Posts tagged as: nigeria

Gambia: Standard Chartered CEO Adenowo Meets President Barrow

The President of the Republic of The Gambia, His Excellency Adama Barrow on Monday 24th April 2017 received Mr. Olukorede Adenowo, the new Chief Executive Officer (CEO) of Standard Chartered Bank, The Gambia.

His Excellency President Barrow welcomed Mr. Adenowo to The Gambia and thanked him for paying a courtesy call to the Office of The President within the first week of taking office. “Standard Chartered is a household name in The Gambia and has been around for over a century. The Bank should continue playing the important role of encouraging good banking practices in order to rebuild the new Gambia”, President Barrow said. He assured the Bank to prioritise the security of The Gambia to foster investment.

The incoming CEO, Mr. Adenowo congratulated the President on his recent elections and pledged the bank’s support in complementing the Government’s efforts in the development of the country. He thanked the President for creating a conducive environment for investment in The Gambia and thanked him for granting him an audience for the courtesy call. Mr. Adenowo said that “Standard Chartered’s is here for good and will continue being a responsible investor in the country assisting in advisory, access to capital and support in the infrastructure investment plan. Standard Chartered Bank has more than 123 years experience in The Gambia and will help facilitate trade opportunities between Gambia and its trade partners because of its unshakeable belief in The Gambia’s future”.

He reaffirmed Standard Chartered’s support to ensure that the bank’s core business of banking supports sustainable growth. He committed to ensuring fair outcomes for our stakeholders and the bank’s unwavering support to the Government of The Gambia. The bank enables individuals to grow and protect their wealth. Help businesses to trade, transact, invest, and expand in addition to helping a variety of financial institutions with their banking needs.

About Olukorede Adenowo

Mr. K.O. Adenowo with 30 years post university experience joined Standard Chartered Bank in 1999, and was part of the founding team that helped start the Nigerian business. He has worked in various roles including Regional Head of Global Corporate Africa, Deputy Head of Origination and Client Coverage Nigeria, Head of Origination and Client Coverage, West Africa 4 and more lately Regional Head of Financial Institutions and Public Sector for West Africa.

In his most recent role as Regional Head of Financial Institutions and Public Sector for West and Central Africa, he provided strong leadership in building and managing key strategic FI relationships across West Africa for business success and growth in an increasingly stringent regulatory environment.

K.O. Adenowo is a Non-Executive Director of the Board of Standard Chartered Bank Sierra Leone and serves on the Board of a number of charities. He is a Fellow of the Institute of Chartered Accountants of Nigeria, has an MBA from the Lagos Business School (IESE) and graduated from the University of Ife, Ile-Ife Nigeria.


Gambia’s Barrow Meets Sirleaf

Liberia’s President and Chair of regional bloc ECOWAS Mrs. Ellen Johnson – Sirleaf has received the Gambia’s President… Read more »

East Africa: OLX Championing Cyber Trust Through Launch of New E-Commerce Service

By Baraka Jefwa

OLX has unveiled a new service that will allow car buyers and sellers to transact safely by being able to pay directly through escrow. The service dubbed “Sell It For Me” will also handle the entire process for people who want to sell their vehicles.

The service launches at a time when there’s ever more evidence of a need for developments that boost confidence among internet-based transactions.

A recently conducted global survey revealed that Internet users are increasingly concerned about their online privacy; it found that 49 percent of users polled said lack of trust is their main reason for not shopping online.

What the survey says

The survey of 24,225 Internet users was conducted by global research company Ipsos, on behalf of the Centre for International Governance Innovation (CIGI) between December 2016, and March 2017. The survey was conducted in 24 countries including Australia, Brazil, Canada, China, Egypt, India, Japan, Kenya, Nigeria, South Africa, Tunisia and the United States.

The research shows that among those worried about their privacy, top sources of concern were cybercriminals (82 percent), Internet companies (74 percent) and governments (65 percent).

