News

NCAA rallies public, private sectors to deepen capacity in aviation

NCAA rallies public, private sectors to deepen capacity in aviation

Special Reports
The Nigerian Civil Aviation Authority (NCAA), has urged the public and private sectors to invest more in human capacity to address shortage of professionals in the industry. The Director-General of the apex regulatory body, Capt, Muktar Usman, said the industry urgently needed a large pool of sound professionals in all areas and departments of the local sector. Indeed, attracting the best trained aviators is a challenge globally. This is for reason not unconnected with the high cost of routine training amidst consistent expansion of the air travel business. It is estimated that in the next 20 years, airlines will have to add 25,000 new aircraft to the current 17,000-strong commercial fleet. By 2026, the global industry will need 480,000 new technicians to maintain these aircra...
Olufemi Lijadu emerges as SEC board chairman

Olufemi Lijadu emerges as SEC board chairman

Special Reports
The Securities and Exchange Commission (SEC) on Monday, July 24, 2019, inaugurated a newly re-constituted Board with Mr. Olufemi Dominic Lijadu emerging as the new Board Chairman. The inauguration was performed in Abuja, by Alhaji Mahmoud Isa-Dutse, the Permanent Secretary of the Federal Ministry of Finance. The inauguration of the new SEC board after market operators and other relevant stakeholders had called for a reconstitution of the board to help strengthen the commission’s operations. L-R, Member, Governing Board of the Securities and Exchange Commission, Mr Lamido Yuguda, Chairman, Mr Olufemi Lijadu, Permanent Secretary Ministry of Finance Alh Mahmood Isa-Dutse and Acting Director General, Securities and Exchange Commission Ms Mary Uduk Isa-Dutse said in his opening rema
Buhari re-appoints Ahmed Idris as Accountant General of the Federation

Buhari re-appoints Ahmed Idris as Accountant General of the Federation

Inside, News, Special Reports
President Muhammadu Buhari has confirmed the re-appointment of Mr. Ahmed Idris as the Account General of the Federation. The re-appointment of Ahmed Idris was disclosed on Wednesday in Abuja, by the Director of Communications, Office of the Head of the Civil Service of the Federation (OHoSCF), Mrs. Wunmi Ogunmosunle. According to the statement, the appointment will take effect from June 25, 2019. It was also revealed that Idris’ reappointment is in accordance with Section 171 of the 1999 Constitution. “The President of the Federal Republic of Nigeria, President Muhammadu Buhari has approved the appointment of Mr. Ahmed Idris for the second and final term of four years as Accountant General of the Federation, AGF, in accordance with Section 171 of the 199 Constitution of Niger
Oando denies ‘official statement’ as SEC’s interim management takes over

Oando denies ‘official statement’ as SEC’s interim management takes over

Inside, Special Reports
Oando Plc has denied releasing an ‘official statement‘ in response to the allegations brought up against it by the Securities and Exchange Commission (SEC). This disclosure comes a day (Sunday) before the company was supposed to welcome an interim management team. In a statement issued to the Nigerian Stock Exchange (NSE), the company said the alleged statement attributed to Oando Plc was not released by the company or the Chairman of Oando, HRM Oba M.A. Gbadebo. Earlier Developments: Recall that Nairametrics reported about the conclusion of SEC’s investigation into the affairs of Oando Plc. The investigation unraveled serious infractions by the company, ranging from false disclosures, market abuses, manipulation of financial statements, internal control failures, etc. Foll
MainOne to commit N25billion to digitisation of Lagos

MainOne to commit N25billion to digitisation of Lagos

Innovation, News, Technology
MainOne launches its “Digital Lagos: Broadband for All” campaign initiative to enable the digital transformation   West Africa’s leading connectivity and data centre solutions provider, MainOne (www.MainOne.net) launches its “Digital Lagos: Broadband for All” campaign initiative to enable the digital transformation of Lagos state through deployment of ubiquitous broadband infrastructure across the state. MainOne’s ambitions for Lagos is inspired by the vision of Lagos Governor-elect Babajide Sanwo-Olu, who noted presciently that “Technology will improve the rule of law, education, ease of doing business and government processes of Lagos”. At the campaign launch organized in Lagos to announce its plans on Tuesday, Funke Opeke, Chief Executive Officer, MainOne, said, the c
Smile Telecoms Appoints New Group Chief Executive Officer

