Access Holdings Announces Bolaji Agbede As Acting Group CEO

The Board of Directors of Access Holdings Plc (‘the Company’) has announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr. Herbert Wigwe, on February 9, 2024. The appointment is subject to the approval of the Central Bank of Nigeria. Until her recent appointment, Ms. Agbede was the company’s most senior founding Executive Director in charge of Business Support. She has nearly three decades of professional experience cutting across banking and…

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Nigerian Insurers Miss IFRS 17 Implementation Deadline

Nigerian Insurers Miss IFRS 17 Implementation Deadline   Several insurance companies operating in Nigeria have missed the deadline set by the National Insurance Commission (NAICOM) for the full implementation of the new IFRS 17 accounting standard. Insurers were required to adopt the new accounting framework by 31 December 2023. According to industry professionals, the non-compliant companies could ask for an extension of the deadlines. No official statement has been made by NAICOM, which according to market expectations could either grant an extension of the deadlines or impose sanctions. Atlas Magazine…

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IFRS 17: Insurers Consolidate On Battling Visible Challenges

Steps towards effective accounting standard as provided through Internation Financial Reporting Standards (IFRS 17) received a boost last week as experts in the insurance sector gathered to tackle visible challenges therein. The roundtable organised by Mettlehouse Consulting was themed: “Resolving Insurance Service Expenses Allocation Challenges in Financial Reporting under IFRS 17.” Leading the discussions in his keynote address, the Commissioner for Insurance, Mr. Sunday Thomas, considered it a privilege to have been invited to the programme that is aimed at, among others, recommending best practices for harmonisation, comparability and consistency…

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NNPC/Aiteo Joint Venture Launches Nembe Crude Oil Grade

The NNPC/ Aiteo Joint venture has announced the introduction of Nembe Crude Oil Grade, a new crude oil grade into the international crude oil market. The announcement of the Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was made at the ongoing Argus European Crude Conference in London, on Tuesday. OML 29, an asset located onshore Nigeria, is operated by Aiteo Eastern Exploration & Production Ltd, Africa’s leading indigenous hydrocarbon producer, following a historic acquisition from Shell in…

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C&F Clinches Another Global Brand- Daikin Industries

Leading reputation capital consultancy and strategic communications leader in West Africa, C & F Porter Novelli, has been appointed to man- age the public relations account of Daikin Industries, a global leader in the manufacture of high-quality air conditioning, heating, ventilation, and refrigeration products (HVAC-R), across major African markets. Daikin Industries is the global leader in developing and manufacturing advanced, high-quality air conditioning, heating, ventilation, and refrigeration products (HVAC-R) and solutions for residential, commercial, and industrial applications. Founded in Japan in 1924, the company strives to combine expertise and experience…

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GlaxoSmithKline loses N7bn In 6 Months, To Halt Nigerian Operations

…records over N7bn loss in six months Plans are underway by GlaxoSmithKline (GSK) Nigeria to stop doing business after evaluating the options for moving to a third-party distribution model for its drugs and consumer healthcare goods. In statement on Thursday it said: “For the above reasons, and having, together with GSK UK, evaluated various other options, the Board of GlaxoSmithKline Consumer Nigeria Plc has concluded that there is no alternative but to cease operations.” Shares in GSK Nigeria, in which British drug maker, GSK has a 46.4 per cent stake…

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NEXIM Partners Fidelity Bank, Sapphital To Grow Nigeria’s Export Sector

As part of efforts to boost Nigeria’s foreign exchange earnings, the Nigerian Export-Import Bank (NEXIM) has announced a strategic partnership with leading financial institution, Fidelity Bank Plc and Sapphital Learning Ltd. The partnership will help improve the skills and performance of export businesses in Nigeria by leveraging the NEXIM Export Academy (NEXA); an online platform that provides exporters with capacity-building training and access to finance to scale their business. The NEXA platform which was Launched with the support of Sapphital (a digital learning institute) in 2022, is designed to empower…

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Bloomberg: Dangote Reclaims Richest Man In Africa Spot With $15.6bn

President of Dangote Group, Aliko Dangote remains the richest man in Africa, despite the volatility of Nigerian currency against the dollar. Bloomberg in its daily top billionaire lists, released on Tuesday, revealed that Dangote with a wealth of $15.6 billion topped other Africans in the Index. Dangote, who remains the richest man in Africa for the 12th year running, was the only Nigerian on the list of the top 500 billionaires, as released by Bloomberg. Other Africans listed in the latest top 500 world billionaires list for the year 2023…

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Meet Olu Verheijen, President Tinubu’s Energy Adviser

President Bola Ahmed Tinubu has appointed Ms. Olu Verheijen as his adviser on the Energy sector, as part of recent appointments in key sectors of the economy. With nearly 20 years of experience, Ms Verheijen brings extensive knowledge and expertise in the oil, gas, power, and renewable energy sectors in sub-Saharan Africa. Her previous roles include serving as a Deal Lead at Shell, where she advised on gas commercialization and participated in multi-billion-dollar mergers and acquisitions transactions. She currently leads Latimer Energy, a consultancy firm specializing in energy sector investment…

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World Environment Day: Egbin Power Plc Charts Path For Environmental Sustainability

…urges global concerted efforts Deliberate actions designed to further reduce environmental pollution in line with global agenda for sustainability have been outlined by Egbin Power Plc, the largest power generating station in Nigeria, to commemorate World Environment Day 2023, under the theme “Solutions to Plastic Pollution.” The GenCo, while raising awareness about the hazardous impact of pollution on the environment, also called for concerted global efforts among governments, businesses, and individuals towards building a more sustainable world. Speaking during the activities outlined to commemorate this year’s World Environment Day, Chief…

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