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    Tuesday, August 25, 2020

    Adesola Adeduntan to be Honored as Forbes Best of Africa

    September 11, 2020, will mark an auspicious day for Dr Adesola Adeduntan, as he will be honoured alongside prominent African business leaders such as CEO of Ocean Marine Security Ltd, Idahosa Wells Okunbo; and founder and executive chairman of Online Integrated Solutions Ltd, Mahmood Ahmadu, for the Forbes Best of Africa awards.

    Dr Adesola Kazeem Adeduntan is the managing director/chief executive officer of First Bank of Nigeria Limited, a visionary leader and an achiever to be reckoned with in the financial services sector, who earlier in the year bagged the much-coveted and celebrated Cranfield University School of Management Distinguished Alumnus of the year Award.

    A veteran in the banking world and a veterinary doctor by training, Adeduntan believes strongly in the importance of doing well by doing good. In March 2020, he spoke at the Edinburgh School of Business about financial institutions’ role as drivers of financial inclusion. In his leadership role at First Bank of Nigeria Limited (FirstBank), Adeduntan is part of a 126-year legacy of sustained development-oriented services.

    Also, in a recent media intelligence report presented by P+ Measurement Services, Adesola Adeduntan topped the list of most prominent and reputable Nigerian banking CEOs in Q2 2020.

    The virtual event which will be held in conjunction with Foreign Investment Network (FIN) will be an online roundtable discussion to be supported by the World Philanthropy Network will feature former Nigerian President, Olusegun Obasanjo, presenting a keynote address.

    The Central Bank of Nigeria (CBN) has asked banks to take responsibility for collecting electricity bill payments.
    MTV Base has dedicated the month of August to leading black women in music with a specially curated playlist tagged ‘Queens Of Base.
    Data presented by Buy Shares indicates that in 2020, the United States is set to account for almost half of the public cloud hosting revenue. According to the data, the US will account for 47.21% of the global revenue of $95.47 billion.

    LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces today that it has appointed SP Angel Corporate Finance LLP to act as the Company’s Joint Broker with immediate effect.

    Nigeria’s Q2 GDP performance was released this morning, with GDP down 6.10% year-on-year and non-oil GDP down 6.05% y/y. This was not a surprise (although one forecast poll predicted a 4.05% decline), given that in June the World Bank forecast a 3.2% contraction and the IMF forecast a 5.4% contraction for full-year 2020, suggesting that some poor quarters lay ahead.

    The FGN bonds market opened the week to the news of negative growth for Nigeria’s GDP (-6.10% YoY). This compounded an already weak market, still reeling from the previous week’s primary auction. We noted offers across the benchmark curve all session, but with no matching bids as investors continue to sit on the sidelines. Even offers at the long-end at 10.00% levels were not seen as enticing enough to bring client demand. Consequently, yields expanded by c.25bps on the average across the bond curve.

    Yesterday, the National Bureau of Statistics (NBS) released Nigeria’s GDP report for Q2-2020. According to the report, the Agriculture sector which contributes c. 25.0% to real GDP was one of the 6 of 19 sectors to record y/y growth in Q2-2020. This was as the sector’s GDP growth slowed to 1.58% y/y in Q2-2020 (vs. 1.8% and 2.2% recorded in Q2-2019 and Q1-2020, respectively).

    Nnamdi Obiagwu, Executive Director/Chief Operating Officer – (CEO Designate effective 1st September 2020) of Eterna Plc, has acquired 200,000 shares (N1.90 per share) of the company in accordance with the Nigerian Stock Exchange policy on insider dealing.
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