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Business News

UAC of Nigeria Plc appoints Folasope Aiyesimoju as MD/CEO

Pending the time a new Chief Executive Officer will be appointed for UPDC, Folasope Babasola Aiyesimoju will also serve concurrently as the company’s MD/CEO.

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UAC of Nigeria Plc appoints Folasope Aiyesimoju as MD/CEO

UAC of Nigeria Plc‘s Board of Directors has appointed Folasope Babasola Aiyesimoju as the company’s new Group Managing Director (MD) and Chief Executive Officer (CEO).

According to a notice sent to the Nigerian Stock Exchange, Mr Aiyesimoju’s appointment took effect today Monday, April 1st, 2019.

In his capacity as Group MD/CEO of UAC, Aiyesimoju will serve concurrently as Managing Director/CEO of UACN Property Development Plc (UPDC) until a new MD/CEO is appointed for the subsidiary company.

Commenting on Aiyesimoju’s appointment, Dan Agbor, the Chairman of the Board of UAC of Nigeria Plc, said the appointment signifies the company’s ambitions, and the Board’s determination to accelerate the process of change within the Group.

A look into Folasope Babasola Aiyesimoju’s professional career

Aiyesimoju is a finance professional with experience spanning corporate finance, principal investing, and private equity.

Over the course of his career, Mr Aiyesimoju has lived and worked in some of Sub- Saharan Africa’s most important economies; thereby gaining experience of the operating landscape in the region.

He holds a B.Sc. (Hons) degree in Estate Management from the University of Lagos, where he was awarded a Certificate of Excellence in Real Estate Development and Finance. He also earned the right to use the CFA designation in 2006.

Mr Aiyesimoju is the Founder of Themis Capital Management, an investment firm focused on concentrating capital and talent on high-potential opportunities in Sub-Saharan Africa.

Prior to founding Themis, he worked with Kohlberg Kravis Roberts, a leading global investment firm.

His experience also includes working with the Standard Bank Group, where he led mergers and acquisitions in Nigeria.

Fola spent the early parts of his career with Ocean and Oil Holdings Limited, a principal investment firm in Nigeria and ARM Investment Managers, one of Nigeria’s leading investment advisory and wealth management firms.

He also co-founded Foodpro Limited, a nutritional snacks business focused on edible nuts, where he currently serves as a non-executive director.

However, Aiyesimoju first joined the Board of UAC of Nigeria Plc in March 2018 and is a member of the Governance and Remuneration Committee of the Board.

He was also appointed Managing Director/CEO of UACN Property Development Plc (“UPDC PLC”) in August 2018.

About UAC of Nigeria Plc

UAC of Nigeria Plc, a diversified conglomerate, operates in the food & beverages, real estate, paints, and logistics sectors in Nigeria and Ivory Coast.

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The company is currently trading N7.65 on the floor of the Nigerian Stock Exchange (NSE).

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Business

Customs Apapa Command generates revenue of N65.4 billion in April

This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

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Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

What Ibrahim Yusuf is saying

“This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

In line with the provision of extant laws, trade guidelines and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

What you should know

Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

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Business

Why prices of Iron Ore, others may rise soon

The underdeveloped mining of iron ore in Nigeria has led the nation to import the mineral which can be produced locally.

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Iron ore is an important commodity currently in high demand, due to population and infrastructure growth in developing countries, especially Nigeria.

The underdeveloped mining of iron ore in Nigeria has led the nation to import the mineral which can be produced locally. This development is expected to lead to an increase in the price of the commodity, as the nation relies solely on imported iron ore.

Why is the increase imminent

A surge in steel consumption is certain, as the world emerges from its pandemic-induced slump. This is set to drive iron ore to an unprecedented high as the biggest miners struggle to keep up with the frenzied pace of demand.

An Estate Surveyor and Developer, Tunji Lawal, told Nairametrics that expectations are that benchmark prices can get to $200 a ton – topping the record $194 hit more than a decade ago.

According to him, this is happening as Chinese steel producers ramp up production in defiance of government attempts to rein in output to control the industry’s carbon emissions.

He said, “That’s tightening an iron ore market that hadn’t fully recovered from a supply shock more than two years ago.

Iron ore prices could go higher in the short-term and exceeding $200 a ton is definitely possible and that will also push the price up in Nigeria. The price here, which is about N325,000/ton (8mm), is bound to go northward and may increase by N100,000 within a month.”

He added that the increasing demand had been boosting steel prices from Asia to North America.

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The hike is not limited to steel, as other building materials are also expected to rise further.

Meanwhile, Dangote Cement, which increased from N2,600 to N3,800 barely a month ago, stands at N4,000/bag and still counting. The price may rise over N4,000 depending on market forces.

Lafarge Cement and BUA Cement also increased from N2,400 and N2,250 to N3,600 and N3,250 respectively, within the same period. Their prices may also rise further.

Tunde Oluwole, a fellow of the Nigerian Institute of Builders, explained that the development was caused by high-interest rates, inflation, increasing exchange rate and scarcity of forex in the country.

He said, “The increasing prices in Nigeria is a result of the combined effects of high-interest rates, devaluation of the naira, inflation, and non-effective distribution network of the materials.”

What you should know

The mining of minerals in Nigeria accounts for only 0.3% of its gross domestic product, due to the nation’s overdependence on its vast oil resources.

China accumulated a majority of the global iron ore imports in 2019, with a 69.1% share of total global imports. Japan followed behind distantly with a 7.5% share of iron ore imports.

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