GTBank Appoints Adefala as Director

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 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 Investors Hub The major U.S. index futures are pointing to a roughly flat opening on Thursday, with stocks likely to show a lack of direction after moving sharply higher over the two previous sessions. The markets could continue to benefit from continued optimism about a potential interest rate cut by the Federal Reserve, although lingering trade concerns are likely to keep any buying interest somewhat subdued. Overall trading activity may also remain light as some traders may stay on the sidelines ahead of the release of the Labor Department?s closely watched monthly jobs report on Friday. Employment is expected

By Dipo Olowookere The United Nations and its partners have cried out that they urgently require $9.9 million to respond to the current cholera outbreak in Borno State, north-east Nigeria, and prevent further outbreaks in high-risk areas. A statement issued by the global body said already, a Cholera Response and Prevention Plan has been developed to address the immediate needs of 3.7 million people that could be affected by the outbreak. It said despite extensive efforts to improve sanitation conditions in camps and raise awareness on the importance of best hygiene practices, the first cholera cases were identified in Borno

By Modupe Gbadeyanka Deacon Phillip Akinola has retired from the board of one of the leading oil and gas firms in Nigeria, Forte Oil. However, a statement signed by the Forte Oil Secretary, Mr Akinleye Olagbende, did not state the reason for Mr Akinola’s retirement. But the company expressed its “profound gratitude to Deacon Akinola for his services to the Board and wish him all the best in his future endeavours. While at Forte Oil Plc, Deacon Akinola served as one of the non-executive directors of the reputable company. Deacon Akinola had served as Non-Executive Director of Forte Oil Plc

By Adedapo Adesanya For the second straight trading session, the NASD Over-the-Counter (OTC) Securities Exchange closed in the bearish territory on Thursday, June 17. The extension of the stay of the NASD Exchange in the danger zone was caused by the negative movement in the prices of two securities, the Nigerian Exchange (NGX) Group Plc and Central Securities Clearing Systems (CSCS) Plc. The two cousins further depressed the market capitalisation of the bourse by 0.47 per cent or N2.5 billion to N527.90 billion from N530.40 billion of the previous session. The duo also weakened the NASD Unlisted Security Index (NSI)

By Modupe Gbadeyanka Last minute rally in Dangote Cement on Thursday pushed back the Nigerian Stock Exchange (NSE) to winning ways again. Investors have had to endure three consecutive bearish sessions at the market, which dropped the All-Share Index (ASI) below the 37,000 mark during the period, and the market capitalisation below N13 trillion. Though both market indicators still remained within respective ranges, the ASI rose by 0.59 percent or 214.20 points to settle at 36,316.58 points, while the market capitalisation increased by N74 billion to close at N12.52 trillion. Dangote Cement led the gainers’ chart today after progressing by

Convener of Tonye Cole Volunteer Group, Mrs Ibifuro Tatua, said she was confident that the All Progressives Congress (APC) will have sweeping victory in Nigeria’s upcoming legislative and executive elections. She also criticized Rivers State Governor, Mr Nyesom Wike, for spreading of defamatory statements about the country’s ruling party. “We are feeling the pulse of Rivers people. APC will win in 2019. Lies, threats and other attempts to bully the electorate will not play a factor in the 2019 Rivers State governorship election,” Mrs Tatua said Tuesday at a meeting with South-South leaders in public, private and non-profit sectors. She

The Global Legal Entity Identifier Foundation (GLEIF), the independent global body responsible for coordinating the issuance and management of Legal Entity Identifier (LEI) has completed its Annual Accreditation Verification (AAV), upholding Central Securities Clearing System (CSCS) Plc as the sole Local Operating Unit (LOU) for Nigeria. The annual certification exercise, a thorough process instituted by GLEIF, is an assessment exercise aimed at monitoring and accrediting the compliance and performance of all LOUs, globally. In his report, the Chief Executive Officer of GLEIF, Mr Stephan Wolf, GLEIF, commended Nigeria’s capital market infrastructure for its adherence to global standards in issuance, administration

By Dipo Olowookere A 0.36 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Tuesday following the buying pressure on financial shares, consumer goods stocks and others. Data from the market showed that the insurance sector appreciated by 3.19 per cent, the banking space rose by 1.10 per cent, the consumer goods index improved by 0.85 per cent, and the industrial goods counter went up by 0.06 per cent, while the energy sector went down by 0.72 per cent. The All-Share Index (ASI) reacted positively to this and closed higher by 188.04 points to 52,419.33 points from