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Oando Plc gets a new Executive Director

Dr. Ainojie Alex Irune has been appointed as Oando’s new Executive Director. And he was to resume his appointment from Friday, August 9, 2019.

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Oando appoints Dr. Ainojie Alex Irune as new Executive Director

Oil giant, Oando Plc has appointed Dr Ainojie Alex Irune as its new Executive Director. Irune’s appointment was disclosed in a notification to the Nigerian Stock Exchange (NSE) and the investing public at large.

The company disclosed that Irune’s appointment would take effect from Friday, August 9, 2019.

What you should know about Irune: Dr Ainojie Alex Irune is the Chief Operating Officer (COO) of Oando Energy Resources (OER), the upstream subsidiary of Oando Plc.

[READ MORE: Why SEC ordered Oando’s Wale Tinubu to resign]

A proponent of transformational leadership, Irune joined the company in 2011 and OER’s management team in 2018. As the COO, he successfully redefined OER’s business model, creating a clearer vision and alignment of focus to achieving the company’s objectives.

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To date, his actions have positively impacted the business, specifically in the areas of consolidation of existing assets and operations, improved partner relations, a 21% reduction in company debt profile, a 99% reduction in Reserve Based Lending, increased daily crude oil production by 10% to 16,967 and 2P Reserves position by 2%. Irune also secured over $1.5 billion in international financing.

Prior to assuming his current role, he was the Group Chief Strategy & Corporate Services Officer at Oando Plc from 2016 to 2018. He also served as the Head of Corporate Communications of the company from 2013 to 2016, where he oversaw all internal and external brand-building efforts across the Company’s business entities. He spearheaded the global communications strategy following Oando’s successful $1.5 billion acquisition of ConocoPhillips Nigeria’s upstream assets.

Before joining Oando Plc in 2011, Irune worked in the United Kingdom as an In-Vehicle Systems Researcher and Designer with global leading car manufacturers (Honda, Nissan and Jaguar Land Rover) and the University of Nottingham.

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[READ ALSO: Shareholders explain how SEC’s move on Oando is backed up by CAMA]

He graduated from the University of Nottingham with a B.Sc. in Computer Science in 2002 and attained his PhD in Computer Science from the same university in 2009.

Meanwhile, the company also disclosed the resignation of Mobolaji Osunsanya, a Non-Executive Director of the company. Ogunsanya, according to Oando Plc, resigned from the Board with effect from Friday, August 9, 2019.

Until his resignation, Ogunsanya was a member of the Audit Committee, Strategy and Finance Committee and the Risk, Environmental, Health, Safety, Security and Quality Committee.

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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Economy & Politics

CBN reduces MPR from 12.5% to 11.5%

The Governor of the CBN has announced the reduction of MPR from 12.5% to 11.5%.

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CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to reduce the Monetary policy rate (MPR) from 12.5% to 11.5%. This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday.

READ: This is a copy of the Self-Certification form govt. wants targeted account holders to fill

The committee retained CRR at 27.5% stating that the recent inflationary pressures is not driven by monetary policies, rather as a result of structural policies.

Highlights of the Committee’s decision

  • Reduce the MPR by 100 basis points from 12.5% to 11.5%
  • Adjust asymmetric corridor from +200/-500 to
  • Retain CRR at 27.5%
  • retain liquidity ratio at 30%

Explore the Nairametrics Research Website for Economic and Financial Data

More details shortly …

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Manufacturing

FG moves to clamp down on illegal fertilizer manufacturers and agro-dealers 

It is now forbidden for anyone to go into fertilizer business in Nigeria, without registering with the FISSD.

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Fertilizer Producers hail FG's total ban on NPK fertilizers

The Federal Ministry of Agriculture and Rural Development has disclosed that anyone caught producing or merchandising adulterated fertilizers, under the new lawwill be jailed. 

This disclosure was made via the Ministry’s official Twitter handle, to the general public, and seen by Nairametrics. 

The announcement notifies the general public that the National Fertilizer Quality Control (NFQC) Act 2019, is to make sure that every farmer has good and efficient fertilizer for their farms, to boost farming harvest and output. 

The ministry reiterated that it is forbidden for anyone to go into fertilizer business in Nigeria, without registering with the Farm Inputs Support Services Department (FISSD) of the Federal Ministry of Agriculture and Rural Development. However, anyone caught producing or merchandising adulterated fertilizers will be jailed. 

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This regulation is to address the recurring issues of the effect of substandard fertilizers on farm produceand the market proliferation of adulterated fertilizers in the country, which continues to bedevil farm outputs and harvests in the country. 

