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Hunger: Protest In Abuja Over Fuel Crisis, Inflation

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By Kayode Sanni-Arewa

Nigerians gathered in Abuja on Monday, launching a large-scale protest over escalating fuel costs, chronic fuel shortages, and mounting economic hardship.

Led by Abdullahi Bilal of the (Two Million Man March Against Oil Scam Cabal) and Barrister Napoleon Otache and Olayemi Isaac from Citizens and Economic Freedom Rights Activists in Nigeria (CEFRAN), the demonstrators demanded immediate action to address what they described as failed leadership in managing the country’s oil sector.

Central to the protests were grievances over skyrocketing fuel prices and the never-ending queues, which they argued have driven inflation and plunged millions of Nigerians into poverty.

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The demonstrators condemned the current fuel subsidy regime, claiming it has only served to enrich a select few while leaving the majority struggling with high prices.

They called for full deregulation in the oil sector to ensure transparency, competition, and fairer fuel pricing.

Protesters also decried the importation of adulterated fuel, which they said is a corrupt practice that harms citizens by damaging vehicles and businesses.

They demanded an immediate halt to these imports and accountability for those responsible, questioning how substandard fuel continues to enter the country despite quality control assurances.

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Additionally, the group criticized the unfulfilled promise of the Dangote Refinery to resolve Nigeria’s fuel crisis, expressing frustration over the billions of dollars spent on refinery development and refurbishing existing facilities.

They argued that despite these investments, fuel shortages persist, leaving Nigeria reliant on costly imports even as an oil-producing nation.

Highlighting the impact of the fuel crisis on the economy, protesters cited inflation surpassing 24% and a 200% rise in fuel prices, factors they say are deepening poverty across the country.

They urged President Bola Tinubu to intervene by overhauling leadership in the oil sector, enforcing greater accountability, and putting citizens’ needs first. The protesters vowed to continue mobilizing until their demands for reform and transparency are met.

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Speaking to journalists during the mass demonstration, Abdullahi Bilal stated, “The Two Million Man March stands as a united voice for every citizen who has been betrayed by a system that continues to enrich a few at the expense of many.

“Today, we call for the immediate resignation of the current leadership in the country’s oil sector. Their management has failed Nigerians.

Under their watch, we have seen fuel prices skyrocket without consultation or consideration of the devastating impact on the people. We have endured fuel scarcity while substandard, adulterated fuel is imported, causing further hardship.

“We demand the complete removal of the fraudulent fuel subsidy regime that has only served to enrich a select few. Full deregulation is necessary to introduce transparency, competition, and fairness to our oil sector.

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We also demand an end to the importation of adulterated fuel into Nigeria. This harmful practice must stop immediately, and those responsible must be held accountable for the damage caused to our vehicles, businesses, and livelihoods.

Nigerians have suffered long enough, wasting hours and days queuing for fuel. We demand a sustainable solution to the fuel scarcity crisis—no more excuses, no more delays. We deserve better.

“We also want to highlight the failure of the much-anticipated refinery. Nigerians were promised that this would solve our fuel crisis, but it has failed to deliver.

“This mismanagement has led to inflation reaching a shocking 24.5% as of November 2024. Fuel prices have increased by over 200%, plunging millions of Nigerians into deeper poverty.

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To the government, we say: enough is enough. Nigerians will not stand by while the oil cabal continues to thrive at the expense of our nation’s welfare. We demand accountability, and we demand it now.”

On their part, Barrister Napoleon Otache and Olayemi Isaac, insisted: “This act of economic sabotage has led to endless fuel queues, skyrocketing fuel prices, and unprecedented disruptions in the daily lives of Nigerians.

“We demand an immediate end to fuel queues, transparency, and accountability from all involved parties. We want to know how substandard fuel continues to enter the country despite assurances of quality control.”

