Abbey Mortgage Bank Picks Adewumi as Acting MD as Hamman Joins FMBN

By Modupe Gbadeyanka A leading oilfield equipment, structural steel, marine structures engineering, and fabrication company in West Africa, Dorman Long Engineering, has appointed Mr Chris Ijeli as its new Managing Director. The engineer by profession is expected to lead the organisation to its next frontier in the steel engineering and fabrication industry. With over 38 years of experience in project management and engineering, procurement, and construction (EPC) for oil and gas, manufacturing and heavy industry, he will undertake full responsibility for the leadership and development of Dorman Long’s operations across the continent. In his previous roles, Mr Ijeli successfully envisioned

By Aduragbemi Omiyale Two new independent non-executive directors have been appointed to the board of a sector-agnostic proprietary investment company, VFD Group Plc. The firm, which publicly trades its stocks on the Nigerian Exchange (NGX) Limited, confirmed this development in a statement. The appointees joining the board comprising highly respected professionals are Ms Rashida Saleh and Ms Nneka Okekearu. The statement disclosed that the appointments became effective on Wednesday, October 25, 2023, though subject to shareholder approval at the next Annual General Meeting (AGM) of the organisation. VFD Group, which said the addition of the duo underscores its commitment to

By Adedapo Adesanya  President Bola Tinubu has approved the appointment of 12 persons to serve in the Federal Civil Service Commission (FCSC) to be led by Mr Tunji Olaopa as Chairman. According to a statement by President Tinubu’s spokesperson, Mr Ajuri Ngelale, on Friday, the appointment of the members into the commission is subject to the confirmation of the Nigerian Senate. He said that upon confirmation, the new FCSC leadership is expected to commence work with effect from November 30, 2023, following the expiration of the tenure of the current Federal Civil Service Commission Chairman and membership on November 29,

By Adedapo Adesanya President Bola Tinubu has approved the appointment of three new Executive Commissioners to serve in the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). He also approved the redeployment of one current Executive Commissioner along with these three personnel who will take up their duties after their confirmation by the Nigerian Senate. The new executives are: Mr Bashir Indabawa — North West — Executive Commissioner, Exploration & Acreage Management Mr Kelechi Ofoegbu — South East — Executive Commissioner, Corporate Services & Administration (Redeployed) Mr Enorense Amadasu — south south — Executive Commissioner, Development & Production Mr Babajide Fasina —

By Modupe Gbadeyanka Tanzania’s digital lifestyle company, Tigo, has continued to support the Tanzania government’s under-five birth registration initiative through an innovative mobile application that is massively accelerating provisioning of birth certificates for children under the age of five. The under-five birth registration drive, launched in Geita and Shinyanga regions along the Lake Victoria Zone early this week, is expected to benefit more than 650,000 children in the two regions. The programme brings registration closer to the community by establishing registration points at existing health facilities and at the community ward executive offices. This will enable parents in these two

By Investors Hub European stocks have risen on Monday as Italy’s fractious coalition partners geared up for a showdown to avoid the collapse of the government following a series of clashes. Meanwhile, as hopes fade for aggressive Fed rate cuts in July, investors await the outcome of tomorrow’s U.K. leadership election and Thursday’s ECB meeting for further direction. While the German DAX Index has climbed by 0.5 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are both up by 0.3 percent. Shares of Philips Electronics NV have soared in Amsterdam after the Dutch consumer electronics giant

By Adedapo Adesanya Italian oil major, Eni, has promised to lift the force majeure on the Ogoda-Brass oil pipeline in Bayelsa State as soon as possible. Eni in an updated statement said repairs on the facilities, which was vandalised by third party interference, has been completed. Business Post had reported that the facilities located at Okparatubo in Nembe Local Government Area of Bayelsa State were reportedly hit by a blast on March 5, resulting in a spill and the declaration of force majeure on the oil infrastructure. The term Force Majeure refers to a legal clause in contracts that absolves

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has left interest rates unchanged contrary to expectations of some Nigerians. At the end of its two-day Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday, November 22, 2016, the apex bank announced that all key indicators remain the same. Briefing newsmen after the meeting, CBN Governor, Mr Godwin Emefiele, disclosed that Monetary Policy Rate (MPR) is still 14 percent, while the Cash Reserve Ratio (CRR) remains at 22.50 percent and the Liquidity Ratio at 30 percent. According to Mr Emefiele, retaining all the rates was best for the economy

By Edwin Obune I read the poorly written article by one Mr Odo Ugochukwu where he expressed his animosity, myopic and jaundiced sense of judgements against the government of Enugu State led by Ifeanyi Ugwuanyi (Gburugburu). Ordinarily, I would have maintained my calm knowing full well that the hatchet writer is one of the ungrateful elements in the state who have sworn never to see or admit any good thing coming out of the state for reasons best known to them. But because the writer is on a catastrophic mission of demarketing the state with his shallow and uninformed views

By Quantitative Financial Analytics The daily trading volume of Nigeria Settled FX currency futures has plunged over the past weeks as the original excitement that greeted its introduction appears to have waned. An analysis of the open interest reports issued by the FMDQ indicates that the currency futures market had momentum, going by the notable and hitherto increasing trading volume the market enjoyed from June 27th until a couple of weeks ago. Volumes, enthusiasm wane At introduction, the Naira settled currency market was instituted as a way to manage foreign currency risk exposure by Nigerians and Nigerian companies. As the

By Dipo Olowookere Africa’s first project financing facility for mini-grids, CrossBoundary Energy Access (CBEA), has announced its launch, with funding commitments from The Rockefeller Foundation and Ceniarth. The company is planning to initially invest $16 million into mini-grids serving 170,000 people, providing first-time power to homes and businesses. The focus is on markets with supportive mini-grid regulatory frameworks, such as Tanzania, Nigeria, and Zambia. CrossBoundary Energy Access has an innovative blended finance structure that demonstrates a pathway to unlocking more than $11 billion for mini-grids needed from investors to connect at least 100 million people. Over 600 million people in

By Adedapo Adesanya * Cost of other alternatives transport soar in Review Month ** Ripples of fuel subsidy spur rise in food, rent, others *** President Tinubu launches palliative measures to cushion effect The average fare paid by commuters for bus journeys within the city per increased by 97.9 per cent from N649.59 in May 2023 to N1,285.41 in June 2023 as Nigerians grapple with a rise in prices after President Bola Tinubu announced the removal of fuel subsidy. This was contained in the Transport Fare Watch June 2023 released by the National Bureau of Statistics (NBS) over the weekend,