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CWG confirms Adeyipo’s appointment as MD

Computer Warehouse Group (CWG), has confirmed the appointment of Adewale Adeyipo as its substantive Managing Director (MD).

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CWG Plc confirms Adewale Adeyipo's appointment as MD/CEO

Computer Warehouse Group (CWG) has notified its shareholders and the investing public about the appointment of Adewale Adeyipo as its substantive Managing Director and Chief Executive Officer.

Adeyipo’s appointment took effect from August 1.

He was appointed the acting MD on January 1. His appointment as acting MD followed the resignation of James Agada from the company’s board.

Profile: Adeyipo holds a Bachelor of Science degree in Computer Science from the University of Ilorin, and is also an Alumnus of Lagos Business School.

READ MORE: Getachew replaces Bhupendra Suri as Coca -Cola MD

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He had multiple management and leadership training and certifications from Lagos Business School; Business School of Netherlands; MIT and the London Business School.

Adeyipo worked at Discount Finance House in 2005, where he was responsible for providing Platforms and Mechanism to enhance the delivery of Micro Finance Credit Scheme both for government and private agencies. Thereafter, he worked with e-Peak Systems in 2007.

He had held several leadership positions in CWG, including Business Development for the telecommunications division in 2010 and Business Director for PAN Africa Initiatives in 2014.

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Adeyipo’s expertise in sales supported the business when he previously served as a director in consultative sales and managed services engagements for telecommunication companies, which he has done for about 12 years.

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READ ALSO: CWG Plc has made major changes to its Board of Directors

About the company: CWG Plc (formerly Computer Warehouse Group Plc) was incorporated in Nigeria as a Private limited liability company on February 1, 2005, and became a public limited liability company on November 15, 2013. The group is primarily engaged in the supply, installation, maintenance, and provision of support for hardware, software, consultancy, communications, and managed services.

The company’s stock closed at N2.54 during yesterday’s trading session on the floor of the Nigerian Stock Exchange (NSE).

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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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Coronavirus

Covid-19: Buhari approves N6.45 billion to set up 38 oxygen production plants

President Buhari has approved the sum of N6.45 billion for the set-up of 38 oxygen production plants across the country.

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Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has announced his approval of N6.45 billion for the set-up of 38 oxygen production plants across the country, in a bid to contain the second wave of Covid-19.

The President disclosed this in a statement on Thursday evening after the first National Economic Council meeting of the year presided over by Vice President Yemi Osinbajo, SAN, with State Governors, Federal Capital Territory Minister, Central Bank Governor, and other senior government officials in attendance.

READ: Covid-19: FG directs universities to suspend academic activities till further notice

“As part of efforts to contain the second wave of Covid-19, we’re setting up new oxygen production plants in 38 locations across Nigeria—to enhance the management of patients in need of oxygen.

“I have equally approved funding for the rehabilitation of oxygen plants in 5 hospitals,” Buhari said.

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The Minister of Finance, Budget and National Planning, Zainab Ahmed said the President said the fund’s release was necessitated by the rising cases of Covid-19 in the country with patients needing oxygen.

READ: Toyota suspends operations in China over Coronavirus outbreak 

What you should know 

  • Recall Nairametrics reported that the Lagos State Governor, Babajide Sanwo-Olu, warned that the rising second wave of the pandemic in Lagos had seen the demand for oxygen rise 5 times from 70 six-liter cylinders per day to 350 six-liter cylinders at Yaba Mainland Hospital alone.
  • He added that the state government had the decentralized provision of oxygen and other services needed for Covid-19 patients, citing the provision of oxygen kiosks.

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Economy & Politics

FG says Excess Crude Account balance now stands at $72.4 million

The Federal Ministry of Finance has told the NEC that the Excess Crude Account (ECA) now stands at $72.4 million as at January 20, 2021.

