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Coscharis appoints new deputy group managing director

Coscharis appoints new deputy group managing director

Breaking News
Coscharis Group has announced the appointment of Mr Fred Amobi as its new deputy group managing director. In a release, the group stated that Amobi’s appointment took effect on August 1, 2023, following the exit of Dr Okey Nwuke. Commenting on the appointment, the President of Coscharis Group, Dr Cosmas Maduka, said, “Fred will in this new role continue to oversee group functions – finance, human resources, supply chain, strategy, marketing and corporate communications, legal, internal control and information technology, and will now additionally oversee subsidiary companies both within and outside Nigeria.” The statement said Amobi joined Coscharis Group in 2016 as group executive director of operations. Before joining Coscharis Group, he worked in Lafarge in Nigeria, the Uni...
Press Remarks by Governor Godwin Emefiele on Issuance of New Naira Bank notes

Press Remarks by Governor Godwin Emefiele on Issuance of New Naira Bank notes

Breaking News, Economy
Good afternoon Ladies and Gentlemen, and welcome to this special press briefing of the Bank. We have called this gathering to inform relevant stakeholders and the general public of persisting concerns we are facing with the management of our current series of banknotes, and currency in circulation, particularly those outside the banking system in Nigeria. As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank. In recent times, however, currency management has faced several daunting challenges that have continued...
Five Women  listed in African Development Bank’s New Executive Directors

Five Women listed in African Development Bank’s New Executive Directors

Africa, Appointments, Breaking News, Business
The President of the African Development Bank Group, Dr. Akinwumi Adesina, welcomed the new representatives of the 20-member Board of Directors The African Development Bank (www.AfDB.org) has welcomed 12 new Executive Directors, including five women, for a three-year term. The President of the African Development Bank Group, Dr. Akinwumi Adesina, welcomed the new representatives of the 20-member Board of Directors. They officially joined the Board on 1 August 2022, and began a four-day induction programme on 1 September 2022 to familiarize themselves with the work of the Bank. “I wish to congratulate you, the new Board members, on your election as Executive Directors, who will have the duty, obligation and responsibility to help strengthen the oversight functions of our insti...
LASG COLLABORATES WITH FEDERAL AGENCY ON FLOODING, HYDROLOGICAL MAPPING

LASG COLLABORATES WITH FEDERAL AGENCY ON FLOODING, HYDROLOGICAL MAPPING

Breaking News, Uncategorized
The Lagos State Government, in its efforts to combat incessant flooding, has collaborated with the Nigeria Hydrological Services Agency (NIHSA) on baseline data collection and study of flood-prone areas. Commissioner for the Environment and Water Resources, Mr. Tunji Bello, who spoke on Thursday at a stakeholders’ meeting held in Ikeja, said the present administration is committed to using data to improve the lot of residents. He said that the meeting was significant as it addressed the major challenge of the data gap in the water resources sector, reiterating that data remains vital to efficient planning and service delivery. Bello, represented by the Permanent Secretary, Office of Drainage Services, Engr. Lekan Shodeinde, commended NIHSA for the proactive and innovative approac...
UK SLAMS THE HARSHEST AND MOST PUNITIVE SANCTIONS ON RUSSIA

UK SLAMS THE HARSHEST AND MOST PUNITIVE SANCTIONS ON RUSSIA

Breaking News
The UK Prime Minister, Boris Johnson seeks to punish Russia via the “largest and most severe package of economic sanctions that Russia has ever seen” for commanding an invasion of Ukraine. These sanctions include: – An intention to impose asset freeze on all major Russian banks, including immediately against VTB, the second largest bank with assets totalling £154 billion. – Legislation to be introduced and come into force on Tuesday to prohibit the ability of all major Russian companies to raise finance on the UK markets and to ban the Russian state from raising sovereign debt on the UK markets. – Individual sanctions against more than 100 individuals, entities and subsidiaries including Rostec, Russia’s biggest defence company said to employ more than two million people with ...
ELECTORAL ACT AMENDMENT BILL 2022 PASSED INTO LAW

ELECTORAL ACT AMENDMENT BILL 2022 PASSED INTO LAW

Breaking News
Today, President Buhari signed the Electoral Act Amendment Bill 2022 into law.  This happened at the Council Chamber of the Presidential Villa in Abuja this afternoon. Additionally, the Vice President, Professor Yemi Osinbajo; Senate President Ahmed Lawan and Speaker of the House of Representatives, Femi Gbajabiamila witnessed the bill signing. The President stated that he got inputs from relevant ministries, departments and governmental agencies sequel to painstaking bill reviews. He said, “It is gratifying to note that the current Bill comes with a great deal of improvement from the previous Electoral Bill 2021. There are salient and praiseworthy provisions that could positively revolutionize elections in Nigeria through the introduction of new technological innovations. These inn...
ONDO STATE COMMITTED TO END OPEN DEFECATION, SAYS GOV AKEREDOLU.

