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Senate reschedules public hearing for NNPC, Dangote, others for further consultations
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By Mario Deepromoter
The Senate has rescheduled the public hearing for the alleged sabotage in the petroleum industry for further consultations.
The Senate said that the hearing was postponed for wider consultations with stakeholders whose input and participation would add value to the conclusion of the investigative hearing.
Some key stakeholders summoned to appear before the committee at a public hearing scheduled for September 10 to 12, 2024, include the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, officials of the Nigerian National Petroleum Company Limited, the Central Bank of Nigeria, and the Nigeria Ports Authority.
Other entities summoned are the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Upstream Petroleum Regulatory Commission, Nigeria Customs Service, Nigerian Navy, International Oil Companies, Dangote Group, Capital Oil, and modular refineries.
The upper chamber also cited legislative exigencies aimed at further deepening due diligence in conducting the investigative hearing as another reason for postponing it.
The Leader of the Senate and Chairman of the Senate Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry, Senator Opeyemi Bamidele (APC, Ekiti Central), gave these reasons in a statement on Sunday.
The Senate had set up the ad hoc committee to investigate billions spent on maintaining the nation’s refineries, shine a spotlight on regulatory agencies’ overpayment to transporters, and unravel the alleged importation of hazardous petroleum products and dumping of substandard diesel into the country.
The ad-hoc committee had concluded its pre-investigation undertakings and held an interactive session with the heads of Ministries, Departments and Agencies as well as some private interests in the downstream and midstream petroleum sector.
After the exhaustive engagement with select MDAs and private oil firms, the ad-hoc committee subsequently scheduled its investigative hearing for Tuesday, 10th to Thursday, 12th September 2024
However, in his statement on Sunday, Bamidele explained the decision of the ad-hoc committee to postpone the investigative hearing after due consultation with all its members and key actors in the petroleum industry.
He, further, noted that the ad-hoc committee would communicate a new date for the conduct of the investigative hearing to all the stakeholders in due course.
Explaining the compelling reasons for the deferment, Bamidele noted that the decision for the postponement was taken in the best interest of the federation and its teeming population.
He further explained that the postponement became imperative considering the compelling need “to consult more widely with expanded stakeholders within and without the petroleum industry and legislative exigencies to further deepen due diligence in the conduct of the investigative hearing “
He added that the prevailing realities in the country that demanded urgent interventions of nearly all the stakeholders in the public and private sectors across 36 states of the federation and Federal Capital Territory informed the resolve for the postponement.
Bamidele said, “While we deeply regret all inconveniences it may have caused all the stakeholders collectively or individually, this decision was taken purely and solely in the national interest.”
He explained that each of these decisions was taken to enable the ad-hoc committee a holistic approach to the public hearing and find lasting solutions to the challenges confronting the petroleum sector of the economy.
Bamidele, therefore, assured all the stakeholders that a new date for the public hearing would be communicated to them in due course.
This came as the Kwara State Council of the Nigeria Labour Congress appealed to the Federal Government to reverse the recent increment in the price of petrol.
The union in a statement issued on Sunday by the State Chairman of NLC, Muritala Olayinka, described the increase as an “assault on workers wellbeing and a breach of contract.”
It told the Federal Government to reverse what it called “economic policies that are not labour-friendly and anti-people”.
After NNPC hiked petrol prices last week, independent fuel stations adjusted and dispensed the commodity between N1000 and N1200 per litre.
In some fuel stations in Ilorin, the Kwara State capital, for instance, a litre of fuel is dispensed at N1000.
Reacting to this, the NLC chairman took a swipe at the Federal Government for reneging on the agreement it reached with the organised labour, recalling that the decision to accept N70,000 as the new minimum wage was on the basis that there won’t be a hike in petrol price.
Olayinka noted that the government was insensitive to raise the pump price of fuel at a time when the citizens were experiencing economic hardship on account of economic policies.
The NLC chairman however urged the citizens to remain calm and steadfast and avoid acts capable of causing tension, saying that the leadership of the organised labour is working and monitoring the trend of events arising from fuel price increases.
He said, “The Nigeria Labour Congress Kwara State Council received the news of the recent fuel price hike with indignation. This hike is worrisome due to the harsh socio-economic situation in the state and Nigeria at large.
“It is with a deep feeling of compassion and patriotism that we address our workers and the general public on the economic dilemma of the moment caused by the hike in the price of PMS otherwise known as petrol.
“The increase in the petrol price during this period of economic hardship and strangulation calls for a deep sense of concern that may culminate in a national debate or dialogue on the direction toward the living standards of workers and Nigerian people.
“Consequently, it is our resolve to engage the government to bring succour to the working class people and the Nigeria masses. We are working with the relevant stakeholders and authorities to bring hope to our members and the general public,” he said.
The union urged the Federal Government to review and revert some of its economic policies that are not labour-friendly and anti-people.
By Gloria Ikibah
Sterling Financial Holdings Company Plc defied the broader downturn in the banking sector on Thursday, with its shares rising 6.67 per cent to close at ₦8.00, placing the company among the top-performing stocks on the Nigerian Exchange (NGX).
The impressive performance came on a day when the NGX Banking Index fell by 2.04 per cent and the broader equities market extended its losing streak for a second consecutive trading session.
The company’s shares finished third on the day’s gainers’ chart, contrasting sharply with the wider market, where investors continued to take profits following July’s rally.
Market data showed that the NGX All-Share Index declined by 0.7 per cent, while losers outnumbered gainers by more than two to one. Over the two trading sessions, approximately ₦1.65 trillion was wiped off the total value of listed equities.
Despite the market pressure, Sterling Financial attracted sustained investor interest, with 36.01 million shares valued at about ₦286.8 million exchanged during the day’s trading.
