Category: Business

Dr. Adaora Umeoji has been announced as Zenith Bank’s new Group Managing Director and Chief Executive Officer. This appointment was disclosed on Tuesday, in a statement signed by the company secretary, Michael Otu, which was filed with the Nigerian Exchange Limited. Umeoji’s appointment will take effect from June 1, 2024, following the expiration of office of the current GMD, Dr. Ebenezer Onyeagwu, on May 31, 2024. “Dame (Dr) Adaora Umeoji is the first female GMDCEO since the inception of the bank, and her appointment is consistent with the bank’s executive…

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The Manufacturers Association of Nigeria has said that 767 manufacturers shut down operations while 335 became distressed in 2023. This came against the backdrop of exchange rate volatility, rising inflation and other economic challenges that have worsened the investment climate. MAN stated this in a statement in which it condemned the recently introduced Expatriate Employment Levy by the Federal Government. The association said it was struck with disbelief, seeing that the levy runs contrary to President Bola Tinubu’s Renewed Hope Agenda and the kernel of his Fiscal Policy and Tax…

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In a strategic move aimed at furthering its mission to empower African traders with the necessary payment solutions for thriving in the digital era, Squad, a fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), offering comprehensive payment and e-commerce solutions for businesses, has entered a partnership with OmniPay, a subsidiary of OmniRetail Inc. This collaboration has currently benefited more than 65,000 stakeholders, which include retailers, distributors, and manufacturers through improved payment and collection methods using Squad’s Virtual Bank Account without incurring any charges. Additionally, they have gained more accessible…

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The Association of Master Bakers and Caterers of Nigeria announced on February 14 that it is poised to begin a nationwide strike on February 27 unless the Federal Government honours the agreement made with the association in 2020. It also called for the temporary suspension of all types of taxation on the bakery industry at the federal, state, and local government levels. In a statement announcing the strike, the National President of AMBCON, Mansur Umar, said, “The Association of Master Bakers and Caterers of Nigeria have critically accessed the state…

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Cement Manufacturers have agreed to sell a 50kg bag of cement at a retail price between N7,000 and N8,000, depending on location nationwide. However, the manufacturers stated that the price drop from the current market price would depend on the fulfillment of certain government interventions to ameliorate critical challenges faced in the industry. The Minister of Works, Dave Umahi, announced after a meeting with leading cement manufacturers on Monday in Abuja adding that Nigerians will feel the impact in 30 days. The meeting was against the backdrop of the ballooning…

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The Board of Directors of Access Holdings Plc on Monday announced the appointment of Bolaji Agbede as the Acting Group Chief Executive Officer. This announcement came following the death of the firm’s former Group Chief Executive Officer, Herbert Wigwe, who died on Friday in a helicopter crash. Wigwe died alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Abimbola Ogunbanjo, in a helicopter crash in California near the Nevada border, United States of America. Wigwe was appointed Access Holdings GCEO on March 28, 2022. Prior to…

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In a statement issued by the Chairman of the Association of Table Water Producers (ATWAP), Enugu chapter, the association says its members will shut down and suspend production in all water producing factories in Enugu State due to unbearable high cost of production. The statement was signed the Chairman of ATWAP, Enugu State Chapter, Mr Tony Edike, and its State Secretary, Sir Clems Nwamadi, on Sunday in Enugu. The statement was issued after members of ATWAP Enugu State Chapter held an emergency meeting in Enugu on Feb. 8, 2024, on…

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The governor of the Central Bank of Nigeria (CBN), Oluyemi Cardoso, disclosed yesterday that Nigerians spent over $40 billion to access education and healthcare abroad between 2010 and 2020, noting that the high number of Nigerians in foreign schools and medical tourism are two of the major factors putting pressure on the naira.     He made this disclosure while appearing before the House of Representatives for the sectoral debate on the economy. According to the bank chief, the demand for dollars by these students and those travelling for medicals…

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