Buhari Signs New Minimum Wage Bill Into Law

By Adedapo Adesanya The Governor of Lagos State, Mr Babajide Sanwo-Olu, has moved to end the impasse between the State Assembly and the executive arm of government as he replaced five names on a new list of commissioner-nominees. In the new list sent to the House of Assembly, Mr Sanwo-Olu replaced the names of Mrs Folashade Adefisayo, Mr Solape Hammond, Mrs Aramide Adeyoye, Mr Lekan Fatodu, and  Mr Rotimi Ogunwuyi with six new names –  Mr Afolabi Tajudeen, Mr Akinyemi Ajigbotafe, Mrs Tolani Sule-Akibu, Mr Yekini Agbaje, Mrs Iyabode Ayoola and Mrs Sola Giwa. This was disclosed by the Clerk

By Modupe Gbadeyanka Two directors have been appointed to the leadership team of Airtel Nigeria, with an expectation that the appointees will bring about a new era of innovation and growth within the business. The appointed persons are Ms Kemi Ariyo as the new Director of Information and Technology and Mr Harmanpreet Singh Dhillon as the Director of Network Transformation and Planning. The chief executive of Airtel Nigeria, Mr Carl Cruz, while commenting on the appointments, said the notably experienced Ms Ariyo would play a pivotal role in driving Airtel Nigeria’s digital transformation efforts and the company is pleased to

By Modupe Gbadeyanka A firm established to help fix the global trade finance gap, Finverity, has disclosed that it is repositioning its brand and product offering for its next phase of growth. To achieve this, it has hired Mr Adam Ryan as its Chief Marketing Officer (CMO). He has been working with the leadership team at Finverity to build a brand and product suite that better reflects this purpose, as well as Finverity’s position at the leading edge of trade and SCF technology. Before now, Mr Ryan served as the CMO of Azimo, the global payments fintech, where he led

By Adedapo Adesanya The Institute of Food Technologists (IFT), a nonprofit scientific organisation committed to advancing the science of food and its application across the global food system, has announced Mr Sean Leighton as the new Board President. Mr Leighton, the global vice president of food safety, quality, and regulator at Cargill, succeeds Mr Christopher Downs at the helm of the affairs of the organisation.  A member of IFT since 1999, where he was a participant in the IFT Student Association (IFTSA) product development competition, Mr Leighton has served in several volunteer roles as a presenter, panellist, podcast thought leader,

By Adedapo Adesanya The Port Harcourt Electricity Distribution Company (PHED) has lamented that the loss of 30 per cent of its anticipated revenue to meter bypass in its franchise states of Rivers, Bayelsa, Cross River and Akwa Ibom. The Managing Director of the company, Mr Henry Ajagbawa, affirmed this, vowing that his organisation will arrest and prosecute any person, group of persons or corporate body found to be engaged in energy theft. Describing the situation as unacceptable, the PHED boss revealed that meter bypass was a criminal offence punishable under the law, as enshrined in section 94 (3) of the

By Adedapo Adesanya Nigeria’s power sector lost about N468.4 billion between January and August 21 this year, the latest documents covering the industry’s performance showed. According to the documents, the loss was caused by a shortage of gas, transmission limitations, distribution restrictions and other constraints. In a breakdown of the details, the report showed that in January, the sector lost N56.4 billion in revenue, while in February, its revenues dipped by N54.9 billion and also plunged by N65.6 billion in March this year. Power sector’s constrained revenues for the months of April were N64.6 billion, and in May N61.6 billion,

By Adedapo Adesanya The oil market was in the positive territory on Friday as a planned European Union (EU) ban on Russian energy imports and easing of COVID-19 lockdowns in China countered concerns that slowing economic growth will hurt demand. Yesterday, the price of the Brent crude rose by 87 cents or 0.78 per cent to $112.90 per barrel while the United States West Texas Intermediate (WTI) grew by $1.02 or 91 cents to $113.20 per barrel. On a week-to-date basis, Brent was up about one per cent after falling about one per cent last week while WTI was on

By Modupe Gbadeyanka The Islamic Development Bank (IDB) has concluded plans to invest about $35 million in the agricultural sector in Jigawa State. This was made known on Sunday by the state Governor, Mr Badaru Abubakar, during the Hadejia Zonal Fishing Festival at Kwalge Dam in Auyo local council of the state. The Governor noted that the investment would largely be in the area of accelerated crop production across the state and also enhance agricultural financing, mechanisation, processing and enterprise. Mr Abubakar reiterated his administration’s commitment to reduce poverty in the state and provide job opportunities and enhance wealth through

By Olubori Oduntan Leading independent pan-African banking group, Ecobank, has announced the finalists for the 2nd edition of the annual Ecobank Fintech Challenge, a competition for Africa-focused technology start-ups. A statement issued by the lender disclosed that the list includes 11 fintech start-ups from across the continent and beyond. An Innovation Fair & Awards ceremony will honour the start-ups on August 30, 2018 at the global headquarters of Ecobank in Lomé, Togo. At the ceremony, the start-ups will exhibit and pitch their products to a jury for the Ecobank Africa Fintech Prize, which will be awarded the top innovator and

By Modupe Gbadeyanka Founder of Paseda Legacy Foundation, Otunba Rotimi Paseda, has concluded plans to assist petty traders in Ogun State with N10 million interest free loan. The funding pack would be disbursed to beneficiaries through his foundation’s women wing, Paseda Women Forum. Speaking on the development, President of Paseda Women Forum, Mrs Olayemi Layeni, stated that the disbursement will commenced on Monday, September 25, 2017 (tomorrow) and would be given to small-scale business owners who have completed their registration with the forum, irrespective of the political affiliation. Mrs Layeni, while further speaking on Friday at Paseda Legacy Foundation Office

By Sodeinde Temidayo David The Minister of Interior, Mr Rauf Aregbesola, has said if any nation intends to experience rapid economic development, then the women must be empowered. Speaking at the 21st Regular National Council Meeting on Women Affairs in Uyo, Akwa Ibom State, the Minister described women as agents of rapid development, commending the Ministry of Women Affairs for paying special attention to the female gender. Mr Aregbesola, the immediate past Governor of Osun State, noted that the social and economic development of any society was directly proportional to the level of gender equality and women empowerment. According to

A subsidiary of FBNQuest Merchant Bank and part of the FBN Holdings Plc group, FBNQuest Asset Management, has announced its compliance with the Global Investment Performance Standards (GIPS®). By voluntarily adopting compliance with GIPS, FBNQuest Asset Management joins a select list of investment firms and asset owners globally, who uphold this set of standards. It reinforces its position as a thought leader as well as its commitment to promoting transparency and credibility in the investment management industry. The adoption of GIPS standards in FBNQuest Asset Management reaffirms its commitment to transparency and full disclosure. In the BusinessDay Research and Intelligence