Tinubu Appoints New Executive Secretary for NCDMB, Removes Wabote

Image

By Modupe Gbadeyanka

President Bola Tinubu has appointed Mr Felix Omatsola Ogbe as the new Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB).

A statement issued on Thursday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale, said the appointment of Mr Ogbe aligns with Sections 71(1), 72, and 73 of the Nigerian Oil and Gas Industry Content Development Act (2010).

The new executive scribe of the agency will replace the former occupier of the position, Mr Simbi Wabote, who had headed the management team of the organisation since 2016.

Business Post reports that in September 2020, Mr Wabote was reappointed to lead the company for another term of four years by former President Muhammadu Buhari. He was to end his second term in office next year before his removal by Mr Tinubu.

The statement by the presidential spokesman also said Mr Tinubu has also “approved the appointment of qualified Nigerians to serve on the governing council” of NCDMB.

To lead the board is the Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri; while the Executive Vice President for Upstream of the Nigerian National Petroleum Company (NNPC) Limited, Mr Oritsemyiwa Eyesan; the chief executive of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe; Bekearedebo Augusta Warrens; Nicolas Odinuwe; Rapheal Samuel; Sadiq Abubakar; and Olorundare Sunday Thomas will serve as members.

“President Tinubu expects this highly qualified body of experts to discharge their duties with his patriotic resolve to significantly enhance indigenous industry participation in the energy sector as part of the Renewed Hope Agenda’s mandate to achieve the goal of 70 per cent indigenous content and participation in the nation’s energy industry during the lifespan of this administration,” the statement said.

Share
Related Stories
Image
05-February-2024

Oyinsan Takes Over as Pan-Atlantic University Alumni President

By Modupe Gbadeyanka A renowned broadcaster and media personality, Mr Gbemileke Oscar Oyinsan, has become the new president of the Pan-Atlantic University Alumni Association (PAUAA). Mr Oyinsan assured he and his team would promote the aims and objectives of the university and forge stronger links among the alumni and administrators of the foremost citadel of knowledge. “The focus of these new executives under my leadership is to ensure that the alumni stay connected and engaged through strategic execution of events and programmes that bring value,” he stated. The show host reiterated that the PAU over the years has earned a

Image
01-February-2024

Otedola Takes Over as FBN Holdings Chairman

By Dipo Olowookere Prominent Nigerian businessman, Mr Femi Otedola, has been appointed as the chairman of FBN Holdings Plc, the parent company of First Bank Nigeria Limited, a foremost lender in the country. He was picked for the position at the meeting of the board of the organisation held on Wednesday, January 31, 2024. He is taking over the post from Mr Ahmad Abdullahi, after he joined the board in August 2023 as a non-executive director. Mr Otedola, who has been described as a visionary entrepreneur, is also the chairman of Geregu Power Plc, a company also listed on the

More Stories
Image
24-October-2023

Crude Oil Down as Diplomatic Efforts in Middle East Calm Tension

By Adedapo Adesanya  Crude oil depreciated by over 2 per cent on Monday as diplomatic efforts in the Middle East intensified in an attempt to contain the conflict between Israel and Hamas. Brent crude settled down by $2.33 or 2.5 per cent to trade at $89.83 a barrel while the US West Texas Intermediate (WTI) crude lost $2.59 or 2.9 per cent to close at $85.49 a barrel. The European Union (EU) leaders will call for a humanitarian pause in the conflict this week so that aid can reach Palestinians in Gaza, with the leaders of France and the Netherlands

Image
07-November-2020

NDEP, Afriland Dampen Mood at NASD OTC Securities Exchange

By Adedapo Adesanya Niger Delta Exploration and Production (NDEP) Plc and Afriland Properties Plc created a bearish environment for equities at the NASD Over-the-Counter (OTC) Securities Exchange on Friday. The unfavourable outcomes of the two stocks dampened the mood of the market by 0.19 per cent at the close of transactions yesterday. NDEP Plc recorded a price depreciation of N2.17 or 0.7 per cent to close at N309.77 per share as against N311.94 per share it closed at the previous session. Also, Afriland dropped 4 kobo or 2.8 per cent during the trading day to close at N1.38 per share

