Adedeji Joins Stanbic IBTC Board as Director

By Aduragbemi Omiyale Mr Andrew Ikekhua has been authorised by the National Insurance Commission (NAICOM) to become the chief executive of NEM Insurance Plc. The astute insurance professional was appointed by the underwriter to lead its affairs, but needed the approval of the regulator. In a statement signed by the group head of its legal department, Ms Olajumoke Philip-Akede, NEM Insurance said the sector’s watchdog has given its nod, noting that the appointment became effective October 1, 2023. “We wish to notify Nigerian Exchange Limited, our esteemed shareholders, and the investing public of the appointment of Mr Andrew Ikekhua as

By Aduragbemi Omiyale Members of the Finance Houses Association of Nigeria (FHAN) have elected the founder of DLM Capital Group, Dr Sonnie Babatunde Ayere, as their president. FHAN is the umbrella and self-regulatory body of all finance companies licenced by the Central Bank of Nigeria (CBN) to operate in the country. The group was formed on April 11, 1989, as a professional trade group to advance the business interests of its members, currently at 102, institute sound and ethical corporate governance practices, maintain a standard of conduct for operators, and ensure members’ compliance with statutory regulatory requirements. At the election

By Adedapo Adesanya President Bola Tinubu has announced the reappointment of Mr Mele Kolo Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited. This move comes as part of a larger reshuffle, where President Tinubu has unveiled a new board and management team for the NNPC Limited which will commence their duties from December 1, 2023. Mr Kyari’s reappointment comes after recent calls to have him sacked. Having spent four years under the immediate past administration of Mr Muhammadu, the renewed appointment shows the current government has confidence in his ability to steer the

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

**As Unclaimed Dividends Hit N130b By Dipo Olowookere Some registrars and secretaries of companies listed on the Nigerian Stock Exchange (NSE) have been accused of deliberately frustrating the recovery of unclaimed dividends and payment of new ones. In 2015, the Securities and Exchange Commission (SEC) launched the E-Dividend Mandate Management System (E-DMMS) in collaboration with the Central Bank of Nigeria (CBN), Nigerian Interbank Settlement System (NIBSS) and other stakeholders. The E-DMMS is an E-dividend payment portal that ensures the payment of dividends directly into a shareholder’s account. After about three years of campaign for e-dividend, SEC cancelled the issuance of

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed the final trading day of the week flat for the second straight day on Friday, December 13, 2019. Both the market capitalisation and NASD Unlisted Security Index (NSI remained at the same levels they were at the close of the previous trading day on Thursday. The market capitalisation of unlisted securities on the exchange closed at N498.04 billion, while the index finished at 693.22 points. However, the volume of the transactions recorded at the final trading session for the week decline for a second consecutive trading session, going down by

By Modupe Gbadeyanka There’s no doubt that the grand finale of the Cowbell Chocolate Summer Camp at Ilorin, Kwara State, which started in August 2016 at Makurdi, Benue, excited the over 2,700 fun-loving school children, parents and indigenes that stormed venue of the epic occasion, Savannah Hotel. The Cowbell Chocolate summer camp, also called Chocademy is a funfair educational programme that accommodates pupils/students of primary and secondary schools; designed to occupy and teach them various skills during the summer holidays. Mr Kingsley Onuoha, Brand Manager, Cowbell Chocolate reveals that the idea behind Chocademy is “to bring together children with diverse

By Investors Hub The major U.S. index futures are currently pointing to a higher opening on Friday following the lackluster performance in the previous session. Early buying interest may be generated amid optimism about U.S.-China trade talks as well as indications of more Chinese economic stimulus. Chinese Premier Li Keqiang pledged support for the slowing economy during his annual news conference at the end of the National People’s Congress. Li said the country could use reserve requirements and interest rates to prevent a sharper deceleration in the world’s second-largest economy. However, the positive sentiment may be partly offset by a

By Adedapo Adesanya On July 27, the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, in his customary fashion of black suit and a lemon tie announced that the bank will be stopping the sale of foreign exchange (FX) to Bureaux De Change (BDCs). This wasn’t unprecedented as such action had been carried out on two previous occasions under his tenure, but one thing was sure, the Naira was set for uncharted territory. The local currency, which stood at 526/$1 at the end of last month, fell to 557/$1 at the parallel market on Tuesday, September 14.

By Modupe Gbadeyanka Nigerians will have the opportunity to see how the prestigious Premier League trophy, won by Manchester City in May 2023, looks like when it is showcased in Lagos. The trophy will be paraded at a media event in Lagos on July 5, ahead of the official unveiling of the PL Greatest Africa 11, courtesy of SuperSport, the official broadcast rights owners of the Premier League in Africa. The trophy is coming to Lagos as part of the Premier League 30th-anniversary celebrations. PL’s greatest African XI, as voted by football fans across Africa, will be unveiled at a

By Aduragbemi Omiyale The immediate past Permanent Secretary of Federal Ministry of Finance, Budget and National Planning, Mr Mahmoud Isa-Dutse, has been appointed to the board of Islamic Development Bank (IsDB), Jedda, Saudi Arabia. Mr Isa-Dutse joined the bank as an executive director after his appointment was approved by President Muhammadu Buhari. Nigeria purchased a 7.65 per cent share of the capital stock of the IsDB in 2010 and the acquisition and subsequent payment of subscription entitled the country to a single-country constituency as against the previous 11 country-constituency to which Nigeria previously belonged. It also entitles the country to

By Adedapo Adesanya The World Bank has revealed that high inflation, driven by soaring food prices, has pushed seven million Nigerians into poverty. In a new report signed by Mr Shubham Chaudhuri, the World Bank Country Director for Nigeria, the Bretton Wood institution commended Nigeria for shielding its economy from the fallout from the coronavirus pandemic but called for urgent measures to break inflation and protect livelihoods. Nigeria, Africa’s largest crude exporter and the most populous economy, slipped into a recession in late 2020, hurt by lower oil prices and the pandemic, but unexpectedly emerged from the slump in February.