Smile Telecoms Appoints New Group Chief Executive Officer

News, Telecommunication
Irene Charnley, founder of Smile, appointed as Deputy Chairman   Ahmad Farroukh, Smile Group Executive Director Operations, appointed as Group CEO; Irene Charnley, founder of Smile, appointed as Deputy Chairman.   Smile Telecoms (www.Smilecoms.com), a Pan-African telecommunications group with operations in Nigeria, Uganda, Tanzania and the Democratic Republic of the Congo, today announces the appointments of Mr. Ahmad Farroukh as Group Chief Executive Officer and Ms. Irene Charnley as Deputy Chairman, respectively, effective 1 June 2019. The Africa telecoms market is as dynamic as it is challenging, and Ahmad is suited to lead Smile’s next exciting phase of growth Ahmad Farroukh, who currently serves as Smile’s Group Executive Director Operations, is a s
Senate Confirms Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN)

Senate Confirms Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN)

Banking & Finance, News
The Nigerian Senate has confirmed the reappointment of Mr Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN). This follows the presentation of the report of the Senator Adebayo Ibrahim-led Senate Committee on Banks, Insurance and other Financial Institutions that screened his nomination by President Muhammadu Buhari for the renewal of his five year tenure as CBN Governor. The Senate at plenary on Tuesday referred the President’s letter to the Banking committee for further legislative action. The Committee thereafter screened Emefiele on Wednesday and recommended him for reappointment as CBN Governor.
Afreximbank Sees Opportunity for up to $400 million in Financing to Comoros, Says Prof. Oramah on Visit to Island’s President

Afreximbank Sees Opportunity for up to $400 million in Financing to Comoros, Says Prof. Oramah on Visit to Island’s President

Africa, Business, Economy, News
    The African Export-Import Bank (Afreximbank) is in discussions to provide financing for transactions valued at about $100 million in Comoros, Bank President Prof. Benedict Oramah, said today in the country’s capital city of Moroni. Prof. Oramah, who was speaking when he led an Afreximbank delegation on a visit to President Azali Assoumani of Comoros, said that that the Bank also saw opportunities, in the longer term, to provide up to $300 million in additional financing to the country. He told President Assoumani that there were ongoing discussions with the Ministry of Finance of Comoros and with the Central Bank which would make it possible for Afreximbank to provide up to $20 million to support trade and related infrastructure, including fuel and other strat
Capital Market Holds Good Prospects For Investors ― ASHON

Capital Market Holds Good Prospects For Investors ― ASHON

Business, Capital Market, Inside, News
The Chairman, Association of Stockbroking Houses of Nigeria, Chief Patrick Ezeagu, says the nation’s capital market holds good prospects for investors, despite the downturn being experienced. Ezeagu, while speaking at the association’s 9th Annual General Meeting in Lagos, expressed optimism that the fundamentals of the market remained strong with good prospects for investors, even though the operating environment was tough. He said he was convinced that there was a positive outlook for the market in the near term given the sustained rise in oil prices, stable foreign exchange rate and availability of forex. He stated that the association had come of age and that some initiatives had been put in place to strengthen the advocacy functions in line with the operational philosophy. Accord
Multinationals, Others Owe Nigerian Media N8bn –Report

Multinationals, Others Owe Nigerian Media N8bn –Report

Business, Capital Market, Inside, News
A new industry survey has revealed that over N8bn in unpaid fees by advertisers, many of whom are multinational companies, are currently hampering smooth operations of some media outfits and advertising agencies. According to the survey and economic intelligence research conducted by Marketing Edge, the huge media debt profile of the client companies has been creating some operational challenges for the media, especially those in the out-of-home advertising, electronic and print media. The report noted that relevant stakeholders promised last year to address the challenge of media debt in brand management and management of brand business in Nigeria. It stated that while the advertising agencies and media outfits had fulfilled their own part of the contractual agreements by executing ...