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Union Bank Honours Outgoing CEO – Emuka Emuwa; Introduces Incoming CEO – Emeka Okonkwo

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Union Bank Honours Outgoing CEO - Emuka Emuwa; Introduces Incoming CEO - Emeka Okonkwo
Mr. Emeka Okonkwo, Incoming CEO, Union Bank of Nigeria Plc

Union Bank of Nigeria Plc took to Nigerian Exchange Group (NGX Group) Plc’s platform to honour its outgoing Chief Executive Officer (CEO), Mr. Emeka Emuwa and introduce the incoming CEO, Mr. Emeka Okonkwo to the capital market at a digital Closing Gong Ceremony on Monday, 29 March 2021.

Speaking at the event, the Divisional Head, Listings Business, Nigerian Exchange Limited, Mr. Olumide Bolumole commented thus: “It is my pleasure to welcome the Chief Executive Officer of Union Bank Plc, Mr. Emeka Emuwa to our digital closing gong ceremony as we pay tribute to his illustrious career at Union Bank. Under his leadership, Union Bank maintained steady operational momentum, which in 2020 resulted in the first dividend payment to investors and shareholders in over ten years. A truly remarkable milestone in the bank’s transformation and turnaround strategy. As the bank makes its transition to a new CEO, Mr. Emeka Okonkwo, I reassure the leadership of Union Bank Plc that NGX will remain its trusted business partner in achieving strategic business objectives.”

READ ALSO: NSE Completes Demutualisation – SEC and CAC Approve

In delivering one of his final remarks as the CEO, Union Bank, Mr. Emeka Emuwa stated, “It is an honour to be here today to ring the Closing Gong as I step down. In 2021 when I joined the bank, the mission was clear to transform the bank and return it to the path of sustainable growth and profitability, and increase shareholder value. This involved the redefinition of our strategy which resulted in robust investments in our protocols and platforms. Looking back, I am proud to see how far we have come and the progress we have made to transform Union Bank Plc into a leading provider of fin services today. It has been a collective effort by many in the bank and what we have today is an institution that is properly positioned to compete favourably in the market and in the hearts of our customers.”

 

On his part, the incoming CEO, Union Bank Plc, Mr. Okonkwo stated, “Over the past eight years, a significant amount of work has gone into building the Union Bank we see today and I am glad to have been a part of this process. As we move ahead, our focus remains to create greater value for all our stakeholders particularly our customers and shareholders. We have a clear vision to be Nigeria’s most reliable and trusted partner and we will continue to drive customer acquisition and channel optimisation through reliable dig channels and self-service platforms. We will also continue to provide compelling and innovative products to drive customer transaction growth and service delivery, whilst deepening our relationship with key stakeholders including NGX Group as we move towards our goal.”

 

Both Mr. Emuwa and Mr. Okonkwo were then given the honour of sounding the digital Closing Gong to the applause of NGX executives, the Doyen of the Market, Mr. Sam Ndata and other members of the stockbroking community.

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Illegal Oil Refinery Operators Arrested In Lagos

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Illegal Oil Refinery Operators Arrested In Lagos

No less than five illegal oil refinery operators in Oregun, Ikeja area of Lagos State, have been arrested.

The arrest was as men of the Nigerian Army uncovered an illegal oil bunkering depot, where siphoned crude oil was refined and transported to different filling stations within the Southwest region of the country.

During a raid on the refinery site, amongst other things, soldiers recovered refined crude oil valued at N300 million.

Briefing journalists on the arrest, the Operation Officer, 9 Brigade of the Nigerian Army, Ikeja Cantonment, Major Tarela Emuren said the arrest and recovery were made by troops of Operation AWATSE.

According to Emuren, the soldiers arrested the illegal oil refinery operators on Wednesday, January 12, 2022, after an eight-hour raid operation at the Oregun illegal refinery site.

His words: “The scale of economic sabotages orchestrated by this unscrupulous act is estimated to be worth about N300 million. Regrettably, these activities have been ongoing for quite some time without the knowledge of relevant government agencies.

The five Ford vans have been specially modified, without due recourse to safety, to accommodate locally fabricated tanks for storage of stolen petroleum products. Additionally, four tankers were also recovered at the illegal depot laden with suspected stolen products as well as several drums, hoses, and other equipment used by these economic saboteurs.

Besides the economic loss occasioned by the activities of these criminals, the safety concern is also worrisome. The location constitutes serious dangers to other law-abiding residents within the community while their activities result in environmental degradation, pollution and heighten the risk of fire outbreak. Also, the crude modification of vehicles used in conveying these highly inflammable products constitutes even greater dangers to other unsuspecting road users in Lagos and other places the products may be transported to.

