Nipco Commits to Nigeria’s Energy Diversification, Transition Plans

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 Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries (OPEC) has voted to appoint Kuwaiti candidate, Mr Haitham al-Ghais, as its new secretary-general. According to Reuters on Monday, this was confirmed by four sources from the group. The appointment of the new secretary-general to succeed Nigeria’s Mohammad Barkindo will become effective in July 2022. Mr al-Ghais, a former Kuwaiti governor to OPEC, had been expected to get the job as he enjoys wide support from member countries. He stepped down as Kuwait’s OPEC governor in June 2021 and was appointed deputy managing director of international marketing at state-owned Kuwait

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) says it pays N120 billion every month to subsidise Premium Motor Spirit (PMS), also known as petrol. This was disclosed by the NNPC Group Managing Director (GMD), Mr Mele Kyari, at the weekly presidential ministerial media briefing on Thursday at the State House in Abuja, the nation’s capital. He lamented that the burden placed upon NNPC by the ongoing subsidisation of the cost of petrol in the country was overwhelming. As a result of the huge sum being paid, Mr Kyari stated that Nigerians would have to pay the actual cost

By Aduragbemi Omiyale Nigeria’s leading end-to-end financial services provider, Stanbic IBTC Bank Plc, has introduced a savings campaign aimed to reward its customers for opening and depositing funds in their accounts. The campaign, according to a statement from the lender, is part of its commitment to promote a savings culture among its customers, which will eventually support economic growth. It was disclosed that the promo will run for three months, and the bank’s customers stand the chance of winning cash prizes ranging from N100,000 to N1 million. To qualify, existing customers are required to make a new deposit of N5,000

By Aduragbemi Omiyale The Minister of Transportation, Mr Rotimi Amaechi, has appealed to the Kano State government to provide an enabling structure for the protection of infrastructural projects of the federal government in the state. Mr Amaechi made this appeal last week when he visited the Governor of Kano State, Mr Abdullahi Ganduje, alongside executives of the Nigerian Shippers Council (NSC) and the Nigerian Railway Corporation (NRC). He said it would be painful for the government to source funds from different areas to put these projects in place only for them to be vandalized as it is being experienced in

By Dipo Olowookere Sterling Bank Plc has announced the appointment of Mr Emmanuel Emefienim as an Executive Director on the board of the lender. Mr Emefienim, armed with over 25 years of experience in the banking industry, has worked in various middle and senior management roles across Operations, Treasury and Sales. A statement issued by Sterling Bank yesterday disclosed that the appointment of Mr Emefienim has been approved by the Central Bank of Nigeria (CBN). The appointee started his banking career with Oceanic Bank Plc (now Ecobank Nigeria) where he worked from 1992 till 1997, rising to the position of

By Dipo Olowookere The restriction placed on trading of shares of RT Briscoe Plc on the floor of the Nigerian Stock Exchange (NSE) has been removed by the stock market regulator. On July 5, 2018, the NSE suspended trading on shares of RT Briscoe and seven other companies for failing to adhere to best corporate governance and extant post-listing requirements that require quoted companies to submit their periodic financial statements and reports within stipulated timelines. RT Briscoe had failed to submit its full-year audited reports for the 2017 business year and interim reports for the first and second quarters of

By Modupe Gbadeyanka The immediate former Force Public Relations Officer, Mr Frank Mba, has been redeployed by the Inspector General of Police (IGP), Mr Usman Alkali Baba, along with six other Commissioners of Police (CPs). A statement issued on Saturday by the spokesman of the police, Mr Olumuyiwa Adejobi, disclosed that Mr Mba is now the CP for Border Patrol Force in Abuja. The police officer left the post after he was nominated for the Senior Executive Course at the National Institute, between February and December 2022, holds a Masters’ Degree in Law and was enlisted into the security agency

After the crowning of the oil-rich but poor Niger Delta region’s dashing monarch, several young Nigerians have taken an interest again in royalty, tradition, and heritage. The Itsekiri people of the Iwere Kingdom in Delta state anointed a new monarch, Ogiame Atuwatse III, in front of thousands of spectators and dignitaries from across the world. A new generation has been inspired by the prince’s progressive approach, and his address was a highlight of the event for those who have long bemoaned the failings of leadership in the country. “We must move beyond oil and gas,” he said in a wide-ranging