NNPC Spokesman Wins NIPR’s Oil, Gas Award, Lauds Kyari

The Chief Corporate Communications Officer of the Nigerian National Petroleum Company Limited (NNPC), Mr Olufemi Soneye, Wednesday night won the Distinguished Spokesperson in Oil & Gas award, organised by the Nigerian Institute of Public Relations (NIPR).

Soneye was appointed the spokesman of the national oil company on October 18, last year, and has since then driven its brand penetration, strategic communications initiatives, and stakeholder management.

Soneye, who received the award at the event in Abuja, dedicated it to the Group Chief Executive Officer of the NNPC, Mele Kyari, stressing that he was humbled by the honour.

“I am deeply honoured and grateful to receive the NIPR Spokesperson of the Year award in Oil and Gas. This recognition means a great deal to me, and I am truly humbled by the acknowledgment of my efforts in representing NNPC Ltd.

“I would like to dedicate this award to the Group Chief Executive Officer of NNPC Ltd., Mr Mele Kyari, whose unwavering support and guidance have been instrumental in shaping my role as a spokesperson.

“Additionally, I extend my heartfelt appreciation to the entire corporate communications team for their collaborative efforts and dedication to excellence. This award is for the whole team,” Soneye, who was represented by the Head, Relationship & Stakeholder Management, NNPC, Mrs. Oluwakemi Olumuyiwa, said.

He stated that the award serves as a motivation to continue striving for excellence in representing NNP, the sector and upholding the highest standards of communication.

The National Spokesperson' Awards held at the International Conference Centre is the highest honours celebrating Nigeria's outstanding image makers in corporate communications, public affairs, politics, media, advocacy, among others.

Soneye is a seasoned journalist with both full-time and freelance experience at some of the world’s most respected publications in Nigeria, Australia, and the United States of America.

A former president of the Nigerian Media Practitioners, Washington, DC, Soneye is a member of reputable bodies, including the Nigeria Union of Journalists (NUJ) National Association of Black Journalist, Society of Professional Journalists, and the Guild of Corporate Online Media Publishers.

Chairperson of the awards jury, Prof. Mabel Evwierhoma, while speaking at the event, stressed that winners and nominees were painstakingly picked after a thorough vetting process.

She described it as a highly competitive process, explaining that three persons emerged in each of the 20 categories that were up for grabs. She also encouraged those who did not win this time not to stop forging ahead with their calling. institutions to expedite action on the recapitalisation to strengthen the financial system.

The banking industry apex regulator, in a circular addressed to commercial, merchant, and non-interest banks and promoters of proposed banks, which was signed by the CBN Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, further mandated the banks to meet the new minimum thresholds within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.

The recapitalisation plan which was initially disclosed by the CBN Governor, Mr. Olayemi Cardoso, in his address to the Annual Bankers’ Dinner in November 2023, was to enhance banks' resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.

The CBN had urged the banks to consider injecting fresh equity capital through private placements, rights issues and/or offers for subscription; mergers and acquisitions (M&As); and/or upgrade or downgrade of license authorisation to enable them to meet the new capital requirements.

Furthermore, the circular disclosed that the minimum capital shall comprise paid-up capital and share premium only, adding that the new capital base shall not be based on the shareholders’ fund.

The bank added that additional Tier 1 (AT1) capital shall not be eligible for meeting the new capital threshold.

Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorisation.

The CBN warned that in line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their positions.

The circular further clarified that the minimum capital requirement for the proposed banks shall be paid-up capital, and shall apply to all new applications for banking licenses submitted after April 1, 2024.

However, the CBN said it would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approvalin-Principle (AIP) had been granted.

The bank added that the promoters of such proposed banks would make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.

Meanwhile, the central bank has directed all banks to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024.

The apex bank also said it would monitor and ensure compliance with the new requirements within the specified timeline.

With the CBN stipulating that existing banks’ minimum capital shall comprise paid-up capital and share premium only, this means that banks can no longer include their retained earnings which would normally be added to compute banks’ shareholders’ funds.

Accordingly, based on this new computation of the paid-up capital and share premium, banks with international banking licences such as Access Bank which currently has a minimum capital of N251.81 billion, would have to raise N248.19 billion to meet the new capital requirement of N500 billion.

In the case of other international banks such as Ecobank, it currently has a minimum capital of N353.51 billion, but would have to raise N146.49 billion; First Bank of Nigeria Holdings (FBNH) Plc with N251.34 billion, will need to raise N248.66 billion; FCMB with N125.29 billion, will need to raise N374.71 billion; GTB with N138.19 billion, will need to raise N361.81 billion; and Fidelity Bank with N115.31 billion, will need to raise N384.70 billion.