“The lifeblood of the Internet is trust and when that is damaged, the consequences for the digital economy are nearly irreparable,” Director of CIGI’s Global Security & Politics program Fen Osler Hampson said in a press statement. “The results of this global survey offer a glimpse into why policymakers should be concerned, and why there is a strong link between user trust and the health of e-commerce,”

Lack of trust is most likely to keep people off e-commerce platforms in the Middle East, Africa and Latin America, suggesting that the potential gains of e-commerce are not spread evenly around the globe.

“Nearly 50 percent of Internet users surveyed do not trust the Internet and this lack of trust is affecting the way they use it. The findings of this year’s CIGI-Ipsos survey underscore the importance of taking action now to build stronger online trust by addressing users’ concerns and using technologies such as encryption to secure communications,” said Sally Wentworth, Vice President of Global Policy for the Internet Society, in a press release.

How OLX seeks to gain the internet’s trust

Speaking at the launch, held at the Intercontinental hotel, Kenya, OLX, Country Manager, Peter Ndiang’ui said that the service will make it safer and more convenient for car traders on OLX and involvement in the payment process will increase buyers’ trust when making a car purchase.

“Direct payments to OLX champs to handle selling transactions are a definite value addition to our users who are always seeking safety and convenience when trading online. It is also important to note that those wishing to continue with hands-off buying and selling on our platform are still free to do so.” Added Ndiang’ui.

Per Ndiang’ui, the service, which has been rolled out in Nairobi, has currently hired 20 verified and vetted OLX Champs, who have access to data analytics which increase the chance of selling the cars of faster. OLX is also seeking to partner with financiers, insurers and auto garages to help ease the process of selling cars online.

The service starts when an OLX Champ is linked up with the seller to agree on the selling price from which the champ will get his commission. The Champ handles the entire selling process. Money is then sent directly to OLX and once the buyer confirms receipt of the vehicle, OLX releases the money to the seller. The escrow services allow direct deposit to OLX, which guarantees safety for the buyer.

Nigeria: Oshodi-Apapa Expressway Gridlock – Fashola, Ambode Ignore Road As Robbers Terrorise Motorists

By Kingsley Adegboye and Joseph Undu


Lagos–Residents and motorists that use the gateway to the nations major ports, the Oshodi-Apapa expressway, are back to the days of horrifying gridlock that makes their lives miserable.

Traffic robbers are back, dispossessing trapped motorists of their belongings.

It is pitiable that Governor Akinwunmi Ambode and his predecessor, who happens to be the Minister of Power, Works and Housing, Babatunde Fashola, despite assuring Lagosians of readiness to solve the perennial problem by completing the rehabilitation of the dual carriageway in good time have jettisoned the rehabilitation work.

It seems the scenario stopping the rehabilitation of Oshodi-Murtala Airport road is also playing out on this all-important expressway.

Governor Ambode had accused the Federal Ministry of Works of frustrating some of his plans in Lagos State, saying the federal ministry of two things: failure to allow the state government rebuild the Oshodi road that leads to the Lagos Airport and failure to ensure the proper handover of the Presidential Lodge in Lagos to the state government as directed by President Muhammadu Buhari.

Responding to the accusation, the Minister, said his “response is to ensure that members of the public are not misled by deliberate or inadvertent mis-statements” of the Lagos governor.

The minister explained that the request of the Lagos government to take over the Oshodi-airport road, as well as three other federal roads in the state, was still being discussed at the Federal Executive Council.

“Federal Executive Council Memorandum are debated and commented upon by all members and in cases of roads, surveys, maps and other material have to be provided to assist members understand the location and connectivity of the roads, (in this case Four roads), in order to assist how they vote on the Memorandum,” Fashola said.

A visit to Tin Can Island through Oshodi yesterday revealed the pitiable state of the highway between Coconut Bus-stop and Tin Can Port second gate.

The entire stretch of the road is in a terrible state of degradation due to several years of neglect, with gullies and deep potholes on the road.

The menacing presence of the petroleum products tankers and trailers on the road is the reason Apapa-bound motorists and commuters spend several hours to get to their destinations on daily basis.

Those who have targets to meet now use the services of commercial motorcycle operators popularly called Okada riders despite the obvious risk. In fact, most commercial drivers and motorists now navigate through Olodi-Apapa through Boundary, Ajegunle, to access Apapa.

