FG Appoints Joseph Nnanna NEXIM Bank Board Chairman

By Adedapo Adesanya Music streaming service, Spotify, will cut about 17 per cent of its global workforce in another round of layoffs amid slowing economic growth. According to the CEO of the streamer, Mr Daniel Ek, this figure represents around 1,500 of its 9,000 staff. Earlier in January, Spotify, based in Sweden, said it would cut staff by 6 per cent and announced a hiring slowdown in October, but this move to reduce costs goes much deeper. Most Spotify staff impacted by the cuts will receive approximately five months’ severance pay, including healthcare, and be eligible for two months’ outplacement

By Modupe Gbadeyanka Four new persons have been appointed to the board of directors of a Nigerian consumer-packaged-goods company, Rite Foods Limited. A statement from the company explained that the appointments were part of a strategic move to position the business for accelerated growth and improve the organisation’s market presence as it takes giant strides into the next phase of its growth strategy. The appointees are Mr Kunle Elebute and Isa Mohammed Inuwa as Independent Non-Executive Directors, Raheem Owodeyi as a Non-Executive Director and Dr Kehinde Onijingin as an Executive Director. The new board members are expected to use their

By Adedapo Adesanya President Bola Tinubu has approved the appointment of 20 Nigerians to serve as Federal Commissioners in the National Population Commission (NPC). According to a statement signed by Mr Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, nine current Federal Commissioners were appointed to a second term in office, while the 11 others are serving their first term. The list includes Mr Emmanuel Trump Eke — Abia, Mr Clifford Zirra — Adamawa — Reappointed, Mr Chidi Christopher Ezeoke — Anambra — Reappointed, Mr Isa Audu Buratai — Borno — Reappointed, Mr Alex Ukam —

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 Damilola Faustino With the coronavirus pandemic, you would think venture capitalists and angel investors would stop scouting for African startups to invest. This is wrong. In the past few months, African startups in different sectors have raised significant dollars and more are still coming as the coronavirus lockdown is gradually being eased across Africa. African startups that recently raised funds 1.) Tomato Jos: Tomato Jos, an agro-processing company focused on the local production of high-quality tomato paste for the African market announced that it had completed a €3.9 million ($4.2 million) Series A round. 2.) BusyMed, a South African

By Ahmed Rahma No fewer than 12 members of the National Youth Service Corps (NYSC), who took part in Unity Bank’s flagship business plan competition, Corpreneurship Challenge, have won cash prizes worth N4 million. The winners emerged during the final business pitch in the fourth edition of the contest for NYSC 2020 Batch B corps members, which took place simultaneously across four NYSC camps in Lagos, Ogun, Benin, and Abuja recently. The cash prizes included a N200,000 business grant for each of the second runners-up, N300,000 business grant for the first runners-ups and a star prize of N500,000 for each

By Dipo Olowookere Pan-African financial institution, United Bank for Africa (UBA) Plc, has announced the appointment of four prominent personalities to its board. One of them is the former First Lady of Ekiti State, Mrs Angela Adebayo. A statement issued by the lender said the appointment of Mrs Adebayo as well as Ms Angela Aneke, Mr Abdulqadir Jeli Bello and Mr Isaac Olukayode Fasola are subject to the approval of the Central Bank of Nigeria (CBN). It was disclosed that the appointments follow the retirement of Mrs Rose Okwechime, Mr Adekunle Olumide, Mr Ja’afaru Paki and Mr Yahaya Zekeri, with

By Kester Kenn Klomegah The Africa Vaccine Manufacturing Initiative (AVMI) primarily aims at promoting the establishment of sustainable human vaccine manufacturing capacity in Africa. Since its establishment, AVMI together with multiple and different partners, have been advocating for the establishment of vaccine development and manufacturing in Africa. With the outbreak of coronavirus, AVMI has embarked on public education on the risk of the pandemic and further been persuading African leaders about the need to serious prioritize the manufacturing of vaccines instead of depending on external supply. In this snapshot interview, Patrick Tippoo, Executive Director at the Africa Vaccine Manufacturing Initiative,

By Ashemiriogwa Emmanuel The Debt Management Office (DMO) has said that it will issue another sovereign Sukuk this year to be used to finance some critical road projects across the country. According to the agency in a statement issued on Tuesday, November 2, 2021, the bond to be sold to interested investors is between N200 billion and N250 billion. The debt office noted that the proposed sale, which is expected before the end of this year, would be the fourth since the Sukuk issuance debuted in September 2017. Already, the DMO has appointed BURAQ Capital Limited as the financial adviser,

By Modupe Gbadeyanka A deal has been struck between Paystack and Truecaller to allow more merchants across Africa accept payments online in a frictionless and secure manner by leveraging Truecaller’s mobile identity product, Truecaller SDK. The partnership will also provide powerful tools that businesses and start-ups across Africa can use to verify the mobile identity of their customers, and in turn, further help in creating more trust in the online payments landscape on the continent. Also, with the deal, unregistered local businesses can now receive online payments after being verified via Paystack’s in-house verification process, which now includes phone number

By Adedapo Adesanya The federal government has launched the Digital Nigeria Portal (www.digitalnigeria.gov.ng) and a corresponding mobile app to drive digital literacy in the country. This was unveiled by the Minister of Communications and Digital Economy, Mr Isa Pantami, on Monday in Abuja. According to Mr Pantami, the program will provide a national platform for improving the digital literacy of Nigerians as well as enable Nigerians from all walks of life to acquire high-level digital skills. He noted that the unveiling of the Digital Nigeria portal and its mobile app equivalent was part of the implementation the President Muhammadu Buhari-led

By Dipo Olowookere A top artiste in the Nigerian music industry, Mr Olamide Adedeji, popularly known as Olamide, has been announced as the brand ambassador of Sterling Bank. Olamide is the owner of a music label called Yahoo Boy No Laptop Nation (YBNL). He was chosen by the financial institution as ambassador for its project called Sterling Environmental Makeover (STEM). Olamide is expected to use his influence to positively promote the bank’s project.