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The Glitters Online

Category: Business

  • Bayelsa Begins Commercial Flights With New State-owned Airline

    Bayelsa Begins Commercial Flights With New State-owned Airline

    Bayelsa Begins Commercial Flights With New State-owned Airline

     

    Bayelsa State has officially commenced commercial flight operations with its state-owned aircraft, operated by Pioneer Airlines, marking a significant milestone in the state’s transportation and economic development.

    The inaugural flight landed at Bayelsa International Airport from Abuja on Wednesday morning.

    The ATR-72/600 aircraft departed Nnamdi Azikiwe International Airport at 09:30, carrying about 50 passengers, including Governor Douye Diri, Deputy Governor Senator Lawrence Ewhrudjakpo, members of the National Assembly caucus, Minister of State for Petroleum Resources Senator Heineken Lokpobiri, and Niger Delta Development Commission Managing Director Dr Samuel Ogbuku.

    Upon arrival, the aircraft was honoured with a traditional water cannon salute by airport fire service vehicles.

    In October, the Bayelsa State Government announced the acquisition of two aircraft to commence commercial flights at Bayelsa International Airport.

    Governor Diri described the launch as historic, emphasising the administration’s commitment to fulfilling its promise to enhance Bayelsa’s connectivity by air to other parts of Nigeria and beyond.

    “Six years ago, we promised the people of Bayelsa a future of air connectivity and opportunity. Today, that promise takes flight as Bayelsa launches its own commercial air services.

    On behalf of the Government of Renewed Hope for Assured Prosperity, I am honoured to commission the first of two ATR‑72/600 aircraft, each capable of carrying 72 passengers and crew.

    This achievement heralds a new era of connectivity for Bayelsa, bringing regular and reliable air services that will stimulate commerce and development, connect businesses to new markets, and empower our people to thrive.”

    The governor also ordered that the airline, currently operating under Pioneer Airlines, be renamed Air Bayelsa to reflect its status as a state-owned carrier.

    He acknowledged the pioneering efforts of his predecessors, especially the late Chief Diepreye Alamieyeseigha, who envisioned the airport, and the immediate past Governor Seriake Dickson, who brought the project to fruition.

    Governor Diri expressed gratitude to Premium Trust Bank, Pioneer Airlines, and the Bayelsa State House of Assembly for their support in realising the project.

    Air Vice-Marshal Nelson Calmday (rtd), Managing Director of Bayelsa Airport Limited, stated the airline will serve routes within the Niger Delta—including Port Harcourt, Warri, Uyo, and Calabar—as well as Abuja and Lagos.

    Cabin crew and flight attendants have been trained and recruited to support commercial operations.

    Captain Henry Ungbuku, Managing Director of Pioneer Airlines, assured that the airline would embody the aspirations of Bayelsa residents and the wider Niger Delta region. Meanwhile, Premium Trust Bank, which facilitated aircraft acquisition, expressed satisfaction at contributing to the initiative.

    Regional and national stakeholders, including Senator Konbowei Benson and Dr Boladei Igali, President of the Pan Niger Delta Forum, applauded the launch and pledged their support to ensure the airline’s success and sustainability.

     

     

  • Dangote Contracts Honeywell International For Major Refinery Capacity Upgrade To 1.4m Barrels Per Day

    Dangote Contracts Honeywell International For Major Refinery Capacity Upgrade To 1.4m Barrels Per Day

    Dangote Contracts Honeywell International For Major Refinery Capacity Upgrade To 1.4m Barrels Per Day
    Dangote Group is pleased to announce that it has entered a strategic partnership with Honeywell International Inc to support the next phase of expansion of the Dangote Petroleum Refinery. This collaboration will provide advanced technology and services that will enable the refinery to increase its processing capacity to 1.4 million barrels per day by 2028, marking a major milestone in our long-term vision to build the world’s largest petroleum refining complex.
    Through this agreement, Honeywell will supply specialised catalysts, equipment, and process technologies that will allow the refinery to process a broader slate of crude grades efficiently and to further enhance product quality and operational reliability.
    Honeywell, a global Fortune 100 industrial and technology company, offers a wide portfolio of solutions across aviation, automotive, industrial automation, and advanced materials. Honeywell’s division UOP has been a technology partner to Dangote since 2017, providing proprietary refining systems, catalyst regeneration equipment, high performance column trays, and heat exchanger technologies that support our best-in-class operations.
    Dangote Group is also advancing its petrochemical footprint. As part of the wider collaboration, we are scaling our polypropylene capacity to 2.4 million metric tons annually using Honeywell’s Oleflex technology. Polypropylene is a key industrial material widely used across packaging, manufacturing, and automotive applications.
    In addition to refining expansion, Dangote Group is progressing with the next phase of its fertiliser growth plan in Nigeria. We will increase our urea production capacity from 3 million metric tons to 9 million metric tons annually. The existing plant consists of two trains of 1.5 million metric tons each. The expansion will add four additional trains to meet growing demand for high-quality fertiliser across Africa and global markets.
    Dangote Group remains fully committed to delivering world-class industrial capacity, strengthening Nigeria’s energy security, and driving sustainable economic growth through long-term investment, innovation, and strategic global partnerships
  • Fidelity Bank Reaffirms Support For Indigenous Oil, Gas Development

