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Category: Economy

  • NEMSA urges establishment of electricity offences tribunal

    NEMSA urges establishment of electricity offences tribunal

    Tribunal

    Constance Athekame

    Abuja, June 20, 2024 (NAN) The Nigerian Electricity Management Services Agency (NEMSA), has called for the establishment of an electricity offences tribunal for faster dispensation of electricity related offences.

    The Managing Director of NEMSA, Mr Aliyu Tahir, who made the call in Abuja on Thursday at a news conference , said that the tribunal should have an in-built appeal system.

    Tahir said that NEMSA in house-counsel should be vested with powers to prosecute electricity offences.

    “ The establishment of this tribunal will assist NEMSA to enforce its mandate of ensuring that electrical materials, equipment and instruments used in the Nigeria Electricity Supply Industry (NESI) are of standard and specifications.

    “The sanctioning of violators is a long process as it involves several steps .To fast- track the prosecution, this tribunal will go a long in ensuring that violators are effectively prosecuted

    “The establishment of this tribunal is not under NEMSA Purveyor and we have made a submission to the legislature on this, ‘’ he said.

    According to him, as at March 31, NEMSA had inspected and tested 21, 681 electricity installations projects out of which 13, 154 were certified.

    He said that 16, 624 electricity networks were monitored, adding that about 4, 921 factories, hazardous installations and public places were inspected, tested and certified fit,

    Tahir said that 2, 655,488 electricity meters were also tested and calibrated and 487 incidences were investigated.

    The managing director said that NEMSA was taking several measures to enhance its enforcement activities.

    He listed the measures to include the development of the Nigerian electrical and construction guidelines manuals, provision of the state-of-the art equipment for meter test statistics, expansion of NEMSA facilities across the nation.

    Others, he said were the completion and inauguration of a new National Meter Test  Station (NMTS) and the opening of a new Inspectorate Field Office (IFO) in Enugu.

    “Construction of a new NMTS in Kano  and Benin city, establishment of new inspectorate field office in Uyo, Akwa Ibom, Minna, Niger, Dutse, Jigawa,Oshodi Lagos,  Owerri, Imo and Bauchi.

    “NEMSA had issued an enforcement notice to Electricity Distribution Companies (DisCos), to disconnect from their networks all structures within the Right-of-Way(ROW) of transmission and distribution lines nationwide, ‘’ he said.

    Tahir assured Nigerians of the agency’s determination to continue its statutory function of technical inspection, testing and certification of electrical materials in the NESI.

    He, however, solicited the support of the media for effective coverage of NEMSA activities.(NAN)(www.nanews.ng)

