Diamond Bank Director Chizoma Okoli Joins Access Bank Board

Contrary to reports by some online media that the Nigerian National Petroleum Company (NNPC) Limited, under the leadership of Group Chief Executive Officer, Mr Mele Kyari, is conducting secret recruitment without board approval, this medium reliably gathered that it’s false. The report claimed that about 35 people were recruited secretly into the NNPC Limited and are either undergoing medical examinations or writing entrance exams. But checks showed that there is no such recruitment exercise going on at the national oil company. Following its transition into a limited company governed by the Companies and Allied Matters Act, NNPC Limited has established

By Aduragbemi Omiyale Mr Farooq Oreagba has been chosen by the board of directors of NG Clearing Limited as the new Managing Director/chief executive, subject to the approval of the Securities and Exchange Commission (SEC). He is replacing Mr Tapas Das, who occupied the office for three years and demonstrated exceptional leadership and strategic vision, driving NG Clearing to a phenomenal historical achievement of clearing the first exchange-traded derivatives contracts in West Africa. Under his guidance, NG Clearing developed a world-class clearing and settlement system that has successfully integrated with the key exchanges in Nigeria’s financial markets. A statement issued

By Modupe Gbadeyanka About 170 of the 200 graduate trainees of Flutterwave (85 per cent) have been absorbed into the organisation as full-time employees after the completion of their programme. The leading payments technology firm in August 2022 launched its Graduate Trainee (GT) scheme to nurture young talents seeking clear career growth opportunities in technology. Some days ago, a graduation ceremony was held in Lagos to celebrate the end of the rigorous 12-month-long paid traineeship scheme. The participants were put through technical and soft skills and practical experiences. “We are excited that our aim of giving 200 extremely bright young

By Dipo Olowookere The fall of the Nigerian economy into a recession did not come to many as a surprise because it was expected but it gave some smart thinking organisations the time to plan ahead. Last Saturday, the National Bureau of Statistics (NBS) announced what many observers were expecting and due to another contraction in the gross domestic product (GDP) in the third quarter by 3.63 per cent after a 6.10 per cent decline in the preceding quarter, the largest economy in Africa officially entered a recession, the second under President Muhammadu Buhari as a civilian leader. A year

The appointment of Ms Brenda Mbathi as the Chief Executive Officer for East Africa of General Electric has been announced by the company. In her role, Ms Mbathi will play a pivotal role in steering the next phase of strategy and growth for General Electric in East African markets, excluding Ethiopia which shall continue to be led by Daniel Hailu, CEO, GE Ethiopia. Based in Nairobi, Ms Mbathi will lead the development of diverse programs with public and private sector projects and partnerships across East Africa. Commenting on the appointment, Farid Fezoua, President and CEO, General Electric Africa, reiterated GE’s

By Adedapo Adesanya Four securities admitted on the trading platform of the NASD Over-the-Counter (OTC) Securities Exchange depreciated on Wednesday. The stocks depressed the total value of equities on the exchange by 0.68 per cent or N3.5 billion at close of transactions yesterday to N514.80 billion from the previous N518.30 billion. Data from the exchange showed that the benchmark index of the unlisted securities market, NASD Unlisted Security Index (NSI), was also weakened by these four stocks by 0.68 per cent or 4.77 points to 700.82 points from 705.59 points of Tuesday. These depressing securities were led by the Niger

By Modupe Gbadeyanka Production at Metahara Sugar factory in Ethiopia has successfully been repowered by GE’s Power Services business and FieldCore. The plant was shut down seven months ago after it was severely damaged by a major thunderstorm, but the outage execution service of two steam turbines, which lasted 20 days, succeeded in bringing back 5000 person workforce and solving sugar scarcity for Ethiopia’s more than 100 million population. The Metahara Sugar Factory is in the Oromiya Regional State, about 200 kilometers from Addis Ababa and produces about 136,000 tons of sugar annually, representing an estimated 20 percent of Ethiopia’s

By Adedapo Adesanya Former Governor of Abia State, Mr Orji Uzor Kalu, has been found guilty of a N7.65 billion fraud by a Federal High Court sitting in Lagos on Thursday.  At the ruling this morning, the court said Mr Kalu, who is now a member of the upper legislative chamber of the National Assembly, committed the fraud when he ruled the south east state between 1999 and 2007. He was found guilty alongside two others; his firm, Slok Nigeria Limited and Udeh Udeogu, who was Director of Finance and Accounts at the Abia State Government House during Mr Kalu’s

By Dipo Olowookere The number of companies on the Nigerian Stock Exchange (NSE) will soon expand if plans by Cititrust Financial Services to list its shares scale through. The organisation is planning to join the nation’s stock exchange to make it more robust and the listing would be done by introduction, according to the Country Chief Executive Officer of Cititrust Financial Services, Mr Ikechukwu Peter. In a chat with financial journalists in Lagos recently, Mr Peter disclosed that the process should be completed before the end of the second quarter of 2021. If this happens, Cititrust Financial Services would be

By Adedapo Adesanya Oil prices edged higher on Friday, with the global crude benchmark, Brent, posting a fourth monthly gain as demand is seen growing faster than supply. Yesterday, the oil futures went up by 28 cents or 0.37 per cent at $76.33 per barrel, while the West Texas Intermediate (WTI) crude oil futures closed 19 cents higher or 0.26 per cent at $73.95 per barrel. Prices ended higher for the week on the back of the favourable supply and demand dynamics as concerns over the Delta variant’s impact on global fuel demand ease, supporting oil bulls moving forward. Analysts

By Adedapo Adesanya The NASD Over-the-Counter (OTC) failed to sustain the growth for the fourth consecutive session on Friday as it depreciated by 0.11 per cent on the back of poor performance by four companies on the platform. This weakened the NASD Unlisted Security Index (NSI) by 0.82 points to wrap the session at 742.70 points compared with 743.52 points recorded at the previous session. It also dragged the market capitalisation of the exchange downwards by N700 million to N645.54 billion from N646.24 billion of the preceding trading day. Business Post reports that the four declining stocks of yesterday were