Sanwo-Olu Replaces Adefisayo, Four Others for Commissioners

By Adedapo Adesanya President Bola Tinubu has approved the appointment of Mr Ola Olukayode as the new Chairman of the Economic and Financial Crimes Commission (EFCC). According to Mr Ajuri Ngelale, the spokesman for President Bola Tinubu, Mr Olukayode, prior to the appointment, was the Secretary of the EFCC. This appointment confirms the resignation of the suspended Chairman of the commission, Mr Abdulrasheed Bawa. His appointment is for a renewable term of four years in the first instance, pending Senate confirmation. Mr Olukoyede is a lawyer with over 22 years of experience as a regulatory compliance consultant and specialist in

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 Governor of Lagos State, Mr Babajide Olusola Sanwo-Olu, has sacked the General Manager of the Lagos State Traffic Management Authority (LASTMA), Mr Bolaji Oreagba. It was disclosed that Mr Oreagba was removed from office because of the various incidences of misdemeanours among staff of the traffic control agency. According to the Permanent Secretary in the Ministry of Transportation, Mr Olawale Musa, the Governor has appointed Mr Olalekan Bakare-Oki as the acting general manager of LASTMA with immediate effect to bring sanity into the organisation. Mr Musa explained that the new chief of LASTMA was favoured for

By Modupe Gbadeyanka The publisher of an online news platform, Per Second New (PSN), Mr Femi Oladapo Soneye, has been appointed as the Chief Corporate Communications Officer (CCCO) of the Nigerian National Petroleum Company (NNPC) Limited. The appointment of the veteran journalist was announced on Wednesday night by the state-owned oil agency, which said it looked “forward to his valuable contributions to our company.” The new spokesman will be in charge of the corporate communications of the NNPC, leading the organisation’s “corporate communications team and drive our brand penetration, strategic communications initiatives, and stakeholder management.” According to the statement, Mr

By Ahmed Rahma The European Union (EU) has fined Moody’s Corporation, an American business and financial services company, often referred to as Moody’s, a sum of €3.7 million ($4.35 million). It was explained on Tuesday that the fine was for breaching rules and failure to disclose conflicts of interest. According to the European Securities and Markets Authority (ESMA), the breaches resulted from negligence on the part of the company, adding that the fine was for five Moody’s entities based in France, Germany, Italy, Spain and Britain. ESMA said Moody’s had inadequate internal policies and procedures to manage shareholder conflicts of

By Dipo Olowookere Aligning with Nigeria’s energy strategy for the future, GE’s Power Services business has announced signing a Multi-year Service Agreement (MYA) with Shell Petroleum Development Company (SPDC) for its 650MW Afam VI combined cycle power plant located in the South-eastern part of the country. The plant, which provides enough electricity equal to power over 3 million Nigerian homes at peak performance, will expect to improve its availability, reliability and output for up to 200,000 Nigerian homes, while decreasing its operational costs. SPDC and its partners in the joint venture operate and built the plant in a significant contribution

By Modupe Gbadeyanka Johnson & Johnson on Tuesday named winners of the first Africa Innovation Challenge at the Global Entrepreneurship Congress. The initiative, which received nearly 500 submissions from innovators and entrepreneurs across the continent, sought the best ideas for new, sustainable health solutions that will benefit African communities. The Johnson & Johnson Family of Companies comprises the world’s largest healthcare business and its presence in Africa dates back to 1930, including business operations, public health programs and corporate citizenship. The Africa Innovation Challenge is part of the company’s comprehensive approach to collaborate with and support Africa’s vibrant innovation, education

By Adedapo Adesanya The Nigerian Government has reiterated its commitment to boosting trade on the African continent through the collaborative effort of reducing the cost of shipping. This was disclosed at the Sub-Regional Summit on Unfair Shipping Surcharges and High Local Shipping Charges at the Ports of West and Central Africa in Abuja on Monday, According to the Minister of Transportation, Mr Rotimi Amaechi, who represented the Vice President, Mr Yemi Osibanjo, Federal Government was aware of the disturbing cost of transportation of goods through the ports in the sub-region due to freight rates and arbitrarily imposed surcharges. He said

By Adedapo Adesanya The former Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mr Andrew Yakubu, will on Wednesday, November 1 know the fate of his legal battle to compel the Economic and Financial Crimes Commission (EFCC) to release the sum of $9.8 million cash seized from his Kaduna residence since 2017. The huge sum is being allegedly withheld by the anti-graft agency in violation of a subsisting order of the court. At the final hearing of his legal battle against EFCC, Justice Inyang Ekwo, fixed November 1 to deliver judgment in the suit on the money

By investors Hub The major U.S. index futures are currently pointing to a lower opening on Friday, with stocks likely to come under pressure after ending the previous session modestly higher. Trade concerns are likely to weigh on the markets once again after President Donald Trump revealed plans to use tariffs to compel Mexico to make efforts to stop flow of illegal immigrants across the country and into the U.S. ?On June 10th, the United States will impose a 5% Tariff on all goods coming into our Country from Mexico, until such time as illegal migrants coming through Mexico, and

By Modupe Gbadeyanka The inability of the board of Oando Plc to release to the investing public the audited 2019 and first quarter of 2020 unaudited financial reports has been blamed on the Securities and Exchange Commission (SEC). The energy company, in a disclosure on Monday, explained that the decision of the apex capital market regulatory agency to suspend its Annual General Meeting (AGM) last year has made it impossible for the firm to audit its 2019 financial statements. “Following the SEC’s suspension of Oando’s AGM, the company has been unable to appoint auditors to commence the company’s 2019 audit

By Adedapo Adesanya Four companies made investors lose N8.38 billion at the NASD Over-the-Counter (OTC) Securities Exchange last week, which was the 39th trading week in 2021. The loss reduced the total value of shares at the local unlisted securities market to N637.16 billion from the N645.54 billion recorded at week 38. Equally, the NASD OTC Security Exchange Index (NSI) went down by 1.3 per cent or 9.64 points to close the week at 733.06 points as against the preceding week’s 742.70 points. Business Post reports that during the week, Central Securities Clearing Systems (CSCS) Plc depreciated by 8.3 per