ONDO STATE COMMITTED TO END OPEN DEFECATION, SAYS GOV AKEREDOLU.

Breaking News
As part of the activities marking his administration's first year in the second term, Ondo State Governor, Arakunrin Oluwarotimi Akeredolu, SAN stated his administration's readiness to end open defecation in the state in the near future. The Governor spoke through his Deputy, Hon. Lucky Aiyedatiwa at the Launch/Flag-off of Statewide Mass Sensitization and Advocacy Programme on Open Defecation tagged "CLEAN HOME, HAPPY FAMILY, USE THE TOILET" campaign. The event was held at Akure Sports Stadium, Akure on Monday. Taken the awareness to the people, Ondo State Deputy Governor, Hon Lucky Aiyedatiwa led other dignitaries and students for a Road Show Walk from Adegbemile Cultural Center to the venue of the event, which is Akure Sports Stadium, Akure. Nigeria still reels from open de...
NIGERIA’S RAPIDLY CONTRACTING ECONOMY RECORDS HIGHEST ‘GROWTH’ SINCE 2014

NIGERIA’S RAPIDLY CONTRACTING ECONOMY RECORDS HIGHEST ‘GROWTH’ SINCE 2014

Breaking News, Uncategorized
Nigeria’s rapidly contracting economy records the highest ever growth of 3.4%--the highest since 2014.  National Bureau of Statistics GDP report released on Thursday indicated this figure. On one hand, the Nigerian economy weakened in Q4 2021.  It fell from the 4.03% recorded in Q3 2021 to 3.98% in Q4. Additionally, it fell from 5.01% in Q2 to 4.03% in Q3. On the other hand, the nation’s annual GDP contracted by -1.92% in 2020.  However, the most recent NBS report states that, “Nigeria’s Gross Domestic Product (GDP) grew by 3.98% (year-on-year) in real terms in the fourth quarter of 2021, showing a sustained positive growth for the fifth quarter since the recession witnessed in 2020 when output contracted by 6.10% and -3.62% in Q2 and Q3 of 2020 under the COVID-19 pande...
NIGERIA’S GROSS DOMESTIC PRODUCT (GDP) HITS 3.4% IN 2021-THE HIGHEST SINCE 2014

NIGERIA’S GROSS DOMESTIC PRODUCT (GDP) HITS 3.4% IN 2021-THE HIGHEST SINCE 2014

Breaking News
In the Fourth Quarter of 2021, Nigeria’s Gross Domestic Product rose by 3.4%.  This marks the largest growth above 3% in the nation’s economy since 2015. This was published in the 2021 Nigerian Gross Domestic Product report by the Nigerian Bureau of Statistics. In 2014, barely one year before President Muhammadu Buhari assumed office, Nigeria’s economy grew by 6.3%. The National Bureau of Statistics (NBS) stated this in its fourth-quarter GDP report which was released on Thursday. According to the NBS report, Nigeria’s GDP also showed a strong recovery of 3.98 percent in the fourth quarter of 2021—but lower than the 4.03 percent in the third quarter. “Nigeria Gross Domestic Product (GDP) grew by 3.98% (year-on-year) in real terms in the fourth quarter of 2021, showing a sus...
ABA TO GET POWER SUPPLY AS GEOMETRIC POWER TAKES OVER AFTER A 9-YEAR TUSSLE

ABA TO GET POWER SUPPLY AS GEOMETRIC POWER TAKES OVER AFTER A 9-YEAR TUSSLE

Breaking News
Aba residents sigh in relief as Geometric Power paid $26 Million re-acquisition worth of the Aba ring-fenced site on 15 February 2022, thus ending the 9-year spat between Geometric Power and Interstate Electric. National Council on Privatisation (NCP) handed over the asset through the Bureau for Public Enterprises (BPE) during a brief event in Abuja. Stakeholders see this recent development as a giant stride forward for Nigeria’s power sector and would guarantee increasingly efficient power supply to Aba city and its environs. Aba is a commercial hub in the Southeastern part of Nigeria. This $500 Million Geometric/Aba power plant’s capacity produces and distributes about 141 megawatts (mw) of electricity in its first phase.  In addition, it has new distribution lines, 4 new ...

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