The indiscriminate parking of these trucks worsen the already chaotic traffic situation in the area.

This traffic gridlock has led to hoodlums vandalising peoples’ cars and robbing them of their belongings.

According to eyewitnesses accounts, so many commuters have been so far dispossessed of their belongings by miscreants since the reappearance of the terrible traffic situation.

One of the victims, a port operator who pleaded anonymity told Vanguard that: “It is not clear what led to the resurgence of the gridlock on this expressway after it had disappeared for sometime.

“I strongly believe the indiscriminate parking on the road by these tanker drivers, and bad road networks in and around Apapa may be the cause.

“Lagos State government really needs to do something to put an end to this traffic problem. A lot of productive hours are being wasted in this gridlock every day and this is one of the roads that connect the sea ports, the economic nerve centre of Nigeria. A good percentage of Lagos Internally Generated Revenue, IGR, is from this part of the state, yet the road networks here are terrible.

Another commuter noted that: “Lagos State Transport Management Authority, LASTMA and Lagos Task Force are not doing enough to effectively control traffic on this road.”

Nigeria: NDDI Condemns Maritime Academy Oron Restructuring Committee

[This Day] A frontline advocacy group in the Niger Delta region, the Niger Delta Development Initiative (NDDI), has written to President Muhammadu Buhari, criticising the recent committee set up by the Minister of Transportation, Rotimi Chibuike Amaechi, to restructure the Maritime Academy of Nigeria (MAN) Oron, Akwa Ibom State. The organisation described it as an action done in bad faith.

Nigeria: Govt to Build Courts in Prisons – Dambazau

By Joshua Odeyemi

The Federal Government is working on co-locating courts and prisons to fast track the process of administering justice in the country.

The Minister of Interior, Abdulrahman Dambazau gave this hint yesterday in Abuja, while commissioning 239 operational vehicles and farm implements recently acquired by the Nigerian Prisons Service (NPS).

Dambazau said the move was important to reduce congestion in most prison facilities in urban areas.

The Controller-General of Prisons, Ja’afaru Ahmed, said tractors and other relevant implements procured would address the drudgery hitherto associated with the prison farms.


Economy Would Be Out of Recession By Second Quarter – Central Bank

The Central Bank of Nigeria has restated that the Nigerian economy would come out of the recession in the second quarter… Read more »

Nigeria: NEITI Commences Audit of Oil, Gas Sector

By Anyichie Tochukwu

The Nigerian Extractive Industries Transparency Initiative (NEITI) yesterday said it has commenced a comprehensive, independent audit of the nation’s oil and gas sector that would cover the periods of 2015 and 2016.

Mr Waziri Adio, Executive Secretary of NEITI, announced this in Lagos at a workshop organised for major oil companies in the country.

Adio said the independent audit was in line with the principles and standards of the global Extractive Industries Transparency Initiative (EITI).

According to him, relevant government agencies were expected to participate in the exercise.

He said the workshop was designed to acquaint participants with the structure and content of the template, the kinds of questions that NEITI would ask and answers expected to be provided by the covered entities.

“This workshop is to seek your views, suggestions and inputs as well as listen to your concerns on how to make the exercise hitch-free,” Adio added.

The workshop witnessed presentations on the EITI processes, methods, principles and standards including emerging issues on beneficial ownership and contract transparency.

The benefits of implementing EITI in Nigeria also topped discussions at the interactive session.

The executive secretary announced that NEITI would introduce a ranking reward system to incentivise participation of covered entities.

He said in the ranking system, companies would be graded based on their efficiency in populating the audit templates such as the quality, depth of information, data provided and quick response to set deadlines.

Adio explained that the system would be shared with over 51 member countries of EITI and multi-lateral organisations, to serve as reference points on adherence to business ethics for major investment decisions in Nigeria.