Image
31-December-2020

Naira Depreciates to N394/$1 at I&E Window

By Adedapo Adesanya The Naira depreciated by 0.13 per cent or 50 kobo against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Wednesday, December 30 to close at N394/$1. This extended pressure felt by the local currency especially as reports indicate that the Naira is expected to depreciate further into the new year, according to a new survey by the Central Bank of Nigeria (CBN). At the previous session, the domestic currency closed at N393.50/$1 but yesterday, investors made a higher demand, causing the value of the currency to drop at the

Image
13-January-2017

Forex: FG Orders CBN to Give Manufacturers Priority

By Modupe Gbadeyanka Central Bank of Nigeria (CBN) has been directed by President Muhammadu Buhari to prioritise foreign exchange allocation to manufacturers in order to forestall job losses. This charge was given by Minister of Labour and Employment, Mr Chris Ngige, during an interactive session with National Executive of National Union of Food, Beverages and Tobacco Employee (NUFBTE) in Abuja. Mr Ngige at the meeting also reiterated Federal Government’s unwavering commitment towards ensuring that industries remain operational, despite the lingering socio-economic challenges “The Federal Government has directed the Central Bank of Nigeria to ensure that the backlog of applications for

Image
10-December-2017

Zenith Bank Records Average Performance

By Cowry Asset In our assessment, relative to the banking industry, Zenith Bank Plc recorded average performance for 9 months to September 2017. Taking into consideration relevant ratios, we arrived at a ‘Bb’ rating. Given its performance, plus an upside of 15.62% to its target price of N28.92, we recommend a BUY on its shares. Profitability Beats Industry Average despite Rising Costs, Higher Leverage Zenith Bank Plc based on its 9M 2017 improved ROE and ROA to 17.72 percent and 2.64 percent respectively from 9M 2016 levels (beating industry averages of 9.15 percent and 1.27 percent). Increased profitability was driven

Image
04-March-2021

Transcorp Hotels Unveils Online Booking Platform

By Dipo Olowookere An online booking platform to allow users secure quality accommodation, great food and awesome experiences has been launched by Transcorp Hotels Plc. The new initiative called Aura is the company’s first in the alternative accommodation segment aimed to use technology to deliver true hospitality, exciting experiences, and drive shareholder value. A statement issued by the hospitality giant explained that the organisation will partner with homeowners, hoteliers, restaurateurs, tour operators and locals to redefine travel and tourism through Aura. Transcorp Hotels believes with the launch of Aura, it has further cemented its leadership in the hospitality industry and

Image
14-November-2021

Malami Never Forced us to Convert Dollar at N305—Keystone Bank

By Dipo Olowookere The management of Keystone Bank Limited has reacted to reports suggesting that it was forced to convert about $40 million belonging to the federal government at an exchange rate of N305/$1. In a statement issued on Sunday by the lender, it stressed that the conversion was done at the official rate, noting that “the parties to this transaction were not at liberty to have recourse to parallel market rates, which is what the trending histrionic reporting appears to be suggesting.” The bank further clarified that the sum of money came into its position in the normal and

Image
20-June-2020

COVID-19: Consumer Goods Sector Hardest Hit—FBNQuest Survey

By Modupe Gbadeyanka **Says Income Levels Down 30% The income levels of consumers in Nigeria are down by an average of 30 percent since March 2020, while job opportunities are fast disappearing, a survey has revealed. The study conducted by REACH Technologies, a Nigeria-based fintech, on behalf of FBNQuest, corroborates findings from the National Bureau of Statistics (NBS) COVID impact survey that consumers have fallen on harder times. Another sticking point is that consumption of non-essentials has been cut drastically, with respondents stating that they have reduced spending on higher value category items by about 22 percent since about three

Ad
Ad
Recent Stories
Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of