The strong market performance followed the Group’s recently released half-year financial results, which showed a 20.4 per cent increase in profit after tax to ₦50.3 billion, alongside continued growth in customer deposits and total assets approaching the ₦5 trillion mark.
The Group also strengthened its capital position during the period through a successful ₦96.6 billion public offer, which increased shareholders’ funds by 27.8 per cent to ₦547.7 billion, providing additional capacity to support lending and business expansion.
Sterling Financial’s financial performance was further underpinned by improved earnings from its core operations. Net interest income rose by 41 per cent to ₦137.4 billion, while return on average equity stood at 20.6 per cent. Return on average assets also improved to 2.35 per cent from 2.05 per cent recorded in the corresponding period of the previous year.
Industry analysts attributed the stock’s resilience to the company’s strong earnings performance, strengthened capital base and diversified business model, which have continued to bolster investor confidence despite prevailing market volatility.
Sterling Financial operates as a diversified financial services holding company with interests spanning commercial banking through Sterling Bank, non-interest banking under The Alternative Bank, and wealth management services through SterlingFI.
…warn against spreading false information
By Gloria Ikibah
Access Bank Plc has dismissed as false and misleading a viral message circulating on social media and WhatsApp claiming that the bank has shut down operations, assuring customers and stakeholders that it remains financially strong and fully operational.
In a disclaimer issued on Friday, the bank said the message, which falsely impersonates its official communication channels, was deliberately designed to mislead the public and create unnecessary panic.
The bank reassured customers that all its branches and subsidiaries remain open for business, with banking services continuing without disruption.
“A message impersonating Access Bank’s official handle is currently circulating on social media and WhatsApp. It is false and misleading.
“We wish to reassure our customers, partners, stakeholders, and the public that Access Bank is safe, financially strong, and fully operational across all our subsidiaries. Our services continue to run seamlessly, and we remain committed to serving our customers with the highest standards of excellence”, the statement read.
The management said it had commenced efforts with security and regulatory agencies to trace those behind the false publication, warning that those responsible would face legal consequences.
“We are working closely with the relevant regulatory and law enforcement authorities to identify those responsible for creating and spreading this false information to cause panic and business disruption. Appropriate legal action will be taken in accordance with applicable laws and regulations”, it stated.
Access Bank also reminded the public that the deliberate creation and dissemination of false information capable of causing public alarm or undermining confidence in institutions is a criminal offence under Nigeria’s cybercrime laws.
“We also remind members of the public that creating, publishing, and disseminating false information capable of causing public alarm, damaging reputations, or undermining confidence in institutions constitutes an offence under Section 24 of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024”, it added.
The bank urged customers and the general public to disregard the viral message and avoid forwarding unverified information, advising them to rely only on updates issued through its official and verified communication channels.
The management expressed appreciation to customers, partners and other stakeholders for their continued confidence in the institution.
“If you receive a false and misleading message, please do not share or forward it. Instead, disregard it and rely only on information communicated through Access Bank’s official and verified channels.
“We thank our customers, partners, and stakeholders for their continued trust and confidence in Access Bank”, the statement further read.
By Gloria Ikibah
Sterling Financial Holdings Company Plc has reported a strong financial performance for the first half of 2026, posting a 20.4 per cent increase in profit after tax as the Group’s total assets climbed close to the N5 trillion mark.
The unaudited results for the six months ended June 30, 2026, released on Thursday, showed broad-based growth across major financial indicators, driven by higher interest income, an expanding loan portfolio and sustained growth in customer deposits.
The Group recorded gross earnings of N279.6 billion, representing a 31.5 per cent increase over the corresponding period in 2025. Interest income rose by 33.7 per cent to N223.6 billion, while net interest income increased by 41 per cent to N137.4 billion.
Non-interest income also grew by 23.3 per cent to ₦56 billion, supported by stronger fee income and improved earnings from other operating activities.
Sterling Financial’s balance sheet also recorded significant growth during the period, with total assets rising by 19.3 per cent to N4.67 trillion, while customer deposits expanded by 21.1 per cent to N3.62 trillion, reflecting continued confidence in the Group’s banking operations.
Profit before tax increased by 21.9 per cent to N55.5 billion, while profit after tax rose by 20.4 per cent to N50.3 billion.
The Group also improved its profitability ratios, with return on average equity standing at 20.6 per cent, while return on average assets improved from 2.05 per cent to 2.35 per cent.
Shareholders’ funds grew by 27.8 per cent to N547.7 billion, largely driven by the successful N96.6 billion public offer through which the company raised capital from the issuance of 13.8 billion ordinary shares.
The company also disclosed that its share price had appreciated by more than 15 per cent since the beginning of the year, reflecting stronger investor confidence ahead of the release of its half-year results. Basic earnings per share stood at 77 kobo, reflecting the enlarged share capital following the public offer.
Sterling Financial attributed the performance to ongoing investments in technology and operational efficiency across its subsidiaries, including Sterling Bank, AltBank and SterlingFI.
According to the Group, the modernisation of its technology infrastructure and operating model has improved service delivery, enhanced operational efficiency and strengthened its capacity to support increasing customer activity while maintaining prudent risk management.
The company expressed confidence that its strengthened capital base, expanding deposit base and diversified earnings would position it for stronger growth in the second half of the year.
It noted that the additional capital would continue to support lending to productive sectors of the economy while enabling the Group to sustain long-term value creation for shareholders.
Sterling Financial Bucks Banking Slump, Emerges Among NGX’s Top Gainers
Access Bank Dismisses Fake Shutdown Report
Sterling Financial Posts 20% Profit Growth, Assets Approach N5tn in Half-Year Results
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