Business
Edo State IRS denies revenue drop claims
The Edo State Internal Revenue Service has refuted claims of its February, 2025 revenue drop by one, Mr Ifaluyi Isibor saying, it’s a misrepresentation of facts.
In a statement issued on Sunday by the Head of Corporate Communications of Edo IRS, Courage Eboigbe, lamented the deliberate distortion of facts by those who supposed to know, but decided to mislead the populace for whatever reasons they think they wanted to achieve.
The statement obtained by CAPITAL POST in Abuja reads: “It is disheartening and disingenuous that supposedly educated Edo State citizens would spew out such nonsense for political expediency. Such actions not only mislead the public, but they also undermine the efforts of those working tirelessly to ensure sustainable economic development in our State.
“His claims are far from the truth. The only truth is that the Revenue Service has attained and is sustaining an average of N10 billion to date.
In view of the above, we hereby state that the IGR Report for February is very impressive and stands at over N9.5b, a figure never attained by Isibor’s paymasters.
“That the EIRS firmly dismisses the claim of revenue drop of Edo’s IGR falling from ₦4.7 billion in January to ₦3.4 billion in February, labelling Isibor’s narrative as dubious, deliberately misleading, and dishonest. Our record confirms a stable upward trajectory, which starkly contrasts the narrative put forth by the mischievous Isibor.
“That the EIRS denounces the misinformation, criticizes Isibor for allegedly spreading unverified figures, and insists that the IGR remains on an upward trajectory.
“That the EIRS rejects the notion of separate IGR sources, emphasizing that all government revenue is consolidated into a single figure irrespective of revenue stream.
“That the Revenue Service reiterates its commitment to tackling illegal revenue collection by unauthorized individuals while urging the public to remain vigilant and report any suspicious activities by non-state actors.
“Overall, this statement aims to restore public confidence, reject alleged misinformation, and reaffirm the agency’s professionalism in revenue collection.”
Fidelity Bank Plc has reaffirmed its commitment to financial inclusion, youth empowerment, and promoting a healthy savings culture by rewarding nine National Youth Service Corps (NYSC) members with N500,000 business grants each.
The grants were awarded under the Get Alert in Millions Season Six (GAIM 6) promo, an initiative designed to reward loyal customers with cash prizes totalling N159 million.
The promo, which runs from November 2024 to August 2025, targets various categories of customers, including NYSC members, students, and general customers.
Mr. Osita Ede, Divisional Head of Product Development at Fidelity Bank Plc, stated that this season of the GAIM promo aims to enhance the opportunities for loyal customers to win.
“When we launched the GAIM 6 promotion in November 2024, we unequivocally stated that this campaign season is intended to promote inclusivity. Consequently, we have increased the total prize money to N159 million and added additional draws, beyond the weekly and monthly draws featured in previous seasons.
“Now, we have specific draws catering to various segments of our customer base including women, students, youth corps members, and traders. It is important to note that these categories of customers also stand the chance to win millions of naira in the monthly and grand draws which we will be hosting till 20 August 2025,” explained Ede.
Nine NYSC customers were selected through a random electronic draw in the first quarter of the GAIM 6 campaign across the country. They are: Oluwatosin Emmanuel Olowolayemo and Ekpeno Aniekan George, both Youth Corps members in Akwa Ibom State; Derryk Chidubem Okafor, Enugu State; Aliyu Idris Adamu, Kaduna State; Bomane-Aziba Koromo, FCT_Abuja; Asabe Grace Adamu, Bornu State; David Agbai Agwu, Osun State; Abdullahi Opeyemi Olajuwon, Lagos State and Eghosa George Orhue, Ekiti State.
Expressing his gratitude and excitement, one of the recipients of the entrepreneurship grant, Chidubem Okafor, appreciated Fidelity Bank for the grant, noting that the funds will enable him to achieve his entrepreneurial dreams.
