NAHCO Appoints Shobayo, Alabi to Board

Image

By Dipo Olowookere

The duo of Mr Tajudeen Moyosola Shobayo and Engr. Solagbade Olukayode Alabi have been appointed to the board of directors of Nigerian Aviation Handling Company (NAHCO) Plc.

The two are joining the board as non-executive directors with effect from January 29, 2019 to replace Mr Solomon Adeusi and Mrs Olatokunbo Fagbemi, who is now the Acting Group Managing Director/CEO of NAHCO Aviance.

A statement issued by the firm also said the board has appointed Mr Olumuyiwa Augustus Olumekun as an Executive Director with effect from February 11, 2019.

Mr Tajudeen Moyosola Shobayo is an alumnus of the University of Liverpool, UK and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). He has attended several professional courses on Economics and Valuation, Opportunity / Project Management, Contract Management, Capital Budgeting, Fraud and Risk Management, Strategic Cost Leadership, Advanced Negotiations, Risk and Decision Analysis, Deal Implementation, Relationship Management, Non-operated ventures management, Health/Safety/Security/Environment and Leadership in Nigeria, Netherlands, France, United Kingdom and United States of America.

He is a results-driven, efficiency-conscious, finance cum commercial professional with extensive experience in corporate finance, decision analysis, strategy and planning, opportunity identification and maturation, negotiations and stakeholder management With demonstrated capacity to add value towards corporate objectives.

His 38 years work experience spans public and private sectors in energy (Oil and Gas), education, real estate, and agriculture at management and Board levels. Over this period, he has left footprint of sustainable value creation and has demonstrated passion for human capital development towards organisational goal attainment. He is married with children and enjoys reading and football.

On his part, Engr. Solagbade Olukayode Alabi holds a B.Sc. Mechanical Engineering and is a Fellow of the Nigerian Society of Engineers with robust experience. He is an alumnus of the University of Lagos and attended various professional courses on business transformation, effective management/leadership, petroleum economics, project controls and management and project financing, amongst others, at various international institutes, including WHARTON, INSEAD and HARVARD.

He has made a lot of impact in public and private sector in energy (Oil and Gas) and education at management and Board levels. He is 66 years old with 43 years of work experience. He held, among various positions, the MD/CEO of Port Harcourt Refinery Co. Ltd in 2007 and Group General Manager at NNPC in 2009. He is presently the Chairman of Batel Litwin Global Services Ltd and XPLOIL Nigeria Ltd; and is a Non-Executive Director of AIMADEN Nigeria Ltd.

Mr Olumuyiwa Augustus Olumekun (Executive Director) is a graduate of University of Ibadan and an alumnus of the Lagos Business School, having attended the Chief Executive Program and the Advanced Management program at different times. He also attended courses in IESE Business School (Spain) and Harvard. He is a Member of the Institute of Directors.

He was Executive Director at Red Star Express (FedEx) who provided support to the C.E.O as well as directed sales, marketing, operations, strategy, business development, customer service and information technology at different times. He also served as Acting Managing Director and was a member of the board for 10 years.

In addition, he managed clients, which included major banks, FMCG’s, oil and gas, aviation, logistics and the public sector. For more than 25 years, while holding several positions, he mentored, coached and advised executives and managers as they focused on building the business and career development, while horning their leadership skills. He was also a startup staff of Red Star Express and was responsible for setting up key subsidiaries for Red Star, which included freight, logistics and support services.

Share
Related Stories
Image
21-January-2024

New NSE President Advocates Grade 9 Entry Level for Engineers

By Adedapo Adesanya The new first female president of the Nigerian Society of Engineers (NSE), Mrs Margaret Oguntala, has called on state governments to implement Grade Level 09 as the entry point for engineers in civil service. She made the call during her investiture as the 34th president of the engineering professional body in Abuja over the weekend. She also called for a policy formulation that would compel employers of labour to pay commensurate welfare packages/hazard allowances to engineers. Mrs Oguntala said the advocacy would be key among her focus in the next two years as the president of NSE.

