- We’ll Revive Corporate Governance, Business Ethics – IoD boss
The President and Chairman of Council, Institute of Directors, Nigeria, Alhaji Rufai Mohammed, says he is eager to revive the principles of corporate governance and business ethics in work places as instituted by past presidents of the body.
Speaking during his investiture as the 15th president and chairman of the governing council of the IoD, Mohammed said that the need to revive corporate governance and business ethics became necessary given the poor working conditions in the country with no job security and workers were being mistreated.
He said, “By championing this cause, we will be upholding the legacies of the past presidents of the foremost leadership organisation.
“My emergence is a great privilege and I will implement far-reaching reforms aimed at promoting professionalism through continuous education, information sharing and networking of opportunities.”
Mohammed emerged after the institute’s governing council meeting, which held after its 2017 Annual General Meeting in Lagos, recently.
Also elected were Dr. Chris Okunowo and Dr. Ije Jidenma, as first vice president and second vice president, respectively.
Mohammed takes over from Mr. Yemi Akeju.
A professional investment manager and seasoned administrator with over 30 years’ experience in project development and portfolio management, Mohammed joined the IoD in 2005 and served the institute in several capacities.
He was the Vice Chairman, Nomination and Governance Committee and Chairman of Finance and General Purpose Committee. He also chaired the IoD Centre for Corporate Governance in 2015 and had before now served as chairman of the Abuja branch of the institute.
Mohammed currently sits on the group Board of Royal Exchange Plc and he is the Chairman of Northbridge Microfinance Bank Limited.
The new IoD president is an alumnus of the Ahmadu Bello University, Zaria and Manchester Business School, United Kingdom.
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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