His words, “At first, I thought it was a scam when they introduced the initiative at our orientation camp, but today, I am truly honored to receive this support from Fidelity Bank. This grant will go a long way in helping me achieve my entrepreneurial dreams, and I promise to make the most of it,”
Similarly, David Agwu, who also emerged a winner in the draw, expressed his surprise at the unexpected win, saying, “When I received the call, I thought it was a prank. I never applied for anything, so it was hard to believe. But when they sent me proof, I realized it was real. I am truly grateful for this opportunity. My plan is to invest the money in vocational training and digital skills development, particularly in fashion and painting in order to establish a sustainable business”.
Beyond the N500,000 entrepreneurship grant, the winners will also enjoy free business advisory and training sessions at the newly launched Fidelity SME Hub, located at 22, Lanre Awolokun Street, Gbagada Phase 2, Lagos.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
The Nigerian National Petroleum Company Limited (NNPCL) has dismissed reports that it has terminated Naira Crude deal with Dangote unilaterally.
In a statement on Monday, the NNPCL explained that the Cude Sales Agreement with Dangote Refinery was still subsistence, clarifying that the existing contract, which allowed crude oil sales in Naira, was structured as a six-month agreement, contingent on availability, and is set to expire at the end of March 2025.
NNPCL said discussions with Dangote for fresh contractual agreement will soon take place.
The statement which was signed by the Director of Corporate Communications of the NNPCL, Mr Segun Soneye disclosed that the NNPCL has supplied Crude Oil to Dangote since October 2024, with 48 million barrels.
He said the supplies was under the Naira contract which in total, the company has provided more than 84 million barrels to the refinery since it commenced operations in 2023.
NNPCL reaffirmed its commitment to supporting local refining, ensuring a steady crude oil supply based on mutually agreed terms.
Leading financial institution, Fidelity Bank Plc, has extended its Fidelity Food Bank initiative to residents of Osogbo, Osun State as it recently distributed 2,000 food packs at Asubiaro State Hospital in Osogbo.
The outreach, which was executed in partnership with the Esther Adeleke Foundation, saw the distribution of essential food items to individuals, women and other vulnerable groups in the society.
Speaking at the distribution event, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, who was represented by the bank’s Regional Head Southwest (II), Morenike Olabisi noted that, “The gesture is part of the bank’s ongoing food distribution program, initiated by Dr Nneka Onyeali-Ikpe to provide relief and ensure food security for vulnerable households across the country.
Her words, “This is not the first time we are doing this in Osun State. Last year, we distributed 1,500 food packs to vulnerable households. Today, we are distributing 2,000 packs of raw food materials. We understand the symbiotic relationship we have with the communities where we operate and this initiative is part of our CSR efforts to give back to society in impactful ways.
“We have implemented the food bank project across the six geopolitical zones in Nigeria and among the beneficiaries are the Persons Living with Disabilities (PWDs), widows, senior citizens, children from schools with special needs among others,” she added.
Appreciating the gesture from the bank, the Osun State Governor, Senator Ademola Adeleke represented by the Secretary to the State Government, Teslim Igbalaye, noted that, “The Fidelity Food Bank Initiative reflects the core values of service and empathy to humanity that the administration holds dearly while noting that getting Nigerians out of the present economic situation demand collective efforts.
His words, “The active participation of individuals, foundations, and private organizations remains very critical and as a government, we are deeply committed to implementing policies and programs that alleviate poverty and provide opportunities for every citizen to thrive.
“Government’s efforts alone cannot achieve the desired results and initiatives like the Fidelity Food Bank will serve as a perfect example of how partnerships between the Government and private entities can transform lives.” He added.
Reiterating her support for the Food Bank Project, the First Lady of Osun State, Erelu Ngozi Adeleke noted that, “It has always been my wish and desire to help Osun State indigenes and the Fidelity Food Bank initiative has provided the platform to make a meaningful impact on the lives of individuals and families.
” Fidelity bank is doing a lot of humanitarian service and my state will fully support the bank massively. I want to encourage other banks to emulate this initiative”, she stated.
Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.
The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards.
It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023
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