Image
22-February-2024

Purple Real Estate Welcomes Umar, Oladimeji to Board

By Adedapo Adesanya Nigerian real estate platform, Purple Real Estate Income Plc, has made significant changes to its board, marking a pivotal moment in the company’s growth strategy amid current macro headwinds. The reshuffle brings on Mr Aminu Umar and Mr Olasunkanmi Oladimeji to join the board as Non-Executive Director and Executive Director. The duo of Mr Umar and Mr Oladimeji will take over from Mrs Osareme Archibong and Mrs Fiona Ahimie, both outgoing Independent Non-Executive Directors, according to notice on NASD OTC Securities Exchange, where the company trades its securities. Commenting on the changes, the Chairman of the board,

Image
06-February-2024

Bosun Tijani Appointed to ITU Digital Innovation Board

By Adedapo Adesanya The Minister of Communications, Innovation, and Digital Economy, Mr Bosun Tijani, has been appointed as a member of the Digital Innovation Board of the Innovation and Entrepreneurship Alliance for Digital Development by the International Telecommunications Union (ITU). ITU is the United Nations specialized agency for information and communication technologies (ICTs). Founded in 1865, the Geneva-headquartered agency facilitates international connectivity in communications networks. According to the ITU, the Digital Innovation Board was established to provide strategic guidance, expertise, and advocacy regarding its mission of building critical local enablers and fostering innovation and entrepreneurship in digital development, to create

More Stories
Image
28-August-2017

Whither the Oil Industry?

By FBNQuest Research While the core agenda of the FGN is to diversify the economy away from oil, in the short term it depends upon the industry for the generation of wealth and taxes. The outlook has improved with the authorities’ more conciliatory approach in the Niger Delta. The incidence of sabotage has declined, but not ended, and the authorities will now see what they have to deliver in addition to the restoration of allowances to the said militants. Output less condensates is said officially to be back near 1.8 mbpd. In July OPEC accepted a reported offer by the

Image
12-June-2019

Access Bank Eyes Lower Impaired Loans Ratio, Gets Fitch Ratings

By Modupe Gbadeyanka One of the leading financial institutions in Nigeria, Access Bank Plc, is anticipating to have a reduction in its impaired loans/gross loans ratio to low single digits by end-2020, Business Post has learned. At the moment, Access Bank has impaired loans/gross loans ratio above the 8 percent average reported by more highly rated domestic peers like Zenith Bank, Guaranty Trust Bank (GTBank) and United Bank for Africa (UBA), all listed on the Nigerian Stock Exchange (NSE). In March 2019, Access Bank completed its merger with a local tier two lender, Diamond Bank and this resulted in an

Image
11-November-2016

Lagosians Spend Over N3b On Food Daily—Ambode

By Modupe Gbadeyanka Residents of Lagos use at least N3 billion on food everyday, the state Governor, Mr Akinwunmi Ambode, has disclosed. He said due to this, the state government has put in place mechanisms to guarantee food security. Mr Ambode, speaking on Thursday at the maiden edition of the Lagos food security and exhibition summit, assured investors willing to do business in the agricultural sector of an available and ready market in the state. He said the state government has acquired farmlands in other neighbouring states of Ogun and Oyo as well as Abuja to produce some food items.

Image
20-May-2020

Abdulaziz Replaces Mohammed as MD of TCN After Sack

By Adedapo Adesanya The federal government has relieved the Managing Director of the Transmission Company of Nigeria (TCN), Mr Usman Gur Mohammed, of his duties with immediate effect. This was disclosed by the Minister of Power, Mr Sale Mamman, on Tuesday in a statement through the Special Adviser (Media) to the Minister, Mr Aaron Animas, in Abuja. It was revealed that Mr Mohammed’s removal took effect immediately, and announced in his place is Mr Sule Ahmed Abdulaziz, who will serve as acting Managing Director for now. The TCN is the only government owned company in the Nigeria Electricity Supply Industry

Image
17-August-2020

Why BDC Operators Can’t Get Forex For Now—CBN

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has explained why it was yet to resume the sale of Dollars to operators in the Bureaux De Change (BDC) segment of the foreign exchange (forex) market for now. According to the Director of Corporate Communications at the CBN, Mr Isaac Okorafor, the BDC operators will start to get forex allocation when the federal government decides to open the country’s airspace to international flights. At the moment, only domestic flight operations have resumed, with the government trying to monitor the situation of COVID-19 across the globe before opening up the space.

