Directors

Imo council chairs petition President Buhari over ‘lopsided appointments’ in NDDC

The Oil Producing Local Government Areas (LGAs) in Imo State under the auspices of Urashi Peoples’ Congress (UPC) has called on President Muhammadu Buhari to reverse what it described as persistent lopsided appointment in the management of the Niger Delta Development Commission (NDDC). In an open letter addressed to the president, which was signed by the Coordinator, Mr. Reginald Uwakwe, a copy of which was made available to newsmen yesterday, the group lamented that the appointments into key positions i.e. the managing director of the NDDC, have been allegedly skewed in favour of only four states of Rivers, Akwa-Ibom, Bayelsa and Delta, out of the nine member states that made up the commission. It said between 2001 and 2021, the list of managing directors and their states included Dr. God...

AfreximBank to support Ogun infrastructural development with $200 million

The African Export-Import Bank (Afrexim) has disclosed its plans to support infrastructural development in Ogun State with an envelope of $200m. The fund, according to the bank, will be dedicated towards projects and other developmental initiatives embarked upon by the incumbent administration in the state. The President and Chairman of the Board of Directors of the Afrexim Bank, Benedict Oramah, who made this known when he led management of the bank on a courtesy visit to Governor Dapo Abiodun at his Oke-Mosan Office, Abeokuta, on Monday, equally said the bank would partner Ogun on ensuring that the 250-bed Specialist Hospital, Abeokuta, is completed and begin operations soon. Oramah, while noting that the bank has been investing heavily in the health sector in Africa to develop vaccines ...

INEC to create 2,673 centres as continuous voter registration resumes

The Independent National Electoral Commission said it plans to create 2,673 registration centres and deploy 5,346 officials for the Continuous Voter Registration scheduled to resume June 28. INEC Chairman, Prof. Mahmood Yakubu, disclosed this at the commission’s emergency meeting with security agencies under the auspices of the Inter-agency Consultative Committee on Election Security. Yakubu said that INEC was preparing for the resumption of the nationwide CVR to enable Nigerians who have attained the age 18 years and those who did not register previously to do so. He said: “Similarly, registered voters who wish to change their voting locations and those who wish to correct their names and other details on their Permanent Voters Cards can do so. “We plan to create 2,673 registration centre...

NNPC selects 26 firms to lift Nigeria’s crude oil

The Nigerian National Petroleum Corporation (NNPC) has picked 26 foreign and local companies as well as 12 countries to lift the country’s crude oil for the next two years. The crude term contracts, expected to run from 2021 through 2023, would see the firms and the selected nations, which would operate on a Government-to-Government (G2G) basis to purchase the commodity from the national oil company. The deal is coming less than a week after the corporation chose 16 oil and gas consortia for its new crude-for-fuel swap contracts for one year starting in August. The contracts, known as Direct Sale, Direct Purchase (DSDP) are high-stakes agreements used to supply nearly all of Nigeria’s petrol needs as well as cover some of its diesel and jet fuel consumption. However, in the fresh crude oil...

CSCS reiterates commitment to deepening capital market

The Central Securities Clearing System (CSCS) has restatement its commitment in repositioning business to efficiently play a more active and leading role in deepening the Nigerian capital market growth. Also, CSCS grew its profit after tax by 41.4 per cent for the year ended December 31, 2020. The company results showed that amidst unprecedented economic and financial market conditions occasioned by the COVID-19 pandemic, the Group grew total income by 31.3 per cent year-on-year (YoY) to N12.09 billion. Profit after tax grew by 41.4 per cent to N6.93 billion, translating to N1.39 earnings per share. The group delivered 20.3 per cent return on average equity for the 2020 financial year, compared to 15.3 per cent in 2019 full year. The company’s total assets stood at N41.42 billion, as again...

Commodities trading: SEC issues new rules on warehousing, collateral management

File Photo In a bid to ensure a vibrant commodities trading ecosystem, which would in turn boost foreign exchange earnings for the country, the Securities and Exchange Commission (SEC) has released new rules covering warehousing and collateral management, among others. According to the rules, every warehouse that stores commodities to be traded on a registered exchange shall apply to be registered by the SEC, while the commission shall maintain a register of all registered warehouses to be published on its website. The new rules also provide that any warehouse applying for registration shall submit proof of ownership or registered-lease deed or rent agreement, alongside a disclaimer from the owner of the warehouse/property providing waiver of ownership regarding commodities stored in such ...

Court declares SEC sanctions against Oando management null, void

Wikipedia Oando shareholders in the persons of Alhaji Yakubu Gumel; Alhaji Kabiru Tambari, suing for himself and on behalf of the Sokoto Zone Shareholders Association; Tunde Badmus, suing for himself and for the benefits of Pacesetters Shareholders Association, bagged yet another win at the Federal High Court (FHC) Kano, in a suit filed against the Securities and Exchange Commission (SEC) for overreaching its powers. Justice A. Lewis Allagoa presiding over the ruling dismissed the regulators preliminary objection and granted all the reliefs sought by the Oando Shareholders. The FHC Kano dismissed SEC’s objection on the basis that the shareholders’ claims fall under their rights as shareholders according to the Companies and Allied Matters Act (CAMA) and is therefore not a capital markets i...

Femi Falana: EFCC can mandate bank MDs, executives to declare assets

The Economic and Financial Crimes Commission (EFCC) is charged with the responsibility of enforcing the provisions of all laws relating to economic and financial crimes, Africa’s leading human rights lawyer, Mr. Femi Falana (SAN) has said. Consequently, according to the senior advocate, the anti-graft commission is empowered to cause investigations to be conducted into the properties of any person as stipulated under Section 7 (1) (b) of the EFCC Act, 2004. Also yesterday, Transparency International (TI) argued that if the provisions of the Bank Employees, etc. (Declaration of Assets) Act, 1986 were effectively enforced, Nigeria could save between $15 billion and $18 billion illicit financial flows (IFFs) annually. Falana clarified the roles of the EFCC in a response to inquiries on whethe...

Peter Obaseki retires as FCMB chief operating officer

The Board of Directors of FCMB Group Plc has announced the retirement of Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an executive director of the group. Mr Obaseki’s retirement was approved at a meeting of the Board of the FCMB Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution. The Chairman of FCMB Group Plc’s Board of Directors, Oladipupo Jadesimi, thanked Mr Obaseki for his valuable service and excellent support to the Board for many years. Get more stories like this on Twitter You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get ...