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Appointments

Senate to confirm reappointment of Danbatta as NCC boss

The Committee will report the outcome of the screening during the next legislative sitting. 

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Prof Umar Danbatta, Senate to confirm reappointment of Danbatta as NCC boss

The Executive Vice Chairman (EVC) and Chief Executive Officer (CEO) of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, is set to be confirmed by the Senate for his reappointment by the President for another five-year term in office.

This was disclosed in a Press statement published by the Commission on Monday.

The President has since approved his reappointment for another five-year tenure, and he has been screened by the Senate Screening committee.

The Committee will report the outcome of the screening exercise to the House for confirmation of Danbatta’s reappointment during the next legislative sitting.

Backstory

During his screening recently, the Senate screening committee commended his deep knowledge of the industry, and results seen in the telecoms sector in his first 5-year tenure.

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READ ALSO: 5G Network to undergo 3 months test run before approval – NCC 

Senator Ibrahim Oloriegbe, a prominent member of the committee, who represented the Chairman of the Senate Screening Committee, Mrs. Oluremi Tinubu, during the screening, as well as other committee members, including Sen. Sandy Onor, Sen. Abiodun Olujimi, Sen. Bamidele Opeyemi, Sen. Omar Jeff, Sen. Kashim Shettima and Sen. Bukachuwa, commended Danbatta’s impressive performance in piloting the affairs of the country’s digital ecosystem.

Oloriegbe noted that the screening and confirmation exercise is in accordance with the provisions of Section 8 subsections 1 and 4 of the Nigerian Communications Commission Act (NCA), 2003.

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Notable among his achievements was the establishment and implementation of the NCC’s auspicious strategic 8-Point Agenda, which gave the direction for the activities of the commission throughout the five year period.

He also presented to the committee efforts made to improve the sector’s contribution to Gross Domestic Product (GDP), as well as improvements in Quality of Service (QoS) delivery, broadband infrastructure deployment, broadband penetration, effective spectrum utilisation, consumer empowerment, technology innovation.

READ ALSO: Chairman of NDDC probe committee on N40 billion corruption allegation steps aside

Also in line with the strategic 8 point agenda, Danbatta discussed the commission’s efforts in curbing fraudulent Subscriber Identification Module (SIM) registration and 112 Emergency Number towards ridding the country of insecurity, among others.

Danbatta thanked the lawmakers for their support over the last five years and pledged his renewed commitment to further accelerate the growth of the telecoms industry, as the key driver of the country’s digital economy vision over the next five years.

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“As a Commission, we are committed to challenging our current achievements. Consequently, we are poised to work more with the National Assembly and other necessary stakeholders in order to ensure we take Mr. President’s digital agenda for the country to the next level in the next five years,” he said.

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Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

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Appointments

First Bank CEO appointed into Bretton Woods Committee

First Bank CEO has been honoured with membership of Bretton Woods Committee (BWC).

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First Bank Adesola Adeduntan, Global transactions get easier with Firstbank’s Card Offerings, FBNQuest Trustees Marks 40th Anniversary of preserving legacies in Nigeria, Ellah Lakes Plc announces close period for H1 2019 results The Board of Directors of Ellah Lakes Plc has announced that the company would be meeting on the 22nd October 2019 to consider, among other matters, the audited financial statements of the Company for the financial year ended 31 July, 2019. The Company also announced the commencement of a closed period with effect from 7 October 2019, until 24 hours after the Company’s Audited Financial Statements is filed with The Exchange. Top executives, directors, advisers, and many others at Ellah Lakes Plc have been barred from trading in the company’s shares ahead of the meeting of board of directors of Ellah Lakes. This was disclosed in a notification which was sent to the Nigerian Stock Exchange (NSE). http://www.nse.com.ng/Financial_NewsDocs/27720_ELLAH_LAKES_PLC._CORPORATE_ACTIONS_OCTOBER_2019.pdf The announcement is in line with rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that, “The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange. The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.” Why this matters: The close period will allow the board to consider the company’s unaudited financial statements for the third quarter. Other company issues will also be discussed during the meeting of the Board of Directors. What is a close period? A close period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information. About the company: Ellah Lakes Plc is a fish farming company., FBN processed 237 million transactions in two weeks, amid COVID-19 lockdown, First Bank Holdings declares a Profit after Tax of N26 billion in Q1 2020

Chief Executive Officer, First Bank of Nigeria Limited, Dr. Adesola Adeduntan, has joined the Bretton Woods Committee (BWC) as a member.

This is a sequel to his invitation to the committee as reported by The Vanguard.

READ: COVID-19: FirstBank’s FirstMonie leads the pace in Agent Banking

The BWC membership is strictly by invitation and extended to top influencers from every region of the world. Therefore, Dr. Adeduntan’s invitation is in recognition of his remarkable leadership traits and the impact of his organization in driving financial inclusion in Africa.

