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FIRS Reportedly Stops Hundreds Of Nigerians Recruited By Fowler From Resuming

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Hundreds of Nigerians who were given letters of employment by the immediate past Chairman of the Federal Inland Revenue Service, Mr. Babatunde Fowler, have not been allowed to resume over six months after they received the letters, The PUNCH has learnt.

It was learnt that some of those affected had already resigned from their previous places of work after receiving the letters of employment only to be rendered jobless afterwards.

A copy of one of the letters signed on behalf of Fowler by the Director, Human Capital Management Department, Victor Ekundayo, stated that the candidates had been interviewed by the management of the agency and had been offered employment.

It read in part, “Further to your recent interview with the Federal Inland Revenue Service, you have been offered appointment as Officer on Salary Level 11 Step 1 effective from the date you assume duty.

“By this appointment, you shall be placed on probation for a period of one year from the date of assumption of duty. Subject to your satisfactory conduct and performance within this period, your appointment shall be confirmed on a permanent basis.”

The document further stated that after a person had been confirmed, the notice for termination of employment shall be three months or payment of three months’ salary in lieu of notice from either party.

However, it was learnt that after Fowler’s successor, Muhammad Nami, was appointed by the President, Major General Muhammadu Buhari (retd.), in December 2019, the new intakes were not allowed to resume.

One of the affected persons, who spoke to The PUNCH on condition of anonymity, said he had resigned from his previous place of work and had been struggling for the last six months.

He said, “Things have been very difficult for me in the last six months. I was working at a company and I resigned immediately after I received my employment letter from the FIRS. Today, I am stuck. Is the FIRS saying it has not paid contractors and consultants in the last six months because they were engaged by Fowler?”

Another affected person told The PUNCH that their employment might have been halted because the new FIRS leadership was trying to reverse some of the policies of Fowler.

He said, “I was told that Nami has been probing Fowler and reversing some of his policies. We are professionals and we don’t play politics. The FIRS should address our situation at once or we may have to file a class action.”

When contacted on the telephone, the spokesman for the FIRS, Abdullahi Ahmad, admitted that many people were affected, but said he did not have the definite figure.

Ahmad denied allegations that the current administration was at war with Fowler.

He said the FIRS leadership had, in the last six months, been probing the credentials of those offered employment. He called on those affected to be patient.

Ahmad said, “We are aware of the development and as you know, we are also battling challenges. When we came, we met many challenges. We met the process when we arrived. The process is on to verify their certificates.

“We have not abandoned them. Very soon, we will contact them. Those who have been cleared will be contacted. We have nothing against Fowler for God’s sake. It is not because Fowler gave them employment that they have not been attended to.”

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Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 23rd July 2024

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Black market dollar to naira exchange rate on Tuesday 23rd July 2024 can be accessed below.

JomogNews Nigeria has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1560 and sell at N1580 on Tuesday 23rd July 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)    Black Market Exchange Rate Today
Buying Rate                                     N1560
Selling Rate                                      N1580

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)     CBN Rate Today
Buying Rate                                      N1584
Selling Rate                                       N1585

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

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UN, Columbia University, New York To Headline ASIS 2024

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The Africa Social Impact Summit (ASIS) 2024 is set to be an extraordinary gathering of influential leaders, Amina Mohammed, Deputy Secretary General of the United Nations, and Jeffrey Sachs, of the world-acclaimed Columbia University, New York, are set to headline the event. 

The summit, co-convened by the Sterling One Foundation and the United Nations, is scheduled for July 25th and 26th at the Eko Convention Centre, Lagos. It promises to be a pivotal platform for addressing Africa’s critical social and economic challenges under the theme “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa.”

Jeffrey Sachs, renowned economist and director of the Center for Sustainable Development at Columbia University, is known for his extensive work in global economic development and poverty alleviation. His expertise in sustainable development will provide a vital framework for the summit’s discussions on creating economic opportunities and reducing inequalities.

