Senate Okays Muiz Banire as AMCON Board Chairman

Image

By Modupe Gbadeyanka

Former national legal adviser of the ruling All Progressives Congress (APC), Mr Muiz Banire, has been confirmed as Chairman of the Governing Board of Assets Management Corporation of Nigeria (AMCON).

Mr Banire, a former Commissioner in Lagos and a Senior Advocate of Nigeria (SAN) was confirmed for the position on Wednesday by the Senate.

At the plenary today, Senate’s Chairman on Banking, Insurance and Other Financial Institutions Committee, Mr Rafiu Ibrahim, informed his colleagues that Mr Banire was qualified to hold the post having been screened by his committee.

When the Senate President, Mr Bukola Saraki, asked his colleagues if Mr Banire should be confirmed as Chairman of AMCON Board, they answered in the affirmative.

Mr Banire was nominated for the position by President Muhammadu Buhari in July 2018 shortly before the Senate went on its annual recess and resumed yesterday for legislative business.

AMCON was established by the Act of the National Assembly of Nigeria in July 2010 with an intended 10 years lifespan.

The concept is in consonant with the operation of the National Asset Management Agency of the Republic of Ireland and Malaysia Pengurusan Danaharta.

The agency acts as the buyer of banks for the Nigerian Government by acquiring the non-performing loans (NPL).

Share
Related Stories
Image
24-November-2023

Sanwo-Olu Removes Oreagba as LASTMA GM, Appoints Bakare-Ori

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

Image
09-November-2023

Tinubu Appoints 20 Commissioners to National Population Commission

By Adedapo Adesanya President Bola Tinubu has approved the appointment of 20 Nigerians to serve as Federal Commissioners in the National Population Commission (NPC). According to a statement signed by Mr Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, nine current Federal Commissioners were appointed to a second term in office, while the 11 others are serving their first term. The list includes Mr Emmanuel Trump Eke — Abia, Mr Clifford Zirra — Adamawa — Reappointed, Mr Chidi Christopher Ezeoke — Anambra — Reappointed, Mr Isa Audu Buratai — Borno — Reappointed, Mr Alex Ukam —

Image
18-October-2023

NNPC Appoints Femi Soneye as Chief Corporate Communication Officer

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

Image
27-October-2023

Senate Confirms Adamu Aliyu as New ICPC Chairman

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

More Stories
Image
22-January-2019

Remita, Verve Join Forces to Extend Payment Services

Leading electronic payment platform in Africa, Remita, has partnered with Verve, a Pan-African financial technology brand, to further enhance the payment experience of millions of customers by enabling them to pay thousands of merchants on the Remita platform using their Verve card.  This disclosure was made recently when both brands announced their partnership, which increases the card payment options available to customers on the Remita platform. “The acceptance of Verve cards on Remita represents increased convenience to Remita customers, and a strategic partnership for markets in which Verve operates,” said Demola Igbalajobi, Divisional Head, Products, Services and International Business at

Image
13-February-2019

Fox News Profiles Peace Hyde

Aim Higher Africa, the education non-profit organisation founded by British/Ghanaian media entrepreneur and Forbes Africa Executive, Peace Hyde was recently profiled on Fox News for its impactful work transforming impoverished communities. Over the years, the organisation has grown from having a focus on rehabilitating street children by providing them with basic education including literacy, science and maths to empowering unemployed youths and grassroots entrepreneurs by providing them with vocational skills and support to create businesses and job opportunities for their communities. Throughout that time, the organization has invested in over 3000 startups from grassroots entrepreneurs and its proprietary mind-set reorientation

Image
18-July-2017

Wabote, Others to Speak at Africa Oil Week 2017

By Dipo Olowookere Organisers of Africa’s premier oil industry event, Africa Oil Week, have announced speakers for the 2017 edition of the programme. Among the speaker is Mr Simbi Kesiye Wabote, the Executive Secretary of the Nigerian Content Development & Monitoring Board (NCDMB). Others are Jean-Marc Thystere-Tchicaya, Minister of Hydrocarbons for the Republic of Congo, Brazzaville; Thierry Tanoh, Minister of Petroleum, Energy and Development of Renewable Energies in Côte d’Ivoire; Gabriel Mbaga Obiang Lima, Minister of Mines, Industry and Energy in Republic of Equatorial Guinea; and Jerreh Barrow – Commissioner of Petroleum, Ministry of Petroleum & Energy for Government of

Image
29-April-2022

Russia-Ukraine Conflict Hurting Too Many People—Buhari

By Modupe Gbadeyanka President Muhammadu Buhari has expressed his displeasure over the ongoing Russia-Ukraine conflict, saying the crisis was lasting too long and was already hurting many people. Mr Buhari gave his opinion on the issue when he had a meeting with members of the diplomatic corps in Abuja on Thursday, urging world leaders to quickly look for a way to bring the war to an end. On February 24, 2022, Russia invaded its European neighbour after Ukraine failed to back down on its plans to join the North Atlantic Treaty Organization (NATO), with the United States as one of