    Fidelity Bank Reaffirms Support For Indigenous Oil, Gas Development

    Fidelity Bank Reaffirms Support For Indigenous Oil, Gas Development
    Fidelity Bank Plc has restated its commitment to advancing Nigeria’s oil and gas industry, with a strong focus on supporting indigenous operators. This was highlighted by the bank’s Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, OON, during a first oil presentation event for Emadeb Energy at Fidelity Place, the bank’s corporate headquarters in Lagos.
    “What makes Fidelity Bank unique is its willingness to take calculated risks. Many banks prefer to work with companies only after they have achieved first oil because they want already-established customers. Fidelity Bank reviewed our proposal thoroughly, including legal, technical, financial and character assessments. We met these requirements and that is why they supported us,” Olujimi said.
    Dr. Onyeali-Ikpe congratulated Emadeb Energy on its milestone and reaffirmed Fidelity Bank’s commitment to strengthening Nigeria’s energy sector.
    “At Fidelity Bank, we are dedicated to supporting indigenous companies in developing oil and gas assets that enhance energy security and promote sustainable growth. Our interventions include financing Nigeria’s first privately built and operated onshore crude export terminal in over fifty years at the Otakikpo Marginal Field in Rivers State.
    “We also led funding for the Pinnacle Oil and Gas Terminal in Lekki, Lagos, which improves petroleum product distribution and reduces costs. In addition, we part-financed the production of a 23,000-cubic-meter Liquefied Petroleum Gas carrier for Temile Development Company Limited, which supports cleaner energy use and strengthens local maritime participation,” she said.
    Emadeb Petroleum Exploration and Production Company Limited, operator of Petroleum Prospecting License (PPL) 236, recently achieved first oil from the Ibom Field, a milestone regarded as a significant breakthrough in Nigeria’s upstream sector.
    “Our next phase will be exciting. We plan to drill two additional wells and increase production to 12,000 barrels per day by the end of 2026. After that, we aim to expand our gas business and raise oil output to 30,000 barrels per day,” Olujimi added.
  • I Have Been Fired Unfairly By Paystack, Says Co-founder Ezra Olubi

    I Have Been Fired Unfairly By Paystack, Says Co-founder Ezra Olubi

    I Have Been Fired Unfairly By Paystack, Says Co-founder Ezra Olubi

     

    Paystack co-founder and former Chief Technology Officer, Ezra Olubi, says he has been fired by the company over allegations of sexual misconduct. He also said he was fired unfairly.

    The development was revealed by Olubi himself in his blog post published on Sunday, 23 November 2025.

    The controversy began in mid-November after a social media post accusing Olubi of abusive behaviour went viral.

    The backlash prompted online users to dig up explicit tweets he posted between 2009 and 2013, sparking widespread criticism.

    Following the allegation, Paystack confirmed that it had suspended Olubi and opened a formal investigation, stating that it had set up a review process and intended to appoint an independent investigator.

    However, in his blog post titled Terminated, Olubi said he was dismissed while the investigation was still ongoing and without an opportunity to defend himself.

    “Over the past few days, my name and reputation, built over years as co-founder and technical leader at Paystack, have been called into question because of information circulating online,” he wrote.

    He said the company’s board suspended him and initiated what it described as an “independent” investigation, prompting him to remain silent.

    “Once that process began, I chose not to make any public statements. I did this to avoid interfering with the investigation and because I expected a fair, thorough and unbiased review of the allegations being discussed online,” he wrote.

    Olubi added that he was not granted a hearing before the company ended his contract.

    He stated,” I was not given a meeting or an opportunity to respond before my contract was ended,” adding that the termination “appeared to contravene the terms of [his] suspension and the company’s internal policies.”

    He suggested the silence during the investigation allowed “assumptions and misrepresentations to spread without challenge.”

    Olubi insisted that the resurfaced tweets do not reflect his conduct.

    “Those who know me personally or professionally understand that the posts being circulated do not reflect my conduct or the way I have lived my life.

    “I have always… conducted myself in a manner that respects everyone’s dignity and safety,” he wrote.

    He concluded that his legal team would “explore possible steps in response.”

    The allegation surfaced after an individual who had a previous relationship with Olubi posted personal complaints online.

    This led to renewed scrutiny of several explicit tweets Olubi wrote between 2009 and 2013, many of which contained sexually suggestive comments involving colleagues and minors. He has since deactivated his X account.

    Founded in 2015 by Olubi and Shola Akinlade, Paystack is a leading African payments company.

