Business
Tinubu Approves New 13-man Board for Bank of Industry
President Bola Tinubu has approved the appointment of a new 13-member board for the Bank of Industry (BoI) with Dr. Mansur Muhtar and Dr Olasupo Olusi as Chairman and Managing Director/Chief Executive Officer respectively.
In a release issued on Monday by presidential spokesperson, Ajuri Ngelale, 11 directors, including five executive and six non-executive ones were also appointed for the BoI by the president.
The Executive Directors include Mrs. Ifeoma Uz’Okpala, Large Enterprises; Mr. Shekarau Omar, Micro, Small & Medium Enterprises; Mr. Usen Effiong, Corporate Services; Ms. Mabel Ndagi, Public Sector & Intervention Programmes and Mr. Rotimi Akinde, Corporate Finance & Risk Management. According to the statement, the non- executive directors are Mallam Tajudeen Datti Ahmed, representing the Ministry of Finance Incorporated;
Mr. Adedamola Olufemi Young, representing Central Bank of Nigeria; Rev. Isaac Adefemi Agoye, representing Manufacturers Association of Nigeria; Mallam Muhammad Bala, representing Federal Ministry of Industry, Trade & Investment; Mr. Oreoluwa Adeyemi and Mr. Sulaiman Musa Kadira, Independent Non-Executive Directors. Muhtar, whose career spans decades in finance, international development, public service, and academia, had served as Minister of Finance, Budget and Economic Development from 2008 to 2010 and was Vice-President, Operations of the Islamic Development Bank, before his recent appointment.
The president expects the new board of the BoI to work harmoniously, diligently, and with utmost fidelity to the nation in driving the mandate of this critical institution as a development vehicle for providing support for projects that enhance job creation, poverty alleviation, and the socio-economic conditions of Nigerian families.
Business
Obasanjo: “Aliko Embarrass Me”
He got all his workers together in that refinery and said, without telling me, and there, said…
Former President of Nigeria, Olusegun Obasanjo, has described Aliko Dangote as his “boss”, crediting the businessman’s industrial achievements to the policies and encouragement provided by his administration.
Obasanjo said this while speaking at the groundbreaking ceremony of the Dangote East Africa Refinery in Lamu, Kenya, where he recalled his recent visit to the Dangote refinery and the businessman’s acknowledgement of the role he played in his transition from cement importation to production.
He said, “About two months ago, three months ago, I visited the refinery which you visited last week. And I just couldn’t stop being surprised what Aliko did. But then Aliko embarrassed me.”
According to Obasanjo, Dangote had gathered his workers during the visit and publicly attributed part of his success in cement production and the eventual development of his refinery to the policies and encouragement of the former president.
He said, “He got all his workers together in that refinery and said, without telling me, and there, said, all of you working here, all of you, the man you have to thank is this man, that’s me. I didn’t have anything to do with his refinery or what it is.
He said, without this man, I would not have been in cement production.“And it is the cement production that provided the encouragement, the inspiration for the refinery. So, thank you. They all shouted and thanked me.”
Obasanjo said Dangote had expanded the opportunities created by his administration beyond Nigeria, particularly through cement production across Africa, and was now replicating the model in the petroleum refining sector.
“May God continue to expand your coast. And you are my boss. You will continue to be my boss.”
Business
Minister Tasks Charcoal Merchants on Sustainable Forestry
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
•Charcoal merchants and other stakeholders in the forestry sector
The Minister of Environment, Balarabe Abass Lawal, has charged charcoal merchants and other stakeholders in the forestry sector to embrace sustainable practices and support the federal government’s efforts to reverse deforestation and restore Nigeria’s degraded forest landscapes.
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
The programme, which brought together forestry practitioners, charcoal merchants, environmentalists, students, regulators and other stakeholders, is aimed at promoting afforestation and encouraging responsible management of Nigeria’s forest resources.
Speaking at the event, the minister described tree planting as one of the most practical measures for combating climate change, reversing deforestation, restoring biodiversity, controlling desertification and strengthening the resilience of the nation’s ecosystems.
The Chairman of the Association for Forest Conservation and Green Industrial Charcoal Merchants, Mr Adeshola Adebowale Idowu, emphasised that the event carried a clear message for everyone involved in the charcoal business and, indeed, every Nigerian.
Idowu said stakeholders should develop the habit of replacing trees removed from the environment, encouraging Nigerians to plant trees around their homes and communities.
He advocated a practice of planting several trees for every tree cut down, stressing that trees remain indispensable to human existence because many products used by society are derived from them
( THISDAY)
Business
Court orders NMDPRA to continue issuing fuel import licences to Matrix Energy, AA Rano, AYM Shafa
Matrix Energy, AA Rano and AYM Shafa filed the suit in June. The lawsuit challenges the NMDPRA’s handling of fuel import licences.
A Federal High Court in Abuja has ordered the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing fuel import licences and related permits to Matrix Energy, AA Rano and AYM Shafa.
In a ruling this week, Judge Inyang Ekwo of the Federal High Court in Abuja said non-compliance with the PIA and relevant laws would make any regulatory action on import licences legally ineffective.
“The consequences of non-compliance with the PIA and relevant laws make any exercise by the Authority in respect to import licences null and void,” Ekwo said.
Matrix Energy, AA Rano and AYM Shafa filed the suit in June. The lawsuit challenges the NMDPRA’s handling of fuel import licences.
The three marketers told the court they had invested more than $20 billion in infrastructure, logistics and retail networks to support their licensed fuel distribution businesses across Nigeria.
-
Business7 hours agoNaira To Dollar, Pound, Euro… Rates Friday, October 1
-
News2 days agoBREAKING: Court Order Threatens Dangote Kenya Refinery Launch
-
News8 hours agoNigeria @ 66: President Tinubu says next phase of reforms’ll cut cost of living
-
Politics3 days agoBREAKING: AAC sues Tinubu, NASS over Europe vacation
-
Business7 hours agoCourt orders NMDPRA to continue issuing fuel import licences to Matrix Energy, AA Rano, AYM Shafa
-
News6 hours agoFG launches new digital postcodes
-
News2 days agoNational Assembly Plans to Translate Laws into Igbo, Hausa, Yoruba
-
News1 day agoFG Declares October 1 Public Holiday to Mark Independence Day Anniversary