Image
21-May-2021

NASD Exchange in Stalemate Amid Rise in Trading Volume

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Thursday, May 21 despite a marginal increase in the trading volume. Business Post reports that the market capitalisation of the NASD Exchange retained the previous value of N542.95 billion, while the NASD Unlisted Security Index (NSI) remained unchanged at 763.84 points. The stalemate witnessed yesterday came even as the Nigerian Exchange (NGX) Group Plc recorded a 3.8 per cent or 83 kobo growth to close at N22.05 per share as against N21.22 per share it closed at the previous session. However, the gains could not impact the general

Image
21-March-2020

EPL Clubs to Repay £762m Broadcast Revenue if 19/20 Season is Cancelled

By Adedapo Adesanya English Premier League (EPL) clubs will have to pay back £762 million in broadcast revenue if the 2019-20 season is not completed due to coronavirus. According to the Athletic, the postponement of the league is understood to be costing broadcasters huge amounts of money per day as they cannot attract advertisers. The amount was communicated to all 20 clubs at the emergency meeting on Thursday, when it was decided the season would continue on April 30. The 20 first flight football clubs are said to be ready to fight any attempts from broadcasters to fine them should

Image
18-June-2021

DMO Plans N150bn FGN Bond Sale June 23

By Dipo Olowookere On Wednesday, June 23, 2021, the Debt Management Office (DMO) will auction the Federal Government of Nigeria (FGN) bonds worth N150 billion to investors. The Naira-denominated papers would be offered for sale in three different tenors of 10 years, 15 years and 30 years, all re-opening. In a circular issued by the DMO, it was disclosed that N50 billion worth of the 10-year FGN bond would be put up for sale. Also, another N50 billion worth of the 15-year bond would be auctioned, while the 30-year paper will have N50 billion worth up for grabs. The debt

Ad
Ad
Recent Stories
Image
05-March-2024

Binance Exits Nigeria, to Convert Naira Balances to UDST

By Adedapo Adesanya Binance will discontinue all services for Nigeria’s fiat currency, the Naira, following the ongoing regulatory onslaught on the firm by the Nigerian authorities. The crypto exchange will automatically convert Naira balances to US Dollar Tether (USDT) from March 8 but will cease support for deposits after today. Withdrawals will become unsupported after March 8 by 12 noon Nigerian time, a statement sighted by Business Post confirmed. The conversion rate for automatic conversions will be pegged at N1,515.13 to 1 USDT, according to an announcement from the website. Other features, including Binance Convert, Binance P2P, the exchange’s Auto

Image
05-March-2024

Petrol, Electricity Subsidies Will Gulp 3% of Nigeria’s GDP—IMF

By Adedapo Adesanya The International Monetary Fund (IMF) has warned the Nigerian government the payment of subsidies on petrol and electricity could take up to 3 per cent of the country’s gross domestic product (GDP) in 2024. The IMF stated this in a statement released on Monday on the completion of its 2024 Article IV Mission to Nigeria. The lender said that the recent improvements in revenue collection and oil production are encouraging, as “low revenue mobilization constrains the government’s ability to respond to shocks and to promote long-term development.” But it emphasised that, “The capping of fuel pump prices

Image
05-March-2024

Deel Buys 100% Stake in African HR Solution Company PaySpace

By Adedapo Adesanya Global human resources company, Deel, has announced the acquisition of African-based payroll and HR solution company, PaySpace, for an undisclosed amount, in one of its largest acquisitions to date. By acquiring PaySpace, Deel will become the first global payroll and Employer of Record (EOR) with its full-stack payroll engine localized in 50 countries and integrated into its offering. PaySpace’s proprietary technology is a cloud-native framework built as a single engine. Its platform allows for easy configuration to add additional countries through localization. These localization projects normally take years to complete, but with PaySpace’s innovative technology, it can

