Business
UBA Group appoints Chukwuma Nweke deputy managing director
UBA Group appoints Chukwuma Nweke deputy managing director
The United Bank for Africa (UBA) Plc has announced changes to its Board of Directors with the appointment of Mr. Chukwuma Nweke as new Managing Director effective from October 1st 2024.
The Group disclosed this in a statement on the NGX signed by its secretary and legal counsel, Bili Odum where the retirement of Dr. Kayode Fasola, a Non-Executive Director was also disclosed.
The bank noted that the appointment of Mr. Nweke as Deputy Managing Director is subject to the approval of its regulator, the Central Bank of Nigeria (CBN).
The statement reads, “United Bank for Africa Plc (UBA), Africa’s Global Bank, announces the appointment of Mr. Chukwuma Nweke as Deputy Managing Director, effective October 01, 2024. This appointment is subject to regulatory approval by the Central Bank of Nigeria.”
Profile of the new Deputy M.D
The bank in the statement commented that Mr. Nweke holds a bachelor’s degree in accountancy and an MBA from the University of Nigeria, Nsukka and also recognized as a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and is also an honorary member of the Chartered Institute of Bankers of Nigeria.
It noted that the new appointee has over 30 years of experience in various fields including banking operations, finance, technology, audit, strategy, retail banking, and payments, and previously served as the Executive Director and Group Chief Operating Officer of UBA.
The chairman of the Bank, Mr. Tony Elumelu commenting on the appointment stated that Mr. Nweke’s deep industry experience makes him an asset to the bank’s Board and his appointment will strengthen the Group’s growth and success.
READ ALSO:
- Did Kamala Harris truly floor Donald Trump in the first fiery TV debate?
- Woman collapses, dies during church testimony in Lagos
- BREAKING: Nigeria’s trade surplus hits N6.95tn, import drops – NBS
In his words, “The appointment of Chukwuma Nweke underlines once again, UBA’s commitment to upholding the highest governance and operational leadership. His deep industry expertise and proven track record make him an invaluable asset to our Board, and we are confident that his contributions will further strengthen the Group’s growth and success.”
The bank also announced the retirement of Dr. Kayode Fasola, a Non-Executive Director who joined the UBA Group Board in August 2018. It noted that Dr. Fasola provided exemplary leadership, notably serving as Chairman of the Finance & General Purpose Committee and contributing as a member of the Board Audit & Governance, Credit, and Statutory Audit Committees during his tenure on the Board.
The UBA Board further expressed its profound gratitude to Dr. Fasola for his dedication and significant contributions to the Group, wishing him success in his future endeavors.
UBA Group appoints Chukwuma Nweke deputy managing director
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
READ ALSO:
- US-based Nigerians get 30-year sentence over $3.5m romance scam
- 4 Nigerians arrested in Libya for alleged drug trafficking, infection charges
- BREAKING: Port Harcourt refinery begins operation
Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
-
metro11 hours agoBREAKING: Port Harcourt refinery begins operation
-
Business2 days agoJust in: Dangote refinery reduces petrol price for marketers
-
metro1 day ago40-foot container falls on car in Lagos
-
Politics2 days ago2027: Lagos Speaker, Obasa joins gov race, may battle Seyi Tinubu, others
-
Politics1 day agoLagos 2027: Seyi Tinubu campaign team releases his life documentary
-
International1 day agoTrump to sack 15,000 transgender officers from U.S. military: Report
-
Entertainment1 day agoPolygamy best form of marriage for Africa – Okey Bakassi
-
metro1 day agoPolicewoman dismissed in Edo threatens to kill children, commit suicide