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Corporate Nigeria Pays Tribute To Ogunbanjo

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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

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Naira Slumps 4.60% Against Dollar

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Naira To Dollar Exchanges At N464.67

In a sharp turn of events, the Nigerian Naira took a significant tumble on Tuesday, plunging to N1,416.57 against the US dollar at the official market.

This staggering drop of N62.36 from the previous trading day represents a 4.60 percent loss, sparking concerns among investors and analysts alike.

Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this unsettling trend.

Despite the currency’s downward spiral, trading activity surged, with the daily turnover soaring to $160.77 million, compared to Monday’s $84.83 million.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira’s performance remained volatile, trading between N1,445 and N1,301 against the dollar, underscoring the currency’s precarious position in the market.

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Dangote Restates Commitment To Host Communities’ Capacity Building

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Dangote Tackle forex shortage with sugar

The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.

In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.

During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.

The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.

Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.

According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.

Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”

On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.

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JUST IN: NDIC Boosts Deposit Insurance For Banks

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The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.

NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.

The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.

Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.

 

 

More to follow.. . .. . 

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