Business
Femi Otedola emerges chairman of First Bank Holdings
Billionaire businessman and chairman of Geregu Power Plc, Femi Otedola, today emerged as the chairperson of the board of FBN Holdings Plc, whose flagship arm is First Bank.
The change of guard took place at a meeting of the Board of Directors of the Group in Lagos on Wednesday.
Mr Otedola succeeds Ahmad Abdullahi, a seasoned economist who was appointed chair of the Holdco on 17 December 2021.
Mr Otedola became a non-executive director of FBN Holdings on 14 August 2023, months after he acquired a substantial stake in First Bank.
Mr Otedola is the financial institution’s biggest and only substantial shareholder, holding a 5.6 per cent stake.
He has had investments in port agency, shipping, storage and insurance brokerage. In 2007, he acquired a controlling interest in African Petroleum, which later metamorphosed into Forte Oil. Forte Oil itself would later be sold and renamed Ardova.
Geregu Power, which he took public in October 2022, accounts for about nine per cent of Nigeria’s grid electricity.
He has held several board memberships, including President of the Nigerian Chamber of Shipping and as past Chairman of Transcorp Hilton Hotel, Abuja.
He was part of the National Economic Management Team, chaired by former President Goodluck Jonathan from 2011 to 2015. At the moment, he is a member of the National Peace Committee.
A botched move to become the chief shareholder of Transnational Corporation, Nigeria’s biggest conglomerate by market value, in April 2023 saw him sell his stake of 6.3 per cent to rival Tony Elumelu.
This January, Mr Otedola acquired a significant stake in Dangote Cement, a company largely owned by his friend, Aliko Dangote. The exact value of his shares remained unknown, but those close to him say his holdings are worth more than N6 billion.
BLACK/ PARALLEL MARKET RATES
₦1370 DOLLAR (USD)
₦1800 POUND (GBP)
₦1510 EURO (EUR)
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 WEST AFRICAN CFA F.(XOF)
₦2200 CENTRAL AFRICAN CFA F.(XAF)
₦850 AUSTRALIAN DOLLAR AUSSIE (AUD)
CBN OFFICIAL RATES
DOLLAR (USD)₦1331.61
POUND (GBP)₦1764.26
EURO (EUR)₦1490.48
SWISS FRANC (CHF)₦1608.23
JAPANESE YEN (JPN)₦8.4
CFA FRANC (XOF)₦2.27
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33
CHINESE YUAN (CNY)₦199.01
SAUDI RIYAL (SAR)₦354.83
SOUTH AFRICAN RAND (ZAR)₦80.49
Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
JUST IN: Mob Sets BRT Bus Ablaze After Motorcyclist’s Death in Lagos
BREAKING: DSS Arrests Fugitive Maina Son, Hands Him to EFCC
BREAKING: 5 Arrested Over Imo NYSC Abduction
BREAKING: Lagos Govt Declares Today, Thursday Work-Free to Mark 2026 Ìṣẹ̀ṣe Day
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
-
Business3 days agoNaira Exchange Rates For Thursday, October 15
-
Sports3 days agoCAF Increases Annual Funding for Member Federations to $700,000
-
News3 days agoASCON To Be Rebranded “National School Of Government”
-
Business3 days agoGermany plans tax on sugary drinks
-
International2 days ago“Mother of all bombs,” Trump Plans To Hit Iran
-
Business3 days agoWEF could appoint Lagarde as its next chair, sources say
-
Business2 days agoNaira Exchange Rates Friday, October 16
-
Crime1 day agoBREAKING: 5 Arrested Over Imo NYSC Abduction