First Aluminium Appoints New MD as Igbinakenzua Resigns

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 announced the reappointment of Mr Mele Kolo Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited. This move comes as part of a larger reshuffle, where President Tinubu has unveiled a new board and management team for the NNPC Limited which will commence their duties from December 1, 2023. Mr Kyari’s reappointment comes after recent calls to have him sacked. Having spent four years under the immediate past administration of Mr Muhammadu, the renewed appointment shows the current government has confidence in his ability to steer the

By Adedapo Adesanya  President Bola Tinubu has approved the appointment of 12 persons to serve in the Federal Civil Service Commission (FCSC) to be led by Mr Tunji Olaopa as Chairman. According to a statement by President Tinubu’s spokesperson, Mr Ajuri Ngelale, on Friday, the appointment of the members into the commission is subject to the confirmation of the Nigerian Senate. He said that upon confirmation, the new FCSC leadership is expected to commence work with effect from November 30, 2023, following the expiration of the tenure of the current Federal Civil Service Commission Chairman and membership on November 29,

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited has called on stakeholders in the capital market to work together to achieve productive investments driven by a digitized capital market. The chief executive officer of the NGX, Mr Temi Popoola, speaking at the maiden edition of the capital markets conference in Abuja on Tuesday, disclosed that this will deepen the market and attract more foreign investors. “As a major propeller of the economy, we are proud to be at the forefront of this milestone which is defining moment for Nigeria’s finance sector and the capital market specifically. “The long list of

By Modupe Gbadeyanka Auckland-based inventory management Software-as-a-Service (SaaS) provider, Unleashed Software, has announced a Series C investment of NZ$7.0 million from Movac, New Zealand’s largest and most experienced technology investment company. Of the recent investment success, CEO of Unleashed Software Gareth Berry comments: “We have been building our core product and markets for eight years now and the markets around the globe are really starting to embrace cloud based applications. We can see the amazing traction for ‘best in class’ systems like Unleashed being adopted around the globe now, and we are truly grateful to be the system of record

By Aduragbemi Omiyale Residents of Lagos will soon begin to enjoy quality healthcare services at their doorsteps with the collaboration between the Sterling Bank and the Lagos State government. The financial institution is funding the building of some Ilera Eko Virtual Booths across the state to ensure busy residents of the metropolis access health services with ease. The Lagos State government came up with Ilera Eko as part of its efforts to ensure citizens of the aquatic city have access to cheaper healthcare and deepen health insurance. But despite this initiative, some residents, because of their busy schedules, have not

By Modupe Gbadeyanka A businessman and founder of Colenson Group of Companies, Mr Michael Olawale-Cole, has been elected as the new president of the Lagos Chamber of Commerce and Industry (LCCI). Mr Olawale-Cole is taking over the leadership of the chamber from Mrs Toki Mabogunje following the expiration of her tenure of two years. He will be formally inaugurated as the 24th President of the LCCI at a ceremony slated for Saturday, December 4, 2021, in Lagos, according to a statement. The Director-General of the LCCI, Ms Chinyere Almona, in the statement, explained that at the 133rd Annual General Meeting

By Dipo Olowookere The News Agency of Nigeria (NAN) is reporting that flight operations at the international terminal of the Murtala Muhammed Airport (MMA), Lagos have been disrupted for two days due to power outage. General Manager, Public Affairs, Federal Airports Authority of Nigeria (FAAN), Mr Yakubu Dati, who confirmed the development to newsmen, disclosed that the power outage was caused by the PHCN. As at press time, the power outage has not been restored, NAN said. “There was a power outage from PHCN and the airport was on our independent power supply. “However when power was restored, the surge

By Modupe Gbadeyanka Central Bank of Nigeria (CBN) has threatened to wield its big stick on any Bureau Chief Deposit Money Banks (DMBs) found to be frustrating the electricity power intervention under the Nigeria Electricity Stabilisation Facility (NESF). The apex bank said it was aware of allegations against some banks not keen in passing on facilities made available to electricity companies, thereby creating bottlenecks and giving various excuses to retain the funds, frustrating the objectives of the initiative. The CBN had made over N200 billion available to enable power Generation Companies (GenCos) and Distribution Companies (DisCos) have access to long-term

By Dipo Olowookere One of the hospitality companies in Nigeria, Capital Hotels Plc, will soon become highly competitive in the industry if the proposed sale of its 51 per cent stake to an energy firm, 11 Plc, formerly Mobil Oil Nigeria Plc, goes through. 11 Plc is considering investing in the company and has held discussions with the board on this and Capital Hotels wants over N5 billion for this to happen. On Monday, June 14, 2021, the board of the company held an emergency and it was agreed that the oil giant can acquire a 51 per cent stake

By Modupe Gbadeyanka The suspension earlier placed on disconnection of power supply of its customers has been lifted by Ikeja Electric. On April 1, 2020, Business Post reported that Ikeja Electric announced that it would not be disconnecting electricity of non-paying customers within its franchise network during the 2-week stay-at-home period enforced by federal government to curb the spread of coronavirus. The move, according to the Acting CEO of Ikeja Electric, Ms Folake Soetan, was to ensure that “our customers enjoy steady and quality supply throughout this difficult period and beyond. We recognize the fact that electricity supply is critical