Economy
Beta Glass Rejigs Board to Drive Next Phase of Innovation, Growth
By Aduragbemi Omiyale
The board of Beta Glass Plc has been reorganised, with the addition of four new executives, who will help to drive the company’s next phase of innovation and growth.
In a statement, Beta Glass announced the appointments of four non-executive directors, who are Mr Nitin Kaul, Ms Olusola Carrena, Mr Bolaji Olatunbosun Osunsanya, and Mr Boye Olusanya.
They are replacing the departing Mr Emmanouil Metaxakis, Mr Vassilis Kararizos, Mr Serge Joris, and Mr Gagik Apkarian from the board.
Their appointments, however, are subject to the ratification of the shareholders of the organisation at the next Annual General Meeting (AGM) on June 26, 2026.
Mr Kaul brings to the team over 25 years of global experience in strategy, mergers and acquisitions, restructuring, and business transformation across developed and emerging markets. He is a Partner, Portfolio Operations and member of the Executive Committee at Helios Investment Partners. Prior to joining Helios, he co-founded a boutique advisory firm focused on M&A and operational improvement for private businesses. He previously served as President of diversified industrial and aftermarket businesses at Gates Corporation, where he
was part of the executive team that led its sale to Blackstone in 2014. Earlier in his career, he held senior leadership roles at Tomkins and began his professional journey at Arthur Andersen. He currently serves on the boards of several companies across emerging markets.
As for Ms Carrena, she is a highly respected financial services leader with over 23 years of experience across investment banking, private equity, and corporate finance in Africa. She serves as Managing Director (Nigeria) on the Investment Team at Helios Investment Partners, where she oversees deal origination, execution, exits, and portfolio management across sectors. Before this, she spent a decade at Stanbic IBTC Capital Limited, rising to Executive Director and Head of Corporate Finance. During her tenure, she led and closed over 30 transactions valued at more than $4 billion across diverse industries, including oil and gas, FMCG, financial services, infrastructure, and healthcare. A CFA Charterholder, she holds a Master’s degree from the University of Alberta and a First-Class degree from the University of Lagos.
For Mr Osunsanya, he is an accomplished CEO, investor, and governance leader with more than 35 years of experience spanning energy, finance, and infrastructure. He previously served as Group CEO of Axxela Ltd., where he led strategic restructuring and significant value growth initiatives. Earlier, he held executive leadership roles at Oando PLC and Access Bank Plc, contributing to business transformation, governance strengthening, and sustainable expansion. He has served on the boards of several publicly listed and private companies, providing oversight in areas of strategy, audit, risk, and corporate governance, and remains an influential voice in Nigeria’s energy and financial sectors.
On the part of Mr Olusanya, he is a transformative business leader with over three decades of cross-industry experience spanning engineering, telecommunications, manufacturing, and agribusiness. He currently serves as chief executive of Flour Mills of Nigeria Plc, where he is leading a strategic transformation agenda focused on value chain integration, sustainability, and digital innovation. He previously served as Chief Executive Officer of 9mobile and as Chief Transformation Officer at Dangote Industries Limited, driving enterprise-wide restructuring and operational efficiency programs. He also served as Group Operating Partner at Helios Investment Partners, overseeing performance optimisation across portfolio companies. In addition, he is Vice Chairman of the Nigerian Economic Summit Group, contributing to national economic policy dialogue and private-sector development.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
