FULL TEXT: Why we sacked FirstBank board — Emefiele

FULL TEXT: Why we sacked FirstBank board — Emefiele

FULL TEXT: Why we sacked FirstBank board — Emefiele   Nigeria’s premier bank, First Bank, has for years been plagued by “bad credit decisions, significant and non-performing insider loans and poor corporate governance practices”, the Central Bank of Nigeria has said. The regulator sacked the board of the bank and its holding company on Thursday, in a dramatic move that came a day after the bank named a new managing director. In a speech to journalists, CBN governor, Godwin Emefiele, said First Bank maintained healthy operations up until 2016 financial…

Read more

Breaking: CBN sacks FirstBank board over removal Adeduntan as MD/CEO

CONaira 4 Dollar SchemeVID-19 healthcare funds

CBN Sacks FBN Board over removal of MD/CEO     The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has sacked the entire members of the board of First Bank Holding and First Bank Nigeria Ltd. Emefiele, in his speech broadcasted on national television cited insider abuse, insider credit and breakdown of corporate governance as the reason behind the apex bank’s move. The CBN governor further announced the reinstatement of ousted MD/CEO of First Bank LTD, Dr Sola Adeduntan who was sacked as the MD of the interim…

Read more

How NSIA saves $350m on fertilizer subsidy

NSIA saves N133bn on fertilizer subsidy

NSIA saves $350m on fertilizer subsidy     The Nigerian Sovereign Investment Authority (NSIA) has saved $350 million (about N133 billion) by cutting subsidy payments and import substitution after it began implementing the Presidential Fertilizer Initiative. In a statement by the Authority, after four years of the PFI, the Presidency approved its restructuring, starting this year. NSIA said the PFI has delivered 30 million bags of NPK 20:10:10 fertilizer reducing the price from over N10,000 to under N5,500. qually, 41 blending plants have been revived from just four earlier and…

Read more

Airtel Africa appoints Segun Ogunsanya as new CEO

Airtel Africa appoints Segun Ogunsanya as new CEO

Airtel Africa appoints Segun Ogunsanya as new CEO     Leading telco and mobile money provider, Airtel Africa, has appointed a new CEO for its Africa operations. Olusegun “Segun” Ogunsanya, Managing Director and CEO Nigeria will succeed Raghunath “Raghu” Mandava, as Managing Director and Chief Executive Officer following Raghu Mandava’s informing the Board of his intention to retire. Segun Ogunsanya will join the Board of Airtel Africa PLC with effect from 1 October 2021. Segun Ogunsanya joined Airtel Africa in 2012 as Managing Director and CEO Nigeria and has been…

Read more

Bears maintain grip on equities as investors again lose N280bn

Bears maintain grip on equities as investors again lose N280bn

Bears maintain grip on equities as investors again lose N280bn     Investors in the Nigerian stock market lost N274bn on Wednesday as 23 firms saw their share prices drop at the end of trading. The Nigerian Stock Exchange All-Share Index fell by 1.33 per cent to 38,781.48 basis points from 39,305.48bps. The market capitalisation of equities declined to N20.30tn on Wednesday from N20.58tn on Tuesday. A total of 259.51 million shares valued at N1.91bn were traded by investors in 3,547 deals at the end of trading on the floor…

Read more

Fraud: AfDB suspends Nigerian firm Maxicare for 3 years

Fraud: AfDB suspends Nigerian firm Maxicare for 3 years

Fraud: AfDB suspends Nigerian firm Maxicare for 3 years The African Development Bank Group (AfDB) has slammed a 36-month debarment on Maxicare Company (Nigeria) Limited. In a statement titled ‘African Development Bank debars Maxicare Company (Nigeria) Limited for 36 months for collusive and fraudulent practices’, it said this took effect from 23 February 2021. It stated that Maxicare Company was a limited liability company registered in Nigeria. The statement said, “An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that Maxicare Company (Nigeria) Limited engaged in collusive…

Read more