    COA/JPE

    ======

    Edited by Joseph Edeh

  • Leadway partners Octamile to provide “PayCover” for motor insurance 

    PayCover
    By Rukayat Adeyemi
    Lagos, June 20, 2024 (NAN) Leadway Assurance has partnered with Octamile to offer “PayCover” solution that allows customers to split their motor insurance premium payments into manageable installments.
    Mr Gboyega Lesi, Managing Director, Leadway Assurance, announced this in a statement made available to newsmen on Thursday in Lagos.
    Lesi said that the PayCover innovative of Buy Now Pay Later (BNPL) solution aims to revolutionise motor insurance payments by offering unmatched flexibility and ease.
    According to him, PayCover is designed to seamlessly integrate with Leadway’s digital and offline payment channels, allowing customers to split their premium payments into manageable instalments.
    “Critical features of PayCover include flexible payment options, premium financing through short-term credit facilities, real-time processing of insurance certificates, automated payment reminders, and top-notch transaction security.
    “These features ensure customers can immediately obtain motor insurance coverage while spreading the cost over time, making it more accessible and affordable.
    “Leadway continuously seeks innovative ways to provide value to its customers.
    “And the strategic alliance with Octamile for the PayCover solution aligns perfectly with the insurer’s commitment to deepen motor insurance.
    “This is to ensure that customers get a flexible and convenient payment that fits their cash management plans,” he said.
    Lesi explained that with PayCover’s flexible options and premium financing, the underwriter addressed a significant pain point for customers who found it challenging to pay full premiums upfront.
    “We have no doubt that PayCover will revolutionise motor insurance in Nigeria for its seamless and convenient premium payment provision, especially in these trying economic times.
    “This initiative affirms our dedication to customer-centric solutions and making insurance uptake seamless and convenient for all,” he added.
    Also in the statement, Mr Gbenro Dara,  the Chief Executive Officer of Octamile, expressed excitement to collaborate with Leadway to bring PayCover to a broader audience.
    Dara, also the founder of the company, said that the goal of the collaboration is to make insurance more accessible and affordable for all Nigerians.
    He said by integrating Octamile’s solution with Leadway’s extensive network and reputable brand, PayCover could significantly enhance the customer experience and drive higher adoption rates for motor insurance.
    “This partnership reflects our shared vision of leveraging innovative technology to simplify financial services and improve lives.
    “We look forward to seeing how our solution, with its flexible payment options and secure transaction processes will positively impact existing and new Leadway customers.
    “This solution enhances customers satisfaction by simplifying the payment process and improves insurers’ cash flow management,” the said.
    According to him, with PayCover, Leadway customers can enjoy a smoother, hassle-free experience when purchasing motor insurance.
    The News Agency of Nigeria (NAN) reports that Leadway Assurance is one of Nigeria’s insurance service companies, while Octamile is an insurtech company with access to insurance for Africans.
    (NAN) (www.nannews.ng)
    RUKY/AYO/AWA
    ===============
    Edited by Ayodeji Alabi/Olawunmi Ashafa

  • DMO re-opens 3 bonds worth N450bn for subscription by auction

     

     

    The Director-General of the DMO,  Patience Oniha

     

    DMO re-opens 3 bonds worth N450bn for subscription by auction

    Bonds

    By Kadiri Abdulrahman

    Abuja, June 20, 2024 (NAN) The Debt Management Office (DMO), on Thursday announced a re-opening of three FGN savings bonds worth N450 billion for subscription by auction.

    Announcing the offer in Abuja, the DMO said that the bonds were offered at N1, 000 per unit subject to a minimum subscription of N50 million and in multiples of N1, 000 thereafter.

    The first offer, as announced by the DMO, is an April 2029 FGN bond valued N150 billion, at an interest rate of 19.30 per cent per annum. (Five-year re-opening)

    The second offer is a February 2031 FGN bond worth N150 billion at 19.50 per cent interest rate per annum. (Seven-year re-opening)

    There is also the May 2033 FGN bond worth N150 billion at an interest rate of 19.89 per cent per annum. (nine-year re-opening)

    According to the DMO, the auction date is June 14, while the settlement date is June 26.

    It said that interest was payable semi-annually while bullet repayment (principal sum) would be made on maturity date.

    “For re-openings of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument,” It said.

    The debt office said that FGN bonds were backed by the full faith and credit of the Federal Government, and charged upon the general assets of Nigeria.

    “They qualify as securities in which trustees can invest under the Trustees Investment Act.

    “They qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds amongst other investors.

    “They are listed on the Nigerian Exchange Limited and FMDQ ODC Securities Exchange,” the DMO said.

    It also said that FGN bonds qualified as liquid assets for liquidity ratio calculation for banks.

    The News Agency of Nigeria (NAN) reports that the N450 billion FGN bond offer constitutes the local component of the government borrowing plan, to bridge the nine trillion Naira deficit in the 2024 budget.(NAN)(www.nannews.ng)

    KAE/JPE

    ======

    Edited by Joseph Edeh

     

     

  • Ex-ANAN president urges FG to stop fuel importation 

     

    Petrol

    By Ige Adekunle

    Sango-Ota (Ogun), June 20, 2024 (NAN) A financial expert, Dr Samuel Nzekwe, has advised the Federal Government to ensure that all government refineries are operational as a way of ending the importation of fuel into the country.

     

    Nzekwe, a former President of the Association of National Accountants of Nigeria (ANAN), gave the advice in an interview with the News Agency of Nigeria (NAN) on Thursday in Ota.

