Business
Buhari returns Obadiah Nkom as DG MCO, appoints AbdulHakeem Abdullateef NDIC chair
President Muhammadu Buhari has approved the appointment of Engr. Obadiah Simon Nkom as Director General of the Nigeria Mining Cadastre Office for a second and final term of four years.
A former Lagos State commissioner, Dr AbdulHakeem Abdullateef, was also named chairman of reconstituted board of the Nigeria Deposit Insurance Corporation.
The reappointment of Obadiah will take effect from 12th January 2023.
He was first appointed on January 12, 2019 for an initial period of four years.
Under the leadership of Nkom in the past four years, the Nigeria Mining Cadastre Office was said to have recorded an 86% increase in revenue generation, raking in over N8.9 billion between 2019 and 2021 compared to N4.8 billion generated in the corresponding period of 2016 – 2018. This also accounts for about 50% of the contribution of the Ministry of Mines and Steel Development to the economy.
His recently-unveiled reforms in the automation of the Mining Cadastre system have revolutionalized online and real-time mineral title administration and management.
It is also to the credit of Obadiah during his first term that the Nigeria Mining Cadastre Office was named the best agency of the Federal Government in the category of Digital Innovation Awards for the year 2022 under the auspices of the Nigeria Internet Registration Association (NIRA), for adding value to the activities of the Cadastre Office.
Also, Buhari has approved the reconstitution of the board of the Nigeria Deposit Insurance Corporation.
He has also approved the appointment of some new members and the reappointment of some existing members to the board.
A statement on Monday signed by the Special Adviser, Media & Communications to the Minister of Finance, Budget and National Planning, Yunusa Abdullahi, disclosed this.
The statement said the new appointments and reappointments had become necessary to avoid any vacuum.
The new appointees are Dr. Abdulhakeem Abdullateef, (Chairman) from Southwest zone; Prof. Osita Ogbu, from Southeast Zone; Umar Jibrin from Northcentral zone; Mohammed Haruna from Northeast zone; Yasmin Dalhatu from Northwest zone; Simon Ogie from Southsouth zone; Abimbola Olashore Southwest zone.
Those representing their institutions on the NDIC board are Director of Home Finance, Muhammed Ali, member (Rep of Federal Ministry of Finance, Budget and National Planning); Director Banking Supervision Department, Haruna Mustapha, member (Rep of Central Bank of Nigeria).
The reappointed members are Managing Director, Bello Hassan; Executive Director Operations, Mustapha Ibrahim; and Executive Director Corporate Services, Mrs Emily Osuji.
Abdullateef, a lawyer, previously served as member, Lagos State House of Assembly Oshodi/Isolo Constituency II, before he was appointed Special Adviser to the Lagos State Governor on Political and Legislative Powers, then later as commissioner for Home Affairs, Lagos State Government.
The NDIC operates a four-year semester system for its board, and the last appointment was made on December 9, 2018.
The statement read, “The appointment of the existing members of the board whose four-year became effective on 9th December, 2018 expired on 9th December, 2022. It is noteworthy that irrespective of the tenure of the appointment, NDIC operates a semester system for its board. Therefore, the board stands dissolved at the end of the tenure of first appointment.
“The board has five other members whose membership is by virtue of institutional or office representation in line with the provision of Section 5 (2 c and d) of the NDIC, Act, 2006.
“It becomes imperative to reconstitute the governing board the NDIC to avoid vacuum, ensure smooth operations of the corporation and ultimately boost the confidence of stakeholders and clients within the financial and banking sectors of the nation’s economy.
“In the light of this, the new governing board is reconstituted through the appointment of five new members including the chairman to form a new board of directors to oversee the affairs of the corporation for the next four years.”
Auto
Chery celebrates automobile excellence, creativity at Lagos roadshow
Chery celebrates automobile excellence, creativity at Lagos roadshow
Chery Nigeria on Friday held many Lagos fans of elegant new vehicles spellbound during its spectacular roadshow.
The event featured a captivating procession from the Carloha showroom to The Palms in VI passing through scenic routes such as the Third Mainland Bridge, Ikoyi and Victoria Island, ending with a celebration at the iconic shopping mall.
The roadshow not only showcased Chery’s exceptional vehicles but also celebrated the spirit of creativity and community.
The event provided a platform for guests to savour and enjoy the unique display of new work of art and automotive excellence.
The roadshow extravaganza, as the organisers called it, was revealed Chery’s commitment to engaging experiences, showcasing the brand’s latest masterpiece, the Tiggo 8 Pro,Tiggo 4 Pro and Arrizo 5, in an unforgettable way.
The highlight of the event was a unique “Sip and Paint” session led by a notable artist, who skilfully captured the essence of the Tiggo 8 Pro on canvas.
