Business News
These three directors were recently “removed” from Trans-Nationwide’s board
Logistics company, Trans-Nationwide Express Plc, has announced the removal of three Non-Executive Directors from its board of directors.
Logistics company, Trans-Nationwide Express Plc, has announced the removal of three Non-Executive Directors from its board of directors.
The three former Non-Executives were “removed” at the same time, effective July 11th. This was in line with the decision reached during the company’s Annual General Meeting which took place last week.
Note that this latest development follows last week’s resignation of Ms Oluwatosin A Adebayo from the company. She was also a Non-Executive.
The Affected Persons: According to a notification sent to the Nigerian Stock Exchange, the “removed” Non-Executive Directors are — Mrs Aderonke A. Fatade, Mrs Nneka Ikejiani, and Alhaji Alhaji B Jimada. No further reason was given for their removal.
[READ: Nigerian Stock Exchange appoints two Divisional Heads]
Mrs Aderonke A. Fatade: Mrs studied Agric Economics at Oklahoma State University from where she graduated in 1979. She then obtained an MBA from Golden Gate University Graduate School in 1981. In 1991, she graduated with a Bachelors of Laws from the Lagos State University. She later acquired a Masters’ of Law in 2005 from the same university.
She has worked for different financial institutions, served as a Director on the board of the Nigerian Stock Exchange between 2008 and 2012, and currently serves as a director in Sterling Assurance Nigeria Limited.
Mrs Nneka Ikejiani: In 1990, Mrs Ikejiani graduated with a BSc. in Economics from the University of Lagos. She later graduated with an MBA in 1995 from the City University Business School, London.
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Mrs Ikejiani is said over seventeen years of experience in Project Management and Financial PLanning. She has been employed by many reputable companies both and outside Nigeria, including Microsoft.
Alhaji Alhaji B Jimada: Mr Jimada studied English Language at Ahmadu Bello University Zaria, graduating in 1981. He is more of a technocrat than he is a businessman. This is because he “he held various positions in the Kwara State Governor’s office from 1982 where he was at different times, the Information Officer”.
He also worked at the Kwara State Utility Board and was later appointed as the Acting General Manager of the Board of Kwara State Water Corporation.
Earlier today, Trans-Nationwide Express Plc traded 1,305 volume of shares on the Nigerian Stock Exchange and ended trading on the Nigerian Stock Exchange at N0.73.
[READ FURTHER: Continental Reinsurance Plc appoints Acting Company Secretary]
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.
