- Heirs Holdings Board Appoints Nnorom Group CEO
The Board of Heirs Holdings wednesday announced the appointment of Mr. Emmanuel Nnorom as Group Chief Executive Officer.
Nnorom previously served as the chief executive of Heirs Holdings’ affiliate Transnational Corporation of Nigeria Plc and will join the Heirs Holdings’ Board, reporting directly to the Group Chairman, Mr. Tony O. Elumelu. The appointment will take effect from today.
According to a statement issued by Heirs Holdings, as Group CEO, Nnorom will provide day-to-day leadership at the company and will be responsible for execution of the group strategy for the proprietary investment firm, whose portfolio of investments includes power, oil and gas, financial services, hospitality, real estate and medical services, with a pan-African footprint of 20 countries.
On the new appointment, Elumelu, stated: “Emmanuel is a highly respected member of the Heirs Holdings executive management team and his success at Transcorp, with its multi-sector portfolio and his broader knowledge of Africa and commitment to our pan-African vision gained at United Bank for Africa (UBA) Plc, make him uniquely qualified for the position.
“Equally important, the creation of a CEO role at Heirs Holdings, demonstrates our continuing commitment to institutionalising effective corporate governance and ensuring that our investment in human capacity matches our ambitious growth strategy.”
At Transcorp, Nnorom was responsible for the success of the conglomerate’s businesses, including Transcorp Power, Transcorp Hilton Hotel, Transcorp Hotel Plc and Transcorp Energy.
Prior to Transcorp, he had held senior positions at Heirs Holdings and served as an Executive Director at UBA and Managing Director of UBA Africa, overseeing the group’s African subsidiaries.
He has also held the position of UBA Group Chief Operating Officer, with responsibilities for information technology, operations, corporate services, marketing and corporate communications, customer service, UBA Properties, human resources and regulatory affairs.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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