     

    According to him, the importation of Premium Motor Spirit (PMS), popularly referred to as petrol, by the federal government is one of the major factors driving the nation’s inflation rate.

     

    “The federal government needs to redouble efforts to stop the exportation of crude oil and the importation of petrol by repairing all the refineries, as this is fueling hikes in the prices of goods and services.

     

    “If the country had not been importing petrol, we would have saved NPA charges, insurance costs, and the costs of producing petrol outside the country, ” he said.

     

    Nzekwe said that the cost of importing petrol into the country was on the high side since the Naira had been devalued.

     

    He added that petrol had a multiplier effect on the nation because virtually all sectors of the economy depend on it.

     

    The former ANAN president urged the government to tackle corruption to reduce sabotage in the petroleum sector.

     

    NAN reports that the country’s inflation rate increased from 33.69 per cent in April to 33.95 per cent in May. (NAN)

    (www.nannews.ng)

    IGE/HMH/AWA
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    Edited by Habibu Harisu/ Olawunmi Ashafa

     

     

     

  • Firm promotes installment payments to deepen inclusive economy

    Installment 

    By Oluwafunke Ishola 

     

    Lagos, June 20, 2024 (NAN) A property technology company, SmallSmall, says it has evolved mechanisms to drive adoption of installment payments across several industries in the country.

     

    Mr Tunde Balogun, Chief Executive Officer, Small Small Technology, made the disclosure in a statement on Thursday in Lagos.

     

    Balogun emphasised that it was critical for businesses to adopt installment payments to ensure sustainable growth and provide a much needed succor for the Nigerian middle class, whose purchasing power was being eroded by inflation. 

     

    “Nigeria has been a cash based economy for decades and this model is now outdated and working against our economy. 

     

    “The demand to pay for everything in cash has fueled a lot of ills in our society including greed and corruption. 

     

    “In Nigeria, we brag about paying for things in cash, and when we are faced with a tough economy as we have now, everybody goes into hiding and eats their breakfast in silence. 

     

    “Why don’t we adopt consumption models that are sustainable and promote an inclusive economy for everyone, which will ultimately allow us to grow our market size and GDP as a country?,” he said. 

     

    Balogun said SmallSmall’s pioneering and award winning products, RentSmallSmall and BuySmallSmall, have transformed the way Nigerians rent and buy properties.

     

    He emphasised that companies offering installment payment should have proper structure that allows it to capture the customers’ repayment history and log them into a central credit bureau system.

     

    “This way, Nigeria can have a robust credit database showing citizens’ credit history and credit worthiness,” he said. 

     

    To deepen its adoption, Balogun said it would host the first-ever installment payment Fair in Nigeria showcasing the transformative power of installment payment solutions across diverse industries.

     

    According to him, the fair is a platform for hundreds of companies offering installment payment to meet and sell directly to over 5,000 credit worthy consumers in person, all under one roof.

     

    Balogun emphasised that the event scheduled to hold in Lagos on August 17 underscores the importance of ensuring that the middle class remains relevant, as a critical asset to the progress and future of the economy.(NAN) (www.nannews.ng) 

    AIO/VIV

    =======

    Edited by Vivian Ihechu

     

  • Manufacturing: experts seek end to overlapping regulatory functions

     

    Regulation

    By Rukayat Moisemhe

    Lagos, June 20, 2024 (NAN) Experts have called for the adoption of good regulatory governance principles to tackle the implications of overlapping regulatory functions on business operations and the manufacturing sector.

    They made the call at the Manufacturers Association of Nigeria (MAN) Ikeja branch 2024 Chief Executive Officers (CEOS) breakfast meeting on Thursday in Lagos.

    The News Agency of Nigeria NAN reports that the meeting had as its theme: “Harmonising Regulatory Compliance: The Impact of Overlapping Regulatory Function on Business Operations”.

    Dr Muda Yusuf, Founder, Centre for the Promotion of Private Enterprises(CPPE), said the call was particularly important as this was not the best of times for manufacturers and investors in the economy.

    Yusuf stated that regulatory risk was one of the biggest risks that businesses had to cope with in the Nigerian economy.

