Ayere Becomes Finance Houses Association of Nigeria President

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 Modupe Gbadeyanka From January 1, 2024, Mr Stephen Onaivi will take charge of mediaReach OMD Nigeria as the new Managing Director following the approval of his appointment by the board of the organisation. He was chosen for the position after working as the MD of OMD Ghana, where he contributed to developing a multi-disciplinary, forward-looking media and advertising industry and serviced an array of national, multinational, and regional clients. In his new role, Mr Onaivi will drive the OMD brand across West and Central Africa to enhance client value and ensure the seamless integration of OMD values, technology, and

By Adedapo Adesanya  The Governor of Lagos State, Mr Babajide Olusola Sanwo-Olu, has sacked the General Manager of the Lagos State Traffic Management Authority (LASTMA), Mr Bolaji Oreagba. It was disclosed that Mr Oreagba was removed from office because of the various incidences of misdemeanours among staff of the traffic control agency. According to the Permanent Secretary in the Ministry of Transportation, Mr Olawale Musa, the Governor has appointed Mr Olalekan Bakare-Oki as the acting general manager of LASTMA with immediate effect to bring sanity into the organisation. Mr Musa explained that the new chief of LASTMA was favoured for

By Modupe Gbadeyanka President Bola Tinubu has appointed Mr Felix Omatsola Ogbe as the new Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB). A statement issued on Thursday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale, said the appointment of Mr Ogbe aligns with Sections 71(1), 72, and 73 of the Nigerian Oil and Gas Industry Content Development Act (2010). The new executive scribe of the agency will replace the former occupier of the position, Mr Simbi Wabote, who had headed the management team of the organisation since 2016. Business Post

By Adedapo Adesanya The performance of the unlisted securities market in Nigeria could not extend its first appreciation of the month on Wednesday. During the trading session, the market depreciated by 1.12 per cent on the back of the losses accrued by bellwether stocks, FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc. Business Post reports that at the close of transactions at the NASD Over-the-Counter Securities Exchange yesterday, the NASD Unlisted Security Index (NSI) depreciated by 8.15 points to close at 721.38 points from 729.53 points while the market capitalisation reduced by N6.06 billion to settle at

By Adedapo Adesanya Nigeria’s candidate for the position of Director-General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala, has made it into the final round. She will now face Mrs Yoo Myung-hee, South Korean Minister for Trade for the slot. According to widespread reports, both women emerged as the last two remaining candidates after Mr Mohammed Al-Tuwaijiri of Saudi Arabia, Mr Liam Fox of the United Kingdom and Kenya’s Mrs Amina Mohamed were unable to gain enough support in the second round of consultations leading to their elimination. The other candidates, Mr Jesus Saede Kuri of Mexico, Mr Tudor

By Investors Hub The major U.S. index futures are pointing to a higher opening on Thursday following the substantial volatility seen in the previous session. The markets may benefit from bargain hunting after the tech-heavy Nasdaq ended Wednesday?s trading at its lowest closing level in well over a month. Trading activity is likely to be somewhat subdued, however, as some traders look to get a head start on the long weekend. Technology stocks have been key drivers of the markets in recent session and are likely to remain in focus on the day. Stocks saw considerable volatility over the course

By Dipo Olowookere and Adedapo Adesanya Fidelity Bank Plc has announced its intention to approach the international capital market again for a fresh Eurobond worth $500 million. A notice to the Nigerian Exchange (NGX) Limited signed by the company secretary, Ezinwa Unuigboje, disclosed that the unsecured and unsubordinated notes would carry a maturity of five years and would rank parri passu with all other previous papers sold by the lender. In the disclosure, Fidelity Bank said the Securities and Exchange Commission (SEC) has given its approval for the transaction to go ahead as it “has no objection” to it. The

By Modupe Gbadeyanka Former Minister of Aviation, Ms Stella Oduah, has been dragged before a Federal high Court by Union Homes Savings and Loans Plc. The firm, through its counsel, Mr Ken Ahia, claimed Ms Oduah, Sea Petroleum Oil and Gas Company and five directors of the company namely, Okoh Davis Ifeanyi, Enechukwu Humphrey, Aaekenwa Theophilous Aguguom, Mrs Nwakaego Ageyingbo and Emmanuel Nnamdi Nwobu owe about N385.8 million. The former Minister is presently at the National Assembly representing the people of Anambra North Senatorial District. In an affidavit sworn to by the Business Manager of Union Homes Savings and Loans

By Adedapo Adesanya The prices of crude oil have fallen significantly as a drone attack on Saudi  Arabian oil infrastructure is beginning to have an effect on the market. The black gold was almost trading at $71 per barrel but the Middle East tensions depressed the value of the commodity and by Monday night, the price of the Brent crude dropped to $67.95 per barrel, while the West Texas Intermediate (WTI) was trading at $64.68 per barrel. Houthis rebels from Yemen had fired 14 drones and eight ballistic missiles at oil facilities at the Saudi port of Ras Tanura and

By Dipo Olowookere All is now set for the 2018 TechFest, a programme organised to bring those in the Information and Communications Technology (ICT) sector under one roof. The programme will take place from May 15 to 16, 2018 at the Landmark Event Centre in Lekki, Lagos. TechFest is set to be the biggest tech gathering in Nigeria and will be the first of its kind providing a platform that brings innovation, ideas and digital development. The festival is an initiative of Nigeria’s leading digital financial institution, Diamond Bank Plc, in collaboration with MTN, VISA, NIBBS, Microsoft, Interswitch, Deloitte, and

By Adedapo Adesanya Despite a drop in demand, the Naira depreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Tuesday, July 13. Business Post gathered from FMDQ Securities Exchange that the local currency depreciated by 25 kobo or 0.06 per cent to sell for N411.75/$1 yesterday in contrast to N411.50/$1 it traded on Monday. During the session, the market segment recorded a turnover of $116.15 million, 34.1 per cent or $59.98 million lower than the $176.13 million achieved at the preceding session. A look at the unregulated window of the