Business News – Tribune Online https://tribuneonlineng.com Breaking News in Nigeria Today Sat, 15 Jun 2019 18:30:07 +0000 en-GB hourly 1 https://wordpress.org/?v=5.2.1 https://tribuneonlineng.com/wp-content/uploads/2017/08/logo.jpg Business News – Tribune Online https://tribuneonlineng.com 32 32 118125416 24 ships carrying petrol, other products expected at Lagos ports https://tribuneonlineng.com/218853/ Sat, 15 Jun 2019 16:30:44 +0000 https://tribuneonlineng.com/?p=218853 Tribune Online
24 ships carrying petrol, other products expected at Lagos ports

port

Nigerian Ports Authority (NPA) has said 24 ships laden with petroleum products, food and other goods will berth at Apapa and Tin Can Island Ports between June 15 and June 29. The NPA made this known in its daily publications, ‘Shipping Position’. It said that one of the ships would sail in with petrol, the […]

24 ships carrying petrol, other products expected at Lagos ports
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Tribune Online
24 ships carrying petrol, other products expected at Lagos ports

port

Nigerian Ports Authority (NPA) has said 24 ships laden with petroleum products, food and other goods will berth at Apapa and Tin Can Island Ports between June 15 and June 29.

The NPA made this known in its daily publications, ‘Shipping Position’.

It said that one of the ships would sail in with petrol, the other 23 ships would bring in bulk salt, bulk gypsum, buckwheat, steel products, bulk sugar, semi-trailer and general cargo.

ALSO READ: Large number of political parties created logistics problem during 2019 elections ― INEC

NPA stated that 11 ships had earlier arrived the ports, waiting to berth with frozen fish, container and petrol.

It stated that a total of seven ships are presently discharging bulk gypsum bulk salt and different containers.

24 ships carrying petrol, other products expected at Lagos ports
Tribune Online

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Titan Trust Bank set to redefine retail banking in Nigeria https://tribuneonlineng.com/218817/ Sat, 15 Jun 2019 14:36:19 +0000 https://tribuneonlineng.com/?p=218817 Tribune Online
Titan Trust Bank set to redefine retail banking in Nigeria

Titan Trust Bank, one of the five new banks recently licensed by the Central Bank of Nigeria (CBN), has said on its launch, it is set to make its customers enjoy the benefits of banking. The bank, which is expected to operate as a national financial institution, have on its board experienced financial gurus, giving […]

Titan Trust Bank set to redefine retail banking in Nigeria
Tribune Online

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Tribune Online
Titan Trust Bank set to redefine retail banking in Nigeria

Titan Trust Bank, one of the five new banks recently licensed by the Central Bank of Nigeria (CBN), has said on its launch, it is set to make its customers enjoy the benefits of banking.

The bank, which is expected to operate as a national financial institution, have on its board experienced financial gurus, giving the signal that the bank is ready to compete with the long-standing and well-rooted Nigerian banks.

According to a lender, the bank was formed to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates.

The new bank headquartered at Plot 1680, Sanusi Fafunwa Street, Victoria Island, Lagos State, is said to have the following facilities: Commercial Banking, SME Banking, Digital Banking amongst others. On its commercial banking services, the lender said on its website: “As a national commercial bank, we are committed to supporting businesses, giving them the power to build a better future. Each day, companies are working together to create sustainable economic value.

“We are committed to that vision by ensuring we provide business capital and resources, primed to support these visions, as we continue to tell Africa’s story.”

Titan Trust Bank believes there is nothing like a small business. All businesses are exactly that; businesses. Our team is made of professionals with an entrepreneurial mindset, working to help you and your business take advantage of the many benefits of banking with Titan, and give your competition a run for their money,” the bank said.

Titan Trust Bank further posited that it will leverage on digital platforms to empower the emerging pan-African economy, while showcasing the industry pioneering solutions, expertise and professionalism.

Led by seasoned banker and former deputy governor of the CBN, Mr Tunde Lemo its chairman, the new commercial bank, is starting operation with a solid post capitalisation financial base in real cash.

Titan Trust Bank Limited was established on the 12th of December, 2018 and obtained its National Banking license on the April 26, 2019, to operate as a commercial bank with national authorization.​

The bank has said it was formed to “take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates.

“Our people are best-in-class Bankers, ready to deliver on our customer promise and support the execution of the Bank’s strategy. Our branch network is structured to enhance service delivery and customer experience, in uniquely designed branches across the country.”

