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NPDC, Ogoni People Pledge Cooperation on Oil Production

Published

4 years ago

August 24, 2021

Convener and leader of the Ogoni Liberation Initiative, Rev. Douglas Fabeke (left), presenting a communique from the Ogoni leaders to the Managing Director, Nigerian Petroleum Development Company (NPDC), Mr. Mohammed Ali-Zarah, who was invited as guest to the Ogoni Liberation Day celebration which held in Bori, Rivers State..Tuesday.

The leaders of Ogoniland in Rivers State under the auspices of the Ogoni Liberation Initiative have pledged to cooperate with the Nigerian Petroleum Development Company (NPDC) in the exploration and production of oil and gas resources in its territory.
The Ogoni leaders made the pledge Tuesday at the Ogoni Liberation Day which held in Bori with the Managing Director of NPDC, Mr. Mohammed Ali-Zarah, as an invited guest.
Speaking at the event, the Convener and leader of the Ogoni Liberation Initiative, Rev. Douglas Fabeke, commended the Court of Appeal for the judgement confirming NPDC as the valid operator of Oil Mining Lease (OML) 11, stressing that the Ogoni people welcomed with great joy the intervention of the Federal Government and the takeover of the oil assets by NPDC following the judgement of the Appeal Court in Abuja.
The Ogoni leader described the judgment that handed OML11 to NPDC as liberation for the Ogoni people, stressing that the people of Ogoni have “looked forward to this freedom over the years”.
He further praised President Muhammadu Buhari for his administration’s commitment to the development of Ogoniland, adding that his people would support all efforts aimed at restoring the environment and exploring its huge natural resources for the benefit of all.
He declared that Ogoni leaders have resolved to eschew bitterness and work with the Federal Government to ensure that the people benefitted from the resources in their land.
“The Ogoni people are ready for oil and gas business in the land to entrench development in partnership with the NNPC and the Federal Government of Nigeria through a transformed template and practical community development delivered by the host communities.
The Ogoni people are ready to do all forms of businesses with the State, Federal and Global Corporate Communities for the development of their land, provided the business is anchored upon Ogoni development,” he said.
He submitted a communique on behalf of the people of Ogoni to the Federal Government as the request of Ogoni people and as condition for the mutual relationship between the people and NPDC.
The communique, among other things, requested that “the issue of clean-up in Ogoniland should be re-visited and the Government should mandate the handling agency to expedite actions and clean the land in tune with the UNEP Report’s recommendation or allow the Ogoni people to bring experts that would perfectly implement the recommendations of the UNEP Report to the letter”
It also called on the Federal Government to expedite action on the provisions of infrastructure to the Ogoni people.
“The Ogoni people will not work under any political manipulation that will affect the development and smooth operation in the land without capturing the interest of the people. We stand by every word drafted here and will implement it to the letter, and also ready to give the Federal Government of Nigeria maximum cooperation to achieve its aim for the success and benefit of the nation and the Ogoni people.” the communique stated.
In his remarks, the Managing Director of NPDC, Mr. Mohammed Ali-Zarah, said the company understood the concerns and yearnings of the Ogoni people and shared in their pain.
He said NPDC and the Federal Government would work with the Ogoni people to bring development, employment and growth to the land, remediate the environment and ensure that future exploration and production activities do not impact negatively on the environment.
Ali-Zarah noted that the large turn-out of people, including traditional rulers, at the event was a huge moral boost to NPDC’s confidence in its re-entry plan.
“Indeed, this is a clear testimonial and demonstration of the strong cordial relationship that has existed between us over the years. This, for us, is our social license to operate in this peace-loving community”, the Managing Director said.
He observed that it was in the best interest of the country to speedily restore the environment of Ogoniland and create the needed condition for the social economic development of the communities.
“As a viable partner, we would join you to pursue the greater good of our people and the nation. We stand with you and would work with you to achieve this within the shortest possible time,” he said.
On the communique submitted by the Ogoni Liberation Initiative signed by leaders of various communities that make up Ogoniland, Ali-Zarah assured them that he would send the document to the management of the Nigerian National Petroleum Corporation for onward transmission to the relevant quarters, including the Presidency.
Oil production operations were suspended in Ogoniland in the early 1990s due to disruptions caused by local unrest. The oilfields and other installations have since largely remained dormant.
Hope was, however, rekindled last week following an Appeal Court judgment that paved the way for NPDC to take over the operatorship of the oil assets in Ogoniland from Shell.
The Appeal Court sitting in Abuja upturned the August 23, 2019, ruling of the Federal High Court, Abuja which held that the Shell Petroleum Development Company (SPDC) was entitled to the renewal of the Lease on OML 11.
In the ruling, the Appellate Court held that the Minister of Petroleum Resources has the discretion whether or not to renew the OML 11 Lease in favor of SPDC. The Court further held that the Minister rightly exercised his discretion in awarding the OML 11 Lease to NPDC, a subsidiary of the Nigeria National Petroleum Corporation (NNPC).

