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Business News

VFD Group announce major changes, appoints Legal Giant Olatunde Busari as Chairman

VFD Group has announced changes on its board of directors with the appointment of Babatunde Busari SAN as the new Chairman

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VFD group

VFD Group has announced changes on its board of directors with the appointment of Olatunde Busari SAN as the new Chairman of the Group. The trio of Dr. Samuel Maduka Onyishi, Mr. Azubike Emordi and Ms. Jewel Okwechime have also joined the board. This is sequel to the stepping down of Mr. Kayode Fadahunsi as the Chairman and Ms. Mariam Ibrahim, a non Executive Director .

At a sent-forth dinner held in honour of the outgoing Chairman, Mr. Kayode Fadahunsi fondly called “K-Fada”, and Former Director, Mariam Ibrahim, Group Managing Director of VFD Group, Mr. Nonso Okpala describe the outgoing directors as exemplary leaders who got people working even when it was difficult. He also appreciated the outgoing directors for nurturing and supporting the company through hard times.

Nonso noted that the group is moving to the next phase of building a stronger institutional relationships in its bid to access more institutional investors and funds to its portfolio.

Also speaking at the event, Outgoing Chairman, Mr. Kayode Fadahunsi described the VFD team as an excellent team. While describing his 8 years journey as a great accomplishment he recalled that the VFD group started with a N2 million balance sheet but now boost of fat balance sheet running into billions of Naira within a short time.

Profile of the new Chairman

Olatunde Busari holds a B.Sc degree in Political Science from the University of Ife. He also obtained the Bachelors Degree (LL.B) in Law from the University of Ibadan, Nigeria, and Masters Degree (LL.M) in Law from the University of Lagos, Nigeria. Mr. Busari was called to the Nigeria Bar in 1989.​

​He worked with the law firm of Babalakin & Co, where he garnered experience in Dispute Resolution, Commercial law Practise, Maritime, Admiralty, Oil and Gas etc. He left the law firm of Babalakin & Co in the year 1993 to establish the law firm of Akinwumi & Busari as a founding partner. ​

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​Babatunde is a member of diverse professional associations, amongst which are International Bar Association (IBA), Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Lagos Chamber of Commerce and Industry, Nigerian Branch of the Chartered Institute of Arbitrators (UK) etc.​

​He is a Senior Advocate of Nigeria, a highly resourceful legal specialist with versed experience in company management. He is presently the Managing Partner of Akinwunmi & Busari LP.​

VFD Group is a financial services focused proprietary investment company that creates value by working within Nigeria’s informal financial sector to create innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur

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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