Otedola ‘Surrenders’ Transcorp Leadership Race to Elumelu, Sells Stake

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 Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

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 Modupe Gbadeyanka The Nigerian Senate has expressed shock at the recommendation by the Nigerian Law Reform Commission (NLRC) for a review of the Nigerian Foreign Exchange Act that the Central Bank of Nigeria (CBN) should be empowered to punish anyone found guilty of keeping the Dollars for more than 30 days with a two-year jail term. In a statement issued on Monday the Chairman, Senate Committee on Media and Public Affairs, Mr Aliyu Sabi Abdullahi, the upper legislative chamber of the National Assembly said such law would scare investors away from the country. The suggestion, if given a nod,

By Adedapo Adesanya The founder and CEO of SecureID Group, Mrs Kofo Akinkugbe, has been honoured by President Muhammadu Buhari for her contribution to the manufacturing and financial technology (fintech) sectors. She was among those bestowed with national honours in Abuja last week. She was conferred with Officer of the Order of the Niger (OON) at 2022 Nigeria’s National Honours Awards Investiture. Mrs Akinkugbe, a dynamic business administrator, innovative director, and technocrat, is a passionate and audacious pioneer who has revolutionised the narrative on manufacturing and gender perspectives in Africa. She currently serves as a member of the Nigerian Industrial

By Modupe Gbadeyanka The Internet is one of the most important enablers of social development and education. While Internet services have been quite phenomenal in the rest of the world, access to the Internet remains very low in Africa, especially in the rural communities. According to the Internet World Stats for Africa 2016, only 9.3% of people across the African continent are Internet users. “A few years ago anyone who could not read and write was considered illiterate, but today this concept goes further, encompassing people who do not know how to use information and communication technologies. Health organizations and

By Ahmed Rahma To address the unique challenges arising from the pandemic, lift people out of poverty and create sustainable employment across the continent, the Tony Elumelu Foundation Entrepreneurship Programme is set to empower over 3,500 young African entrepreneurs in collaboration with global partners. The foundation, which celebrated 10 years of impact in 2020, is empowering a new generation of African entrepreneurs through the TEF Entrepreneurship Programme which application has been disclosed to close on March 31. From the programme, successful applicants are to receive world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities. Speaking

By Adedapo Adesanya The Lagos State Government has called on the allottees of the various public housing estates who are yet complete the payments on their allocated homes to do so or forfeit the rights over the housing unit as stipulated in their letters of allocation. The Permanent Secretary, Ministry of Housing, Mr Wasiu Akewusola, made the appeal on Thursday,  August 20 while inspecting ongoing construction of housing schemes in Sangotedo and Epe axis of the state, noting that the plea was directed to those who purchased homes under the outright sales arrangements. According to him, “Government’s revenue has been

By Modupe Gbadeyanka A subsidiary of Olam food ingredients (ofi), Outspan Nigeria Limited, has vaccinated cattle in Dawakin Kudu LGA, Kano, against foot and mouth disease (FMD). The disease can negatively impact productivity throughout the dairy value chain, and to avert this, the company partnered with the Kano Dairy Cooperative to vaccinate the livestock. The latest vaccination exercise is the second phase of the wider intervention, targeting 1,000 cattle– having previously targeted the vaccination of 1,500 dairy cattle in 2021. The efforts form part of the business’ robust local dairy value chain backward integration (BIP) investment which aims to raise

By Dipo Olowookere Governor Akinwunmi Ambode of Lagos State has disclosed that the sum of N2 billion has been released to entrepreneurs, artisans and others in the state under the Employment Trust Fund (ETF) programme in the last quarter. Speaking on Thursday at the commissioning of ultra-modern headquarters of Providus Bank in Lagos, the Governor also said N16.9 billion was released for the payment of arrears to pensioners in the state between April 2016 and March 2017. According to him, his administration has maintained a consistent programme of actively reflating the economy through massive expenditure in infrastructural development and engaging

By Adedapo Adesanya Sabi, Africa’s leading provider of commerce infrastructure for the distribution of goods and services, has appointed four new advisory group members whose experience and networks will support its mission to resource and grow small and medium-scale enterprises (SMEs) in the informal sector. Those hired by the organisation are Mr Vidit Aatrey, founder/CEO of Meesho; Mr Ian Black, Managing Director of Shopify; Mrs Sapna Goyal, Corporate Development Director of Udaan; and Mr Bame Pule, founder of Africa Lighthouse Capital. Mr Aatrey, one of the leading Indian entrepreneurs of his generation, is an alumnus of IIT-Delhi and embarked on