures investors of the safety of their investments.

According to him, while the bank has a good succession plan, the calibre of the independent non-executive directors on the board gives shareholders strong confidence of the kind of board oversight they will be expecting.

National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, said Fidelity Bank’s impressive performance over the years had been built on good corporate governance.

“My appeal to the board is to continue to imbibe good corporate governance in order to sustain this growth,” Igbrude said.

National Coordinator, Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, said Fidelity Bank has created a “very excellent impression” in the minds of shareholders.

According to her, the bank has continually showcased exemplary leadership with continuous impressive results, with successive growths over the past five years.

“Fidelity Bank is a very good bank that shareholders are very happy with their investments and we have never regretted buying into Fidelity Bank,” Bakare said.

National Coordinator, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie said good corporate governance was the cornerstone of Fidelity Bank’s sustained growth and impressive returns over the years.

“Fidelity Bank remains one of the best stocks that investors should look forward to investing in for better returns. I’m very optimistic about the bank’s healthy strong assets. With its good corporate governance and excellent customers’ service, there is every reason to hope for a more promising future,” Okezie said.

The NGX tags defaulting companies for poor corporate governance and also applies various monetary and non-monetary sanctions, including fines ranging between N100,000 to N100 million, partial or full suspension of trading, naming and shaming with a red alert tag and compulsory delisting in extreme cases.

Author Profile

Abdulrahman Obaje

Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

Latest entries

• Food and AgricultureOctober 16, 2024Gov Ododo Flags Off 19.55km Obajana-Uro-Aku Rural Road Project
• PoliticsOctober 10, 2024PDP comeback strategy: Ajia harps on Youth Inclusion, Financial Stability
• NewsOctober 7, 2024Breaking News: Kogi State Unveils ₦72,500 New Minimum Wage for Civil Servants
• NewsOctober 6, 2024Kogi Flood Relief Efforts: Gov Ododo Moves to Curb Impending Traffic Gridlock

Many have attributed the unstable prices of house commodities culminating in untold hardship to the fluctuating cost of fuel as a result of dollar fluctuation. This is as a result the sale by the Federal Government of Crude Oil to both foreign and local refineries. adsbygoogle || []).push({}); com/pagead/js/adsbygoogle.js">

However, The Federal Government says it will begin crude oil sales in Naira to Dangote Refinery and others in October.

This is according to a statement by the Director Press and Public Relations, Federal  Ministry  of  Finance and Economic Planning,  Mr Mohammed Manga in Abuja on Monday, August 19th. 2024.

Manga said that the inaugural meeting with the implementation committee which was presided over by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun is to fast track the transaction.

“The Minister presided over a crucial meeting of the implementation committee on crude oil sales in Naira today.

“It is a significant step towards ensuring the speedy realisation of the presidential directive on crude oil sales in Naira with a view to enhancing Nigeria’s economic growth and development,” he said.

He said that the committee reviewed progress on key initiatives, including the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting from Oct. 1.

According to him,  key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA),  the Central Bank of Nigeria (CBN).

He said that the   Nigerian Upstream Petroleum Regulatory Commission (NUPRC).and the African Export-Import Bank (Afreximbank).were  also. assigned roles to ensure smooth implementation.

“Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November,” he said.

Meanwhile, Edun said that the transaction  would mark a significant milestone in country’s economic transformation.

He emphasised the need for transparency and directed the Technical Sub-Committee to finalisr details as well as prepare a report for the president, confirming that his directives were on track for implementation from September.

“ With the implementation committee’s progress, Nigeria is poised to witness a seamless transition to Crude Oil Sales in Naira.

“The collaboration among stakeholders, including regulatory bodies and financial institutions, will ensure a transparent and efficient implementation process.

“As the country moves towards this significant economic milestone, the impact on Nigeria’s growth and development is expected to be profound, setting a new standard for economic prosperity,”  he said.

Dr Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), and Chairman of the Technical Sub-Committee, reported that the first Premium Motor Spirit (PMS) delivery from Dangote is expected in September.

Source: NAN

Author Profile

Abdulrahman Obaje

Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

Latest entries

• Food and AgricultureOctober 16, 2024Gov Ododo Flags Off 19.55km Obajana-Uro-Aku Rural Road Project
• PoliticsOctober 10, 2024PDP comeback strategy: Ajia harps on Youth Inclusion, Financial Stability
• NewsOctober 7, 2024Breaking News: Kogi State Unveils ₦72,500 New Minimum Wage for Civil Servants
• NewsOctober 6, 2024Kogi Flood Relief Efforts: Gov Ododo Moves to Curb Impending Traffic Gridlock