Index to Nigerian Newspapers

Nigeria's oil producing states got a total of N653.70 billion from the Federation account as 13 percent derivation revenue in 2023, findings by New Telegrapgh has shown. An analysis of Federal Account Allocation Committee (FAAC) communiques, as well as FAAC reports published by the National Bureau of Statistics (NBS), indicate that the amount is N21.53 billion or 3.41 percent higher than the states recieved in 2022. The country's constitution stipulates payment of 13 percent of oil revenue from the Federation Account to oil producing States as derivation Fund that would be used for the exclusive benefit of their oil/gas producing communities which are usually negatively impacted by mineral exploration and production activities. Further analysis of FAAC communiques indicates that the highest amount recieved by oil producing states from the Federation account last year as 13 percent derivation revenue N84.97 billion in November while the lowest amount of N22.86 billion was received in May.

Fidelity Bank Plc has announced its Board of Directors' decision to extend the employment contract of its GMD/CEO, Nneka Onyeali-Ikpe, from 2024 to 2026. The decision was taken at the Board meeting on February 12, 2024, according to a notice at the Nigerian Exchange Limited (NGX). The extension is in furtherance of the Bank's strategic objectives and premised on Nneka Onyeali-Ikpe's sterling performance since assumption in offi­ce on January 1, 2021. Fidelity Bank grew its Net Loans and Advances by 46 percent in 2023 to N3.093trillion, from N2.115trillion in 2022, while its deposits almost doubled in 2023, reaching a new high of N4.049 trillion from N2.591 trillion in 2022, up by 56 percent. The Board is confident that Fidelity Bank's performance will continue its upward trajectory under Nneka Onyeali-Ikpe's leadership and looks forward to working closely with her and the Executive Management Team on the execution of various strategic initiatives including international expansion.