The African Development Bank (AFDB) has appointed Babatunde Omotosho as director of the statistics department.

According to a statement on Friday, the bank said the appointment took effect from June 16.

Commenting on his appointment, Omotosho expressed gratitude for the opportunity, reaffirming his commitment to fulfilling the responsibilities of the position.

“I am grateful to President Adesina for this appointment, and I am excited about the opportunity to contribute to the continued success and growth of the African Development Bank Group, an institution that plays such a pivotal role in the economic and social development of our beloved continent, Africa,” Omotosho said.

“I am fully committed to fulfilling the responsibilities of the position while collaborating effectively with the Bank’s senior leadership team, colleagues, and other strategic partners.”

Akinwumi Adesina, AfDB’s president, said Omotosho will support the bank in building a robust data ecosystem to achieve its strategic objectives and sustain its long-term development goals.

“I am pleased to appoint Dr Babatunde Samson Omotosho, a respected statistician, as Director of the Statistics Department,” Adesina said.

“Dr Omotosho brings to this role an impressive track record in statistics, economics, and data analytics.”

In the statement, the AfDB said Omotosho has more than 21 years of experience in developing data strategies to align with the strategic objectives of organisations.

The bank said he also brings expertise in data compilation, data analytics, macroeconomic research, and policy analysis.

The firm said Omotosho holds a bachelor’s degree in economics from the University of Ilorin (2000), and a master’s degree in economics from the University of Benin (2008).

The AfDB said he also holds a master’s degree in applied statistics and data-mining from the University of St Andrews, United Kingdom (2011) and PhD in economics from the University of Glasgow, United Kingdom (2021).

Omotosho, according to the firm, previously served as director of research and statistics at the West African Monetary Agency (WAMA) in Sierra Leone, where he was seconded from the Central Bank of Nigeria (CBN).

During his tenure at WAMA, he provided advice on monetary and economic integration within the Economic Community of West African States (ECOWAS), the statement said.

“Prior to that, he held various positions within the statistics and research departments of the CBN,” the AfDB said.

The AfDB said his leadership fostered a culture of data analytics within the CBN, driving innovation and efficiency in operational and policy processes.

The naira ended a three-day depreciation trend at the parallel section of the foreign exchange (FX) market on Friday.

The local currency appreciated by 0.98 percent to N1,525 on July 5 — from the N1,535 per dollar traded on July 4.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate of the naira as N1,500 and the selling rate at N1,525 — leaving a N25 profit margin.

At the official window, the naira also reversed a three-day depreciation streak.

According to FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the local currency exchanged for N1,509 per dollar on July 5 — a 0.7 percent rise from N1,520 traded the previous day.

The local currency traded at a high of N1,535 and a low of N1,450.

Consequently, the exchange rate at both sections of the market consecutively depreciated from July 1 to July 4 — before an appreciation occurred on July 5.

THREE-DAY DECLINE

On July 2, the local currency declined at the street market to N1,515/$ — from the N1,510 traded the previous day.

Between July 3 and 4, the naira further dropped to N1,520 and N1,535, respectively.

Data from the FMDQ Exchange showed that the naira depreciated to N1,509, N1,512, and N1,520 from July 2 to 4, respectively.

On June 14, 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the FX market.

The move significantly devalued the naira, provoking fluctuations in the FX market that continue to affect key sectors of the economy.

The FX situation, according to Timi Bomodi, comptroller of Seme command, Nigeria Customs Service (NCS), on June 9, has made Nigerian goods affordable for other African countries.

However, on May 29, Mojisola Adeyeye, director-general of the National Agency for Food and Drug Administration and Control (NAFDAC), said the devaluation of the naira accounted largely for the high cost of local medicine production.

The board of directors of Emerging Markets Telecommunication Services Limited (EMTS), operating as 9mobile, has appointed Obafemi Banigbe, an ex-Airtel director, as chief executive officer (CEO).

Banigbe will succeed Juergen Peschel, the outgoing CEO, the telco said in a statement on Thursday — adding that Peschel will be retained as a consultant to support the business transformation process initiated under his leadership.

The EMTS said the transition is consistent with its tradition of business continuity to ease the start of a holistic business transformation.

Expressing joy about the appointment, Banigbe said his goal is to lead the organisation through its next exciting phase using his experience.

“The Nigerian telecoms industry is characterized by strong competition, but it is also an industry that provides opportunities for different stakeholders,” he said.

“I am delighted to join the 9mobile family and I look forward to using my experience and unique value propositions to lead the company in the next exciting phase of its journey.

“The goal is to build on the existing foundation of the company to create value that will transform the Nigerian telecoms sector.”

The EMTS said Banigbe is expected to collaborate closely with the board and all stakeholders to develop credible and achievable long-term business plans, through the introduction of solutions that address the evolving needs of the Nigerian telecommunications market.

“We are excited about the possibilities that lie ahead and the positive impact that Obafemi will have on shaping the future of 9mobile,” the company said.

“He brings along the vision, passion and years of experience from diverse environments, which will consolidate our priorities to provide superior customer experience and sustained network quality.”

The company said Banigbe possesses extensive experience at the C-suite level and brings a profound comprehension of the intricate African business landscape, emphasising the critical translation of business objectives and commercial imperatives into comprehensive strategies that drive successful execution.

LIFE BEFORE 9MOBILE

Banigbe holds a bachelor’s degree in electrical and computer engineering from the Federal University of Technology, Minna.

He enhanced his expertise through the Ericsson management development programme, advanced management programme at the London Business School, and completed his academic journey with an MBA from the Manchester Business School in the United Kingdom (UK).

He began his career in the telecoms industry at Celtel — now Airtel Nigeria — as the director of operations.

Prior to this, he made significant contributions at Ericsson across various roles within the Sub-Saharan Africa market unit, culminating in the esteemed role of network support group manager for access and transport networks.

Banigbe was previously the chief operations officer (COO) at Millicom Ghana, charting the operational strategy for the business in the country.

His journey within the Millicom Group spans pivotal positions such as interim CEO and earlier responsibilities as chief technical officer for Millicom Ghana and Millicom International Cellular Tanzania.

Banigbe’s diverse international experience transverses countries such as the United States (US) and several African countries.

He was previously the managing partner and co-founder at Silver Rock Technology Services — an advisory firm specialising in the telecom, media, and technology sectors in Ghana.

Banigbe also served as a non-executive director at Amplitude Telecoms, a tower infrastructure provider in Nigeria.

As an advisory board member for Telecel Group, Banigbe played a pivotal role in guiding the group’s successful acquisition of Vodafone Ghana.

He further enriches his advisory portfolio by contributing insights to Nsano Group, and previously lent his expertise to the Kirusa Group in the US, providing invaluable guidance on product development and market entry strategies.

Banigbe also served as a senior partner of strategy and technology at Africa Context Advisory Partners before his appointment by 9mobile.