The Army operation officer, therefore, warned illegal oil refiners in the state to desist forthwith, saying that Op AWATSE would not rest on its oars till they were brought to book.

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Things To Look Out For When Buying Used Cars In Nigeria

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Things To Look Out For When Buying Used Cars In Nigeria
Image used for illustrative purpose

A large percentage of people would rather settle for used cars compared to brand new ones. For many reasons, which include prices, this has been the situation for most people in the country. According to Suomobroto Ganguly, the Chief Executive Officer (CEO) of Cars45, used cars in Nigeria constitute 95% of the country’s auto market.

With this, Newsrand understands that nine out of 10 Nigerians are driving used cars; it is in this light that this publication presents below the basic things to look out for before considering an automobile purchase…

Review your budget: This is a very vital part to consider when buying a fairly used car. It is important for you to define a budget and stick with it. Sometimes after paying for the car, additional expenses might arise. For example, you might need to rewrap the interior or change the tyre as well as do some mechanical/electrical maintenance, all these will mean extra spending. You should decide how much you are willing to spend on the car.

Compare prices: Having an idea of what the price of your car choice should be will help your bargaining process. To do this, you can search the internet for your automobile choice, which would enable you to see the prices. It is advisable you do this before initiating a meeting with your car dealer.

Define your car taste and choice: Clearly knowing what you want is an advantage that will help you make smart decisions, and the interesting part of this is that it will make your buying process seamless. In Nigeria, people use more Toyota, Lexus, and Honda for reasons best known to them. So, it is safer to have more than one proposed car brand.

Confirm the mileage: What this means is the total distance a car has travelled since it was manufactured. When buying used cars in Nigeria, the mileage may be a dealbreaker because experts are of the opinion that the average annual mileage of every automobile product should be 12,000.

The mileage is how you will get to know how long the car has been used, how long it has run, which can influence how much it should be sold for.

Be sure of the spare parts’ availability: This is one of the most integral processes of buying used cars in Nigeria. Sometimes, an automobile product might thick all the aforementioned boxes, but when the spare parts are not readily-available, we are sure you don’t even want to be near such a car. So, it is strongly advisable you take out time to research the used cars in Nigeria that you are considering as their spare parts readily available for purchase in the markets. This is because all cars are prone to have issues that should be fixed at one point or the other.

Have a pre-purchase inspection: You need to engage a mechanic and other professionals in the automobile industry, like rewire, to check the functionality of your car choice. Inspecting the car will uncover what is not working well, or not working at all in the car.

It is in the course of this process that you will confirm the engine’s strength, amongst other things.

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PAPSS: Dangote Charges African Leaders On Improved Trade

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PAPSS: Dangote Charges African Leaders On Improved Trade

Business tycoon, Aliko Dangote has charged African leaders at the Pan-African Payment and Settlement System (PAPSS) on improved trade relations within the continent.

Disclosing this at the PAPSS formal launching, stated that the trade will help promote African intrinsic greatness.

The Pan-African Payment and Settlement System is a centralized payment and settlement infrastructure platform for intra-African trade and commerce payments.

READ ALSO: APC Governors Want National Convention To Hold In February

The continent’s richest man urged Africans to close ranks to propel the continent towards charting her own course, becoming the master of her destiny, and maintaining her rightful position on the globe.

Dangote, who was represented by Group Managing Director of Dangote Industries Limited (DIL), Olakunle Alake, lauded the African Union, under the auspices of Afreximbank, for the launch of PAPSS, which he noted was aimed at facilitating payments across the continent.

He asserted that improved trade relations would greatly enhance the speed of recovery across Africa, noting that it has the potential to boost the level of economic activities through intra-Africa trade. He also remarked that the advent of PAPSS would greatly address challenges such as; high-cost, lengthy correspondent banking relationships, delays, among many others, and therefore ease transactions among businesses across Africa.

He equally expressed optimism that PAPSS would enhance the volume of trade among countries, which were hitherto not recorded or were overlooked because of the informal approach towards these transactions. According to him, these were now captured to reflect the corrector, at least, close to the appropriate position of trading activities within the continent, while also boosting the level of economic activities across the continent.

Dangote noted the enormous potential and benefits of PAPSS but nevertheless warned that such projects have teething issues. He, therefore, urged regulators and participants across the continent to look beyond such operational challenges and ensure the successful implementation of PAPSS.

While thanking member countries and organizations that contributed to the success of PAPSS by playing key roles leading to the launch of the project, he invoked the words of Ghana’s first President and Prime Minister, and renown promoter of Pan Africanism, Kwame Nkrumah, stressing: “The forces that unite us are intrinsic and greater…”

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