Folake Soetan Becomes Ikeja Electric Acting CEO

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 Aduragbemi Omiyale Mr Andrew Ikekhua has been authorised by the National Insurance Commission (NAICOM) to become the chief executive of NEM Insurance Plc. The astute insurance professional was appointed by the underwriter to lead its affairs, but needed the approval of the regulator. In a statement signed by the group head of its legal department, Ms Olajumoke Philip-Akede, NEM Insurance said the sector’s watchdog has given its nod, noting that the appointment became effective October 1, 2023. “We wish to notify Nigerian Exchange Limited, our esteemed shareholders, and the investing public of the appointment of Mr Andrew Ikekhua as

By Modupe Gbadeyanka A popular talk show host, Mrs Morayo Afolabi-Brown, has been appointed as the Managing Director of TVC Entertainment (TVCe). The channel is the entertainment subsidiary of the Lagos-based broadcast media platform, TVC Communications. Mrs Afolabi-Brown is the co-anchor of the famous morning show on TVC, Your View, which has won several awards. Confirming her appointment on Thursday, she said, “I am excitingly pleased to announce my recent appointment as the Managing Director of TVCe, the Entertainment Channel of TVC Communications. “This is a new chapter in my career. I am exceedingly grateful to the board for entrusting

By Adedapo Adesanya The Senate has officially confirmed Mr Adamu Aliyu as the substantive chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC). He was confirmed following a screening session at the plenary on Thursday, a day after President Bola Tinubu pleaded with the upper chamber to speed up his confirmation. The screening commenced at approximately 11:50 am following a request by Mr Bamidele Opeyemi to temporarily suspend specific Senate rules, permitting external individuals to enter the chamber. The Deputy Senate President, Mr Jibirin Barau, led the screening of Mr Aliyu, who was the Attorney General of

By Modupe Gbadeyanka The price of Automotive Gas Oil (AGO), commonly known as diesel, has been crashed to around N175 to N200 per litre by the Nigerian National Petroleum Corporation (NNPC) from N300 per litre it was sold in the first quarter of this year. It was gathered that the drop in price of the commodity was as a result of key strategic interventions by the state-owned oil firm. Diesel is one of the deregulated products in the country and its high price had placed a huge burden on truck drivers, who needed the product for transporting their vehicles; the

By Dipo Olowookere President Muhammadu Buhari has refuted reports claiming he did not grant audience to the Kano State Governor, Mr Abdullahi Ganduje, during the recent Eid-el-Kabir holidays, which the President observed in his hometown, Daura, Katsina State. The President, in a statement signed by his Special Adviser on Media and Publicity, Mr Femi Adesina, described the reports as “incorrect.” The statement said the story was probably planted by “mischief makers, who wish to score cheap political points against the Kano State Governor.” Mr Buhari had received the Governor, along with others, a few weeks ago in London, and the

By Dipo Olowookere Budding automobile company, Dangote Sinotruk West Africa Limited, has entered another phase in its expansion drive by increasing its local input into the assembling plant to up to 60 percent, even as it plans to roll out commercial vehicles soon. The expansion drive, which is part of the backward integration plan, is meant to enhance value addition and local content. Group General Manager of the firm, Mr Hikmat Thapa made this known during a facility tour of the Ikeja plant by the Lagos State Commissioner of Commerce, Industry and Cooperatives, Mrs Olayinka Oladunjoye. He said having done

By Dipo Olowookere Mrs Olabisi Adekola has been asked to occupy the vacant position left by the Managing Director/CEO of African Alliance Insurance Plc, Mrs Funmi Omo, in an acting capacity. Mrs Omo left the company after 30 years of meritorious service and in order not to create a vacuum, the board of the insurance firm asked Mrs Adekola to take charge effective September 1, 2020. By this appointment, Mrs Adekola becomes the latest in the elite line of home-grown Managing Directors the 60-year old company has produced, further reinforcing the widely held notion that the company is a breeding

By Dipo Olowookere Governor of Oyo State, Mr Abiola Ajimobi and his Osun State counterpart, Mr Rauf Aregbesola, have lamented the non-resumption of academic activities at the Ladoke Akintola University of Technology, Ogbomoso, in spite of their spirited efforts to restore normalcy. The owner-states governors bared their minds during the submission of the report of the Chief Wole Olanipekun (SAN)-led visitation panel, set up over the crisis rocking the university, at the Governor’s Office, Ibadan, on Friday. Also at the event were the Pro-Chancellor and Chairman of the institution’s Governing Council, Prof. Wale Omole; Vice Chancellor, Prof. Adeniyi Gbadegesin, and

By Modupe Gbadeyanka A total of about 8,000 accredited poor Nigerians from the selected 12 Local Government Areas of Osun State will benefit in the conditional cash transfer of the Federal Government. The disbursement of the N5000 monthly stipend, which is currently on-going in some states of the federation, has started in the state. The Unit Head for the cash transfer in Osun State, Mrs Adeola Oyebamiji, said during the disbursement exercise of the December and January months’ stipend in Ife north local government Secretariat that subsequent payment would be made via bank transfer to all beneficiaries. Mrs Oyebamiji said

By Adedapo Adesanya Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Tuesday announced the immediate end to the sale of foreign exchange (forex) to Bureaux De Change (BDC) operators. The apex bank chief, while speaking with newsmen in Abuja today, disclosed that the BDC operators have become a useful channel for illicit forex flows and graft, especially at the parallel market. Also, he said the bank will no longer process applications for BDC licences in the country with immediate effect, noting that all applications, no matter the approval stage, have been stopped. Mr Emefiele said as,

By Dipo Olowookere Life Continental Lager beer, a product of Nigerian Breweries Plc, has rewarded 30 more entrepreneurs in Imo State with a total of N7.5 million on its popular radio programme called ‘Life Progress Booster Show’. The scheme was designed to assist innovative businessmen and women in the south eastern part of the country. The beneficiaries were presented with their prizes recently at the Mimi’s Bar, All Season Avenue, Owerri. At the event, 20 winners were selected on the radio program and another 10 were picked for their outstanding business proposals at the venue, all of which received N250,000