Business
Corporate Nigeria Pays Tribute To Ogunbanjo
Lagos stood still last Friday when corporate Nigeria paid tribute to prominent corporate lawyer and philanthropist, Chief Christopher Ogunbanjo.
Biztellers reports that the event, tagged, an Afternoon of Tributes was put together by the Nigerian Exchange Group (NGX) and the Lagos Chamber of Commerce and Industry (LCCI) in Victoria Island, Lagos to eulogise and honour the memory of Ogunbanjo.
Prominent among those who graced the event were the NGX, LCCI, the Central Bank of Nigeria (CBN), Dangote Group, BUA Group, Coronation Group, Zenith Bank, FCMB Group, etc.
Governor, CBN, Dr Olayemi Cardoso in his tribute eulogised the late Ogunbanjo not only for his strides in the corporate world but also his life as a father and grandfather.
Cardoso said, “Papa was a remarkable individual whose life and legacies transcend a myriad of fields. In particular, his contributions to the organised private sector in Nigeria was not only a life of achievements, it was also one that charted the way forward for multiple generations, inspiring them to elevate and aspire to be like him.
“Through his efforts, the foreign currency decree of 1985 was promulgated, laying the foundation for a more robust and internationally connected financial system.
“I recall quite vividly that Chief Ogunbanjo was part of a group of forward-looking businessmen who in the late 1960s championed local equity participation in foreign firms operating within Nigeria.”
On his part, Chairman, NGX Group, Dr Umaru Kwairanga, represented by Chief Executive Officer, NGX Group, Oscar Onyema, said, “As we reflect on his remarkable journey, we remember that he was a force behind the growth of many Nigerian companies. A true legal luminary, his influence reaches far beyond the boardroom.
Paying tribute to the late lawyer, President, Dangote Group, Alhaji Aliko Dangote described him as a champion of industrialisation in Nigeria which in his view explained the high turnout of corporate Nigeria at the event.
He said, “That is the reason most of us are here today. I have worked with him closely. I and Abimbola (Ogunbanjo’s son) worked tirelessly to ensure his vision for NGX is sustained. I completed my tenure as president and handed over to Aigboje Aig-Imoukhuede and he handed over to Abimbola. We are going to miss him.”
In his comments, billionaire businessman and Founder of BUA Group, Alhaji Abdul Samad Rabiu said, “He was an astute businessman and a philanthropist. He gave back to society, that was very important to him. I want to express my sincere condolences to the family and the business world.”
In the same vein, the incoming president of LCCI, Gabriel Idahosa, said that the late Ogunbanjo embodied dedication and service to country whilst the outgoing president, Dr Michael Olawale-Cole expressed confidence that Chief Ogunbanjo was resting in peace in the bosom of the Lord.
On his part, Chairman, Coronation Group, Aigboje Aig-Imoukhuede and former President of the National Council, Nigerian Stock Exchange said it was a privilege to pay tribute to the man whose name and signature are on the founding inaugural memo and articles of the exchange.
“He put food on the table for many stockbrokers, many bankers but most importantly, millions of investors who benefited from his work during the privatisation program.
“The privatisation program was very much stimulated by his efforts and is certainly, alongside with the establishment of the exchange, the defining moment in the building of the Nigerian capital market.
“He not only made those contributions, he went on to chair several companies, to be an active investor in several companies and therefore put his money where his mouth is,” Aig-Imokhuede added.
Former Chairman, NGX Group, Bamofin Abimbola Ogunbanjo, eulogising his father, said, “I would not be far from the truth to say that chief acquired his impressive credentials on the actual battleground of corporate law practice, in company boardrooms, and right here in the Lagos Chamber of Commerce where he stood out as a respected voice of the organised private sector.”
Other dignitaries in attendance were the Chairman, Zenith Bank, Jim Ovia, Group Chief Executive Officer, FCMB Group, Ladi Balogun, Chief Executive Officer, NGX, Mr Temi Popoola, former Presidents of the LCCI, representatives from the Nigerian Bar Association, as well as family members of the deceased
The pull of market forces which moved the hands of the Nigerian National Petroleum Company Limited (NNPC Ltd) to reduce the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja appears to be a source of torture to independent markets.