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GTCO Plc Becomes the 1st Financial Services Institution in West Africa to Achieve Listing and Trading of its Ordinary Shares on the London Stock Exchange

Published

1 week ago

July 4, 2025

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Guaranty Trust Holding Company Plc (GTCO Plc), Africa’s leading and most profitable Financial Services Group, has recorded a significant milestone in its growth and expansion journey with the successful admission of its Ordinary Shares to the Equity Shares (International Commercial Companies Secondary Listing) category of the Official List of the Financial Conduct Authority (FCA) and to trading on the main market for listed securities of the London Stock Exchange.

This historic achievement makes GTCO Plc, the 1^stFinancial Services Institution in West Africa to dual list its Ordinary Shares on both the Nigerian and London stock exchanges, and subject to certain criteria, it is expected that the Shares will be transferrable between the two exchanges.

The admission follows the successful pricing of its fully marketed offering (The Offering) on the London Stock Exchange to raise gross proceeds of $105million in exchange for 2.29 billion of new ordinary shares in the company, which was supported by a strong book of high-quality, long-term institutional investors.

Concurrent with the Offering, the Company also gave notice of its intention to cancel the listing of its existing GDRs on the certificates representing certain securities (depositary receipts) category of the Official List of the United Kingdom Financial Conduct Authority (“FCA”) and the admission to trading of GDRs on the London Stock Exchange’s main market for listed securities.

Building on the momentum of the successful first tranche of its equity capital raise programme in July 2024, which secured ₦209 billion, GTCO will deploy the proceeds from the Offering to strengthen its capital base, meet its recapitalization target, and fund strategic expansion across high-growth markets and priority sectors within and outside Nigeria.

It is expected that Admission and unconditional dealing in the Shares will become effective on or before 8.00 a.m. (UK time) on 9 July 2025 under the ticker “GTHC”. Following the cancellation of the GDRs listing, the Company intends to change the ticker symbol for the Shares from “GTHC” to “GTCO” and will issue a separate announcement in due course to that effect.

Commenting on the LSE Listing, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Today marks a major milestone—not just for GTCO, but for the future we see for African financial institutions on the global stage. We are incredibly proud to be the 1^stFinancial Services Institution in West Africa to list our ordinary shares on London Stock Exchange’s main market for listed securities, and even more honored by the trust placed in us by the investing community. For us, this was not just about raising capital. It was about validating the strength of our franchise, the clarity of our strategy, and the discipline with which we execute.”

He further said; “I would like to thank everyone who made this possible—our advisors and legal teams, our longstanding shareholders, the regulators both in Nigeria and in the UK, as well as the Nigerian government for creating an environment that supports our bold ambition and vision to be Africa’s leading financial services institution.”

GTCO’s fully marketed offering attracted long-term institutional capital, reflecting investor confidence in the Group’s fundamentals, governance, and strategic outlook. It also signals improving market sentiment, buoyed by ongoing economic reforms by the Federal Government and a return to traditional orthodox monetary policy by the Central Bank of Nigeria, which have gone a long way to stabilising the macroeconomic environment and gradually restoring investor confidence in Nigeria’s long-term prospects.

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ZENITH BANK RETAINS TOP SPOT AS NUMBER ONE BANK IN NIGERIA BY TIER-1 CAPITAL FOR THE SIXTEENTH CONSECUTIVE YEAR IN THE 2025 TOP 1000 WORLD BANKS’ RANKING

Published

2 weeks ago

July 4, 2025

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Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital for

the sixteenth consecutive year, in the 2025 Top 1000 World Banks’ Rankings, published by The

Banker,FinancialTimesGroup,UnitedKingdom.ThisrankingplacesZenithBankPlcasthe

581st Bank globally, with a Tier-1 Capital of $2 billion.

The global rankings, published inthe July 2025 edition of TheBanker, was based on the 2024

year-end Tier-1capital ofbanks. Thisis theprimary basisformost internationalorganizations’

assessments of banks.

Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame

(Dr.) Adaora Umeoji, OON, said, “We are thrilled to have retained our position yet again as the

Number One Bank in Nigeria by Tier-1 capital for the 16th consecutive year. This achievement is

a reflection of the bank’s robust financial performance, prudent risk management and steadfast

dedication to delivering exceptional value to our customers and stakeholders”. She thanked the

Founder and Chairman, Jim Ovia, CFR, for his visionary and transformative leadership which has

playedapivotalroleincultivatingaresilientandthrivinginstitution.Shealsoexpressedher

deepest appreciation to the bank’s esteemed customers for their continued loyalty to the Zenith

brand, the Board for the sound corporate governance, and the staff for their relentless & tireless

efforts in ensuring the bank’s success.

Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from a

regulator’sperspective.Accordingtotheranking,Tier-1Capital,asdefinedbytheBankfor

International Settlements(BIS) guidelines,includes loss-absorbingcapital, i.e.,common stock,

disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are

less than whollyowned. A strongTier-1 capital ratio boostsinvestor and depositorconfidence,

indicating the Bank is well-capitalised and financially stable.

