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Business News

Nigeria’s Uche Ofodile appointed CEO MTN Liberia

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Teleco-giant,  MTN, has announced the appointment of Uche Ofodile as the Chief Executive Officer (CEO) Lonestar cell MTN Liberia.

An early career in marketing, advertising, and public relations gave Uche a diverse foundation in the automotive, consulting, higher education, and broadcasting industries.

Prior to her new appointment, she was Africa’s regional head for Facebook’s express WiFi. She comes with over a decade experience in telecoms Industry.

Profile of the new CEO 

  • She holds a BA degree in Political Science from Ramapo College, New Jersey, USA.
  • Diploma in Strategic Marketing from Columbia University Business School, New York, USA.
  • Internet Marketing Associate at KPMG from January 2001 to February 2002.
  • Corporate Brand Manager Econet (now Airtel) in 2002 to June 2004.
  • Chief Commercial Officer, MTS first wireless from 2005 to 2007
  • Marketing Director Nutricima 2007 to 2009.
  • Chief Marketing Officer, Vodafone Accra July 2009 till June 2014.
  • CEO Millicom/Tigo DRC Kinshasa 2014-2016.
  • She was appointed Facebook’s Regional Head, Africa- Express WiFi in 2017.

Lonestar Cell is a telecommunications company based in Monrovia, Liberia. The company owns and operates the largest wireless telecommunications network in Liberia, with over 48% of the market share.

Founded in 2000 by Beirut-based Investcom, the company became a subsidiary of the South African conglomerate MTN Group following MTN’s acquisition of Investcom in 2006.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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    Business

    FG explains why Lagos-Ibadan rail line was not linked to the sea

    The government in its explanation said that the delay was due to disruption by trucks going in and out of the port complex.

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    FG needs $656 million to complete Lagos-Ibadan railway project – Amaechi, Nigeria loses N150 billion annually to shipping tariffs, Ibadan to Kano rail construction

    The Federal Government has stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea.

    The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.

    According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.

    The Minister pointed out that the original blueprint for the Lagos-Ibadan rail line project was not adhered to by CCECC Nigeria Limited and TEAM consortium and therefore warned that the master plan of the soon to commence Ibadan-Kano rail line project should not be changed.

    The statement from the ministry partly reads, “The Nigerian Government has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.”

    Amaechi forewarned that the master plan of the soon to commence project should not be changed as the original blueprint for the Lagos-Ibadan wasn’t adhered to by Messrs CCECC Nigeria and TEAM consortium. The Minister who rode the train from Ebute-Meta to the 8.72 km Apapa Port Spur line, informed the media that the inability of Messrs CCECC Nigeria to link the final part of the rail line down to the sea is rather due to disruption by trucks going in and out of the port complex.’’

    The Minister had noted that the Federal Government has paid its share of the counterpart funding of the Ibadan-Kano rail line project and is waiting for China-Exim bank to ratify its side of the agreement for the project to commence.

    He also advised the Nigerian Railway Corporation (NRC) to acquire more land around the train stations and the rail tracks for future development adding that this will be near impossible to do in the future as whatever space available now would have been taken over by businesses attracted to the rail line.

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    In case you missed it

    It can be recalled that full commercial train services commenced on the Lagos-Ibadan rail line after train operations commenced on December 7, 2020, with only Lagos, Ibadan and Abeokuta residents enjoying the train services.

    This is because other minor and major stations along that route were yet to be completed.

     

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    Manufacturing

    Industrial Index loses -12.39 points, as BUA and Lafarge Cement shares top losers list

    The NSE Industrials index lost 12.39 index points in the first trading week in the month of April.

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    Manufacturing: Activity levels pick up albeit readings still below water

    The Nigerian Stock Exchange Industrial Index at the close of trading activities for the first week in the month of April closed on a bearish note, following a 0.66% decrease in the shares of BUA CEMENT and Lafarge.

    At the close of trading activities on the Nigerian Stock Exchange on the 9th of April 2021, the industrial index depreciated by 55.01 index points, to close lower at 1,928.18 index points for the week.

    When compared to the overall performance of the market, the NSE Industrial index underperformed, noting that the NSE All-Share Index and Market Capitalization depreciated by 0.66% to close the week at 38,866.39 and N20.3350 trillion respectively.

    READ: COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says

    What you should know

    The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.

    The index tracks the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.

    The overall performance of the companies for the week was bearish, as the index closed on a negative note driven by the decrease in the share price of BUA Cement and Lafarge.

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    MEYER (19.51) was the only gainer for the week, while BUACEMENT (-1.09%) and LAFARGE WAPCO (-3.00%) were the only losers for the week.

    GAINER

    • MEYER up by19.51% to close at N0.49.

    LOSER

    • WAPCO down by -3.00% to close at N21.00.
    • BUACEMENT down by -1.09% to close at N72.70.

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