On its brand, it said, “Titan Trust Bank will leverage on digital platforms to empower the emerging pan-African economy, whilst showcasing our industry pioneering solutions, expertise and professionalism.

We are passionate about the future, committed to tomorrow, and laser focused on building a pan-African world class financial institution with innovation and resilience at our core.

“Our Brand is bold and signals our aspiration to support Nigeria’s banking landscape, unlock business opportunities, and deliver superior returns.

“As a National Commercial Bank, we are committed to supporting businesses, giving them the power to build a better future.

“Each day, companies are working together to create sustainable economic value.

“We are committed to that vision by ensuring we provide business capital and resources, primed to support these visions, as we continue to tell Africa’s story.”

Titan Trust Bank set to redefine retail banking in Nigeria
Tribune Online

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Moroccan CEO, Mostafa Terrab, becomes first African chairman of global fertilizer industry association https://tribuneonlineng.com/218500/ Thu, 13 Jun 2019 20:38:37 +0000 https://tribuneonlineng.com/?p=218500 Tribune Online
Moroccan CEO, Mostafa Terrab, becomes first African chairman of global fertilizer industry association

Mostafa Terrab, Chairman and Chief Executive of OCP, to address environmental stewardship and “under-use” of fertilizers in Africa during his two-year tenure at the International Fertilizer Association (IFA).

Moroccan CEO, Mostafa Terrab, becomes first African chairman of global fertilizer industry association
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Tribune Online
Moroccan CEO, Mostafa Terrab, becomes first African chairman of global fertilizer industry association

The CEO of one of the world’s leading fertilizer exporters, Dr Mostafa Terrab, has become the first African to be elected chairman of the global body representing the fertilizer industry.

Terrab, of the Morocco-based OCP Group, succeeds Rakesh Kapur as chair of the International Fertilizer Association (IFA).

As announced at the IFA 2019 annual conference held in Montreal, one of Mr Terrab’s priorities for his chairmanship will be to focus on innovation and address the still unacceptably low levels of fertilizer use in Africa.

Soil fertility across much of Africa is low. Over 40% of African soils face nutrient depletion, partly because of a failure to apply sufficient levels of fertilizers. The average use of fertilizers in most African countries is still around 16kg per hectare, which is far below the continent-wide recommendation of about 100kg per hectare.

ALSO READ: 18 fertiliser blending plants revived under PFI-FEPSAN

As a result, average crop yields are only a fraction of those enjoyed by other regions and risk not keeping up with the continent’s growing need for food. To meet demand, sub-Saharan Africa must triple the amount of cereals it produced in 2007 by 2050. This is in the face of many challenges in the coming decades, such as water scarcity and climate change.

“By scaling up improved soil analysis and nutrient best management practices, farmers in Africa can increase the efficiency and productivity of their farms and avoid the additional conversion of an estimated 80 million hectares of additional land to desert,” Mr Terrab said.

Mr Terrab also pledged to increase efforts to attract more youth and women into roles across agriculture. Despite most of Africa’s population is under the age of 24, the average age of farmers is 60 years old.

Mr Terrab’s chairmanship follows an extensive strategic assessment of the industry, investigating how it can further contribute to the world’s broader sustainable development goals.

“The global fertilizer industry remains committed to environmental stewardship and stakeholder relationship building,” said Charlotte Hebebrand, Director General of IFA. “We are excited to continue on this important path under Mr Terrab’s chairmanship.”

“A shift in the fertilizer industry is already underway” added Mr Terrab: “and IFA is poised to step up its scientific engagement, sustainable plant nutrition and production programmes.”

Mr Terrab holds a PhD in Operations Research from MIT and previously worked in the Moroccan government and at the World Bank before joining OCP Group in 2006.

The International Fertilizer Association (IFA) is a trade association representing the global fertilizer industry.

IFA member companies represent all activities related to the production and distribution of every type of fertilizer, their raw materials and intermediates. IFA’s membership also includes organizations involved in agronomic research and training. IFA has some 525 members in about 85 countries.

The global fertilizer industry produces some 170 million tons of fertilizer nutrients annually. These are used in every corner of the globe to support sustainable agricultural production and food security.

Also, OCP plays an important role in feeding a growing global population, by providing essential elements for soil fertility and plants growth.

