Ecobank Shareholders to Share $40m as Dividend for FY 2021

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr Godwin Emefiele as its governor and the resumption of Mr Olayemi Cardoso as the next head of the apex bank, albeit in an acting capacity. The apex bank’s Director of Corporate Communications, Mr Isa AbdulMumin, said Mr Cardoso will act as governor pending his confirmation by the Nigerian Senate, which is away on recess until Tuesday, September 26. This also confirms the exit of Mr Folashodun Shonubi, who was acting in that position following the ousting of Mr Emefile three months ago. “Dr Olayemi Michael

By Adedapo Adesanya The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

By Precious Olisa This news may not be palatable to developers and Nigerians planning to start a building project, as the Cement Producers Association of Nigeria has warned that the price of a 50kg bag of cement may start selling for N9,000 when the dry season begins in November. At the moment, the product is sold at over N5,000. In a statement jointly signed on Sunday by the National Chairman of the group, Mr David Iweta, and its National Secretary, Mr Ufomba, the manufacturers said the rise in the price of cement would be caused by the decision of the

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has disclosed that its average daily natural gas supply to power plants increased by 19.1 percent to 788 million Standard Cubic Feet of gas per day (mmscfd) in the month of April. This translates to about 2,873 megawatts of power generation during the entire month. The national oil company’s in a release by its Group General Manager, Group Public Affairs Division, Mr Kennie Obateru, explained that the figure was contained in the NNPC Monthly Financial and Operations Report (MFOR) for April 2020. According to the report, a total of 226.5 billion

By Adedapo Adesanya A panel of the Organisation of the Petroleum Exporting Countries (OPEC) will meet next week, June 18 to review the oil market and advise the wider OPEC+ group cooperating on a record supply cut. OPEC, Russia and allies, known as OPEC+, agreed last Saturday to keep production cuts of 9.7 million barrels per day or 10 percent of pre-coronavirus world demand until the end of July. The reduction has helped oil prices to more than double since April when prices plunged. To step up consultations on the effectiveness of the agreement, OPEC+ also agreed that a panel

By Modupe Gbadeyanka​ Friday, June 16, 2017 has been fixed for the third edition of NSE Bloomberg CEO Roundtable to take place at the Stock Exchange House in Marina, Lagos. The forum will bring together thought leaders with a wide range of perspectives on the economy, from the financial, agriculture, manufacturing, academic and public sectors, and will be headlined by the Minister of Finance, Mrs Kemi Adeosun. It will feature a keynote presentation, panel discussions and insightful research and analysis on the Nigerian Economy from a Bloomberg economist. The CEO Roundtable is an initiative of the Nigerian Stock Exchange (NSE)

Commercial Papers (CPs) remain a very viable source of alternative funding for medium-large corporations who require capital to meet short-term financial obligations. The reality, however, is that not many organisations are properly equipped with information on how they can access this unique debt instrument; the process is not as complicated as one might imagine, but certain key requirements should be met. Here’s what organisations need to do; Get a credit rating – This is important to check the integrity and long-term success of your firm. This rating will highlight the financial performance over the last three years of your organisation,

By Adedapo Adesanya Infinix has unveiled the latest addition to its recently launched HOT 10 series. The new device, which Infinix refers to as a play version of the HOT 10, comes with several amazing features and a few interesting upgrades from the primal version. Some of these upgrades include an improved 6000mAh battery as well as a bigger 6.82” inch cinematic display. Infinix started to introduce “Play” versions of its HOT series last year when it launched the HOT 9 play alongside the HOT 9. The “Play” version is, however, the same as what the larger tech community refers

By Modupe Gbadeyanka Mrs Chioma Ejikeme has been appointed as the new Executive Secretary of Pension Transitional Arrangement Directorate (PTAD). Mrs Ejikeme was appointed for the position by President Muhammadu Buhari to replace Mrs Sharon Ikeazor, who has been chosen by the President to become a Minister. A statement issued yesterday by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, disclosed that the appointment was with immediate effect. Also appointed on Tuesday by Mr Buhari was Mr Basheer Garba Mohammed, who is now a Federal Commissioner at the National Commission for Refugees, Migrants and

By Dipo Olowookere The Executive Chairman of Atlas Petroleum International and Oranto Petroleum, Mr Arthur Eze, has denied having any dealings with Oilbank International. Mr Eze accused Oilbank International of using his name and reputation to discuss business with people and companies, especially for the ongoing marginal oilfields bidding round in Nigeria. For the first time in several years, Nigeria is auctioning 57 marginal fields to energy investors and the exercise is expected to attract a lot of international partnerships to inject necessary capital and technology into the country’s marginal acreages. On August 3, 2020, ADM Energy announced its successful

By Nneka Okumazie What is the chance that the tragedy that will not miss would befall someone, or anyone? Who could have done something, or linked to something that – maybe – got caught up with, but affecting others unknowingly? What is the slight chance, some often have, missing the worst? What is it with suddenness and unpredictability, in the many terrible events of life? Why does it seem that tragedy does not make exemptions – say for people called good people? Is there a decision-making process for what tragedy, or for whom? There are lots of questions to ask