Biztellers reports that the latest price review on Easter Monday saw NNPC retail outlets in Lagos drop from N925 to N880, while those in Abuja adjusted from N950 to N935.
The NNPC Ltd’s price reduction came barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre.
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In addition, the $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.
Consumers can smile because with the reaction, the NNPC Ltd’s new price in Lagos is N10 lower than what the Dangote Refinery is selling at, which might lead to another reaction, as the price war between the two companies.
Though some NNPC Ltd’s retail outlets were observed selling at the old rate in Lagos, it was gathered that they were given the liberty to exhaust old stock before adjusting to the new prices.
Market sources are of the view that the current price war was ignited by the Federal Government’s implementation of the Naira-for-crude policy.
Gold soared to a record high of $3,500 an ounce on Tuesday, as mounting fears over a potential U.S. recession and escalating tensions between President Donald Trump and the Federal Reserve drove investors toward the traditional safe-haven asset.
The precious metal briefly touched an all-time high of $3,500.10 an ounce before retreating slightly to trade at $3,467.87.
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The rally marks the latest in a string of record-breaking gains for gold, fueled by a weakening U.S. dollar, sharp declines across global stock markets, and growing concerns over the health of the world economy.
Market sentiment took another hit this week after President Trump ramped up his trade war with China, slapping fresh tariffs on the world’s second-largest economy and intensifying fears of prolonged economic disruption.
Gold has surged more than 30 percent since the start of the year as investors seek refuge from mounting market volatility.
“The rally reflects ongoing recession fears in the U.S. economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell,” said Rania Gule, senior market analyst at trading group XS.com.
Concerns about the Fed’s independence were further stoked Monday, when Trump publicly lashed out at Powell on social media, branding him a “major loser” for not cutting interest rates — a move the president has repeatedly demanded.
The sharp criticism follows Trump’s recent suggestion that he might attempt to remove Powell from his post.
Klaus Schwab, the founder of the World Economic Forum (WEF), announced his resignation from the board on Monday, marking a significant moment in the organization’s history.
Schwab, who has been at the helm of the WEF for over five decades, confirmed he was stepping down from his position as Chair and leaving the Board of Trustees with immediate effect.
“I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” Schwab said, noting that the decision comes as he approaches his 88th year.
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His resignation follows his stepping down as executive chairman in 2024, when former Norwegian foreign minister Borge Brende took over the day-to-day operations.
In response, WEF appointed Vice Chairman Peter Brabeck-Letmathe as interim chairman while a search committee was formed to find a permanent successor.
The WEF board lauded Schwab’s immense contributions, acknowledging his “outstanding achievements” over his 55-year leadership tenure.
“At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical,” the WEF stated.
“Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration.”
Schwab, originally from Ravensburg, Germany, founded the precursor to the WEF, the European Management Forum, in 1971.
The first meeting drew fewer than 500 participants, but over the years, Schwab expanded the gathering into a prestigious platform that now attracts thousands of influential figures.
The Davos summit has become synonymous with global power brokers, offering opportunities for high-level networking, discussion, and collaboration on issues affecting the world.
Under Schwab’s leadership, the WEF grew to include regional meetings and established centers dedicated to pressing global topics such as cybersecurity, climate change, and financial systems.
The organization continues to uphold its mission of “improving the state of the world” by fostering dialogue and cooperation.
However, the WEF and Schwab have not been without their critics. Many argue that the forum has become a venue for corporate elites to exert influence over governments, with the term “Davos Man” often used to describe the affluent attendees.
Schwab has also faced the ire of conspiracy theorists, particularly following his promotion of the “Great Reset” following the COVID-19 pandemic.
These theorists have spread misinformation, alleging that Schwab and the WEF are part of a global elite aiming to control the world, with even Elon Musk weighing in on social media, claiming Schwab “wants to be emperor of Earth.”
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