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Ex-CBN Deputy Governor Appointed Fidelity Bank Chairman

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Fidelity Bank- Investors King
  • Ex-CBN Deputy Governor Appointed Fidelity Bank Chairman

A former Deputy Governor, Central Bank of Nigeria, Mr. Ernest Ebi, has been appointed as the Chairman-Designate of Fidelity Bank Plc.

Mr. Ernest Ebi

              Mr. Ernest Ebi

Ebi was the Deputy Governor, Policy and Corporate Services, CBN, for about 10 years from 1999 to 2009.

The lender, in a statement on Tuesday, said the development followed the retirement of the Chairman of the bank, Christopher Ezeh.

Eze, the lender said, had attained the retirement age for non-executive directors in line with the bank’s policy, having served the bank for 11 years.

Prior to working at the CBN, Ebi was the Deputy Managing Director/Chief Operating Officer of Diamond Bank Plc in 1998, having also served as Managing Director/Chief Executive Officer of New Nigeria Bank Plc.

Also a former Executive Director, African Continental Bank, Ebi had held executive positions in various departments of International Merchant Bank, Nigeria between 1981 and 1993.

A fellow of the Chartered Institute of Bankers of Nigeria, he has participated in several management development courses both locally and overseas in the areas of strategic planning, financial and risk management, among others.

The bank said that the chairman-designate had also received executive education at leading international institutions including IMD Switzerland, Harvard Business School in the United States and Oxford-Said Business School in the United Kingdom.

The chairman-designate, the statement added, started his career in the US as an account technician with the National Association of Counties, Washington DC in 1976; and later worked at the Federal Savings & Loans Association Washington DC where he served as the assistant vice-president community, Federal Savings & loans Association.

The statement also said the board had approved the appointment of Mr. Charles Umolu and Mr. Kings C. Akuma as non- executive directors of the bank.

According to the lender, the appointments are subject to the approval of the Central Bank of Nigeria.

Akuma is currently the Managing Director of Hammakopp Consortium Limited (an affiliate of Nestoil Group Plc).

He holds a Bachelor’s degree in Accounting (1984) from the University of Nigeria, Nsukka and an MBA from the University of Lagos.

Akuma, who is a fellow of the Chartered Institute of Taxation of Nigeria, has hands-on extensive managerial experience in the oil and gas services operations, relationships, security and community management spanning over 10 years, according to the statement.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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