Author: Abimbola Daniels

TUNDE Hassan-Odukale has stepped down as the Chairman of First Bank of Nigeria Limited. Updating the Nigerian Exchange Group of recent development within the bank, the company’s Secretary, Adewale Arogundade, in a notice on Thursday, said Hassan-Odukale’s exit followed the completion of the cumulative number of years, which is 12 years for a non-executive director, in line with the Central Bank of Nigeria’s Corporate Governance Guidelines. “Consequently, the Board of FirstBank has appointed Mr Ebenezer Olufowose, a Non-Executive Director, as the new Chairman of the Board of Directors of First Bank of Nigeria Limited,” the notice partly read. Hassan-Odukale, who…

UNITED Bank for Africa Plc (UBA), Africa’s global bank, has unveiled its unaudited financial results for the first quarter ended March 31st, 2024 showing very strong growth across key performance measures. The Group’s results, which were released to the Nigerian Exchange Limited (NGX) on Friday May 3rd, 2024, saw outstanding year-on-year increases: Gross Earnings rose by 110%, from N271.1billion to N570.2 billion; Interest Income grew by 130%, to N440.7 billion.  Operating Income increased by 115%, from N175.7 billion in 2023, to N378.59 billion. Further consolidating the record performance delivered in the Group’s 2023 Full Year Audited Financials, UBA again saw…

ALIKO Dangote Foundation (ADF), in conjunction with the World Economic Forum (WEF) and Forum of Young Global Leaders (YGL), has unveiled gifted and high calibre individuals for the esteemed 2024 class of the World Economic Forum Young Global Leaders (YGL) Dangote Fellows. ADF and WEF, in a release, said, “With great excitement and anticipation, ADF and WEF announce this year’s cohort, a group of visionary leaders poised to make impactful contributions to global development, innovation, and leadership. The WEF YGL Dangote Fellowship, a partnership between the Aliko Dangote Foundation and the World Economic Forum, identifies, engages, and supports outstanding individuals…

TO enhance passenger facilitation at airports across the country, the Federal Airports Authority of Nigeria (FAAN) and the Office of the National Security Adviser (ONSA) have concluded plans to end the era of multiple physical checks at the nation’s airports. This is coming amidst the rising number of military and paramilitary personnel at the country’s international airports despite complaints from passengers and stakeholders. As far back as 2017, the federal government had ordered the stoppage of multiple checks at the major international airports. But despite the order, passengers are still being subjected to multiple checks. The Managing Director of FAAN,…

DSTV and GOtv customers in Nigeria have been notified to expect disruption in service from Sunday, May 5, to Tuesday, May 7, due to the ongoing construction project on the Lagos-Calabar Coastal Highway. In a notice shared on social media on Friday, DStv assured customers that its technical team will be working to relocate its facility and minimise service disruptions during the process. The statement read, “Our uplink facility will be impacted by the ongoing Lagos-Calabar Coastal Road construction project. As a result, we are forced to relocate. “From Sunday, May 5, 2024 to Tuesday May 7, 2024, our technical…

Shareholders Commend Board, Management As Company Delivers Another Record-Breaking Year TRANSCORP Hotels Plc (“Company”), the hospitality subsidiary of one of Africa’s leading, listed companies, Transnational Corporation Plc (Transcorp Group,  Monday April 29, 2024 held its 10th Annual General Meeting (AGM) where the Company’s impressive 2023 performance was presented to shareholders. The results showed Transcorp Hotels’s continuous growth, as well as new revenue and profit records set in the year under review. The AGM held at Transcorp Hotel’s flagship property Transcorp Hilton Abuja. As contained in the Company’s annual report, revenue grew by 36.2% to N41.46 billion in 2023 from N30.44…

THE management and staff of Barnksforte Technologies Ltd has felicitated with the Director-General of the National Identity Management Commission (NIMC), Engr. Abisoye Coker-Odusote on her 40th Birthday. This was contained in a statement signed by the Team Leader, Brand and Communications, Barnksforte Technologies Ltd, Famuyide Olumide, made available to News Point Nigeria, Friday. According to the statement, under the leadership and guidance of Coker-Odusote, NIMC has achieved remarkable milestones, empowering citizens with secure and reliable identity management solutions. “Your leadership at the National Identity Management Commission has been truly exceptional, guiding the organization with wisdom, vision, and unwavering dedication. “As…

STRATEGIES adopted by Dangote Cement to increase sales and ensure an adequate supply of products to customers are yielding the desired results as domestic sales volume increased, by 26.1 percent to 4.6Mt in the first quarter of 2024. According to the cement manufacturers’ unaudited results for the three months that ended, on April 30, 2024, the Nigerian operations volume rose significantly and positively affected the rise in the Group’s overall volume to 7.0 Mt. The company recorded a Group revenue of N817.4 billion, even as profit after tax inched, up by 2.9 percent to N112.7 billion. Earnings per share closed…

THE Minister of Aviation, Festus Keyamo, has directed the Nigerian Civil Aviation Authority (NCAA) to suspend Dana Air, a day after one of the airline’s planes skidded off the Murtala Muhammed Airport, Lagos runway. The minister also ordered a comprehensive audit of the airline. The audit will encompass all aspects of safety protocols, maintenance procedures, and financial health to ensure full compliance with the aviation sector’s regulations. In a letter to the NCAA Director-General titled ‘Immediate Suspension of Dana Air Pending Safety and Financial Health Audit’, the minister said the move was necessary to ensure safety and regulatory compliance. “As…