Backstory: On the 26th of August, the Permanent Secretary of Agriculture and Rural Development,  Dr. Abdulkadir Mu’azu, reaffirmed the Federal Government’s commitment towards implementing the National Fertilizer Quality Control (NFQC) Act 2019. He ensured that the fertilizer regulatory system is in place, to safeguard the interest of the farmers, as when the regulation is implemented, it will protect farmers from using adulterated fertilizers that are nutrient deficient.  

Why this matters  

This policy is important to safeguard both the interest of the farmers and the members of the public, as the initiative is expected to increase agricultural harvest and productivity, in a bid to make national food security a reality. 

The NFQC Act will safeguard interests of fertilizer enterprises, businesses and agrodealers, as it will create part of the enabling environment for private sector investment in the fertilizer industry, and protect the environment against potential dangers, that may result from market proliferation of adulterated fertilizers and the use of harmful substances in fertilizer. 

The Executive Secretary of FEPSAN, Mr. Gideon Negedu, reiterated that the new National Fertilizer Quality Control Act 2019, is a game-changer for the nation’s agricultural sector and a powerful weapon for the farmers. 

In his view, Prof. Yemi AkinseyeGeorge (SAN), said, “that the Federal Government and relevant stakeholders of the fertilizers industryhave taken the bull by the horn in enacting a robust legal framework for quality control in the country.

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Corporate Press Releases

NSE highlights retail investment opportunities in today’s Nigerian Capital Market

The Exchange in collaboration with the NISL has inaugurated the Retail Investors’ Webinar.

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CEO NSE, NSE lifts suspension on Omatek Ventures’ shares, NSE launches Comic Book to boost financial literacy, NSE goes public with 2.5 billion ordinary shares in unanimous vote by the members, NSE commemorates 2020 International Women’s Day and rings the bell for gender equality, COVID-19: NSE extends time for submission of financial statements, NSE PUBLISHES GUIDANCE TO FACILITATE EFFECTIVE VIRTUAL MEETINGS FOR STAKEHOLDERS AMIDST COVID-19, NSE Hosts First-Ever Digital Closing Gong Ceremony

The Nigerian Stock Exchange (“NSE” or “The Exchange”) has expressed its commitment to redefining and improving investors’ overall experience in the Nigerian capital market, and ensuring that it remains modern, convenient and secure. This was highlighted at the inaugural edition of the Retail Investors’ Webinar hosted by The Exchange in collaboration with the Nigerian International Securities Limited (NISL) on Monday, 21 September 2020. The event, with the theme, Capital Market Investing in a Digital Age, was supported by the Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON).

Speaking during the webinar, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON said, “Investor participation is central to the growth and sustainable development of any economy. The Exchange is, therefore, committed to facilitating conversations that will expound on the retail investment opportunities available in the capital market and the channels through which they can be accessed.  Today, our determination to develop the market and strengthen investor confidence has birthed a number of technology-driven solutions that allow investors to conveniently trade electronically in an increasing array of product offerings that includes Equities, Bonds, ETFs and other Collective Investment Schemes. We will, therefore, continue to take advantage of the vast opportunities to equip existing and potential investors with the necessary skills to effectively manage and grow the financial resources at their disposal.”

On his part, the Managing Director, Nigerian International Securities Limited (NISL), Mr. Laolu Martins said, “NSE has consistently pioneered far-reaching innovations within the Nigerian capital market, positively driving market integrity, boosting both investor confidence and market participation.” He went on to highlight the efforts of the NISL to create wealth for investors via an appropriate mix of securities using well spelt out market research to help investors meet their financial objectives. In doing so, he provided an analysis of the investment instruments available on NSE including equities, bonds, REITS, Closed-Ended Funds, ETFs, etc.

(READ MORE: Capital market operators call for the suspension of recapitalisation plans)

The event also featured a presentation on the importance of Market Data in making investment decisions by the Head, Market Services, NSE, Mr. Olufemi Balogun. It would be recalled that The Exchange recently released an upgrade to its X-DataPortal. The revamped portal has been designed to serve as a principal source for brokers, fund managers, research analysts, other professionals and non-professional participants like students and investors to get quality real-time and reference data reports for analysis, research and reporting purposes. Mr. Balogun encouraged investors at the webinar to access the information via https://dataportal.nse.com.ng.

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The Exchange has showed its clear determination to ensure that investors have a better understanding and appreciation of investment products offered in the Nigerian capital market in its efforts to become Africa’s preferred Exchange hub. The upswing in market activities in Q2:2020 is a testament to the resilience of the market as a result of concerted efforts of The Exchange. As at the end of August 2020, the NSE All Share Index had recorded an 18.9% increase from its position at the end of March, 2020. In addition, the market also witnessed a growth in the percentage value of equity transactions contributed by retail investors, currently at 29% from the 21.8% recorded in 2018 and 24.72% recorded in 2019.    

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