Image
15-December-2021

Amnesty Kicks Against Closure of Borno IDP Camps

By Adedapo Adesanya Amnesty International has expressed concerns about the safety of thousands of Internally Displaced Persons (IDPs) in Borno state, who are at risk of forced resettlement as the state government plans to close all IDP camps within Maiduguri by December 31. More than 10,000 households still living in IDP camps within Maiduguri are at risk of forced resettlement and the group said attacks by Boko Haram and ISWAP and human rights violations by the military continue in the region. In a statement, which follows interviews with 38 former IDP returnees and individuals currently living in IDP camps within

Image
21-February-2020

Zenith Bank Declares N2.50 Dividend for FY 2019

By Dipo Olowookere Tier-one Nigerian lender, Zenith Bank Plc, has announced a dividend of N2.50 per share for its shareholders for the year ended December 31, 2019. In a notification on Friday, the bank said the cash reward would be paid to shareholders whose names appear in the register of members as at the close of business on March 9, 2020. The payment is subject to appropriate withholding tax and approval of the company’s investors at the Annual General Meeting (AGM) fixed for March 16, 2020 at the Shehu Musa Yar’Adua Centre in Abuja. Zenith Bank, which also released its

Image
10-March-2022

Lagos Begins Public Display of Sex Offenders

By Adedapo Adesanya The Lagos State Government has said it has commenced the publication of details of sex offenders in the state. This was disclosed by the Executive Secretary of the Lagos State Domestic and Sexual Violence Agency (DSVA), Mrs Titilola Vivour Adeniyi, on Thursday during a press conference at the agency’s office. According to the Executive Secretary, the publication will include the name and picture of the sex offender, the nature of the offence as well as the duration of the sentence handed down by the court. Mrs Vivour Adeniyi noted that this was in line with the provisions

Image
31-May-2017

US Stocks To Bounce Back After Tuesday

By Investors Hub Stocks are poised for an advance at the start of Wednesday’s trading, bouncing back from the profit taking recorded in the previous session. U.S. stocks fell on Tuesday, snapping a long winnings streak, as weakness emerged in the energy and banking sectors. Markets were in a cautious mood after data showed U.S. consumer confidence unexpectedly fell in May, the second consecutive monthly decline. The Dow Jones Industrial Average lost 50.81 points, or 0.2%, at 21,029.47, as banks struggled. The S&P 500 index finished down 2.91 points, or 0.1%, at 2,412.91, and the Nasdaq Composite Index closed down

Ad
Ad
Recent Stories
Image
09-December-2023

Moody’s Upgrades Nigeria’s Outlook to Positive After Economic Reforms

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

Image
09-December-2023

Value of Nigeria’s Unlisted Stock Exchange Reaches N1.2trn

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

Image
09-December-2023

Naira Crashes to N1,099.05/$1 at Official Market

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

Image
09-December-2023

Nigerian Exchange Rises 0.12% Amid Weak Investor Sentiment

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

Image
09-December-2023

Crude Prices Up 2% on US Demand Growth Expectations

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

Image
08-December-2023

PZ Cussons Nigeria Publishes List of 61,628 Shareholders With Unclaimed Dividends

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

Image
08-December-2023

CBN Raises Alarm on Fake Naira Notes, Threatens Prosecution

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

Image
08-December-2023

Nigeria’s Crude Output Falls 30,000 Barrels Daily to 1.43mbpd in November

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

Image
08-December-2023

New Survey: Some Nigerian Bank Adverts Are Misleading—Customers

By Aduragbemi Omiyale Some aggrieved customers have accused Nigerian banks of lying about a few of their services in adverts in the media and not doing enough to assist when needed, despite using the provided platforms to lodge their complaints. In a survey conducted recently by a foremost perception consulting firm in the country, CMC Connect LLP, it was observed that some financial services consumers in Nigeria are not satisfied with what they get from their banks. The perception study carried out by the Strategy & Intelligence Service unit of CMC Connect showed that, “Consumers do not have enough information

Image
08-December-2023

Delta State Proposed Budget 2024 and Critical Concerns

By Jerome-Mario Utomi It is common knowledge that Delta State Governor, Sheriff Oborevwori, recently, presented a N714.4 billion Appropriation Bill tagged ‘Budget of Hope and Optimism,’ for the 2024 fiscal year to the state House of Assembly. What is, however, uncertain to Deltans and the watching world is whose interest the bill, if passed, is meant to serve or protect. There is also the concern as to whether it will herald into the political geography called Delta state, a just or an unjust law. As we are now, a just law is ‘a man-made code that squares with moral laws