With almost a century of experience and revenues reaching US$ 5.95 billion in 2018, OCP Group is a leader in the phosphate rock and the world’s first producer of phosphate-based fertilizers.

OCP provides a wide range of well-adapted fertilizer products to enhance soil, increase agricultural yields, and help to feed the planet in a sustainable and affordable way. Thanks to its large-scale integrated industrial development strategy, OCP is present on the entire phosphate value chain and operates on all of its business lines, offering to its 23,000 employees a development path focused on excellence.

Headquartered in Morocco, OCP works in a close partnership with more than 160 customers over 5 continents. Committed to best serve the development of Africa, OCP places innovation at the heart of its strategy, in particular, to implement sustainable and prosperous agriculture on the continent.

As a responsible industrial player, OCP is strongly committed to Africa’s environmental, social and human development.

The Group is firmly convinced that leadership and profitability are necessarily synonymous to social responsibility and sustainable development. Its strategic vision resides where these two dimensions meet.

Moroccan CEO, Mostafa Terrab, becomes first African chairman of global fertilizer industry association
Tribune Online

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Fidelity, NIPOST sign pact on agent banking https://tribuneonlineng.com/218419/ Thu, 13 Jun 2019 18:31:32 +0000 https://tribuneonlineng.com/?p=218419 Tribune Online
Fidelity, NIPOST sign pact on agent banking

NIPOST

In their quest to ensure financial inclusion especially for active rural populace, Fidelity Bank has entered a collaboration with Nigeria Postal Services (NIPOST) to bring banking services directly to Nigerians in 266 rural communities. At the launch of integrated banking services between Fidelity bank and NIPOST in Abuja Thursday, Deputy Managing Director of Fidelity Bank, […]

Fidelity, NIPOST sign pact on agent banking
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Tribune Online
Fidelity, NIPOST sign pact on agent banking

NIPOST

In their quest to ensure financial inclusion especially for active rural populace, Fidelity Bank has entered a collaboration with Nigeria Postal Services (NIPOST) to bring banking services directly to Nigerians in 266 rural communities.

At the launch of integrated banking services between Fidelity bank and NIPOST in Abuja Thursday, Deputy Managing Director of Fidelity Bank, Mr Mohammed Balarabe said a deal between the two parties was as part of their financial inclusion strategy.

Balarabe disclosed that through the collaboration, bank customers regardless of the bank they use can use POS, deposit into any bank operating in Nigeria, withdraw from any bank account in Nigeria, engage in ATM transactions, transfer to any bank account, carry out payment services like taxes, rates and levies; school fees; electricity bills and satellite television subscriptions.

ALSO READ: Olugbon of Orile-Igbon berates FG over Democracy Day

Post-Master, General of the Federation (PMG) and Chief Executive Officer of NIPOST Mr Bisi Adegboye in a speech said NIPOST has come back to life to fulfil its Corporate Social Responsibility.

“The internet has taken away the old ways of making money from NIPOST but has also opened exponential opportunities by leveraging on new technology and ICT to tap into current trends of transactions like online purchases.”

He also disclosed NIPOST’s plans to give every Nigerian a digital address that will make easy for to access credit and resolve issues surrounding identity management.

“This partnership also avails Fidelity Bank the opportunity to expand its network using the over 1800 post office facilities nationwide to take banking closer to the people in line with the Federal government’s Financial Inclusion policy which places high premium on providing financial services to the under-banked and unbanked populace, who work in the informal sector of the economy without or less access to financial services.

“The integrated Agency Banking services incorporate the collections of a treasury single account (TSA) on a single platform.

With this development, it means that NlPOST customers can also get banking services in the Post offices nationwide and can deposit and withdraw money, including payment of bills for utility services in Post offices where these services are available without stress.”

Speaking earlier in a welcome address, NIPOST General Manager, Finacial Service, Mr Mukhtar Baba had disclosed that government was determined to bring every Nigerian into the formal economy because those without access to banking services cannot have access to funding for their endeavours.

He explained that CBN and NIPOST had been partnering on Finacial inclusion.
“This partnership between NIPOST and Fidelity Bank will make financial services available to Nigerians especially in rural areas”, he stated.

