Business News
MRS Oil Nigeria Plc announces resignation of MD
The Board and Management of Mrs Oil Nigeria Plc, have approved the resignation of Andrew Gbodume as Managing Director/ Chief Executive Officer of the Company with immediate effect.
By the aforementioned resolution, the Board of Directors reviewed and approved the appointment of Priscilla Thorpe-Apezteguia as Director and Managing Director (Acting) of the Company.
Thorpe-Apezteguia’s appointment is also effective immediately.
The man Andrew Gbodume
Gbodume holds a masters degree from Ahmadu Bello University, Zaria. He is a fellow of the Institute of Chartered Accountants of Nigeria and an associate member of the Nigerian Institute of Management as well as Nigerian Institute of Taxation.
He is a financial and economic consultant with many years of experience which cut across finance, audit, insurance and banking industry. He is also a member of the Institute of Directors. He has attended several courses locally and internationally including courses at the Havard Business School, Boston.
Prior to joining Mrs Oil Nigeria Plc, he had a stint with African International Bank (AIB) where he rose to the position of an Assistant General Manager of the Financial Control and Management Department, a position he held for over 5 years. He joined MRS Oil and Gas Co. Ltd as Assistant General Manager, Finance and Corporate Planning in 2007. A year after, the position was re-designated as Deputy General Manager. In 2008, he was appointed as the Director, Special Duties
As a result of his excellent performance, he was appointed Ag. Managing Director MRS Investment Co. Ltd in July 2010, before his secondment to MRS Oil Nig Plc. He was appointed Executive Director of Finance & Administration on May 12, 2011.
On the 1st January 2016, Gbodume was appointed as the Managing Director of Mrs Oil Nigeria Plc.
About Mrs Oil Nigeria Plc
Headquartered in Lagos, MRS Oil Nigeria Plc is a Nigerian oil marketing firm which was incorporated in 1969. Its shares were listed on the Nigerian Stock Exchange in 1990.
The company is specialised in the merchandising of refined petroleum products such as Petroleum motor spirit (PMS), lubricants, and aviation kerosene, etc.
The company’s recently released third quarter 2018 financial statement shows that revenue dropped from ₦81.9 billion in Q3 2017 to ₦76 billion in Q3 2018.
Similarly, the company recorded a loss after tax of ₦425.7 million during the nine-month period, compared to a profit after tax of ₦809.1 million during the same period last year.
MRS Oil Nigeria Plc’s stock is currently trading at ₦23.15.
Real Estate
FG to unveil dedicated portal for sale of houses to Nigerians
The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.
The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.
The platform is expected to help contributors to the National Housing Fund (NHF) access mortgage loans on a first-come, first-serve basis.
This disclosure was made by the Minister of Works and Housing, Babatunde Raji Fashola while speaking at the ninth meeting of the National Council on Lands, Housing and Urban Development in Jos, Plateau State.
Fashola, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, pointed out that the ministry is currently at the completion stages of the first phase of the national housing programme in 34 states of the federation, which provided land for it.
He said, “We urge the state governments to alert their residents to this opportunity for interested persons to apply.”
Fashola commended the Federal Mortgage Bank of Nigeria (FMBN) for being at the forefront of the cooperative housing initiative at the federal level, adding that it has the advantage of allowing cooperative members to choose what they design and build to fit their budgets.
They can leverage their members to get group discount for the purchase of building materials as well as the engagement of contractors.
Fashola disclosed that FMBN as the driver of the housing initiative has engaged 86 co-operatives in projects; approved N35, 784 billion cumulatively; disbursed N10.95 billion; and processed as at January, 57 co-operative housing development loans.
Fashola emphasized that what the Federal Government can do directly in housing is limited compared to what states can do, just as state governments are also limited, compared to what the private sector and individuals can do.
He said, “The majority of houses available for sale or rent belong to individuals and private companies compared to what states or Federal Government has available. Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property are dealing with private citizens or companies and less so with government agencies.’’
My recommendation for improving access and affordability to housing in the Covid-19 era is for private companies and individuals to give back some of what they control to citizens in the way the Federal Government has given back to citizens some of what it controls.’’
He explained, “for example in cases where the rent of businesses or individuals are due for renewal, the private landlords can give back, by accepting monthly, quarterly or half-yearly rent instead of one year, two or three years rent in advance.”
Bottom line
Nigeria has been bedevilled by a housing crisis that has left Africa’s most populous nation ill-equipped to properly provide accommodation for its citizens and inhabitants.
Some of the housing problems in the country include unresolved rent tenure arrangements, high cost of building materials, access to infrastructure, deficiency of housing finance arrangements, stringent loan conditions from mortgage banks, time to process legal documents and inadequate government housing policies.
Coronavirus
Covid-19: Nigeria committed to procuring 29 million J&J vaccines
The Nigerian Government is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative.