Economy Would Be Out of Recession By Second Quarter – Central Bank

The Central Bank of Nigeria has restated that the Nigerian economy would come out of the recession in the second quarter… Read more »

Nigeria: Customs Fou Zone C’ Owerri Destroys Imported Poultry Products

By Johnkennedy Uzoma

Owerri — Over 102,099 cartons of frozen poultry products worth N1.27 billion illegally imported into the country have been destroyed by the Nigerian Customs Service.

The Customs Area Controller FOU Zone ‘C’ Owerri, Comptroller Mohammed Uba, told newsmen yesterday that poultry was still under import prohibition and any of such found would be seized and destroyed.

He said the truck conveying the imported frozen poultry products with Reg. No AJL 861 XA was intercepted along Benin Ekiadolor axis by Lagos Expressway, Edo State, and the poultry items included turkey parts, chicken parts, and poultry gizzard.

He urged Nigerians not to patronize or import frozen poultry products as they were adversely affecting the nation’s poultry industry and had been adjudged by health authorities to be injurious to health.


Economy Would Be Out of Recession By Second Quarter – Central Bank

The Central Bank of Nigeria has restated that the Nigerian economy would come out of the recession in the second quarter… Read more »

Nigeria: Two Dead, Many Injured As Building Collapses in Lagos

By Eugene Agha

Lagos — Two persons were said to have died while many were injured when a two-storey building undergoing construction in NICON Town Estate, Lekki, collapsed.

It was gathered that the construction workers were mixing concrete at the site when part of the building cracked and collapsed, trapping many of them under the rubble.

The deceased persons were identified as Tasiu Tanko and Abdullahi Usman.

Officials of the Lagos State Emergency Management Agency (LASEMA) and other emergency responders rushed to the accident scene as soon as they heard of the incident to rescue those trapped underneath the rubble.

Witnesses said the collapsed building took all by surprise as it had previously not given any sign of wear and tear.

Confirming the incident, the General Manager of LASEMA, Mr. Tiamiyu Adesina, said, “The agency received a report regarding the partial collapse of a building at Nicon Town Estate, Admiralty way, Lekki. Investigations conducted by the agency’s Emergency Response Team (ERT) at the scene of the incident revealed that the structure under the process of casting of the roof beam and parapet partially collapsed.”


Economy Would Be Out of Recession By Second Quarter – Central Bank

The Central Bank of Nigeria has restated that the Nigerian economy would come out of the recession in the second quarter… Read more »

Nigeria: Building Collapses in Lagos

Photo: ER24

(file photo).

By Oladeinde Olawoyin

A part of an uncompleted building collapsed on Thursday afternoon in Lagos, PREMIUM TIMES can report.

Sources said the incident occurred at NICON Town Estate, off Admiralty way, Lekki.

PREMIUM TIMES gathered that some of the people around the building when it collapsed sustained various degrees of injuries.

When contacted, an official of the Lagos emergency agency said there were “casualties”.

He however said rescue effort is ongoing at the site of the collapse.


Economy Would Be Out of Recession By Second Quarter – Central Bank

The Central Bank of Nigeria has restated that the Nigerian economy would come out of the recession in the second quarter… Read more »

Nigeria: CBN Offers $100 Million Forex to Dealers

The Central Bank of Nigeria (CBN) on Thursday said it had offered 100 million dollars to authorised dealers as its intervention to stabilise the foreign exchange market.

Mr Isaac Okorafor, Acting Director of the Corporate Communications Department of CBN. disclosed this in a statement on Thursday.

Okorafor, however, said that no intervention was made in the retail window in Thursday’s auction.

He said that the bank continued its weekly sale of foreign exchange to the Bureau de Change (BDC) segment to meet the needs of low-end users.

The CBN spokesman further said that the bank had observed that quite a good number of dealers were adhering to the forex guidelines.

Okorafor said the CBN would continue to monitor activities of authorised dealers to ensure that no outfit or individual circumvented laid down forex rules.

He urged all concerned to put the Nigerian economy first, adding that the CBN was determined to guarantee the international value of the naira.


There’s No Boko Haram Resurgence, Nigerian Military Assures

Director, Defence Information, Maj.-Gen. John Enenche, briefing Newsmen during a Monthly News Conference on Defence and… Read more »

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