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Multiple Accidents Involving Four Vehicles On 3rd Mainland Bridge +Video

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Multiple accident involving four vehicles was reported at Ilaje on 3rd Mainland Bridge on Monday, November 4, 2024.

No life was lost in the accident according to the video posted on x.com by LASTMA officials.

“There’s a report of a multiple accident involving 4 vehicles at Ilaje on 3rd Mainland Bridge inward Adeniji.

Backlog now at Iyana-Oworo. Men of The Nigeria Police are on ground and effort is on to evacuate then to the side of the road to ease better movement towards Adeniji. Officers are on ground managing the traffic accordingly.”

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WATCH THE VIDEO: https://x.com/WAJU73/status/1853424263727915308

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Access Holdings Reports ₦41.1trn Total Assets, ₦3.4trn Gross Revenue In Q3

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By Gloria Ikibah
 
 
Access Holdings Plc has reported its unaudited results for the third quarter ended September 30, 2024, as the financial results reveals the group’s continued growth momentum, emphasising resilience and sustainable performance as it works to deliver good returns for its shareholders.
 
Gross revenue for the nine-month period rose by 114.5% year-on-year, climbing from ₦1.6 trillion in 2023 to ₦3.4 trillion in 2024. Interest income, a major driver of this growth, represented 70% of gross revenue at ₦2.4 trillion, while non-interest income contributed ₦1.0 trillion, marking an 87.2% increase due to higher transaction volumes on digital channels and other alternative platforms. Despite inflationary pressures, the cost-to-income ratio remained stable at 60.8%, while profit before tax saw an 89.6% rise to ₦558.2 billion, and profit after tax rose 82.8% to ₦457.7 billion. This robust performance translated to an annualised return on equity of 22.2%, with earnings per share up to ₦12.40.
 
Access Holdings reported significant gains in Q3 2024, driven by strong performance across its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers. The Group’s total assets surged to ₦41.1 trillion, up by 54.0% year-to-date, while shareholders’ equity grew by 51.0% to ₦3.3 trillion. Customer deposits saw an impressive rise of 45.4%, increasing from ₦15.3 trillion in December 2023 to ₦22.3 trillion by Q3 2024, while gross loans and advances grew 56.2%, reaching ₦13.9 trillion.
 
Access Bank continued its strong performance, with both interest and non-interest income contributing significantly to gross earnings. Subsidiaries in the UK and across Africa performed particularly well, delivering 54.8% of the Banking Group’s profit before tax, an increase of 185.8% year-on-year. The Group remains committed to expanding its footprint by offering tailored banking solutions in each region, enhancing customer experience, and advancing cross-border banking capabilities.
 
The non-banking subsidiaries of Access Holdings also delivered consistent growth. Access ARM Pensions, following a merger with ARM Pensions, now oversees ₦3.1 trillion in assets under management. Hydrogen Payments processed ₦27.5 trillion in transactions, growing its operating profit by 516% year-on-year to ₦5.7 billion. Access Insurance Brokers, still in its first year of operations, posted a gross written premium of ₦8.3 billion and a profit before tax of ₦641 million. New entrant, Oxygen X Finance, the group’s digital lending subsidiary, reported ₦2.1 billion in operating income and a profit before tax of ₦412 million.
 
Looking ahead, Access Holdings remains focused on enhancing profitability through diversified revenue streams across all markets. The group is deeply committed to advancing sustainability, embedding environmental, social, and governance principles into its operations to foster positive community impact. Through ongoing investments in employee development, Access Holdings is building a culture of innovation and excellence, further positioning the group as a driver of long-term value for its shareholders.
 
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Digital Excellence: Access Bank Clinches Best Digital, Best Website Awards

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 By Gloria Ikibah 
 
Access Bank Plc has won the 2024 Best “Digital Award Winner” in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).
 
The Bank also secured the “Best Website Award”, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.
 
Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards. 
 
“At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints. 
 
“This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers. We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”
 
Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence. Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years. 
 
Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.
 
These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.
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