Business

Access Bank GMD Herbert Wigwe Assumes Office As Pioneer President of France Nigeria Business Council

Published

3 years ago

May 10, 2023

556 Views

The Pioneer President of the France Nigeria Business Council, Abdul Samad Rabiu, has handed over the reins of the council after a successful two year tenure to Herbert Wigwe, the Group Managing Director of Access Bank. Rabiu, the founder and Executive Chairman of BUA Group, handed over the reins to Wigwe in a ceremony held today, marking a new chapter in the Council’s history.

During Rabiu’s tenure as the pioneer President, the Council achieved significant milestones in strengthening business ties between France and Nigeria, promoting mutual growth and prosperity. Under his leadership, the Council organized two France-Nigeria Business Forums in Paris, a meeting in Lagos, and a session in Paris last year, which led to several fruitful partnerships between French and Nigerian businesses.

Rabiu also oversaw the Council’s support for various initiatives fostering collaboration between the brightest minds of both nations and nurturing the next generation of entrepreneurs.

In his farewell address, Rabiu expressed gratitude to the Council members, President Macron, and other stakeholders for their unwavering support during his tenure.

He acknowledged the exceptional service of Jean Haas, the Secretary of the Council, who will continue in his role under the new leadership.

The incoming President, Herbert Wigwe is a seasoned banker and a prominent figure in the Nigerian banking sector. Rabiu expressed confidence in Wigwe’s ability to lead the Council towards new heights, citing his vast experience and keen understanding of the global financial landscape as key assets.

As Wigwe begins his tenure, Council members have pledged their support and look forward to continued collaboration in fostering sustainable and inclusive economic growth for both France and Nigeria.

About the France Nigeria Business Council:

The France Nigeria Business Council is a key platform for strengthening business ties between France and Nigeria, with the aim of promoting mutual growth and prosperity. It serves as a nexus for collaboration, innovation, and partnership between the two nations, fostering an environment conducive to sustainable and inclusive economic growth.

Business

Naira Rates To Dollar , Pound, EURO… Monday, October 5

Published

1 day ago

October 5, 2026

OCHEFA

24 Views

Black Market Exchange Rates

₦1365DOLLAR (USD)

₦1820POUND (GBP)

₦1535EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190 CHINESE YUAN (CNY)

₦100 GHANAIAN CEDI (GHS)

West African CFA ₦2300CFA

Central African CFA ₦2200

Australian Dollar currency ₦850AUSSIE (AUD)

Official CBN Exchange Rates

DOLLAR (USD)₦1330.10

POUND (GBP)₦1759.58

EURO (EUR)₦1496.76

SWISS FRANC (CHF)₦1605.62

JAPANESE YEN (JPN)₦8.45

CFA FRANC (XOF)₦2.29

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1801.60

CHINESE YUAN (CNY) ₦198.39

SAUDI RIYAL (SAR)₦354.25

SOUTH AFRICAN RAND (ZAR)₦79.91

Business

Diesel Costs Bite: LAMATA Accelerates Shift To CNG, Electric Buses

The move comes as diesel prices have more than doubled, rising from about N950 per litre at the beginning of the year to between N1,950 and N2,100 per litre, depending on the source.

Published

2 days ago

October 4, 2026

OCHEFA

31 Views

Lagos is accelerating its transition away from diesel-powered public transport as the Lagos Metropolitan Area Transport Authority (LAMATA) begins phasing out diesel buses from its regulated fleet, amid a surge in diesel prices that has pushed operating costs sharply higher.

LAMATA is targeting clean-energy propulsion for 52 per cent of its Bus Rapid Transit (BRT) fleet by 2050, with compressed natural gas (CNG) and electric vehicles (EVs) taking the place of conventional diesel buses under a policy that took effect at the beginning of 2026.

The Managing Director and Chief Executive Officer of LAMATA, Mrs. Abimbola Akinajo, disclosed this weekend, during the handover of 20 additional high-capacity CNG buses under the Presidential Initiative on CNG and EVs.

The latest delivery brings LAMATA’s CNG fleet to about 170 buses, following the deployment of approximately 150 CNG buses before the new vehicles were received.

The authority also operates high-capacity and medium-capacity electric buses.

Akinajo said some of the new CNG buses would be deployed on the busy Ikorodu–Tafawa Balewa Square corridor, where passenger demand remains high.

“We will only work with CNG or EV buses, and this has been the policy since the beginning of the year,” she said.

The move comes as diesel prices have more than doubled, rising from about N950 per litre at the beginning of the year to between N1,950 and N2,100 per litre, depending on the source.

For LAMATA, the shift is therefore not only an environmental policy but also a cost-management strategy aimed at shielding commuters and transport operators from the impact of rising fuel expenses.

Akinajo said regulated public transport fares had not been increased, partly because the lower operating costs of CNG and electric buses were helping to contain the pressure on operators.

“Regulated public transport fares have not increased, and these buses have helped us achieve that,” she said.

Diesel phase-outUnder the new policy, existing diesel-powered buses in the regulated system will be progressively replaced with CNG and electric alternatives.

Akinajo said the long-term direction was for the regulated system to ultimately operate an entirely electric fleet, while the broader clean-energy target provides a pathway towards reducing emissions from Lagos’ transportation sector.

Transportation remains a major source of emissions in the megacity, making the switch to cleaner buses a key component of Lagos State’s long-term ambition of achieving net-zero emissions by 2050.