Transcorp Will Greatly Benefit from Ezeafulukwe’s Appointment—Elumelu

By Aduragbemi Omiyale Members of the Finance Houses Association of Nigeria (FHAN) have elected the founder of DLM Capital Group, Dr Sonnie Babatunde Ayere, as their president. FHAN is the umbrella and self-regulatory body of all finance companies licenced by the Central Bank of Nigeria (CBN) to operate in the country. The group was formed on April 11, 1989, as a professional trade group to advance the business interests of its members, currently at 102, institute sound and ethical corporate governance practices, maintain a standard of conduct for operators, and ensure members’ compliance with statutory regulatory requirements. At the election

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 A popular talk show host, Mrs Morayo Afolabi-Brown, has been appointed as the Managing Director of TVC Entertainment (TVCe). The channel is the entertainment subsidiary of the Lagos-based broadcast media platform, TVC Communications. Mrs Afolabi-Brown is the co-anchor of the famous morning show on TVC, Your View, which has won several awards. Confirming her appointment on Thursday, she said, “I am excitingly pleased to announce my recent appointment as the Managing Director of TVCe, the Entertainment Channel of TVC Communications. “This is a new chapter in my career. I am exceedingly grateful to the board for entrusting

By Adedapo Adesanya  President Bola Tinubu has approved the appointment of 12 persons to serve in the Federal Civil Service Commission (FCSC) to be led by Mr Tunji Olaopa as Chairman. According to a statement by President Tinubu’s spokesperson, Mr Ajuri Ngelale, on Friday, the appointment of the members into the commission is subject to the confirmation of the Nigerian Senate. He said that upon confirmation, the new FCSC leadership is expected to commence work with effect from November 30, 2023, following the expiration of the tenure of the current Federal Civil Service Commission Chairman and membership on November 29,

By Modupe Gbadeyanka On Thursday, the Central Bank of Nigeria (CBN) conducted another sale of treasury bills via Open Market Operations (OMO). This was to soak up excess inflows from maturing OMO bills yesterday. At the close of the exercise, the apex bank raised about N349 billion from investors, who subscribed to the N400 billion worth of OMO bills offered by the bank. A breakdown of the exercise showed that the central bank raised N73.65 billion from the 91-day bill offered at 11.05 percent, while N274.98 billion was raked from the 210-day paper offered at 12.15 percent. According to Zedcrest

By Adedapo Adesanya The prices of food globally saw yet another drop in the month of June, according to the recent data released by the United Nations Food and Agriculture Organisation (FAO). FAO Food Price Index (FFPI), which is used to index the commodity, averaged 122.3 points in June 2023, down 1.7 points (1.4 per cent) from May, continuing the downward trend and averaging as much as 37.4 points (23.4 per cent) below the peak it reached in March 2022. The month-on-month decline in the index in June reflected drops in the indices for sugar, vegetable oils, cereals and dairy

By Kester Kenn Klomegah While celebrating the Africa Day, the Ministry of Foreign Affairs reaffirmed Russia’s commitment to offer support and participate in the sustainable development processes in Africa. In a video conference held May 28 with local and foreign media, Russian Foreign Ministry Spokeswoman Maria Zakharova, highlighted the history behind the establishment of the Africa Day, which is observed as an annual holiday symbolizing the desire of the peoples of the African continent for peace, independence and unity. According to her, “the close nature of friendly ties with African countries, the significant experience of mutually beneficial cooperation dates back

By Modupe Gbadeyanka The Nigerian Naira closed mixed at the various foreign exchange segments on Tuesday. This occurred as the Central Bank of Nigeria (CBN) announced at the end of its two-day Monetary Policy Committee (MPC) meeting yesterday that the Monetary Policy Rate (MPR) would be retained at 14 percent. At the close of transactions on Tuesday, the local currency traded flat at the parallel market at N360 per Dollar. However, it gained N2 each against both the Euro and Pound Sterling at the black market to finish at N418 and N478 respectively. At the interbank forex market, the Naira

By Dipo Olowookere Yield on the one-month treasury bills at the secondary market settled at 9.95 percent on Thursday after depreciating by 0.79 percent. Business Post reports that the 30-day debt instrument has lost 4.96 percent already this year. It was the only bill that suffered a yield decline yesterday. The 90-day paper appreciated by 0.11 percent on Thursday to close at 11.07 percent, the 180-day instrument gained 0.13 percent to finish at 13.92 percent, the 270-day increased by 0.24 percent to end at 14.54 percent, while the 364-day bill rose by 0.01 percent to also settle at 14.54 percent.

Regional value added distributor Hiperdist, headquartered in Dubai, has announced a strategic partnership with Pelco for the West and East Africa regions. Santosh Sansare, General Manager of Hiperdist said, “We are glad to partner with Pelco, one of the leaders in security technologies in the world. Pelco is an invaluable addition to our steadily growing portfolio of partners.” Pelco by Schneider Electric is a leading specialist in end-to-end video surveillance solutions and services including cameras, recording and management systems, software, and services. Saqib Khan, Business Manager at Hiperdist described Pelco’s solutions. He said, “Pelco offers a suite of options across

By Dipo Olowookere Julphar Gulf Pharmaceutical Industries, the largest generic pharmaceutical company in Middle East and North Africa (MENA), has launched PULSE, the first research application in the region to study behaviours and attitudes in disease management, during a launch event that took place at the Park Hyatt hotel in Dubai on September 30, 2016. PULSE, available on iOS and Android, will support Julphar in studying key therapeutic aspects starting by studying trends in management of dyslipidemia in the region, focusing on its prevalence, clinical practices and treatment, by submitting a medical study in its first phase to 30 selected

By Adedapo Adesanya It was an unfavourable day at the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday, February 2 as its benchmark index went down by 0.35 per cent to close at 722.87 points as against the previous 725.39 points. The day’s decline was caused by a 3.0 per cent or N10 drop in the price of Niger Delta Exploration and Production (NDEP) Plc stocks during the session. The oil investment company closed at N320 per share compared to N330 per share it previously closed. The decline impacted the market capitalisation of the bourse yesterday as it went down by