Category : Business

Business / Economy - 2019-08-16 07:18:25

Fajemirokun emerges AIICO’s boss

AIICO Insurance Plc has  announced Mr Babatunde Fajemirokun as its new Managing Director and the Chief Executive Officer (CEO) with effect from Aug. 14. A statement said the new development came on the heels of Fajemirokun’s approval by the National Insurance Commission (NAICOM). The underwriting firm said prior to Fajemrokun’s appointment, Mr Edwin Igbiti was the Managing Director and CEO of the company until July 11 adding that he led the company meritoriously for 27 years. According to AIICO, Fajemirokun holds a Masters in Business Administration (MBA) from University of Chicago with a concentration in Finance, a Master Degree in Business Information Technology System from the University of Strathclyde. He has BA (Hons) degree in Business Economics from the Glasgow Caledonian University. “He is also a qualified associate (ACII) of the Charted Institute of Insurance (UK and Nigeria) with a Chartered Status (Chartered Insurer), he is also a member of the Institute of Directors (IoD),” the company said. &

Business / Economy - 2019-08-16 07:07:56

Teacher emerges millionaire on Betway’s AFCON Jackpot

A 26-year-old classroom teacher, Temitope A, has become N2 million richer after winning Betways’ African Cup of Nations prediction jackpot. Betway, an internationally recognised and reliable online betting provider, had offered bettors on its platform a chance to win big by predicting multiple games during the recently concluded football competition hosted in Egypt. Temitope, a dedicated football fan, was one of many bettors who grabbed the unique opportunity offered by Betway to predict games for free. The Osun State native couldn’t believe his luck when he was notified of his win from the betting platform he says he has been using since 2018. Read Also: AFCON 2019: A competition of numbers “I was very very happy… I wanted to scream but I was invigilating in an exam hall,” the Arsenal fan says after receiving his money. Temitope says he intends to continue using Betway as the betting platform is one of the bookies with the highest odds for bettors and a reliable payment structure. “I deposited in my account yesterday. I am now waiting to select some good games for the new football season,” he added. & & &

Business / Economy - 2019-08-16 06:28:01

‘325 Corpers benefit from BoI’s N540m loan’

THE Director-General, National Youth Service Corps (NYSC), Brig-Gen Shuaibu Ibrahim, on Friday said the Bank of Industry (BoI) has given loan of N540 million to 325 corps members who are entrepreneurs under the scheme’s Graduate Empowerment Fund. He also said the Central Bank of Nigeria (CBN) in partnership with Heritage Bank has disbursed another N15million to seven corps members under the NYSC/ CBN Youth Entrepreneurship Development Programme (YEDP). The DG said 1,132,409 corps members have so far been equipped with Skills Acquisition and Entrepreneurship Development (SAED) package of the scheme. He spoke at a media parley with editors and reporters in Abuja. Read Also: NYSC boss wants corpers to be security conscious He said: “The SAED was established in 2012 with the mandate to drive the scheme’s collaboration with various stakeholders toward addressing the problem of graduate youth unemployment. “The scheme is collaborating with national and international organisations toward providing material, technical and financial support for the programme. “So far, 1,132,409 corps members have been sensitised and over 70,000 have undergone various forms of skills training. “The BoI-NYSC Graduate Empowerment Fund, which is a product of our partnership with the Bank of Industry, is yield...

Business / Economy - 2019-08-16 06:17:41

Kyari urges professionals on pipeline security

THE Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has tasked members of the Pipelines Professionals Association of Nigeria (PLAN) to come up with appropriate technology to stem the current challenges associated with oil and gas pipelines vandalism. A statement from the oil firm on Thursday stated that Kyari threw the challenge while playing host to the executive members of PLAN who paid him a courtesy visit at the NNPC Towers, Abuja. He noted that security and integrity of pipelines were a big challenge in the industry, and called on all stakeholders to collaborate to arrest the situation. “For us, what is of concern is the safety and security of our existing infrastructure, beyond just laying and maintaining the pipelines, their security is an issue for us today, the Association needs to focus on that, and we can ensure greater efficiency. We count on you in that regard because about 70 per cent of pipelines in the country belongs to NNPC,” the GMD stated. Read Also: Fuel import to end in 2023, says Kyari He said the corporation was working in collaboration with the Nigerian Content Development and Monitoring Board (NCDMB) to optimise the participation of Nigerians in pipeline construction and to get more value from them. Speak...