READ: Union Bank seals $40 million partnership with IFC

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What they are saying

Commenting on his invitation and acceptance, Dr Adeduntan said, “On behalf of the Board, Management, and Staff of FirstBank, I’m deeply honoured to be recognised as a member of The Bretton Woods Committee.

READ: First Bank rewards its Verve card holders with free fuel

“In addition, as a contributor, FirstBank remains committed to the goals of the Bretton Woods Committee. Especially at this time when the role played by business and political leaders is critical to exploring efficient ways of deepening collaboration and inclusion across borders, whilst mitigating the adverse effects of the coronavirus on not just the global economy but on other aspects of the livelihood of every individual and household.

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Speaking further he said, “I look forward to working with other members of The Bretton Woods Committee, as we continue to build on the successes achieved over the years. With these, we will make the world a better place.”

READ: Here are the ten highest paid athletes of the decade; one earned $915 million 

What you should know

The Bretton Woods Committee was established in 1983 with a goal of creating more awareness for the World Bank, International Monetary Fund, World Trade Organization, and other major development banks. Also, they work towards accelerating economic growth, lessen poverty, and increase financial stability, along with demonstrating the importance of international economic cooperation and fostering collaboration among institutions.

READ: CBN to sanction exporters who default on export proceed number

The Committee’s greatest asset is its global membership, with more than 650 members including leaders in business, finance, academia, foreign government, and non-profit organizations from around the world.

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READ: 150 million to fall into extreme poverty by 2021 – World Bank

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Appointments

African Alliance Insurance Plc appoints Joyce Ojemudia as MD/CEO

Joyce Ojemudia has been appointed, substantive MD/CEO of Africa Alliance Insurance Plc.

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Africa Alliance Insurance Plc has announced Mrs. Joyce Ojemudia as its substantive MD/CEO.

The announcement was signed by the company’s Secretary, Mrs. Abisola Akinrin (Pp: TOPE ADEBAYO & CO), and made through a public disclosure issued 15th October 2020, to the Nigerian Stock Exchange (NSE).

READ: Nigeria’s Macro-economic dashboard for Q3 2020 – Commercial Partners

The announcement also noted the resignation of Alhaji Aminu Ahmed Nahuche – a former Non-Executive Director and contained information about the appointment of three Non-Executive Directors.

The Company had earlier announced the resignation of Mrs. Funmi Omo as the MD/CEO in a disclosure dated September 3rd, 2020. Following her departure, the company confirmed Mrs. Joyce Ojemudia as the substantive MD/CEO of the Company – replacing Mrs. Olabisi Adekola who served in an acting capacity from the 1st of September 2020.

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READ: Crypto: Popular Hedge Fund, Grayscale record best quarter ever

What you should know

Mrs. Joyce Ojemudia is an accomplished insurance professional and astute manager of resources. She has over twenty years of experience in insurance sales, business development, risk management, claims administration, and reinsurance, with a proven track record of revitalizing businesses and/or departments.

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READ: Nigeria’s inflation rate hits 13.71% as food prices soar

She is a Fellow of the National Institute of Marketing of Nigeria and an Associate of both the Chartered Insurance Institute of Nigeria and the Institute of Chartered Economists of Nigeria. She is also the current President of the Professional Insurance Ladies Association (PILA).

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Appointments

McNichols Consolidated Plc appoints Temitope Abefe Adebayo as CFO

Temitope Abefe Adebayo has been announced as the new CFO of McNichols Consolidated Plc.

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McNichols Consolidated Plc has announced the appointment of Mr. Temitope Abefe Adebayo as the new CFO of the company with immediate effect.

The appointment was confirmed in a letter by the company dated 12th October 2020, and available on the NSE website – corporate disclosure. The letter was signed by Mrs. Benedicta Sadare, S.E. Nomuoja & Co. Secretaries, on behalf of McNichols Consolidated Plc.

The announcement noted that Mr. Temitope Adebayo is an associate member of the Institute of Chartered Accountants of Nigeria (ICAN), with about a decade of experience as an accountant. The announcement further submitted that the new CFO has served as an accountant in various companies and industries – including manufacturing, supply, hospitality, external audit, and tax consulting.

What you need to know

McNichols Plc is an indigenous home-grown fast-moving consumer brand food and beverage company. The company is “committed to enhancing the quality of life and contributing to a healthier future of Nigerians from ideas to reality.” The company was incorporated on April 26th, 2004, and commenced operations as a food processing and packaging company in April 2005. It is currently engaged in the production of various food and beverage products that include cube and icing sugar, choco, vanilla, milk, and choco custard.

(READ MORE: PZ incurs N1 billion in exchange rate loss )

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The company’s shares were listed on the NSE on 18th December 2009. The current share price is N0.47. The shares’ highest price in 52 weeks was N0.50 and the lowest N0.42. A total volume of 455, 455 units were sold in the last seven day’s trades. The shares outstanding are 326.70 million units.

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