Eterna Plc Appoints Shehu Dikko as Board Chairman

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

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By Adedapo Adesanya The confirmation of the new Central Bank of Nigeria (CBN), Mr Yemi Cardoso, and four deputies, generated mixed reactions in the foreign exchange (forex) market on Tuesday. Business Post reports that while it did magic in the Investors and Exporters (I&E) window, it could not replicate this in the Peer-to-Peer (P2P) and the black market segments. After his confirmation on Tuesday, the new CBN governor said the immediate plan to stabilise the Naira would be for the apex bank to settle some financial obligations and make “transparent rules”. “Number one is what I will term an operational

By Adedapo Adesanya The Naira moved in a different direction in the various segments of the foreign exchange (FX) market on Monday, May 22, appreciating against the United States Dollar in the Peer-2-Peer (P2P) and the black market window but depreciating in the Investors and Exporters (I&E) category. Customers exchanged their local currency for the American currency at N770/$1 in the peer-to-peer segment after it was strengthened by N3 on the previous session’s exchange rate of N773/$1. It was a similar story in the parallel market yesterday as the domestic currency gained N1 against the greenback to settle at N757/$1

By Modupe Gbadeyanka The Board of Directors of Sterling Bank Plc has approved the financial statements of the company for the year ended December 31, 2016, Business Post reports. The board held a meeting in Lagos on Tuesday, March 7, 2017, where the financial results were considered and subsequently approved. However, the board has sent the documents to the Central Bank of Nigeria (CBN) for approval. The bank, in a statement to the Nigerian Stock Exchange (NSE), explained that it would release the financial statements to it upon the CBN nod. “We are pleased to inform you that the Board

By Adedapo Adesanya Oil prices fell on Monday amid concerns about demand growth ahead of key inflation data and a Federal Reserve meeting in the United States later this week. Brent crude futures fell $2.95 or 3.9 per cent to settle at $71.84 a barrel, and the US West Texas Intermediate (WTI) crude futures dropped $3.05 or 4.4 per cent to trade at $67.12 a barrel. Last week, both Brent and WTI posted a second straight weekly decline after disappointing Chinese economic data erased the price boost from Saudi Arabia’s pledge to cut production in July. Now the focus has

By Dipo Olowookere Sage, the market and technology leader for cloud accounting, people & payroll, and payment systems, has announced signing a partnership agreement with the Association of Chartered Certified Accountants (ACCA) in Nigeria. This partnership will see the organisations work together to provide training and skills development opportunities to finance and accounting professionals. They will also promote each other’s brands to – and share information with – their respective communities. Regional Director for Sage in West Africa, Mr Magnus Nmonwu, stated that, “We are delighted to cooperate with ACCA to develop skills in the finance and accounting arena –

By Dipo Olowookere Organisers of the yearly prestigious Best of Nollywood (BON) Awards have announced the debut Alumni Party slated for next month. The event is aimed to gathered past winners of the awards, with wives of Lagos and Oyo State Governors in attendance, including the immediate past Senate President, Mr Bukola Saraki. A news release from the organisers on Monday said this Alumni Party will precisely take place on Sunday, September 29, 2019 at De Podium, Ikeja, Lagos, by 5pm. This is in preparation for the main award ceremony scheduled for the year-end. According to the founder of BON

By Dipo Olowookere Transactions on the floor of the Nigerian Exchange (NGX) Limited closed bullish on Thursday after closing 0.06 per cent higher on the back of renewed bargain hunting. It was observed that investors showed interest in the shares of GTCO, Stanbic IBTC, Lafarge Africa and Oando, resulting in the positive performance of the stock market yesterday. However, NAHCO topped the gainers’ chart at the close of business after its value rose by 10.00 per cent to N3.52 and was trailed by Pharma Deko, which grew by 9.55 per cent to N1.95. Veritas Kapital appreciated by 9.52 per cent

By Modupe Gbadeyanka Emir of Kano, Mr Muhammad Sanusi II, has accused the Central Bank of Nigeria (CBN) of funding the President Muhammadu Buhari’s administration illegally. The traditional ruler made this allegation while speaking at a policy monitoring dialogue hosted by Savannah Centre for Diplomacy, Democracy and Development held at the Transcorp Hilton Hotel in Abuja, where he also said he won’t keep talking or “apologise for being who I am” because the “government I served, I did not keep quiet. When I am not serving the government, I cannot keep quiet.” Mr Sanusi, at the event, said the apex

Centurion CEO and Executive Chairman of the African Energy Chamber, Mr NJ Ayuk, has called for more industry collaboration on key issues pertaining to Nigeria’s oil & gas industry, including local content development, the signing of the Petroleum Industry Bill, the promotion of a better enabling environment for start-ups and SMEs, monetizing gas for domestic use, investing massively in energy infrastructure and building a robust petrochemical industry whilst ensuring that energy security is placed as a high priority agenda by both the Nigerian government and the country’s oil industry. Mr Ayuk made this call when he led an industry delegation