Ecobank Nigeria Reshuffles Management Team

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 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 Bliss Okperan Nigeria’s President, Mr Bola Tinubu, has approved the appointment of new Chief Executive Officers for some agencies and parastatals under the Federal Ministry of Industry, Trade and Investment. A statement on Friday from the President’s Special Adviser on Media and Publicity, Mr Ajuri Ngelale, disclosed that the appointments, which take immediate effect, are in line with his resolve to base the country’s economic revival on the foundation of trade expansion through small, medium and large scale industry facilitation. Mr Ngelale said his boss “expects all new appointees in the critical sector to optimally deliver in accordance with

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 Vincent Nwani “The size of a country’s GDP has always tended to influence international investment flows, regional economic recognition and sometimes can weigh into political equations” … Dr Vincent Nwani The GDP War In April 2014, Nigeria emerged as the largest economy in Africa after a rebasing exercise nearly doubled its Gross Domestic Product. Prior to this, South Africa had held the baton for a long time as having the largest economy in Africa including all of the recognitions that come with it. However, through a rebasing exercise Nigeria’s economy was put at about 30% larger than South Africa’s

By Modupe Gbadeyanka A recent report released by FSDH Research revealed that the Nigerian equity market as measured by the Nigerian Stock Exchange All Share Index (NSE ASI) appreciated by 7.01 percent in the third quarter of 2017. This, it stated, was the strongest Q3 performance in the last four years. The report said the stable macroeconomic environment was the major driver of the positive performance in the equity market and it expects this trend to continue in the last quarter of the year. FSDH Research’s analysis of the historical trend of the equity market between 2012 and 2016 shows

By Dipo Olowookere Oil marketers in the country will begin to receive payments for their subsidy arrear claims from Friday, December 14, 2018, federal government has assured. This decision was reached during a meeting between officials of government and the oil marketers at the State House Conference Centre in Abuja. The oil marketers, under the umbrellas of Major Oil Marketers Association of Nigeria and the Depot and Petroleum Products Marketers Association, had threatened to stop loading fuel if government fails to pay the debts worth N800 billion, but government has promised to pay N236 billion. Addressing newsmen after the meeting,

By Adedapo Adesanya The Nigerian Association of Resident Doctors (NARD) has restated its striking position as it insists that the federal government was yet to accept its demands, indicating that the nationwide strike would continue after the proposal of a N25,000 increment. The NARD President, Dr Emeka Orji, during a press conference in Lagos State on Saturday, July 29, affirmed the development. According to him, the action will go on “until reasonable progress is made by the government to address our demands as contained in the ultimatum issued to the Federal Government on the 15th of July, 2023”. The NARD

By Modupe Gbadeyanka A gas deal worth $300 million has been signed between Royal Dutch Shell and Shoreline Energy International, an indigenous firm with interests in power & energy, infrastructure & engineering, investments & trading, as well as telecommunications. According to Shoreline, the deal is to develop, buy, market, distribute and sell natural gas in the Victoria Island, Ikoyi, Lekki and Epe districts of Lagos State. On the part of Shell, it would finance and develop a transmission and distribution pipeline network to generate revenues from a 20-year gas concession, originally owned by Gasland Company, in which Shoreline took a

By Dipo Olowookere No fewer than 78 stockbrokers are currently undergoing the first virtual Automated Trading System (ATS) training in 2021. It is the second time the training is being held remotely since 2020 when the COVID-19 pandemic forced countries, organisations and others to change the ways they do things. The first virtual ATS Certification Training was held on May 13, 2020. The ATS training is organised by the Nigerian Exchange (NGX) Limited and it is mainly for those who have passed the Chartered Institute of Stockbrokers (CIS) qualification examination. Business Post reports that the intensive programme forms a part

By Dipo Olowookere The process of securing the necessary approvals from the Securities and Exchange Commission (SEC) for the issuance of about N20 billion bonds by Flour Mills of Nigeria Plc has commenced, the company has confirmed. The flour milling firm said in a disclosure to the Nigerian Stock Exchange (NSE) on Thursday that funds realised from the exercise would be used to refinance existing short-term debts incurred by the company. In the notice, Flour Mills said it would also use proceeds from the bond sale to further increase the efficiency of its balance sheet for better value to shareholders,