Accordingtotheaudited financialresultsforthe2024financialyearpresented totheNigerian

Exchange (NGX), the Bank recorded a double-digit growth of 86% in gross earnings, increasing

from N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was driven by a 138% increase in

interest income, supported by investment in high-yield government securities, and growth in the

Bank’s loan book. Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024

from N796 billion in 2023. This performance saw the bank record an unprecedented total dividend

payout of N195.67 billion at N5.00 per ordinary share in the 2024 financial year.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous

awards including being recognised as the Bank of the Year (Nigeria) in The Banker’s Bank of the

Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025,

in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the
Euromoney Awards 2023; and being listed in the World Finance Top 100 Global Companies in

2023.

Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021

to2024intheWorldFinanceBankingAwardsandMostSustainableBank,Nigeriainthe

InternationalBanker2023and2024BankingAwards.Additionally,ZenithBankwas

acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate

Governance Awards from 2022 to 2024 and ‘Best in Corporate Governance’ Financial Services’

Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in

Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year

2023 and 2024 at the BusinessDayBanks and Other Financial Institutions (BAFI) Awards, and

Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI

Awards.TheBankalsoreceivedtheaccoladesofBestCommercialBank,NigeriaandBest

Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.

ZenithBankwasalsonamedMostResponsibleOrganisationinAfrica,BestCompanyin

Transparency and Reporting and Best Company in Gender Equality and Women Empowerment

at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of

theYear2024byNewTelegraphNewspaper;andBestinMSMETradeFinance,2023by

Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’

at the Nairametrics Capital Market Choice Awards 2025

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Body of Bank CEOs Delivers Critical Relief to Flood Victims in Niger State, Pledges Continued Support

Published

2 weeks ago

June 29, 2025

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Pix 1 L-R: Registrar & Chief Executive of the Chartered Institute of Bankers of Nigeria (CIBN) Akin Morakinyo; Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Group Managing Director/Chief Executive, Zenith Bank, Dame (Dr.) Adaora Umeoji; The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba; Managing Director Taj Bank Mr. Hamid Joda; and Secretary to the Government of Niger State (SSG), Alhaji Abubakar Usman during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend.

The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend

Pix 3: L-R: Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Group Managing Director/Chief Executive, Zenith Bank, Dame (Dr.) Adaora Umeoji; The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba; and Managing Director Taj Bank Mr. Hamid Joda, during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend.

In a heartwarming display of corporate social responsibility and solidarity, a consortium of Nigerian Bank CEOs, has pledged significant support to alleviate the suffering of flood victims in Niger State

The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago on Saturday in Abuja received relief materials from the Body of Bank CEOs led by its Chairman, Mr Oliver Alawuba.

The gesture is aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area of the state.

Oliver Alawuba who is also the Group Managing Director/CEO of United Bank for Africa(UBA), led the delegation to the Niger State Government house Abuja, where they presented essential relief items, including bags of rice, beverages, vegetable oil, and mattresses, valued at millions of naira.

The devastating floods, which have affected thousands of families in the region, have prompted the banking community to come together in a show of empathy and support to those displaced and affected by the disaster.

In his address, Alawuba expressed the banking industry’s deep sympathy for the affected communities and reaffirmed their dedication to sustainable support while pointing out that the gesture underscores the banking sector’s commitment to corporate social responsibility and humanitarian intervention especially in times of crisis.

He said, “Today, we stand with the people of Niger State in their time of need. We want you to know that we feel your pain and we give you our firm resolve to assist in rebuilding lives. This donation is just the beginning; we pledge continued collaboration with the Niger State Government to ensure long-term recovery and resilience.”

Other top CEOs and executives at the presentation included by the Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, the Registrar and Chief Executive of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Akin Morakinyo, Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Managing Director Taj Bank Mr. Hamid Joda; Secretary to the Government of Niger State (SSG), Alhaji Abubakar Usman senior government officials, banking executives, and media representatives, marking a significant step in public-private collaboration for humanitarian relief.

Governor Bago, who received the relief materials on behalf of the state, commending the banking sector for its timely intervention.

“This gesture reinforces the critical role of private-sector partnerships in disaster response,” Governor Bago stated. “We are grateful for this support and look forward to deeper collaboration in safeguarding our communities against future challenges. On behalf of the good people of Niger State, particularly the affected families in Mokwa, I extend our sincerest thanks for this timely and compassionate intervention,” Bago stated.

“The recent floods in the state brought immense hardship to the people, displacing families, destroying livelihoods, and disrupting communities and the banking sector, under the leadership of Alawuba and his esteemed colleagues, has demonstrated that beyond financial stewardship, they are true partners in national development and humanitarian service.

This donation is not just about the physical items; it is a symbol of hope, resilience, and the unwavering support of Nigeria’s financial institutions in times of need. It reassures our people that they are not forgotten, the governor stated.

…

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