Fidelity, NIPOST sign pact on agent banking
Tribune Online

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WILAT raises alarm over plastic waste pollution in Nigerian waters https://tribuneonlineng.com/218211/ Wed, 12 Jun 2019 19:28:26 +0000 https://tribuneonlineng.com/?p=218211 Tribune Online
WILAT raises alarm over plastic waste pollution in Nigerian waters

Plastics

The Women in Logistics and Transport (WILAT) has raised the alarm over the increasing rate of plastic pollution in the oceans, calling for proper disposal and recycling of plastic waste to protect the Nigerian marine environment. WILAT Board of Trustees member and Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Princess Vicky Haastrup, who made […]

WILAT raises alarm over plastic waste pollution in Nigerian waters
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Tribune Online
WILAT raises alarm over plastic waste pollution in Nigerian waters

Plastics

The Women in Logistics and Transport (WILAT) has raised the alarm over the increasing rate of plastic pollution in the oceans, calling for proper disposal and recycling of plastic waste to protect the Nigerian marine environment.

WILAT Board of Trustees member and Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Princess Vicky Haastrup, who made the call during a sensitisation campaign organised to commemorate the WILAT Founder’s Day Anniversary in Lagos on Wednesday, decried the harmful effect of plastic wastes on human health and aquatic lives, calling on governments at all levels to enact laws banning the single use of plastics in Nigeria to reduce waste.

While noting that several countries have enacted laws to that effect, Haastrup said Nigeria should not be an exception to eliminating the harmful effects of single-use plastics with affordable alternatives.

She called on manufacturing industries to begin to look at alternative ways of producing consumables requiring the use of plastics.

“Plastic pollution constitutes a lot of danger to human and aquatic lives. We see heaps of plastics almost all over the place that it seems almost impossible for any government to create a clean environment without handling the issue of plastic waste.

“Just recently, we heard that the Canadian government has developed plans to ban single-use plastics as early as 2021. That is the awareness all over the world. Nigeria should not be an exception. We as women in WILAT are using this opportunity to sensitise the society about the use of plastic.

“It is a serious cause of pollution in our marine environment. It is affecting fishes and when we eat them, it constitutes health hazards to all of us. We are using this opportunity to call on the government to look into it as a way of banning some of these plastic products. Industries should begin to look at alternatives ways of packaging water and soft drinks because it is a major cause of health hazard to the marine environment and to all of us and the economy.

“Nigeria should pass it into law. I think is high time we all rise up to this occasion. There should be a law that will regulate the use of plastic. It a major cause of pollution in the environment,” Princess Haastrup said.

ALSO READ: Mining: We have committed over N14bn on exploration contract ― FG

Also speaking at the event, the Founder and Global Convener of WILAT, Hajia Aisha Ali-Ibrahim, who doubles as the Port Manager of the Lagos Port Complex, Apapa, said: “We need to sensitise the public on the need for proper recycling so that we can achieve a blue environment. Proper disposal of plastic is actually an area we should focus on if we want development in logistics. We can’t throw things everywhere. We have to recycle and make the environment better and we as women are concerned about this. That is why we decided to take it up.”

Former Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Mrs. Ufon Usoro, who also spoke at the event, called for the adoption of innovative ideas towards reducing plastic wastes in the country.

“We know that the evolution of plastics generated a lot of businesses but when we realise now the dangers that are posed by plastics, I believe we can invest on how to use plastic in a sustainable way. We have heard of other countries where they use waste plastics as pellets for road repairs and study shows it is very durable. We operate in an ecosystem and it has to be safeguarded in order to make it possible for our various businesses to grow,” she said.

The sensitisation campaign which begins with a walk from Ikoyi to Lekki through the link bridge was attended by the President, Chartered Institute of Logistics and Transport (CILT) Nigeria, Ibrahim Jubril; immediate past President, Nigerian Chamber of Commerce, Industries, Mines and Agriculture (NACCIMA), Iyalode Alaba Lawson and other several transport and logistics professionals.

WILAT, which is an arm of the Chartered Institute of Logistics and Transport (CILT), was set up as the global body of women professionals in the transport and logistics industry.