    It became the first Nigerian startup accepted into Y Combinator in 2016 and was acquired by Stripe in 2020 for more than $200 million.

  • Atiku Rejects FIRS’ Appointment Of Xpress Payments As TSA Agent

    Atiku Rejects FIRS’ Appointment Of Xpress Payments As TSA Agent

    Atiku Rejects FIRS’ Appointment Of Xpress Payments As TSA Agent

     

    Former Vice President Atiku Abubakar has condemned the appointment of Xpress Payment Solutions Limited as a new collecting agent under the Treasury Single Account (TSA) framework of the Federal Inland Revenue Service (FIRS).

    The former VP described the move as a dangerous attempt to revive the Alpha Beta-style revenue model, which, he said, operated in Lagos during President Bola Tinubu’s tenure.

    In a statement released on X, Atiku alleged that the appointment amounted to the “resurrection of a revenue cartel” similar to Alpha Beta, which he said created a monopoly that funnelled public funds into private hands.

    He warned that the development signalled an attempt to “nationalise” a template that places private intermediaries between government revenue and the state, thereby undermining transparency and public accountability.

    Atiku accused the Federal Government of taking the decision “quietly,” without public consultation, legislative oversight, or stakeholder engagement.

    He questioned the haste behind the appointment and demanded clarification on what value Xpress Payments would add to existing TSA channels. According to him, the opacity surrounding the process raises concerns about whose interests the decision truly serves.

    He argued that the timing of the policy was insensitive, noting that it came at a moment when the country was grappling with escalating insecurity and widespread public grief.

    Atiku said governance at a time of national tragedy should prioritise empathy and security, not what he described as “expanding private revenue pipelines.”

    The former vice president said the appointment represented “state capture masquerading as digital innovation,” adding that Nigeria did not need additional private intermediaries in its revenue system. Instead, he called for strengthened institutions, improved transparency and a tax structure free from political influence.

    Atiku demanded the immediate suspension of the Xpress Payments appointment pending a public inquiry. He also called for full disclosure of contractual terms, beneficiaries, fee structures and selection criteria associated with the engagement.

    Additionally, he urged a comprehensive audit of TSA operations to prevent the “creeping privatisation of revenue collection.”

    He advocated establishing a legal framework explicitly prohibiting the use of private proxies in the core functions of government revenue administration, insisting that executive shortcuts undermine democratic accountability.

    Atiku linked the issue to national security, arguing that economic governance should not be conducted “in the shadows” when insecurity is tearing communities apart.

    He urged the Federal Government to abandon what he called “Lagos-style revenue cartelisation” and return to constitutionalism, transparency and public accountability.

     

  • Q3 2025: Fidelity Bank Grows Interest Income By 33%, Fee Income By 47%

    Q3 2025: Fidelity Bank Grows Interest Income By 33%, Fee Income By 47%

    Q3 2025: Fidelity Bank Grows Interest Income By 33%, Fee Income By 47%
    Fidelity Bank Plc, a leading financial institution, has released its unaudited financial statements for the third quarter ended September 30, 2025. The results show impressive performance across key income lines and operational metrics.
    According to the statements published on the Nigerian Exchange Group (NGX) portal on November 21, 2025, the Bank reported Gross Earnings of ₦366.1 billion for Q3 2025. This represents an 8 percent increase from the ₦338.9 billion recorded in Q3 2024. The growth was driven by strong interest income and sustained momentum in fee-based revenues.
    Interest Income, calculated using the effective interest rate method, rose by 33 percent to ₦285.6 billion in Q3 2025, compared to ₦214.7 billion in Q3 2024. Other Interest Income more than doubled, rising from ₦13.0 billion in the corresponding period of 2024 to ₦34.2 billion. This underscores significantly improved returns from non-core lending activities.
    Year-to-date, the Bank achieved a major milestone with Gross Earnings surpassing ₦1.1 trillion, the highest in its history. This is an increase from ₦772.5 billion in Q3 2024. The Bank’s total assets also crossed the ₦10 trillion mark, driven by robust growth in cash, customer loans, and investment securities; this compares to ₦8.8 trillion in Q3 2024. Net Interest Income for the nine-month period reached ₦565.3 billion, while fee and commission income totaled ₦84.5 billion. The respective figures for Q3 2024 were ₦470.5 billion and ₦56.3 billion.
    Credit Loss Expenses moved to ₦900 million from ₦32.8 billion in Q3 2024; however, Net Interest Income remained flat at ₦144.8 billion, compared to ₦143.7 billion in Q3 2024. This reflects improved asset quality and effective risk management practices. Fee and Commission Income grew by 47.2 percent to ₦31.1 billion, up from ₦21.1 billion in Q3 2024, driven by increased transaction volumes and digital banking adoption. Foreign currency revaluation gains contributed ₦14.1 billion to Non-Interest Revenue, while other Operating Income rose to ₦1.1 billion from ₦447 million in Q3 2024.