    This, he noted, could manifest as overlapping regulatory regimes, too many regulations, sporadic and frequent regulatory changes and absence of dispute resolution mechanism between businesses and the regulators.

    “There are several cases of overlapping regulatory functions creating challenges for manufacturers and its impact is with respect to cost, irritation and distraction of having to attend to numerous agencies of government.

    “Because manufacturing business is long term, regulatory risk is a major source of worry for manufacturers as manufacturers do not have the luxury of switching easily from one product line to another.

    “Hence, the need for regulatory risk needs to be kept to the barest minimum,” he said.

    The CPPE boss also stressed the urgent need to harmonise the applicable exchange rate for the computation of import duty.

    He said the import prohibition  of 41 items by the former Central Bank of Nigeria (CBN), Godwin Emefiele, was a classic case of overlapping and conflicting functions of the CBN and fiscal authorities on trade.

    Yusuf noted that while the policy lasted, it created a lot of confusion in the international trade ecosystem as items that were on the CBN import prohibition list were not on the fiscal policy prohibition list.

    He stressed that the regulator’s purpose and regulatory objectives should be clearly defined and communicated to the regulator, the regulated, and the general public.

    “Governance arrangements for regulators should promote efficiency, effectiveness and integrity.

    “Stakeholders should be able to predict, with a high degree of confidence, what decision a regulator is likely to make in particular circumstances.

    “Regulators should engage systematically with stakeholders through transparent, formal mechanisms that guard against “regulatory capture” by one or more stakeholders.

    “Also, regulators should be accountable to the government and parliament, the regulated entities, and the general public for their decisions and use of resources,” he said.

    President, MAN, Otunba Francis Meshioye, said that while regulations were essential for safety and quality, the overlapping and sometimes contradictory regulations increased operational costs and ultimately hindered business growth.

    He noted that Nigeria’s regulatory landscape was characterised by a multitude of agencies, each with its own set of rules and requirements.

    Meshioye said that though the intention behind these regulations was often to protect the public interest, ensure compliance, and promote industrial standards, the lack of coordination and harmonisation among regulatory bodies created bottlenecks to businesses.

    “These bottlenecks have adverse effects such as operational inefficiencies, increased compliance costs, delayed production, uncertainty and risks.

    “It is pertinent to note that the need for harmonisation of regulations is not about reducing standards or compromising on safety and quality but about creating a more coherent, predictable, and business-friendly regulatory environment,” he said.

    Elder Robert Ugbaja, Chairman, MAN Ikeja Branch, underscored the importance of collaborative efforts in addressing regulatory challenges and driving positive change.

    Ugbaja called for the development of practical strategies that promote regulatory harmonisation that had the potential to unlock the full capacities of Nigerian businesses and industries.(NAN)(www.nannews.ng)

    ARM/AWA
    ==========
    Edited by Olawunmi Ashafa

  • FG to reap unlimited benefit from TMP establishment – Master Mariner

    A picture picture of one the building of built Customs Modernisation Project.

    Project
    By Aish Cole
    Lagos, June 20, 2024 (NAN) Capt. Tajudeen Alao, President of the Nigerian Association of Master Mariners says the Federal Government’s Trade Modernisation Project (TMP) will stimulate quicker cargo clearance at the nation’s ports.

    Alao made the observation in Lagos on Thursday, noting that the establishment of the project would also boost Internally Generated Revenue and enhance the country’s global visibility.

    He observed that the world had moved beyond conventional methods of doing business with the advancement of technology.

    He said: “More than 30 years ago, when Singapore grew from a third-world country to a first-world country, the President, Mr Lee Kuan Yew, led the drive for technology awareness, and now look at where Singapore is today in terms of technology.

    “So, Nigeria must make more efforts to keep abreast with technological advancements worldwide.

    “The establishment of the Trade Modernisation Project would add value in terms of Internally Generated Revenue through improved customs clearance procedures.

    “Consider the time when we had to carry files around; now everything is done through ICT. Nigeria must modernise, and I am glad this initiative is underway”.

