Buhari Replaces Maikanti Baru, Appoints Aba Kyari’s Brother GMD

President Muhammadu Buhari has approved the appointment of Mele Kolo Kyari as the Group Managing Director, GMD, of the Nigeria National Petroleum Corporation, NNPC. He replaces the current GMD, Maikanti Baru, who bows out on July 7, 2019. Kyari, said to be a brother to former Presidential chief of Staff, Abba Kyari, hails from Borno. Abba Kyari is unlikely to return as the Chief of staff, according to information available to this magazine. Former minister of Education, Adamu Adamu, may likely replace him. Beside the GMD, Buhari also approved the…

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Nigeria Mum As Ghana Dictates The Price Of Cocoa

Producers previously got 6% of earnings. By Uche Mbah The cocoa market, believed to have been dominated in West Africa by Nigeria, is currently being dominated by the duo of Ghana and Ivory Coast. Nigeria was believed to have accounted for at least 50% of cocoa exports from west Africa. But current statistics puts a combined efforts of Ghana and Ivory Coast as controlling 60% of the export market share of cocoa. And they have started to dictate the pace. West Africa exports Cocoa to Europe for the chocolate and…

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Julius Berger Opens Website On Information On Second Niger Bridge

By Uche Mbah German construction giant, Julius Berger, has opened a website to disseminate information about the progress of work at the second Niger Bridge. This followed controversies over the state of the contract work  on the bridge, which many believe the central government is paying lip service to. Recall that contract for the constructin of the bridge was awarded by the goodluck Jonathan administration to Julius Berger in a Public Private participation contract, where the company jointly funds the contract while recouping their money after the construction via tolls.…

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Fidelity Bank: How Okonkwo Makes Investors Rich

Fidelity Bank

By Bayo Bernard, Business Editor Five years ago, on January 2, 2014 Nnamdi Okonkwo had mounted the seat as Managing Director of Fidelity Bank Plc with uncertainty looming large among investors and staff, his ability to break the ice in the highly competitive financial sector. While many predicted that he would take the bank far considering his track record as a seasoned banker and administrator, only a few believed at the time that he would surpass the achievements of his predecessors in such unimaginable way and style. It’s also possible…

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CBN: Apex Bank’s Top Officials Move Against Emefiele

Godwin Emefiele, CBN Governor

By Bayo Bernard The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele’s re-appointment by President Muhammadu Bunari appears not to have gone down well with some entrenched interests in the country nonetheless, some individuals in the apex bank said to be desperate to have his job. The magazine learnt that those not happy with his re-appointment are considering many options including smearing his name in order to make the president change his mind. “It’s an exercise in futility. The president has made up his mind about the appointment.…

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Unity Bank Partners CBN To Assist Cotton Farmers

Forward moving Tier two lender Unity Bank has moved a notch higher Plc in line with its commitment to grow the Nigerian economy using Agriculture as the major catalyst. The Tomi Somefun-led bank has therefore entered into a major partnership with the Central Bank of Nigeria (CBN) and the National Cotton Association of Nigeria (NACOTAN) by flagging off distribution of Seeds/inputs supplies to Cotton farmers for the 2019 planting season nationwide. The distribution is part of the Anchor Borrowers Programme, an Agricultural Development finance initiative of the CBN operated as an on-lending scheme with participating financial…

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Battle for Computer Village Takes A New dimension

Bola-Ahmed-Tinubu

By Uche Mbah The African Hub of Information Technology, generally called the Sillicon Valley of Africa, the Ikeja Computer Village, has been shut down by protesters because of attempts at imposition of an Iyaloja and Babaloja, market leaders meant for local markets of onions and pepper on the market. This, apparently, has been ordered by the Iyaloja general, the daughter of the strong man of Yoruba politics, Bola Ahmed Tinubu Mrs Tinubu Ojo. Iyaloja and Babaloja are meant to be market leaders of local salt and pepper markets, usually selected…

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Fidelity Bank Makes Giant Strides, Posts N23 billion Profit After Tax

Fidelity Bank

By Uche Mbah Fidelity Bank, one of the upwardly mobile middle level Banks in the Country, has consolidated on the gains of the previous Financial year by posting a profit after tax of N22.926 billion as against N17.768 billion in the previous Financial year amounting to an increase in N5.158 billion increase within the year under review. The Bank, which got listed on the floor of the Stock Exchange in May 2005, has declared a dividend of 11 kobo per ordinary share of 50k amounting to N3.186 billion. This was…

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IMF Advice: Queues Creep Back to Fuel Stations, FG considers N250 per Liter

Uche Mbah Following the advice of the International Monetary Fund, IMF, that Nigeria should go the whole hog and remove the subsidy on downstream oil products, government is said to be geared towards a phased increase in pump price of Premium Motor Spirit, PMS. Hours after the announcement by the IMF boss, there appeared long queues at the filling stations. The IMF had advised Federal Government to remove subsidy on Premium Motor Spirits, PMS, for enhancement of economic recovery. Speaking in Washington, the IMF boss, Christiana Lagarde, insisted that subsidy…

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Fidelity Bank Appoints Three New Executive Directors

Fidelity Bank

By Uche Mbah The Board of Directors of Fidelity Bank have recently announced  the appointment of three Executive Directors who, it is expected, will steer the ship of finance to the next corporate level. In a recent meeting in Lagos, the Board approved the appointment of Gbolahan Joshua, a mergers and Acquisition Banker; Obaro Odeghe, a Consumer Service Banker, and Hassan Imam, a Risk Management Banker into Directorial positions. Joshua will act as Executive Director/Chief of Operations and Information Officer while Odeghe will oversee corporate Banking. Imam will take charge…

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