Coca-Cola Makes Senior Leadership Appointments

By Modupe Gbadeyanka Mr Olasupo Olusi has been appointed by President Bola Tinubu as the new Managing Director and Chief Executive Officer of the Bank of Industry (BoI). He is to replace the former occupier of the seat, Mr Kayode Pitan, who resigned from the lending institution for small and medium-sized business owners in the country. In a statement issued by his aide on Media and Publicity, Mr Ajuri Ngelale, the President tasked the new BOI chief executive to ensure that Nigerians, who are operating all sizes of enterprises across sectors, are given fair and equitable access to much-needed support

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 Adedapo Adesanya The Senate has officially confirmed Mr Adamu Aliyu as the substantive chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC). He was confirmed following a screening session at the plenary on Thursday, a day after President Bola Tinubu pleaded with the upper chamber to speed up his confirmation. The screening commenced at approximately 11:50 am following a request by Mr Bamidele Opeyemi to temporarily suspend specific Senate rules, permitting external individuals to enter the chamber. The Deputy Senate President, Mr Jibirin Barau, led the screening of Mr Aliyu, who was the Attorney General of

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 Cordros Research In its recently released H1-17 results, UBA recorded a significant growth in gross earnings (+34.51% y/y), driven by impressive growth across income lines– interest income (+44.25%) and non-interest revenue (+16.01%). Over H2, we believe the improved yields on interest earning assets (expanded 205 bps to 12.32% in H1-17) – from repricing of loans and elevated yields on investment securities – will remain robust. Hence, for 2017F, we forecast 50 bps y/y expansion in asset yield to 12.15%, resulting in interest income growth of 22.18% y/y to N322.53 billion. On NIR, we believe the gains on FX trading

By Dipo Olowookere A former assistant coach of Chelsea Football Club of England, Mr Ray Wilkins, has breathed his last at the age of 61. The death of Mr Wilkins was made known on Wednesday afternoon. He died after spending some days in the hospital. Last month, the former Chelsea midfielder fell after suffering a cardiac. He was taken to St George’s hospital, in Tooting, south-west London and had been in critical condition. “It is with great sadness we announce that Raymond Colin Wilkins passed away this morning. “Ray leaves behind his loving wife, Jackie, daughter Jade, son Ross, and

By Modupe Gbadeyanka Six months after the abduction of 159 children from the Gambella region of Ethiopia, 68 of them have remained unaccounted for. This has forced two United Nations (UN) human rights experts to ask Ethiopian and South Sudanese authorities to urgently resume joint efforts to ensure the return of the remaining missing children. On April 15, 2016, armed men from the Murle ethnic group reportedly attacked 13 Nuer villages in the Jikaw and Lare districts, Gambella region, Ethiopia. The attack reportedly led to 208 people being killed and 159 children abducted. Another 80 people were reportedly wounded and

By Adedapo Adesanya A $60 per barrel for Brent Crude on the global market this week was shortlived as oil prices fell sharply on Wednesday as weak economic data out of China and crude oil inventory gains in the United States’ spooked oil markets. Business Post gathered that Brent Crude Oil fared poorly as it fell by 3.31 percent, equal to $2.03 to trade at $59.27 as at 9pm (Nigerian Time) after it fell by $2.96 per barrel (-4.83%) to below $60 again, at $58.34 by 5pm. West Texas Intermediate (WTI) Crude also performed poorly as it lost 3.56 percent

The President of the Children’s Heart Foundation, Ghana, Mrs Jacqui Akomka-Lindsay, has praised GTS Drilling and others for supporting the organisation over the years. According to her, over 200 children are diagnosed with congenital heart diseases annually in the country, and their families cannot pay $6,000 to $10,000 for surgery. She noted that the exploration and drilling company and others have always made efforts to support patients with funds to carry out surgeries. Speaking at the organisation’s annual fundraiser ball, she emphasised that it takes benevolent and kind-hearted individuals and organizations to aid children with heart defects. “At this juncture,

By Modupe Gbadeyanka In order to offer customers exciting deals during this year’s Black Friday, e-commerce giant, Jumia Nigeria, has partnered with some brands. Some of the notable companies the online market store collaborated with are Standard Chartered Bank, Samsung, Pernod Ricard, Unilever, Reckitt Benckiser, Intel, Defacto, Umidigi, Michelin, Stanbic IBTC, and others. The 2020 Black Friday is scheduled to begin on Friday, November 6 till 30 and according to the CEO of Jumia Nigeria, Mr Massimiliano Spalazzi, the campaign will provide enhanced support for brands and local SMEs who were severely affected by the COVID-19 lockdown restrictions, as many

By Dipo Olowookere Special Adviser to the Lagos State Governor on Office of Overseas Affairs and Investment (Lagos Global), Professor Ademola Abass, has disclosed that Lagos State is responsible for over 90 percent of Nigeria’s trade flow. Prof Abass made this known on Thursday at the ongoing 2017 Ministerial Press briefing held at the Bagauda Kaltho Press Centre, Alausa, as part of activities to mark the second year in office of Governor Akinwunmi Ambode’s administration. The Special Adviser emphasised that Lagos State has a prominent role to play in the overall economy of the nation as 65 percent of the

**Pumps N2.2tr into 10 Banks By Dipo Olowookere Over 12,000 Non-Performing Loans (NPLs) from 22 banks worth N3.7 trillion have been acquired so far by the Asset Management Corporation of Nigeria (AMCON), Business Journal is reporting. AMCON was created by Federal Government to be a key stabilizing and re-vitalizing tool aimed at resolving the non-performing loan assets. According to the report, the sum of N2.2 trillion has been injected as financial accommodation to 10 commercial banks in order to prevent systemic failure in the banking sector. This has contributed in stabilising the financial system in Nigeria. Records from AMCON also