Economy

First Bank Appoints 5 New Directors As Otedola Takes Over

Published

12 months ago

March 22, 2024

With billionaire Femi Otedola in the saddle as its new Chairman, First Bank of Nigeria Holdings Plc, on Wednesday, appointed two new non-executive directors for the holding company and three new non-executive directors for the First Bank.

Updating the Nigerian Exchange Group of recent development within the bank, the company’s Secretary, Adewale Arogundade, announced the appointment of Olusola Adeeyo and Viswanathan Shankar as non-executive director and independent non-executive director respectively in FBN Holdings.

The company also announced Remilekan Odunlami as non-executive director for First Bank while Anil Dua and Fatima Ali were appointed as independent non-executive directors.

The appointments of the five new directors are subject to the approval of the Central Bank of Nigeria (CBN).

Adeeyo, a former banker and ex-Chairman of AXA Mansard Insurance Plc, is currently the Chairman of Astral Waters Limited, a water bottling and delivery company.

Shankar, the Chief Executive Officer of private equity investments firm Gateway Partners, previously served as the CEO of Standard Chartered Plc.

Odunlami has served as Director at CitiBank Nigeria Limited and FirstBank. She currently sits on the Board of Access Pensions Limited as an Independent Non-Executive Director and the Board of Rand Merchant Bnak Limited as a Non-Executive Director.

Also, Dua has sat on the Board of Dangote GSP Offshore FZE, Seychelles International Mercantile Banking Corporation, Heirs Holdings Oil and Gas Limited, Matador Investment Management Limited and Africa Property Development Managers Limited.

Ali, founder of Santi Food and Beverage Limited, currently sits on the Board of Reconnect Health Development Initiative International, a mental health charity organisation.

Late January, First Bank of Nigeria Holdings Plc appointed Otedola, the 20th richest man in Africa as its new Chairman.

With his appointment, Otedola, also the Chairman of Geregu Power, succeeded Ahmad Abdullahi.

Otedola was recently ranked by American business magazine, Forbes, as the 20th richest African with a fortune of $1.1bn.

Otedola was first appointed to the Board of FBN Holdings Plc on August 15, 2023 as a Non-Executive Director, the company said.

Economy

Nigeria spends $817.4m on debt servicing in 2 months

Published

9 hours ago

March 14, 2025

Admin

Nigeria spent $817.4m, approximately N1.26 trillion, to service its debt in the first two months of 2025. This represents a 3.12 percent decline when compared to $843.73 million spent in the corresponding period of 2024.

Data from the Central Bank of Nigeria, CBN, International Payments Report shows that in January 2025, the government spent $540.7 million and in February 2025 it spent $276.7 million on debt servicing.

Further breakdown shows that the country had spent $3.81 billion (about N5.9 trillion) for debt service/Payments in 2024.

Recall that the Federal Government unveiled its largest national budget in 65 years, with a record-breaking N54.99 trillion proposed spending, representing a 56.89 percent increase from the N35.05 trillion budgeted in 2024 (including a supplementary N6.2 trillion).

President Bola Tinubu described it as the “Budget of Restoration,” aimed at stabilising the economy and driving growth.

In the budget debt servicing is allocated N16.3 trillion, a 95 percent increase from N8.25 trillion budgeted in 2024.

Meanwhile, data showed that Nigeria’s foreign trade in Letters of Credit, LC, payments fell by 0.55 percent Year-on-Year (YoY) to $160 million in the first two months of this year from $160.9 million in the corresponding period of last year.

LC payments is one of the critical measure of a country’s credit worthiness but a decline or increase could also reflect developments in volume of import trades.

LC payments for 2024 stood at $801.06 million, representing a 39 percent YoY decline from $1.32billion in 2023.

Economy

Naira rebounces in parallel market

Published

1 day ago

March 13, 2025

Admin

The Naira appreciated Tuesday to ₦1,565 per dollar in the parallel market from ₦1,570 per dollar on Monday. However, it depreciated to ₦1,537 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to ₦1,537 per dollar from ₦1,528 per dollar on Monday, indicating ₦9 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to ₦37 per dollar from ₦42 on Monday.

Economy

SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate

Published

2 days ago

March 12, 2025

Naijablitznews

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦1575 and sell at ₦1580 on Tuesday 11th March, 2025, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1575
Selling Rate ₦1580
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1540
Lowest Rate ₦1512
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.