Business News
9 months after, Senate considers appointment of Tunde Lemo as FERMA boss
The Senate has considered Tunde Lemo’s appointment 9 month after President Buhari announced his appointment.
The Senate has on Thursday considered former deputy governor of the Central Bank of Nigeria (CBN), Tunde Lemo’s appointment 9 month after President Muhammadu Buhari announced his appointment as chairman of the Federal Emergency Road Maintenance Agency (FERMA).
Tunde Lemo is a fellow of the Institute of Chartered Accountant of Nigeria (ICAN) as well as fellow of the Chartered Institute of Bankers (CIB) with significant leadership and top management experience in both the public and private sectors spanning over 26 years. He holds a Bachelor of Science degree in Accountancy (first class division) from the University of Nigeria, Nsukka in 1984 where he won seven academic laurels, including the Best overall graduating student in his Faculty.
In 1985, Lemo started his career in Arthur Andersen & Co Chartered Accountants and over the years, he held various other positions in Finance and Control as well as providing significant leadership and top management training both in the public and private sectors.
He attended Advanced Management Programme (AMP) at the Wharton College, University of Pennsylvania, Philadelphia, U.S.A in 2002 as well as executive training programmes in world class institutions including Harvard University, INSEAD, Fontainbleau, France, Brandies University, Boston, etc. He served as Deputy Governor in charge of Operations, Central Bank of Nigeria, where he drove the industry-wide shared services initiative towards achieving efficient banking services with 30% cost savings for the Nigerian banking industry and greater penetration of banking services.
He equally provided strategic direction and supervises five departments of the CBN including Reserve Management, Banking and Payments System, Currency Operations, Branch Operations and Information Technology departments. Prior to this, he was Deputy Governor, Financial Systems Surveillance.
He is an experienced and versatile public officer and financial manager. His contributions to public policy include the implementation of the Banking Sector Consolidation, formulation and implementation of the Microfinance Policy and Supervisory Framework both under the supervision of the Governor.
He also led the restructuring of Abuja Security and Commodities Exchange and Nigeria Export Import Bank (NEXIM), as the Chairman of both institutions. As Vice Chairman Technical Committee for the establishment of Africa Finance Corporation (AFC), he participated actively in the establishment of the Pan-African investment institution where he served as a Director.
Prior to his appointment as Deputy Governor, he had led the transformation of Wema Bank Plc as MD/CEO between 2000 and 2003 resulting in the bank’s superlative performance which made it rank as one of the top ten most profitable commercial banks in Nigeria in 2003.
His major strengths are his passion for excellence, ability to transform challenges into opportunities, integrity and exceptional people-management and problem solving skills.
This is complemented with strong inter-personal and negotiation skills as well as sound analytical and financial management capabilities. He leverages his diverse exposure and works effectively with people of different background in the private and public sectors.
He is excited by the opportunities to formulate policies that will raise people’s standard of living and regularly render volunteered and community development services through Tunde Lemo Foundation.
He was awarded with the prestigious National honour of the Officer of the Federal Republic (OFR) in November, 2011.
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.
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.
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.
IBADAN-KANO RAIL PROJECT TO COMMENCE SOON – FG
The @NigerianGov has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.
The Minister of Transportation, @ChibuikeAmaechi, while on routine tour of the— Federal Ministry of Transportation (@MinTransportNG) April 11, 2021
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.
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.
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.