Image
05-March-2024

Emotions Pour as Dignitaries Eulogise Late Herbert Wigwe

By Adedapo Adesanya  It was an emotional rollercoaster at the tribute event held on Monday night to celebrate the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. Dignitaries from government, corporate organisations, and royalty paid tribute to the late titan who died alongside his wife, son, and a former group chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbajo, on February 9 in the United States. The event which was monitored by Business Post was divided into six segments – Young Hebert, the banker, the entrepreneur, the CEO, the builder and the ambassador. These personalities

Image
05-March-2024

Nigeria’s Economic Outlook is Challenging—IMF Declares

By Aduragbemi Omiyale The International Monetary Fund (IMF) has alerted that tough times await Nigerians, though it retained its gross domestic product (GDP) growth forecast for 2024 at 3.2 per cent. In a statement on the conclusion of the IMF Staff 2024 Article IV Mission to Nigeria, the global lender said the administration of President Bola Tinubu “inherited a difficult economic situation marked by low growth, low revenue collection, accelerating inflation, and external imbalances built up over years.” However, it praised the government’s approval of an effective and well-targeted social protection system, including the release of grains, seeds, and fertilizers,

Image
05-March-2024

Banks Involved in 70% of Economic Crimes in Nigeria—EFCC

By Aduragbemi Omiyale Nearly 70 per cent of financial crimes in Nigeria have the involvement of banks, the Economic and Financial Crimes Commission (EFCC) has claimed. “Broadly speaking, banking fraud in Nigeria is both inside and outside related. “The inside related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices,” the chairman of EFCC, Mr Ola Olukoyede, said while speaking at the Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria held in Abuja. The EFCC boss, represented by the agency’s Director

Image
05-March-2024

Nigerian Air Force Airstrikes Hit Two Illegal Refineries in Rivers

By Adedapo Adesanya The Nigerian Air Force component of Operation Delta Safe, through airstrikes destroyed two illegal oil refining sites in Krakama and Temakiri, Degema Local Government Area of Rivers State, in continuation of efforts to stamp out the activities of crude oil thieves and oil pipeline vandals in the country. This was disclosed by the Director of Public Relations and Information, Nigerian Air Force, Mr Edward Gabkwet, an Air Vice Marshal, saying the illegal oil refining sites were observed actively operating with Cotonou boats sighted nearby with the probable intent to illegally siphon crude oil from the sites. Mr

Image
05-March-2024

NGX Remains Catalyst for Economic Growth—Chiemeka

By Aduragbemi Omiyale The acting chief executive of the Nigerian Exchange (NGX) Limited, Mr Jude Chiemeka, has described the bourse as a catalyst for economic growth and development. He said this at the listing of 7.5 billion ordinary shares of Transcorp Power Plc at N240 per unit at the exchange on Monday. The energy firm raised the market capitalisation of the trading platform by N1.8 trillion yesterday. According to him, the inclusion of Transcorp Power into the NGX, the first listing of the year, underscored the pivotal role the bourse plays in shaping Nigeria’s economic landscape. He added that NGX

Image
05-March-2024

Dangote Renames Lagos Refinery Road After Herbert Wigwe

By Modupe Gbadeyanka The road to the Dangote Refinery in the Lekki area of Lagos State has been renamed after the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. This development was announced on Monday night by the owner of the oil facility, Mr Aliko Dangote, during the Celebrating Herbert Wigwe’s Professional Legacy, who said this gesture was to immortalise his friend. The Nigerian billionaire businessman and the richest black man on earth, in an emotional tribute to the late banker, who died in a helicopter crash in the United States on February 9, 2024, along with

Image
05-March-2024

Investors of Unlisted Securities Lose N43bn

By Adedapo Adesanya It was a bad day for investors of unlisted securities in Nigeria as the NASD Over-the-Counter (OTC) Securities Exchange ended the first trading session of the week on a negative note with a 3.11 per cent loss triggered by four stocks on the platform. The culprits were UBN Property Plc, Aradel Holdings Plc, Central Securities Clearing System Plc, and Resourcery Plc. They were under selling pressure during the trading session. This resultantly trimmed N43 billion from the market capitalisation of the bourse to N1.449 trillion from N1.542 trillion, as the NASD Unlisted Security Index (NSI) dropped 35.53