$3m Legacy Debt: Fidelity Bank Refutes Bankruptcy Claims, Seeks Clarification on Court Judgment CBN reassures public, customers on banking sector stability
Nume Ekeghe and Kayode Tokede
Fidelity Bank Plc yesterday categorically refuted media reports
suggesting it was facing bankruptcy over a Supreme Court judgment linked to a legacy $3 million credit facility granted by the defunct FSB
International Bank in 2002. This was as weighing in on the matter, the Central Bank of Nigeria (CBN) yesterday, reassured the public,
depositors and stakeholders that the Nigerian banking sector remains resilient, safe and sound. Fidelity Bank clarified that the
matter stemmed from a long-standing legal dispute inherited through its acquisition of FSB, stating that it was currently seeking judicial clarification
on the accurate computation of the judgment sum. Continued on page 9
Dangote Refinery Assures Nigerians of Petrol Price Stability, Support to Nation’s Economy... Page 9 Tuesday 20 May, 2025 Vol 30. No 10999. Price: N400
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Obi: I’m Not Tinubu’s Enemy
Chuks Okocha in Abuja
L-R: Akwa Ibom State Governor, Umo Eno; Former Managing Director, Habib Nigeria Bank Limited, Mr Akin Kekere-Ekun; Former President of the Nigerian Bar Association (NBA), Mr. Paul Usoro, SAN; Author of the book, Mfom Ekong Usoro; Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun; and President, Dangote Group, Alhaji Aliko Dangote, during the presentation of the book International Trade & Carriage of Goods by Sea: Texts, Cases and Materials in Lagos…recently
The presidential candidate of Labour Party (LP) in 2023, Peter Obi, has said he is not an enemy of President Bola Tinubu. Obi said he was only interested in joining a coalition against hunger, poverty, and the terrible state of healthcare and education in Nigeria. Obi made the allusion amid Continued on page 9
FG: Rollout of N3.3tn 90,000km Fibre Lines, 7,000 Telecom Towers Begins Q4 2025
Tijani says investment in digital economy grew ninefold in Q1 2024 Edun: Capital market strategic in drive for $1tn economy Bagudu to World Bank: Nigeria’s economic reforms on track
Deji Elumoye, Ndubuisi Francis and James Emejo in Abuja
The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has disclosed that the rollout of the N3.3 trillion 90,000 kilometres of fibre lines, 7,000 Telecom Towers infrastructure nationwide will formally commence in Q4 2025. Besides, he stated that the sector witnessed massive growth under President Bola Tinubu, attracting $191 million in Foreign Direct Investment (FDI) in Q1 2024—a ninefold increase from $22 million in Q1 2023. This was as the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, underscored the strategic role of the capital market in driving the federal government’s vision of a $1 trillion economy by 2030. Likewise, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, yesterday said the country’s economic reforms embarked upon by Tinubu’s administration Continued on page 9
Tinubu with Canadian PM in Rome...
President Bola Ahmed Tinubu (right) in warm handshake with new Canadian Prime Minister, Mark Carney after the inaugural Mass of Pope Leo XIV in Rome, Italy on Sunday