    The master mariner emphasised that without trade, growth is impossible and that creating an atmosphere conducive for trade “is essential to reap its benefits”.

    Alao assured Nigerians of the tremendous benefits that would follow the establishment of the Trade Modernisation Project, adding that master mariners were upgrading themselves globally to remain relevant in the maritime industry.

    He stated that the TMP would enable Nigeria to become a shipping hub for west and central Africa.

    Alao commended terminal operators for upgrading the access corridors at the port and urged them to enhance other facilities to reduce business processing time.

    The General Manager of the Trade Facilitation Project, Mr Ahmed Ogunshola, explained the numerous benefits accrued to a nation when the Customs Modernisation Project (CMP) is fully automated.

    NAN reports that the Federal Government and Trade Modernisation Project Ltd. signed a 20-year Concession Agreement on May 30, 2022, to provide best-in-class technology for the implementation of paperless customs at the Nigeria Customs operations.

    Ogunshola explained that TMP was the automation of the business processes of the Nigeria Customs Service.

    He said that the project would simplify and enhance the experience of stakeholders in the trade value chain, making it easy to obtain import and export clearances, pay duties, and obtain the release of goods.

    Ogunshola said that the major advantage of the project was the significant growth in the revenue profile of the federal government.

    “The project will generate more than 250 billion dollars for the Federal Government over the life of the concession.

    “The project will bring Nigeria to par with the rest of the world, in terms of deploying technology to facilitate international trade.

    “The TMP project will give the economic diversification agenda of the Federal Government a huge boost by providing further ease of cross-border trading.

    “By the time the project is fully implemented, it will cover all areas of customs activities, including duties collection, clearance operations and suppression of smuggling,” Ogunshola said.(NAN)(www.nannews.ng)
    AIC/AWA
    =======
    Edited by Olawunmi Ashafa

  • NDDC, Afreximbank collaborate on Niger Delta development

    NDDC, Afreximbank collaborate on Niger Delta development

    NDDC

    By Desmond Ejibas

    Port Harcourt, June 20, 2024 (NAN) The Niger Delta Development Commission (NDDC) has initiated talks with the African Export-Import Bank (Afreximbank) to accelerate infrastructural development and economic growth in the Niger Delta.

    A statement on Thursaday in PortHarcourt by the commission’s Director of Corporate Affairs, Pius Ughakpoteni, said that the two organisations agreed to collaborate at the Afreximbank Annual Meeting in the Bahamas recently.

    Ughakpoteni quotes Dr Samual Ogbuku, the NDDC Managing Director, as saying the discussions, held at the Afreximbank Annual Meeting in The Bahamas, were part of NDDC’s strategic planning to involve development partners in the advancement of the Niger Delta.

    “Discussions revolved around the strategic and operational leadership required for implementing the bank’s intra-African and industrialisation objectives to support the Africa Continental Free Trade Agreement (AFCFTA).

    “The meeting was a crucial gathering for economic policymakers in Africa and the Caribbean, providing a platform for dialogue, cooperation, and exploration of opportunities for mutual growth and development,” he stated.

    Ogbuku emphasised that the commission was actively seeking to collaborate with development partners to leverage the economic potential of the region for job creation and growth.

    “We are pushing for sustainable development in the Niger Delta; hence, we will be following up on our talks with Afreximbank to deliver tangible outcomes for the region.

    “The discussions also focussed on a variety of opportunities that will bring benefits to the Niger Delta in no distant time,” he said. (NAN) (www.nannews.ng)

    DES/AOS

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    Edited by Bayo Sekoni

  • ECA, partners train experts on modelling tools for energy efficiency

    ECA, partners train experts on modelling tools for energy efficiency

    Energy

    By Lucy Ogalue

    Abuja, June 20, 2024 (NAN) The United Nations Economic Commission for Africa (ECA) and the Ghana Institute of Management and Public Administration (GIMPA) have trained 83 national experts on modelling tools for energy efficiency.

    Ms Mekalia Paulos, Research Officer, Energy Transition and Climate Finance in the Climate Change, Food Security and Natural Resources Division of ECA, said this in a statement on the commission’s website.

