Fidelity Bank Rejigs Board for Next Phase of Growth Trajectory

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 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 Adedapo Adesanya President Bola Tinubu has approved the appointment of a new board and management team for the Niger Delta Development Commission (NDDC) more than two months after the last board was dissolved. In a statement signed by Mr Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, on Tuesday evening, the President approved the 17-man board and management team. The team will be led by Mr Chiedu Ebie as Chairman (Delta), while Mr Samuel Ogbuku (Bayelsa) will continue as the Managing Director/CEO. The Executive Directors include Mr Boma Iyaye – Executive Director (Finance and Admin)

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 Modupe Gbadeyanka Some pipeline vandals in Ondo State have been apprehended by a special squad in the Nigeria Security and Civil Defence Corps (NSCDC) controlled by the Commandant General, Mr Ahmed Abubakar Audi. The team known as the Commandant General Special Intelligence Squad arrested the syndicate that specialises in vandalism of petroleum pipelines, illegal bunkering, illegal dumpsites and storage facilities at Olowo Community. It was gathered that the suspected illegal bunkers were nabbed acting on credible intelligence and recovered some exhibits from the crime scene. The items seized were eight suspects, a black Toyota Sequoia with registration number Lagos

By Adedapo Adesanya Many businesses are expected to feel the impact of Nigeria’s flood crisis, and key among these are operators in the logistics space. In a notice to its customers, one of the country’s major operators, GIG Logistics, announced that it would no longer be able to make deliveries to Yenagoa, the capital of Bayelsa State, as the flood has made the state inaccessible. The company noted, “This is to inform you that Yenagoa is no longer accessible due to the ongoing flooding in the southern region. “As a result, we will not be able to deliver items to

By Dipo Olowookere Residents of Lagos have been assured access to quality and affordable healthcare services, irrespective of their cultural, social and religious backgrounds. This assurance was given by the General Manager of the Lagos State Health Management Agency (LASHMA), Mrs Emmanuella Zamba, at a recent event held at the Isolo General Hospital, Isolo. The programme was to sensitise and enrol elderly citizens on the Ilera Eko Health Plan introduced by the Lagos State government. About 108 elderly citizens present that day were registered on the scheme. At the event, which was held in partnership with 60PLUS Advocacy Initiative, a

By Aduragbemi Omiyale A few months ago, some digital brokerage firms came up with ways to allow Nigerian investors to invest in foreign equities but the Securities and Exchange Commission (SEC) clamped down on them, stating that they had no authorisation to do that. However, the Nigerian Exchange (NGX) Limited is working tirelessly to ensure domestic investors have access to diaspora investments and others. According to the chief executive of the NGX, Mr Temi Popoola, this is one of the focus areas of the exchange to deepen the Nigerian capital market. At NGX, our efforts are focused on four key

By Dipo Olowookere The Nigerian Naira was further weakened at the black market on Wednesday as a result scarcity of the United States Dollars at the market. Business Post reports that the local currency was exchanged at the segment of the foreign exchange market yesterday at N366 to a Dollar. The Naira, which was traded at N365 per Dollar on Wednesday morning, jumped to N366 in the afternoon before closing at the same amount at the close of business. Business Post gathered that the Greenback is becoming scarce at the black market because of huge demand for it. Also at

By Modupe Gbadeyanka PZ Cussons, a fast moving consumer goods company in Nigeria, has declared a loss in profit for the third quarter ended February 28, 2017. In its financial statements released to the Nigerian Stock Exchange (NSE), the company said its profit after tax depreciated to N1.601 billion from N1.647 billion, representing a fall by 2.8 percent. However, its total turnover for the period under review surged to N57.149 billion in the period under review from N50.656 billion. In the same vein, its cost of sales recorded an increase to N37.925 billion compared with N36.966 earlier recorded by the

By Adedapo Adesanya Global oil prices returned to positive territory on Thursday, following weeks of frequent decline in prices. The rise experienced yesterday was spurred by renewed hopes that Saudi Arabia and Russia can put their differences aside and help the oil market. The price of major crude surged on Thursday after the US president, Mr Donald Trump, announced what would be a possible new deal between the Saudi Kingdom and Russia, that includes cutting back on production to help stabilise the oil market. The international benchmark, Brent crude, last night went up by 19.7 percent or $4.87 to $29.61

By Adedapo Adesanya As the take-off date for the African Continental Free Trade Area (AfCFTA) of January 1, 2021 approaches, the federal government has urged Nigerian business owners, particularly industrialists, to take advantage of inherent opportunities to promote Made-in-Nigeria goods. This call was made by Mr Adeniyi Adebayo, the Minister of Industry, Trade and Investment through a statement by his Special Assistant on Media, Mr Ifedayo Sayo in Abuja. The Minister said Nigeria could not afford to be left out of the emerging African economic block, stressing that AfCFTA would form a $3.4 trillion economic bloc, which Nigeria must play