Business / Economy - 2019-08-16 06:12:42

Minimum wage: no worker should be cheated, says Wabba

THE President, Nigeria Labour Congress (NLC), Comrade Ayuba Wabba has assured workers, especially those in the states and local government, the group will do everything to ensure that they are not short-changed in any way in the payment of the new national minimum wage. Wabba who spoke in an interview in Abuja  on Thursday also lashed out at the Chairman of the National Salaries, Income and Wages Commission, Chief Richard Egbulue for deliberately stirring controversy that labour leaders were delaying the implementation of the minimum wage. Wabba who was reacting to media reports quoting on the implementation of the minimum wage wondered how workers and their leaders who have been agitating for the implementation of the wages would be the ones delaying its implementation. He said: “Despite the fact that the NLC and TUC are not directly driving the process of consequential adjustment, the process is ongoing. This morning, the report I read from the joint Public Service Negotiating Council is that they are meeting and if there is any stalemate, we will be informed and we will step in to assist them. “I think they have also made the details of their discussions public. So, for anybody on that table to come out and say Labour is delaying the process is not saying the obvious. “Workers...

Business / Economy - 2019-08-16 05:25:06

Masters Energy Group repositions for excellence

THE  board of  Masters Energy Group has constituted a new management following the  resignation of Dr Uchechukwu Sampson Ogah from the board. This follows the appointment of Dr Ogah as Minister Designate  to represent Abia State by His Excellency, President Muhammadu Buhari. The ministerial appointment follows Ogah’s several grand achievements in business and his myriad contributions to the nation and Abia State in particular. The board had appointed Barr. (Mrs) Patience Dappa as Acting Group Managing Director/CEO, following the resignation of Dr Ogah who accepted the invitation to contest as the Governor of Abia State under the aegis of the All Progressives Congress (APC). Ogah had announced his decision to step down as the president of his business enterprise, Masters Energy, while proceeding to contest in accordance with the laws of the country that require any person aspiring to public office to step down from whatever enterprise he/she was engaged in the public sector/private sector before  assumption of public office. &

Business / Economy - 2019-08-16 05:20:26

15 ships at Lagos ports with petroleum products

FIFTEEEN ships conveying petroleum products and other commodities have berthed at Apapa and Tin-Can Island ports in Lagos, the Nigerian Ports Authority (NPA) has said. Excerpts from the NPA daily publication, Shipping Position, a copy of which was sighted  yesterday in Lagos revealed that the vessels were waiting to berth with their consignments at the ports. According to NPA, four of the 15 vessels were waiting to berth with petrol, while the other 11 will berth with containers and general cargo. The Authority said that no fewer than 24 ships were expected to berth at the ports between Aug. 15 and Aug. 30. According to the News Agency of Nigeria (NAN), it added that the expected ships would sail in with general cargo, bulk salt, bulk sugar, frozen fish, buckwheat, bulk gypsum and containers. NPA further said that 18 ships were currently discharging vehicles, containers, general cargo, petrol, diesel, bulk gas, buckwheat and frozen fish at the ports.

Business / Economy - 2019-08-16 05:15:18

Buhari’s directive anti-people, says PDP

THE People’s Democratic Party (PDP) has urged President Muhammadu Buhari to rescind his directive to the CBN. Warning that the directive was capable of inflicting more damage on the polity, it described the directive as ill-timed and completely against the wellbeing of Nigerians. In a statement on Thursday,  PDP spokesman, Kola Ologbondiyan, said the directive would worsen food scarcity, exacerbate the already harsh economic situation, general depression, frustration, resentment and despair in the country. He said: “It is indeed appalling that instead of bringing solutions to the depreciating living conditions in our nation, President Buhari is rather imposing more suffering by ordering the removal of subsidy on food even when it is manifestly clear that he had failed on all fronts to achieve any level of food security despite the huge resources available to his administration. Read Also: Ex-MEND leaders, others hail Buhari on Boroh “By this directive, the Buhari Presidency and the All Progressives Congress (APC) have again demonstrated their insensitivity towards millions of Nigerians who are already suffering acute hunger and starvation due to severe food shortage and high prices brought by President Buhari’s misrule.” Stating that Nigerians do not in any way deserve such suffe...

Business / Economy - 2019-08-16 05:10:40

‘Forex ban on food import’ll lead to 3.5m job loss’

MIXED reactions from stakeholders continued to trail President Muhammadu Buhari’s directive to the Central Bank of Nigeria (CBN), to stop providing fund for food importation. The National President, Rice Farmers Association (RIFAN), Mallam Aminu Goronyo described the directive as a welcome development and a good deal to achieve food self-sufficiency in the country. He recalled that in 2015, similar ban was placed on importation of rice but was criticised, adding that today, it has made the rice sector strong and viable. According to him, the current ban will make the country great as it will empower Nigerians economically in terms of employment. “At least 90 per cent of Nigerians will be gainfully engage, through agriculture. “We have over 54 commodities in the country and the moment we can provide employment through these 54 commodities, Nigeria will be economically variable. “It is 100 per cent a welcome idea; we had experienced this in 2015 in the rice sector and for now that it cuts across all commodities, Nigerians will be happy at the end.’’ The Onitsha  Chamber  of  Commerce,  Industry,  Mines  and  Agriculture (ONICCIMA) expressed concern that about  3.5 million jobs will be  negatively  affected  by  the  policy  if  implemented. Its Director-General,  Stanley Anyadufu, ...

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