    Paulos said the training was designed to create optimised investments for energy transition to low-carbon and climate-resilient development in Africa.

    “Co-convened by the ECA and the Climate Compatible Growth (CCG), the Energy Modelling Platform for Africa (EMP-A) is a capacity-building initiative.

    “It is designed to create optimised investments for the energy transition in Africa and to meet its growing demand for low-carbon development.

    “The EMP-A became necessary as African countries found themselves at a critical juncture, where global decarbonisation efforts are gaining pace, demanding a holistic, system-wide shift towards low carbon development pathways,” Paulos said.

    Paulos said there was an urgent need for strategic long-term energy planning on the continent.

    He said especially as Africa strived to meet the considerable energy requirements of its rising population, attain the SDGs and realise its industrialisation ambitions enshrined in Agenda 2063.

    “Harnessing open-source modelling tools, the EMP-A can support African governments analyse policies and challenges specific to their respective countries.

    “This will be done in such a way as to ensure their energy resources meet national imperatives towards sustainability and climate-resilient growth.

    “This is crucial as local ownership and sustainability of the process is essential for continuity and real developmental impact,”she said.

    The CCG programme is funded by the UK’s Foreign, Commonwealth and Development Office (FCDO) to support investment in sustainable energy and transport systems to meet development priorities in the Global South.

    The training brought together the energy planning and modelling community in Africa to share experiences, models, and data in climate, land, energy, and water systems.

    The ECA organised a panel session on the Africa Energy Dialogues to stimulate open, evidence-based discourse across Africa.

    It aims to stimulate public and private sector stakeholders, research institutions, civil society, and development partners on issues related to the design and implementation of African countries’ energy pathways.

    Titled “Data-Driven Policymaking in Africa’s Energy Transitions”, and moderated by Paulos of the ECA, the panel brought together experts from Ghana, Kenya, Mozambique and South Africa.

    “It delved deeper into the challenges and opportunities the energy transition presents as well as shared perspectives on how data and the modelling tools provided by the EMP-A can inform their respective transition plans.

    “There was consensus for African voices to converge in the development of energy transition and crucially, the urgent need for strengthened international cooperation increasing concessional finance and de-risking facilities.

    “Which will be pivotal for amplifying private investment on the continent. Notably, mobilising domestic sources of capital and local currency funding will be vital.

    Mercy Kimwa, Ministry of Energy and Petroleum, Kenya said, “The training will greatly contribute to my work as we embark on implementing the Kenya Energy Transition and Implementation Plan.

    “Considering the priorities for the current government, we will be able to run scenarios that relate to the BETA agenda and see how best to adopt the strategy to meet the current government priorities,” KImwa said.

    Imaculada Dos-Santos, from the Ministry of Mineral Resources and Energy (MIREME), Mozambique said “MIREME was already developing an integrated planning platform.

    According to her, the results of the training will be useful in supporting the decision-making on which (energy) technologies will be implemented in the country.

    Similarly, Alison Hughes, a researcher from the University of Cape Town, said, “The training sessions placed firm deliverables on the various teams, and it was an opportunity to interrogate and present model results.”

    According to Hughes, improving energy access in Africa in the context of SDG7 goals requires game-changing policies and investment.

    She said the goal should be pursued within the context of a transitioning energy system that leveraged the continent’s immense clean energy potential while phasing out carbon-intensive technologies and resources.

    The EMP-A continues to gain interest and momentum, growing year on year in participant numbers.  The first EMP-A training took place in 2018 in Addis Ababa. The 2024 iteration is the fifth.

    The course attracted participants from Cameroon, the Democratic Republic of Congo, Ethiopia, Ghana, Kenya, Malawi, Mauritius, Mozambique, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Uganda and Zambia.

