NEWS
NGX Group Mourns Loss Of Former Chairman, Ogunbanjo
. . . Commiserates With The Wigwe Family
The Nigerian Exchange Group Plc (NGX Group) is deeply saddened to acknowledge the tragic passing of its former Group Chairman, Bamofin Abimbola Ogunbanjo, and the Group Managing Director of Access Holdings Plc, Dr. Herbert Wigwe, along with his wife and son, in a helicopter accident in the United States of America.
This was communicated in a statement from the NGX in Lagos on Sunday.
It stated, “Bamofin Abimbola Ogunbanjo, a visionary leader and luminary in Nigeria’s corporate legal and capital market spheres, served as the President of the National Council of the Nigerian Stock Exchange (NSE) from 2017 to 2021 and as the first Group Chairman of NGX Group from 2021 to 2022, following the demutualization of the Exchange.
“His strategic acumen and dedication were instrumental in shaping NGX Group’s transformative journey.”
Group Chairman, NGX Group, Umaru Kwairanga, expressed his heartfelt condolences, thus, “NGX Group mourns the untimely departure of Bamofin Abimbola Ogunbanjo and Dr. Herbert Wigwe, along with his wife and son.
“Bamofin Ogunbanjo’s leadership has left an indelible mark on our organization and the broader Nigerian financial community, and his legacy will continue to inspire us.
“Dr. Wigwe also leaves an unblemished footprint in our private sector. Our thoughts and prayers are with their families during this difficult time. May their souls rest in peace and may the Almighty comfort their families”.
On his part, Group Managing Director/CEO, NGX Group, Temi Popoola, added, “The passing of Bamofin Ogunbanjo is a profound loss for NGX Group and the entire Nigerian private sector. He played a crucial role in shaping NGX Group, and while he will be sorely missed, his visionary leadership and impact will never be forgotten.
“It is heartbreaking to learn that Dr. Wigwe, his wife and son also lost their lives in the accident.
“The contributions of these two respected leaders to the financial markets and the overall private sector will be remembered, and we are committed to preserving their legacy by upholding the principles of leadership, innovation, and dedication that they exemplified.”
Biztellers reports that beyond his role at the NGX Group, Ogunbanjo was a distinguished legal practitioner, having served as Managing Partner of Chris Ogunbanjo LP (Solicitors).
Similarly, he served on the boards of several multinational corporations and non-profit organizations including Beta Glass Plc and the Advisory Board of the University of Buckingham Centre for Extractive Studies.
He also served on the Board of GTL Registrars Limited, AIICO Insurance Plc and ConocoPhillips Limited amongst others.
His contributions to the legal profession and corporate governance were exemplary, earning him widespread respect and admiration.
NEWS
JUST IN: Senate Approves Tinubu’s ₦1.77trn Loan Request
To address Nigeria’s ₦9.7 trillion budget deficit for the 2024 fiscal year, the Senate has approved President Bola Ahmed Tinubu’s request to secure a ₦1.77 trillion ($2.2 billion) loan.
The decision was made during Thursday’s plenary session, where a voice vote confirmed the approval following the presentation of a report by the Senate Committee on Local and Foreign Debts.
RELATED NEWS: Tinubu Seeks ₦1.767tn Loan to Tackle 2024 Budget Deficit
Chaired by Senator Wammako Magatarkada (APC, Sokoto North), the committee endorsed the loan request as a vital step in managing the country’s fiscal challenges.
Recall that President Tinubu had submitted the proposal earlier in the week, outlining the loan as a crucial component of his administration’s external borrowing strategy.
Details shortly…………..
NEWS
Finnish Police Arrest Simon Ekpa Over Terror-Related Allegations
Simon Ekpa, a Finnish citizen of Nigerian descent, has been arrested by Finnish authorities on allegations of inciting terrorist activities.
The Päijät-Häme District Court ordered his detention following an incident that reportedly occurred in Lahti on August 23, 2021.
READ ALSO: Policeman Feared Dead As Gunmen Attack Checkpoint In Abia
The Finnish National Bureau of Investigation (NBI) is also seeking the arrest of four other individuals in connection with the case. Officials say the charges involve public incitement to commit crimes with terrorist intent.
“The detention demands are related to a preliminary investigation in which a Finnish citizen of Nigerian descent, born in the 1980s, is suspected of public incitement to commit a crime with terrorist intent,” the police said in a statement.
Details regarding the additional suspects or the specifics of the alleged crimes remain unclear as the investigation continues. Authorities have emphasized the sensitive nature of the case, stating that further information will be disclosed as the inquiry progresses.
This development marks a significant step in Finland’s efforts to combat terrorism and ensure public safety.
International News
COP29: Climate Summit Faces Deadlock Over Vague Funding Proposals For Vulnerable Nations
As the 29th United Nations Climate Change Summit (COP29) nears its conclusion, tensions are rising over a newly published funding proposal aimed at assisting developing nations in addressing climate-induced crises.
The proposal, released by the United Nations Framework Convention on Climate Change (UNFCCC) on Thursday, has sparked widespread debate among delegations, activists, and observers at the summit.
The document, spanning ten pages, outlines funding options to support developing countries in implementing their Nationally Determined Contributions (NDCs) under the 2015 Paris Agreement.
READ ALSO: Osun Explains N75,000 New Minimum Wage
However, it fails to specify how much wealthier nations are required to contribute annually—a key sticking point that has drawn criticism from the Global South and climate advocates.
Ambiguity in Funding Commitments
Critics argue that the absence of concrete figures undermines the credibility of the proposed framework.
Mohamed Adow, Founder and Director of Power Shift Africa, described the proposal as “a blank piece of paper,” highlighting the lack of clarity on financial commitments.
“This is the ‘finance COP.’ We came here to talk about money. The way you measure money is with numbers. We need a cheque, but all we have right now is a blank piece of paper,” Adow remarked during an interview.
The Global South, led by African delegations, is demanding at least $1.3 trillion annually by the end of the decade to adapt to climate change impacts and transition to sustainable energy systems.
Yet, developed nations have yet to commit to a specific annual figure, raising concerns over the summit’s ability to deliver tangible outcomes.
Key Provisions and Concerns
The new text acknowledges the disproportionate impact of climate change on developing nations and the financial barriers they face, including high costs of capital and limited fiscal space.
READ ALSO: NNPCL Launches Utapate Crude Oil Blend, Eyes Production Expansion In 2025
It proposes the establishment of a New Collective Quantified Goal (NCQG) for climate finance, suggesting a framework of “at least USD [X] trillion annually” from 2025 to 2035.
However, the absence of defined numbers has led to frustration among negotiators.
David Tong, Global Industry Campaign Manager at Oil Change International, emphasized the critical role of finance in achieving meaningful progress.
“Without finance, there is no phase-out [of fossil fuels], no energy transition, no adaptation. The ambitious options are simply missing,” Tong stated during a press briefing.
Rising Frustration from the Global South
Delegates from the Global South have expressed dissatisfaction with what they perceive as weak commitments from developed nations.
Many fear that without concrete financial pledges, the summit’s outcomes may fall short of expectations.
“This summit is about delivering justice to those who suffer most from climate impacts. Wealthy nations must step up and provide the necessary funding,” said an African negotiator, speaking on condition of anonymity.
A Critical Juncture
With less than 48 hours remaining in the summit, the stakes are high. The COP29 negotiations in Baku, dubbed the “finance COP,” are expected to set a precedent for addressing the financial needs of vulnerable nations.
Delegates are calling on world leaders to finalize an ambitious NCQG target and bridge the growing divide between developed and developing nations.