THE Federal Airports Authority of Nigeria (FAAN) said it has re-opened the runway 18L/36R at the Murtala Mohammed Airport in Lagos for flight operations. The runway was temporarily closed after a Dana Air plane skidded off it on Tuesday. FAAN’s Director of Public Affairs and Consumer Protection announced this in a statement. According to her, prompt actions were taken by FAAN’s emergency response team to evacuate and recover the aircraft from the site. Subsequently, comprehensive clearing operations were conducted to ensure the runway was free of any Foreign Object Debris (FOD) that could impede flight safety. She added that the…

AN aircraft belonging to Dana Air has skidded off the runway in Lagos State. The incident happened around 10:14 a.m, with emergency responders including the airport’s Aerodrome Rescue and Firefighting Services (ARRFS) mobilised to the scene. However, passengers were evacuated unhurt, using the emergency exit gate while the aircraft was stuck in the grass near the runway as of press time. It is not clear what was responsible for the runway incursion as of the time of filing this report while investigators from the Nigerian Safety Investigation Bureau (NSIB) have been deployed to the scene. A source in NSIB told…

THE Board of Directors of First Bank has announced Segun Alebiosu, Executive Director and Chief Risk Officer of First Bank, as the acting Managing Director and Chief Executive of the bank to replace Adesola Kazeem Adeduntan, who resigned suddenly. He is expected to take the job for an interim period until he is cleared by the Central Bank of Nigeria (CBN). In a released by the bank. Segun brings to the Executive Management of FirstBank over 28 years’ experience in the banking and financial services industry with cross-functional exposure to Credit risk management, Financial planning and control, Credit and marketing,…

DUPE Olusola, the Managing Director and Chief Executive Officer of Transccorp Hotels Plc, the listed hospitality brand that posted record-breaking earnings has revealed why the feat will continue through 2024 and beyond. Transcorp Hotels in its first full-year audited report filed with the Nigerian Exchange (NGX), Transcorp Hotels reported a record-breaking revenue of N41.5billion in 2023, compared to N30.4billion in 2022, marking a substantial 36% growth year-on-year. The operating income of the hospitality brand with all-year recycling drive – in collaboration with other partners – as one of its environmental social governance factors also grew by 50%, to close at…

THE 650,000 barrels per day Dangote Petroleum Refinery is taking advantage of cheaper oil imports from the United States for as much as a third of its feedstock as it starts up production. A report by Bloomberg on Thursday stated that the plant has been shipping products in recent weeks while readying two units to enable gasoline (petrol) output that will deliver a long-promised transformation of the fuel market both in Nigeria and the region. It attributed this to analysts. “Dangote is going to influence Atlantic Basin gasoline markets this summer and for the rest of the year,” said Alan…

TRANSCORP Power Plc has released its first quarter (Q1) 2024 unaudited financial statements for the period ended March 31, 2024 demonstrating impressive financial performance. The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223 percent. Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors. The strong performance is further demonstration of the Company’s strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated…

THE Nigerian Civil Aviation Authority (NCAA) has suspended the permit of three private jet operators for engaging in commercial flights. The Acting Director General of the NCAA, Chris Najomo, announced the suspension of the three private operators in a riot act read to all airlines on Tuesday. The NCAA boss said the Minister Aviation and Aerospace Development, Festus Keyamo, gave marching orders for the cessation of the use of private jets for commercial purposes in 2023 but the operators continued in such act. “Subsequently, in March 2024, the NCAA had issued a stern warning to holders of the permit for…

A CENTRAL Bank of Nigeria (CBN) employee, Mr Monday Osazuwa, on Friday, told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches. Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN), said he was a dispatch rider in Zenith Bank in 2001 before he joined the CBN in 2014. Osasuwa said he joined the apex bank as a senior supervisor in 2014. He said Emefiele was the Managing Director of Zenith Bank Plc…

THE Lagos High Court sitting in Ikeja has granted bail to a former Central Bank (CBN) governor Godwin Emefiele. Justice Rahman Oshodi granted him bail in the sum of N50m with two sureties in like sum. The court also held that the sureties must be gainfully employed and have three years of tax payment with the Lagos State Government. Justice Oshodi said that the sureties must show proper identification and they must be registered in the Lagos State Bail Management System. The judge also said that he was satisfied with the bail conditions of N1 million, earlier given to Emefiele’s…

AFRICA’s richest man Aliko Dangote says Nigerians should expect a drop in inflation given the reduction of diesel pump prices. He stated this on Wednesday during a chat with journalists after he paid Eid-el-Fitr homage to President Bola Tinubu at his Lagos residence. “I believe that we are on the right track. I believe Nigerians have been patient and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively…

A TRADITIONAL ruler in the Isolo area of Lagos State, Oba Kabiru Agbabiaka, has passed on. He passed on after Eid-El-Fitr prayers, which signalled the end of the one-month Ramadan fast. He was aged 64. The Chairman of the Isolo Local Council Development Area, Olasoju Adebayo, confirmed the development in a statement on Wednesday. “I have the instruction of the Executive Governor of Lagos state, His Excellency, Mr. Babajide Olusola Sanwo-Olu to formally announce the passing of the paramount ruler of Isolo Kingdom, Oba Kabiru Alani Adelaja Agbabiaka, Adeola Olushi III, today 10th April, 2024. “He will be buried today…