Business
Dangote Sugar Refinery Plc appoints Mariya Aliko Dangote as Executive Director
The Board of Directors at Dangote Sugar Refinery Plc has announced the appointment of Mariya Aliko Dangote as an Executive Director.
This was disclosed in an official statement signed by the Company Secretary, Mrs. Temitope Hassan which was sent to Nigeria Exchange Limited (NGX).
Here’s an excerpt from the official statement:
- The Board of Directors of Dangote Sugar Refinery Plc (the Company) wishes to announce the appointment of Mariya Aliko Dangote as an Executive Director on the Board of the Company.
- Her appointment was approved by the Board at its Meeting held on July 28, 2023, effective the same day and subject to the ratification of the Members of the Company at its next General Meeting.
Profile of Mariya Aliko Dangote
Mariya is a Project Leader with extensive experience and proven expertise in Business Strategy, Planning & Implementation, Digitization & Mechanization of Backward Integration Projects, and Mergers & Acquisitions amongst others.
She currently oversees the Business and Strategic activities and the Backward Integration Projects of the Company and is responsible for the implementation of the digitization and mechanization of key operational activities in the Company and its Subsidiaries.
Mariya holds an LL.B and BL, and an MBA from Coventry University, United Kingdom. She is currently attending the Cambridge Senior Management Program and has attended various courses on Business Strategy, Advanced Management, Alternative Dispute Resolution, Sugar Processing, and Productivity Optimization.
Before joining the Company in 2019, she served as a Business Strategy & Corporate Risk Specialist in the Holding Company, Dangote Industries Limited.
Mariya will bring her rich experience to the Board of the Company, and we are confident she would take the Company to greater heights.
Business
Emirates Airlines return to Nigeria October 1
Emirates Airlines has confirmed its return to operations in Nigeria starting October 1, 2024.
The airline disclosed this via its official X handle Thursday.
“We’re back, Nigeria! We’ll be resuming services to Lagos from 1 October 2024, and we can’t wait to offer unrivalled connectivity to Dubai and beyond to over 140 cities,” the tweet read.
The airline will be operating a daily service between Lagos State and Dubai, and will offer customers more choice and connectivity from Nigeria’s largest city to, and through, Dubai.
Business
Naira appreciates at official window, depreciates at parallel market
The naira depreciated to N1,550 against the dollar at the parallel section of the foreign exchange (FX) market on Wednesday.
The current FX rate signifies a decline of 1.95 percent from the N1,520/$ reported on May 13.
Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,510/$ and the selling rate at N1,550/$ — leaving a profit margin of N40.
At the official window, the local currency appreciated by 4.21 percent against the dollar from N1,520.4/$ on May 14 to close at N1,459.02 on Wednesday.
According to FMDQ Exchange, a platform that oversees the official window, a dollar was sold as high as N1,593 and at a low rate of N1,401 during trading hours.
The daily foreign exchange market turnover was $289.14 million.
On May 14, the Economic and Financial Crimes Commission (EFCC) said foreign missions based in Nigeria use third parties to transact in foreign currencies.
Speaking during an interview, Wilson Uwujaren, EFCC’s acting director of public affairs, said the commission has a task force whose duty is to fight the abuse of the naira and discourage transactions in dollars within Nigeria — which is against the law.
Business
To spur liquidity’ — CBN grants approval in principle to 14 new IMTOs
The Central Bank of Nigeria (CBN) has granted approval in principle (AIP) to 14 new international money transfer operators (IMTOs).
IMTOs carry out cross-border fund transfer services for individuals and entities residing abroad to recipients in Nigeria.
Approval in principle is a conditional acceptance of a proposal subject to meeting other requirements for final approval.
CBN granted the AIP amid plans to double foreign currency remittance flows through formal channels.
Hakama Sidi Ali, CBN’s acting director of corporate communications, spoke in Abuja on Wednesday.
Ali said the approval will help increase the sustained supply of foreign exchange in the official market by promoting greater competition and innovation among IMTOs to lower the cost of remittance transactions and boost financial inclusion.
“This will spur liquidity in Nigeria’s Autonomous Foreign Exchange Market (NAFEX), augmenting price discovery to enable a market-driven fair value for the naira,” she said.
Ali also said the move by the apex bank is a means of reducing the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.
On April 20, Olayemi Cardoso, CBN governor, said the financial regulator collaborated with IMTOs to collectively commit to doubling remittance flows through formal channels into Nigeria.
“We’ve had very productive discussions with leading IMTOs where we collectively committed to doubling remittance flows through formal channels into Nigeria in the immediate short to medium term,” Cardoso said.
He said CBN has also set up a task force to address bottlenecks hindering flows through formal channels.
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