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Oscar Onyema Resigns As NGX Non-Executive Director

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Mr. Oscar Onyema Resigns As NGX Non-Executive Director

The Nigerian Exchange Limited (NGX), has announced the resignation of Mr. Oscar Onyema, as Non-Executive Director, ahead of NGX Group’s Friday listing.

The Chairman, NGX, Mr. Abubakar Mahmoud, said this in a statement on Thursday in Lagos.

He said that the resignation was with immediate effect.

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Onyema’s resignation comes on the back of the imminent listing of Nigerian Exchange Group Plc (NGX Group), where he serves as the Group Managing Director/Chief Executive Officer (GMD/CEO), on the main board of NGX.

“Consequent upon this resignation by Onyema, NGX will uphold Rule 184(2)(a) of the Securities and Exchange Commission Consolidated Rules 2013.

The rule states that a securities exchange shall have a code of conduct for its council members or board which shall be approved by the Commission, and shall contain amongst others the following provisions, to wit, that the council members or board shall: (a) not be a staff of a quoted company and its subsidiaries.

“On behalf of the Board and Management of The Exchange, I extend our heartfelt gratitude to Mr. Onyema for his selfless service to The Exchange.

“As he transitions into this new phase as the GMD/CEO of a listed company, we reiterate our commitment to act in the best interest of all issuers to the benefit of all stakeholders in the capital market,” Mahmoud said.

Also speaking, the Chief Executive Officer, NGX, Mr. Temi Popoola, commended Onyema for his contributions to the NGX.

“NGX owes its solid foundation to the effort of leaders like Mr. Onyema who worked tirelessly to build a capital market infrastructure we can be proud of.

“During his time as a Non-Executive Director on the Board of NGX, Onyema brought to bear his wealth of experience and the unique institutional knowledge he possesses and we are grateful for that,” Popoola said. 

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5 Things To Know About Late Bukka Hut Co-founder, Laolu Martins

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5 Things To Know About Late Bukka Hut Co-founder, Laolu Martins

Laolu Martins, a co-founder of Bukka Hut, the leading fast-food chain in Nigeria, has reportedly committed suicide.

In a statement cited by Newsrand, the Bukka Hut boss, who served in the financial sector with over 21 years of experience in investment banking, corporate banking, stockbroking, asset management, and pension fund management, passed away on Tuesday, September 27, 2022.

“We hereby solicit the support and understanding of everyone as the family grieves the loss of our beloved Laolu in our privacy.

“Our kind request is that you support the family – wife, children, aged mother and father and his siblings with your prayers at this difficult time.

“Further announcements will be made by the family,” a statement from the deceased’s family, read.

Get familiar with Laolu Martins

  1. Martins started his career with PricewaterhouseCoopers in 1999.
  2. He joined Investment Banking & Trust Company Plc now Stanbic IBTC Bank Plc, where he served in the Financial Control and Trade Finance/Foreign Operations units of the Bank.
  3. Martins was later seconded to Stanbic IBTC Asset Management Ltd where at various times he was Financial Controller, Head Asset Management, and lastly Head Stockbroking.
  4. He later resigned in 2005 to join Shell Nig. CPFA Ltd, the Fund Manager of the Shell Companies in Nigeria Pensions Scheme where he was Head, Investments.
  5. In 2008, he resigned to join Nigeria International Security Limited, NISL, an independent financial services firm specialising in investments within the Nigerian space.

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Buhari Warns Against Use Of Automatic Weapons For State’s Security Outfits

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Buhari Warns Against Use Of Automatic Weapons For State's Security Outfits

President Muhammadu Buhari has issued a warning to state governors over the use of automatic weapons for their security outfits.

Buhari in a statement through his media aide, Garba Shehu explained that only the National Security Adviser can permit the use of sophisticated weapons, which the orders have not been given.

“The Presidency wishes to strongly assert that there is no state, not Katsina, not any other state in the federation, that has been authorized to procure automatic weapons for their security outfits.

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“Under this administration, the President has repeatedly made it clear that nobody is allowed to illegally carry AK-47 or any other automatic weapons and that they must surrender them.

“Where they fail to do so, the law enforcement agencies have been given clear directives to deal with any such outlaws.

“Under the existing regulations, only the Office of the National Security Adviser can issue such authorization, upon proper clearance by the President and Commander-in-Chief and as it is at this moment, no such approvals have been issued to any state government,” the statement read.

This is coming after security outfits in Katsina were reported to be armed with an automatic weapons, which the Governor, Aminu Bello Masari explained that the administration invited the Provost of the Civil Defence Training College in Katsina to train their vigilantes for a five-day period “in the handling and operations of Pump Action Rifles.”

The Governor said that the state’s security outfits have no intentions to assume the responsibilities of the security agencies of the Federal Government of Nigeria but to render help.

However, Buhari commended states for their help in partnering with law enforcement agencies of the federation, in tackling insecurity in the country.

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Nigeria Loses 700,000 Barrels Of Crude Oil A Day To Vandalism – FG

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Nigeria Loses 700,000 Barrels Of Crude Oil A Day To Vandalism - FG

The Federal Government has lamented the havoc caused by vandals in the Niger Delta, disclosing a loss of 700,000 barrels of crude oil per day.

The Minister of Information and Culture, through his media aide, Segun Adeyemi revealed this in a press release, stating how the country’s revenue is declining as a result

“On the economy, Alhaji Mohammed said the activities of vandals in the Niger Delta are causing the government to lose about 700,000 barrels of crude oil per day, thereby denying the government huge revenue and foreign exchange,” part of the press release read.

READ ALSO: Publish Details Of Your Assets Before Campaign, SERAP Tells Obi, Atiku, Others

The Minister also commended his administration in the area of insecurity, boasting of a decrease in terrorism in the North since the emergence of Muhammadu Buhari as president.

He charged critics to compare the country’s security in 2015 to that of current times, priding on how his administration has made the North East accessible again.

“I am bold to say here that in the last three months, even our worst critics will agree that the government has gotten the handle on security issues. In the area of insecurity, I want to assure you that the worst is over.

“It’s unfortunate that people who comment on insecurity fail to start from where we were in 2015 and where we are today.

“In 2015, the entire North East of the country was a no-go area. The North East is once again accessible because of the government’s efforts,” He stated.

Concluding on the crude oil vandalism, Lai Mohammed revealed a technology deployment to help counter bunkering.

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