    The training which ended in a high-level meeting attracted collaboration with World Resources Institute, Africa, Sustainable Energy for All, the African Union Commission, and the African Energy Commission. (NAN) (www.nannews.ng)

    LCN/EAL

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    Edited by Ekemini Ladejobi

  • First Bank confirms appointment of Alebiosu as MD

    First Bank confirms appointment of Alebiosu as MD
    Confirmation
    By Rukayat Adeyemi
    Lagos, June 19, 2024 (NAN) FBN Holdings Plc has confirmed the appointment of Mr Olusegun Alebiosu as substantive Managing Director/Chief Executive Officer of First Bank of Nigeria Ltd, (FirstBank), one of its flagship subsidiary.
    Mr Adewale Arogundade, Acting Company Secretary of the Holdings, announced this in a disclosure sent to the Nigerian Exchange Ltd.(NGX), on Wednesday in Lagos.
    Arogundade said that the approval of  the substantive appointment of Alebiosu by the Bank’s Board of Directors was subject to the approval of the Central Bank of Nigeria(CBN)
    The News Agency of Nigeria(NAN) reports that the Board of FBN Holdings on April 21 appointed Alebiosu as the acting managing director/CEO of First Bank.

    His appointment followed a sudden resignation of Dr Adesola Adeduntan, the former managing director/CEO of the bank, effective  April 20, ahead of his official retirement.

    Additionally, Arogundade said that the Bank’s Board also approved the appointment of Mr Ini Ebong as the Deputy Managing Director of FirstBank, subject to the approval of the CBN.
    The company secretary stated that First Bank further approved the appointment of Mr Alao Olatunde-Olaifa as Non-Executive Director of FirstBank, subject to the approval of the CBN.
    Before his appointment, Alebiosu was previously Executive Director, Chief Risk Officer and Executive Compliance Officer of the bank, from January 2022 until April 20.
    He was, before then, the Group Executive/ Chief Risk Officer of the bank since 2016.
    Alebiosu brings to the executive management of First Bank over 28 years’ experience in the banking and financial services industry with cross-functional exposure to credit risk management, financial planning and control.
    He also has experience in credit and marketing, trade, corporate and commercial banking, agriculture financing, oil and gas, transportation, including Aviation and Shipping and Project financing.
    Prior to joining First Bank in 2016, Alebiosu served as Chief Risk Officer at Coronation Merchant Bank Ltd., Chief Credit Risk Officer at African Development Bank Group and Group Head, Credit Policy, and Deputy Chief Credit Risk Officer at United Bank For Africa Plc.
    Alebiosu is an alumnus of Harvard Business School and Harvard School of Government.
    He holds a Bachelor’s degree in Industrial Relations and Personnel Management, and also a Master’s degree in International Law and Diplomacy from the University of Lagos.
    Alebiosu obtained a master’s degree in Development Studies from the London School of Economics and Political Science, and completed Advanced Management Program (AMP) at Harvard Business School.
    He is a member of various professional bodies namely: Fellow, Institute of Chartered Accountants (FCA), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN) and Member, Nigeria Institute of International Affairs.
    On his part, Ebong, prior to his appointment, was the Executive Director, Treasury and International Banking of First Bank, since January 2022.
    He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the Bank’s Treasurer from year 2011 to 2016.
    Ebong brings to FirstBank over 20 years’ extensive banking experience, working through a wide variety of trading roles across most Treasury products, Asset and Liability management, Treasury sales and marketing, as well as Treasury risk management.
    Before joining FirstBank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Ltd., the Nigerian registered subsidiary of Renaissance Capital.
    He also worked with Citigroup for 14 years as Country Treasurer and Sales and Business Head, and has passion for market development.
    Also, Alao-Olaifa has extensive experience cutting across the corporate Finance spectrum, including Capital Raising, Deal Structuring, Debt Restructuring, Acquisition Planning, Project Financing and Asset Management.
    He is currently the Group Chief Financial Officer/Strategy and Principal Investment at Leadway Holdings with responsibilities covering strategy, corporate finance and principal investment across the group and geographies.
    He also sits on the Boards of C&I Leasing Plc and Leadway Pensure PFA.
    Alao-Olaifa had previously worked with Lionstone Group as an Associate, Investment Banking and Fidelity Bank Plc as an Assistant Manager in the Corporate Banking division, where he managed blue chip clients.(NAN)(www.nannews.ng)
    RUKY/ETS
    =========