Author: Aishat Olalere

The Skyway Aviation Handling Company Plc (SAHCO) has appointed a former Director of Finance and Accounts, Federal Airports Authority of Nigeria, Adenike Aboderin, as its Managing Director/Chief Executive Officer with effect from Thursday, February 1. In a corporate notice filed with the Nigerian Exchange Limited on Thursday signed by the Company Secretary, Jesuyemisi Odeyemi, she takes over from Basil Agboarumi following the completion of his tenure. Aboderin is a finance professional with many years of Executive Leadership, Financial and Management experience in both Private and Public Sectors. According to the statement, she has held many Senior Executive Management positions in both the Public and Private sectors and until…

The chairman of the Economic and Financial Crimes Commission, Mr. Ola Olukoyede, revealed on Wednesday how a powerful religious sect in the country secured a court order to stop its men from probing the N7 billion linked to some terrorists. The commission was investigating a princely sum of N13 billion fraud when it discovered that N7 billion of the cash was linked to a religious body’s account. The EFCC chairman made the disclosure at a one-day sensitization event in Abuja on the theme “Youth, Religion and the Fight Against Corruption” held at the Yar’Adua Centre in Abuja. The chairman said…

The Nigerian Council of Registered Insurance Brokers has called on the Federal Government to reconsider its stand on the classification of the National Insurance Commission as a revenue-generating agency. The President of the Council, Babatunde Oguntade, made this call at the retreat organised for members of the House Committee on Insurance and Actuarial Matters recently in Lagos. Oguntade noted that the insurance supervisory fund levy being paid by insurance institutions was meant for the regulatory supervision and market development drive of the insurance industry by the commission. He said, “Placing the insurance supervisory fund levy within the single treasury account…

Finance and economy analysts have shared perspectives on the relocation of some units and departments of the Central Bank of Nigeria to Lagos. The stakeholders spoke on Wednesday following the recent apex bank’s announcement directing the movement of some of its units and departments to Lagos for enhanced operational efficiency. The CBN’s decision to relocate certain departments from its Abuja headquarters to Lagos has given rise to intense debates and controversies in recent weeks. While some are viewing it as a wise choice due to Lagos’ superior infrastructure capacity, others, primarily from the Northern political class, expressed concerns about potential disparities between the North…

The International Monetary Fund (IMF) has predicted a decline in Nigeria’s inflation rate to 23 percent in 2024 and 15.5 percent in 2025. IMF’s Division Chief of Research Department, Daniel Leigh, disclosed this at the Fund’s World Economic Outlook (WEO) update press conference on Tuesday. Nigeria’s inflation rate stood at 28.92 percent as of December 2023, and has been on the rise for 11 consecutive months. Reacting to the foreign exchange reforms introduced by the Central Bank of Nigeria (CBN) to curb inflation and the free fall of the naira, Leigh said the monetary tightening stance of the apex bank…

The Central Bank of Nigeria, CBN, has ordered banks to limit the Net Open Position, NOP of their foreign currency assets and liabilities to 20 percent of shareholders funds in a move to further boost liquidity in the foreign exchange market The order was contained in a January 31, 2024, CBN Circular referenced: TED/FEM/PUB/ FPC/001/ 001, issued yesterday. The Circular which was signed by the Director of Trade and Exchange, Dr. Hassan Mahmud, as well as Mrs. Rita Sike, for Director of Banking Supervision, was titled, “Harmonization of Reporting Requirements on Foreign Currency Exposures of Banks.” According to the new…

A new report has hinted at the actual occurrence regarding the movement of NNPCL’s account to the CBN This is against an earlier report that President Tinubu directed the CBN to take over management of the oil company’s revenue Sources said the CBN’s move is in line with its limited liability company status since the PIA implementation Following a report that the federal government directed the Nigerian National Petroleum Company Limited (NNPCL) to move its accounts to the Central Bank of Nigeria (CBN), new findings have revealed another twist to the story. A report stated that the CBN will now…

On Wednesday, The Federal Government, said the Port Harcourt Refining Company was still being test-run, adding that refined petroleum products from the plant would hit the market soon. It disclosed this at a briefing in Abuja, as oil marketers expressed worry that the recent crash of the naira against the United States dollar might lead to a hike in the pump prices of refined petroleum products. They specifically wondered how the Nigerian National Petroleum Company Limited would continue to supply Premium Motor Spirit, popularly called petrol, at the current cost, considering the fact that one dollar now equals about N1,450.…

The Nigerian Electricity Regulatory Commission has issued two power licences to the Alaro Connect Free Zone Enterprise at Alaro City in Epe, Lagos State. The licences would allow the enterprise to generate and distribute electricity within the free zone. The NERC made this known in a statement on its X handle on Monday. According to the commission, the purpose of the first licence is for Embedded Electricity Generation of 10 megawatts capacity at the Alaro City, Northwest Quadrant, Lekki-Epe Expressway in Epe, Lagos. The second licence, the NERC said, was granted for the purpose of independent electricity distribution within Alaro.…

The board of directors of Geregu Power Plc has proposed a dividend of N8 per share for the 2023 financial year. The power, in its annual report filed with the Nigerian Exchange Limited on Tuesday, stated the shareholders on its register as of January 29 will be paid N20bn. The firm has 2.50 billion units of shares. The Chairman of the firm, Femi Otedola, who holds 1,245 units directly and 1,965.979,283 indirectly through Amperion Power Distribution Limited would rake in N15.28bn as a dividend. Geregu board of directors approved the Audited Financial Statements and Accounts of the Company for 2023…