WILAT raises alarm over plastic waste pollution in Nigerian waters
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Oando: Minority shareholders accuse SEC of bias https://tribuneonlineng.com/218177/ Wed, 12 Jun 2019 19:13:38 +0000 https://tribuneonlineng.com/?p=218177 Tribune Online
Oando: Minority shareholders accuse SEC of bias

Oando

Minority shareholders have said the apex regularity body of the Nigerian capital market, Security and Exchange Commission (SEC) was not fair in its dealings with Oando PLC, considering the way and manner it cancelled the company’s Annual General Meeting (AGM) with barely 24hours notice. Communicating their grievances to the media on Wednesday, Hamzat Ridhwan, the […]

Oando: Minority shareholders accuse SEC of bias
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Tribune Online
Oando: Minority shareholders accuse SEC of bias

Oando

Minority shareholders have said the apex regularity body of the Nigerian capital market, Security and Exchange Commission (SEC) was not fair in its dealings with Oando PLC, considering the way and manner it cancelled the company’s Annual General Meeting (AGM) with barely 24hours notice.

Communicating their grievances to the media on Wednesday, Hamzat Ridhwan, the Secretary-General of Association of Investors Liberalisation, on behalf of other group, noted that while shareholders fully support the regulator for their role in regulating and protecting the capital market, in the case of Oando, SEC had not acted in shareholders best interest, neither had it protected their investment.

“We condemn in absolute terms, the way and manner chosen by SEC in announcing the cancellation on the eve of the event despite having ample time to do the same,” he queried, while noting that the regulatory body did not think of the wellbeing of the shareholders, whom they were to protect, before making such drastic decision.

ALSO READ: Afreximbank wins bank of the year award

“We are clear that this is not the way SEC has handled forensic audit exercise in the past, so we are not sure why Oando is being treated differently. Since SEC’s 31st May press release, there has been an erosion of value in our shares from N4.20 on the 31st of May to N3.75 on the 11th of June,” he said, adding that the hope of collecting dividend have been dashed since as the company had reversed losses to profit for two consecutive years.

The minority shareholders, therefore, call on the Federal Government and relevant bodies to intervene in directing SEC “to act in a manner that is legal, morally and ethically correct in the interest of the capital market and shareholders.”

It will be recalled that SEC had suspended Oando Plc’s AGM scheduled to hold on Tuesday, 11th June 2019, in a statement signed by Efe Ebele, the Commission’s spokesperson on Monday, 10th June, saying it directed the suspension to allow parties involved in the suit to maintain status quo.

The suspension followed an order by a Federal High Court in Lagos due to an application made by the Group Chief Executive Officer of Oando Plc, Mr Adewale Tinubu, and his deputy who were suspended by SEC on May 31.

Oando: Minority shareholders accuse SEC of bias
Tribune Online

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Afreximbank wins bank of the year award https://tribuneonlineng.com/218171/ Wed, 12 Jun 2019 18:57:55 +0000 https://tribuneonlineng.com/?p=218171 Tribune Online
Afreximbank wins bank of the year award

SMEs

African Export-Import Bank (Afrexim Bank) in Malabo on Tuesday received the award for the African Bank of the Year at the African Banker Awards 2019 ceremony held on the sidelines of the Annual Meetings of the African Development Bank. Amr Kamel, Afreximbank’s Executive Vice President for Business Development and Corporate Banking received the award on […]

Afreximbank wins bank of the year award
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Tribune Online
Afreximbank wins bank of the year award

SMEs

African Export-Import Bank (Afrexim Bank) in Malabo on Tuesday received the award for the African Bank of the Year at the African Banker Awards 2019 ceremony held on the sidelines of the Annual Meetings of the African Development Bank.

Amr Kamel, Afreximbank’s Executive Vice President for Business Development and Corporate Banking received the award on behalf of the Bank.

The award to Afreximbank was one of two big ones that went to development finance institutions as Admassu Tadesse, President of Trade Development Bank, was also named African Banker of the Year.

The organisers, in explaining the award to Afreximbank, said that, in the past 18 months, the Bank had launched a number of game-changing products.

ALSO READ: June 12 celebration, desperate attempt to gain undeserved goodwill ― Jonathan

According to them, the African Bank of the Year award is presented to the bank in Africa that has demonstrated a high performance across various metrics and which has considerably changed the banking landscape by reaching out to new customers, offering new services and helping to drive growth through a stronger financial sector.

Other awards given out during the ceremony include Central Bank Governor of the Year presented by to the awardee Tarek Amer of the Central Bank of Egypt (CBE) by Mr. Kamel; Lifetime Achievement to former First Rand Group CEO Sizwe Nxasana; African Banker Icon to Mitchell Elegbe, founder of Interswitch; Finance Minister of the Year to Romuald Wadagni of Benin; Investment Bank of the Year to Absa; and Retail Bank of the year to Ecobank.CBE is one of the biggest beneficiaries of Afreximbank’s funded financing, especially, its Counter-Cyclical Trade Liquidity Facility under which it availed CBE financing during the recent economic reforms in Egypt.