Amina Mohammed, Deputy Secretary-General of the United Nations, has a rich history of leadership in international development and environmental sustainability. Her participation is expected to drive crucial conversations on achieving the Sustainable Development Goals (SDGs) across Africa, focusing on inclusive growth and environmental stewardship.

Abubakar Suleiman, CEO of Sterling Bank, is celebrated for his innovative approaches to banking and his strong commitment to corporate social responsibility. His insights into sustainable business practices and economic development will be instrumental in shaping the summit’s agenda.

Olapeju Ibekwe, CEO of the Sterling One Foundation, expressed her excitement for the event: “ASIS 2024 represents a unique opportunity for global leaders and innovators to converge and create sustainable solutions for Africa’s most pressing challenges. We are honored to have such distinguished speakers and partners joining us in this transformative journey.”

ASIS 2024 will bring together leaders from the private sector, public sector, tech ecosystem, non-profit organizations, and government to collaborate on initiatives that drive social impact. The summit will focus on key areas such as universal health access, education, equality, food security, and climate action.

Interested participants can register for the summit at  www.theimpactsummit.org.

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ZENITH BANK RETAINS TOP SPOT AS NIGERIA’S NUMBER ONE BANK BY TIER-1 CAPITAL FOR FIFTEEN YEARS IN THE 2024 TOP 1000 WORLD BANKS’ RANKING

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For the fifteenth consecutive year, Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital in the 2024 Top 1000 World Banks’ Rankings, published by The Banker Magazine.

This ranking places Zenith Bank Plc as the 565th Bank globally with a Tier-1 Capital of $2.01 billion. The rankings, published in the July 2024 edition of The Banker Magazine of the Financial Times Group, United Kingdom, recognise Zenith Bank’s continued financial strength and stability.

They are based on the 2023 year-end Tier-1 capital of banks globally and remain the primary source for global bank financials used by most international organisations in their assessments of banks.

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

According to the ranking, Tier-1 Capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned.

A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the Bank is well-capitalised and financially stable.

Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said, “We are deeply honoured to be recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year”.

This recognition is a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction.

It also emphasises our resilience and strength in navigating the ever-evolving financial landscape. Our dedicated team of professionals has remained steadfast in ensuring that we maintain our position at the forefront of the banking industry.”

She extended her profound and sincere appreciation to the Founder and Chairman, Dr. Jim Ovia, CFR, whose visionary and transformative leadership has played a pivotal role in cultivating a resilient and thriving establishment.

She also expressed her deep appreciation for the board’s insightful governance, the staff’s relentless dedication, and the unwavering loyalty of the bank’s esteemed customers to the Zenith brand.

Zenith Bank’s financial performance for the year was driven by a remarkable triple-digit growth of 125% in gross earnings, from N945.6 billion reported in 2022 to N2.132 trillion in 2023.

This growth led to an improved market share in both the retail and corporate segments despite a persistently challenging macroeconomic environment.

The increase in gross earnings was primarily due to growth in interest and non-interest income. Interest income growth was attributed to the increase in the size of risk assets and their effective repricing, while non-interest income was driven by significant trading gains and gains from the revaluation of foreign currencies.

Zenith Bank recently commenced recapitalisation efforts with the conclusion of its Capital Markets Day held on 11th July 2024.

It aims to raise the least amount of capital amongst its peers at N230 billion, considering it already maintains a robust capital base of N270.7 billion.

The Bank remains dedicated to supporting the growth of the Nigerian economy and providing its numerous customers with innovative and efficient banking solutions.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest accolades coming on the heels of several recognitions.

These include being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine.

The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards.

Further recognitions include Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for three consecutive years from 2021 to 2023 in the World Finance Banking Awards.

Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022 and 2023, 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, and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

The Bank also received the accolades of Most Sustainable Bank, Nigeria, in the International Banker 2023 Banking Awards, Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.

Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

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