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land borders to be reopened soon, Finance, Ministaer, vow to recover AMCON debt through issuance of promissory notes, FG reiterates stance on IPPIS as ASUU threatens strike, Finance Minister, Zainab Ahmed identifies capital market as key driver for economic growth , Nigeria has paid $1.09 billion to service its debts in 2019  , Dividends on oil proceeds will be taxed - FG , State governments own most bad roads - Finance Minister says, Budget deficit increases by N351.98 billion, as FG misses revenue target, Economy: Funding MSMEs in Nigeria , Finance Bill: New tax regime to take effect from Jan 2 - FG , Again, Finance Minister argues that Nigeria is not in debt distress , ECOWAS: Single currency regime not kicking off in 2020  , FG: CBN holds N43 billion stamp duty charges collected by banks , FG may shift deadline to deactivate bank accounts without tax verification, Confusion as ministry and presidency disagree over Finance Act start date, 7.5% VAT: Implementation to begin Feb 1 – FG , Finance Minister: Nigeria to go into recession if ..., Foreign tech companies that will now pay tax to FGN: see the criteria

The Federal Government has announced that Nigeria’s Excess Crude Account (ECA) balance as at 20th January 2021 is $72,411,197.80.

This was disclosed by the Minister of Finance, Budget and National Planning, Zainab Ahmed at the first National Economic Council meeting of the year presided over by Vice President Yemi Osinbajo, SAN, with State Governors, Federal Capital Territory Minister, Central Bank Governor and other senior government officials in attendance.

READ: Nigeria’s growing current account deficit fans devaluation flames 

The FG said, “the ECA balance as at 20th January, 2021, $72,411,197.80; Stabilization Account, balance as at 19th January, 2021, N28, 800, 711,295.37; Natural Resources Development Fund Account, balance as at 19th January 2021, N95, 830,729,470.82.”

READ: Nigerians spend $9.01 billion on foreign travels in 2019 

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What you should know

  • In August 2015, during the early days of the Buhari administration, the ECA stood at $2.2 billion. It was $3.6 billion in February 2014, one of the highest balances on record.
  • According to the Central Bank of Nigeria’s annual report for 2018, Nigeria’s excess crude account fell from $2.45 billion in 2017 to $480 million as of December 2018.
  • In 2019, Nairametrics reported Nigeria’s Excess Crude Account had dropped to $480 million. This is as controversy continued to trail the $1 billion military spendings which was withdrawn from Nigeria’s Excess Crude Account.
  • Nairametrics reported in July 2020 that the  ECA had fallen by about 98% within the last 5 years to $72 million.
  • Nigeria has two Sovereign Wealth Funds: the Excess Crude Account and the Nigeria Sovereign Investment Authority (NSIA). Note that these two are funded by the savings earned when oil prices are at their peak.

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Around the World

President Biden directs international air travelers must quarantine upon arrival

President Joe Biden has directed international air travellers to quarantine upon arrival in the United States.

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The United States President Joe Biden has issued an executive order on Thursday that makes it mandatory for international air travellers to quarantine upon arrival in the US.

Similarly, the executive order also includes a directive that all interstate travellers in the US will be expected to wear a face mask. This travel order applies to airports and planes, trains, ferries, intercity buses and public transportation, but grants them the ability to issue exemptions.

READ: Here is reason Turkish Airlines was allowed to land in Abuja 

What the US President is saying in the executive order

According to a report from Reuters, President Biden’s order says, ‘‘To the extent, feasible air travellers must comply with applicable U.S. Centers for Disease Control and Prevention (CDC) guidelines concerning international travel ‘including recommended periods of self-quarantine.

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However, the executive order does not explain how it will be enforced as the implementation still remains quite hazy.

READ: A Joe Biden presidency and its impact on Nigeria’s oil

The order also directs US agencies to engage with Canada and Mexico on public health protocols for land ports of entry including implementing CDC guidelines. Almost all non-essential travel at US land borders with Canada and Mexico has been suspended till February 21.

The CDC recommends a 7-day quarantine for people arriving in the United States from nearly all countries.

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READ: Biden reverses US immigration ban on Nigeria, others

Biden is directing agencies to reconsider international contact tracing requirements for U.S.-bound passengers, which was abandoned by the Trump White House, as well as the possibility of follow-up Covid-19 testing for travellers after they arrive in the United States.

In addition, the US President has also directed that all travellers including US citizens, will be required to show proof of a negative Covid-19 test before entering the country from abroad in an order that underscores the CDC policy announced last week.

READ: Air travellers across Nigerian Airports hit 8.5 million in 6-month

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What you should know

  • It can be recalled that the Trump administration had resisted calls for the enforcement of a mask-wearing requirement.
  • The Biden administration has also announced that it would reimpose coronavirus-related ban on most non-U.S. citizens arriving from European Union, Brazil, the United Kingdom.
  • This follows the lifting of the restrictions by former US President, Donald Trump through an executive order on Monday.

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