Afreximbank wins bank of the year award
Tribune Online

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Confusion rocks seaports as Customs implement new CBN exchange rate https://tribuneonlineng.com/217721/ Mon, 10 Jun 2019 18:10:45 +0000 https://tribuneonlineng.com/?p=217721 Tribune Online
Confusion rocks seaports as Customs implement new CBN exchange rate

NPA, levies, Shipping charges, Port

There was palpable confusion at the Lagos Ports on Monday as the Nigerian Customs Service (NCS) began the implementation of the new Central Bank of Nigeria (CBN) exchange rate of N326 per Dollar for Customs transactions, which hitherto stood at N306 per Dollar. Findings by the Tribune Online on Monday showed that the NCS has […]

Confusion rocks seaports as Customs implement new CBN exchange rate
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Tribune Online
Confusion rocks seaports as Customs implement new CBN exchange rate

NPA, levies, Shipping charges, Port

There was palpable confusion at the Lagos Ports on Monday as the Nigerian Customs Service (NCS) began the implementation of the new Central Bank of Nigeria (CBN) exchange rate of N326 per Dollar for Customs transactions, which hitherto stood at N306 per Dollar.

Findings by the Tribune Online on Monday showed that the NCS has already commenced implementation of the new exchange rate with immediate effect. Customs sources confirmed that the valuation department of Customs at all commands has equally adjusted the exchange rate on their electronic systems.

Speaking with newsmen, Public Relations Officer of the Association of Nigeria Licensed Customs Agents (ANLCA) at Tin Can Island Port, Mr. Emmanuel Onyeme also confirmed that all transactions and cargoes that were cleared at the port today (Monday) were already paying N326 per dollar.

Onyeme lamented that the new exchange rate would definitely add to the cost of clearing cargoes from Nigerian ports and the prices of goods in the market.

He argued that the policy should not have commenced with immediate effect because several agents have already accepted jobs from their importers using calculations based on the old rate of N306 per dollar.

He also lamented that the Customs did not carry the clearing agents and other stakeholders along in the implementation of its policies.

According to Onyeme, “The new rate took place at the ports today. It is already affecting our interaction with Customs.

ALSO READ: Ogun gov lauds Assembly members over peaceful election

“Before now, a vehicle that is paying a duty of N300,000, definitely with the current increment of the exchange rate by N20, the same Vehicle will pay more than N300,000.

“So, the new rate will affect the cost of clearing, especially for those who have collected jobs at the rate of N306.

“And if the importer is selling his car for N1 million, with this additional cost, he is going to add whatever that is the extra cost to it.

“The Customs have already changed the rate on the system. Every job that was captured today had to pay the new rate.”

Onyeme lamented that the inability of the freight forwarding associations in the maritime sector to speak with one voice has further emboldened the Nigeria Customs Service to treat them with levity.

“The Customs does not carry us along in their policy formulation because the associations are not speaking with one voice, there is a crack on the wall,” Onyeme added.

Confusion rocks seaports as Customs implement new CBN exchange rate
Tribune Online

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Oando saga: SEC defends ruling to Federal High Court https://tribuneonlineng.com/217520/ Sun, 09 Jun 2019 18:45:17 +0000 https://tribuneonlineng.com/?p=217520 Tribune Online
Oando saga: SEC defends ruling to Federal High Court

Oando

The Security and Exchange Commission (SEC) has said it followed due process in the investigations of Oando PLC, and has presented facts to the Federal High Court in response to the suit instituted by the Group Chief Executive Officer and Deputy Group Chief Executive officer of the company. In a statement by the commission, it […]

Oando saga: SEC defends ruling to Federal High Court
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Tribune Online
Oando saga: SEC defends ruling to Federal High Court

Oando

The Security and Exchange Commission (SEC) has said it followed due process in the investigations of Oando PLC, and has presented facts to the Federal High Court in response to the suit instituted by the Group Chief Executive Officer and Deputy Group Chief Executive officer of the company.

In a statement by the commission, it was noted that as against allegations fair hearing is a paramount and fundamental principle, which the Commission as a law-abiding agency adheres to in all its investigative processes.