Guests were invited to unleash their creativity as they painted their own interpretations of the iconic Chery logo, adding personal touch.
The climax of the evening came with a breathtaking moment as Eben, renowned for his impressionistic prowess, unveiled his masterpiece – a stunning portrayal of the Chery Tiggo 8 Pro.
The artwork, met with awe and admiration from attendees, encapsulated the essence of Chery’s dedication to innovation, style, and sophistication.
Representative of Chery brand in Nigeria, Carloha, says it will continue to provide automotive solutions to customers with its six-year free service and six-year warranty or 200,000km, whichever comes first.
Meanwhile, Chery has expressed its gratitude to all attendees, partners and supporters who contributed to the success of this extraordinary event.
“As the brand continues its journey of innovation and inspiration, it remains dedicated to delivering exceptional experiences that captivate hearts and minds,” the firm said in a statement on Saturday.
Business
BDCs consider harmonised retail market as naira depreciates further
BDCs consider harmonised retail market as naira depreciates further
The Association of Bureaux De Change Operators of Nigeria (ABCON) has said it is working on establishing a unified retail end forex market operations to tackle volatility and boost regulatory compliance within the Bureau De Change (BDC) sub-sector.
This is as the value of the naira depreciated further at the parallel market to N1,450 to the dollar.
From N1,420 which it was on Thursday, the value of the naira, which had depreciated to N1309 to the dollar at the Nigeria Autonomous Foreign Exchange market (NAFEM) continued to fall at the parallel market.
ABCON president, Alhaji (Dr.) Aminu Gwadabe, said ABCON is carrying out strategic plans meant to unify operators from different cadres of the market including inauguration of state chapters for markets coordination, integration and administering a united market structure.
According to him, ABCON plans to extend its automation policies and platforms to all BDC operators across Nigeria markets and upgrade its Business Process Platform-(formerly called SAAZ Master). He said the new blueprint for a united retail end forex market structure will ensure the deployment of a centralised, democratised and liberalised online real time trading platform.
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He stated that the association will sustain its engagement with regulatory agencies, security operatives and other government apparatus to entrench a secured and thriving forex market that is supportive to regulation and government.
“Part of our vision for a united retail-end forex market include activating geo mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps. This will enable forex buyers to easily locate where BDCs offices are for effective and seamless transactions”.
He reiterated the benefits of a realistic and vibrant retail end forex market as supporting Central Bank of Nigeria (CBN’s) goal of achieving true price discovery for the naira, balancing of international obligations and national objectives; ensuring ease of regulation, security agencies monitoring and supervision as well as entrenching market visibility for BDC players.
According to Gwadabe, the vision for a united retail end forex market will help in the provision of market intelligence reports, enhance the local and global image of the BDCs and other stakeholders, market operators and boost employment generation.
The successful execution of this plan, Gwadabe said, will help in seamlessly capturing revenues for the government through digitised retail end market and creating a well structured, transparent and competitive platform to checkmate the menace of unlicensed platforms like Binance, Aboki FX, ByBit among others.
BDCs consider harmonised retail market as naira depreciates further
Business
Naira gains marginally at parallel market as FG plans for diaspora fund
Naira gains marginally at parallel market as FG plans for diaspora fund
Nigerian currency, Naira, appreciated to N1,380 per dollar on the parallel market on Friday, posting a gain of N70 in one single day, compared to Thursday’s close of N1,450/$1.
On the other hand, the the local currency weakened to N1,339.23/$1 on the Nigerian Autonomous Foreign Exchange (NAFEM) window, representing a N29.42 decline, compared to the N1,309.81/$1 it closed at on Wednesday.
However, daily turnover on the NAFEM declined by 2.85 per cent to $309.01 million compared to $318.08 million the previous day.
The highest spot rate stood at N1,410, with the lowest recorded at N1,051.
Meanwhile, as part of efforts to attract and accelerate inflow of foreign currency into the economy, the federal government has unveiled plans to float a $10 billion Nigeria Diaspora Fund.
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The move is expected to among other things, improve FX liquidity in the system as well as strengthen the Naira exchange rate.
The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, in a notice shared on her X handle (formerly Twitter), yesterday, revealed that the Nigeria Diaspora Fund Multi-sectoral Investment Initiative would be designed and managed by fund managers selected through an Expression of Interest (EOI) exercise where winners are expected to emerge.
Owing to this, the ministry has issued an EOI Expression to fund managers for the development and establishment of a multisectoral, multilateral private sector-led investment fund to form the $10 billion Nigeria Diaspora Fund.
Newstrends recalls that Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, had recently said Nigerians living in diaspora remained a key source of foreign capital projection, adding that a diaspora bond would be launched by June.
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