It further noted that in the course of the investigations, communications such as letters and phone calls were exchanged and meetings were held between the Commission and Oando Plc, requesting for its comments and explanations on issues relating to the investigations, after which the findings of the Commission was communicated to the Group Chief Executive Officer of Oando Plc by a letter dated July 10, 2017.

Subsequent to the findings, the regulatory body said it engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.

“In the course of conducting the audit, Deloitte & Touche held regular sessions with members of the Board and senior management of Oando Plc, and afforded them the opportunity to provide explanations on issues relating to the investigation,” the statement said.

The Commission confirmed that Oando Plc was given sufficient opportunity of being heard and accorded several opportunities to rebut the issues revealed by the investigation.

ALSO READ: Afenifere blasts DAWN Commission for trivialising insecurity in South-West

However, it noted that the responses given by Oando Plc, considered unsatisfactory; prompting, the decision by the Commission to penalise the company and some of the individuals related to it for violations of securities laws.

“The actions of the Commission were properly effected pursuant to the provisions of the Investments & Securities Act (ISA) 2007 and the SEC Rules and Regulations made pursuant to the ISA 2007.

The Commission reiterated that its recent action on Oando Plc aligns with the cardinal mandate, as the directive for the removal of persons from the board of Oando Plc and the appointment of an interim management team to temporarily steer the affairs of the company is to protect investors and preserve stakeholder value.

It argued that failure or refusal of the Commission to act in the face of the serious issues thrown up by the investigations or to reverse its directives, would undermine the Federal Government’s agenda to build strong institutions and promote the transparency and integrity of the Nigerian capital market, especially given that, these are preconditions for attracting foreign investors to the Nigerian capital market.

It will be recalled that a Federal High Court in Lagos had granted Group Chief Executive Officer and Deputy Group Chief Executive officer ofOando PLC, Adewale Tinubu and Omomafe Mofo an injunction against the rulings of the Securities and Exchange Commission on the outcome of the forensic audit carried out into the affairs of the company, which among others, axed the duo from office as well as barring  them from being director of public companies for a period of five years

Oando saga: SEC defends ruling to Federal High Court
Tribune Online

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MTN Nigeria CEO named ‘HR Champion 2019’ https://tribuneonlineng.com/217492/ Sun, 09 Jun 2019 18:01:56 +0000 https://tribuneonlineng.com/?p=217492 Tribune Online
MTN Nigeria CEO named ‘HR Champion 2019’

SEC

MTN Nigeria Communications Plc and its top officials have been honoured at the HR People Magazine Awards 2019. MTN was a finalist in both the ‘Employer of Choice’ and ‘Best Employee Engagement’ categories. The Chief Executive Officer, Ferdi Moolman, was honoured with the ‘HR Champion 2019’ Award, for supporting the most innovative and far-reaching HR […]

MTN Nigeria CEO named ‘HR Champion 2019’
Tribune Online

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Tribune Online
MTN Nigeria CEO named ‘HR Champion 2019’

SEC

MTN Nigeria Communications Plc and its top officials have been honoured at the HR People Magazine Awards 2019.

MTN was a finalist in both the ‘Employer of Choice’ and ‘Best Employee Engagement’ categories. The Chief Executive Officer, Ferdi Moolman, was honoured with the ‘HR Champion 2019’ Award, for supporting the most innovative and far-reaching HR initiatives in 2018.

The Chief Human Resources Officer of the company, Esther Akinnukawe, was a nominee in the ‘HR Leader of the Year’ category and also received a commendation award.

ALSO READ: Afenifere to APC: Give us Speaker with integrity if you’re zoning position to South-West

Speaking on this recognition, Chief Human Resources Officer, Esther Akinnukawe said: “These awards are further validation of our belief that our people matter. We appreciate the great work they do and are committed to making their work life more fulfilling, mindful that MTNers play an invaluable role in connecting Nigerians to each other and to the rest of the world.

“For us, this translates to a pat on the back and encourages us to do even more. We will continue to be innovative in brightening the lives of our people and our customer.”

The HR People Magazine Awards are a celebration of excellence in the human resources profession demonstrated by individuals and companies at the forefront of promoting industry best practices. Winners are voted by 11 judges from four nationalities across five countries.

MTN Nigeria CEO named ‘HR Champion 2019’
Tribune Online

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