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Seplat Appoints Emeka Onwuka as CFO, Executive Director

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seplate to announce financial results on July 29, 2020

Seplat Named Emeka Onwuka as CFO and Executive Director

Seplat Petroleum Development Company Plc has appointed Mr. Emeka Onwuka as the Chief Financial Officer (CFO) and Executive Director of Seplat, effective from August 1, 2020.

In the statement signed by Mrs. Edith Onwuchekwa, Company Secretary and Chief Governance Compliance Officer, and released through the Nigerian Stock Exchange, Mr. Onwuka has more than 30 years of experience in financial services within Sub-Saharan Africa.

“He has acted as the voice and face of major financial institutions in Nigeria as former Group Managing Director /CEO of Diamond Bank Plc and former Chairman of Enterprise Bank Limited. Mr Onwuka is a Partner at Andersen Tax Nigeria and holds various Board positions as Chairman; FMDQ Securities Exchange Limited; Director FMDQ Holdings Limited; Director, Ecobank Nigeria Limited; and Director, Bharti Airtel Nigeria,” the Company stated.

“Mr Onwuka received his B.SC. in Political Science from the University of Nigeria, Nsukka and holds an MBA from the University of Benin. He is a Chartered Accountant, a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of Chartered Institute of Taxation of Nigeria. He has attended executive programs at the Lagos Business School, Wharton Business School and Harvard Business School.

“Mr. Onwuka holds the Nigerian National Honour, Officer of the Order of the Niger (OON). The Board of Seplat is confident that the wealth of knowledge and experience he brings will be a great addition to the Company.

“This announcement is being made in accordance with Rule 4 of the Nigerian Stock Exchange Amended Listing Rules.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial market.

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Fate of Bristow Pilots, Engineers To Be Decided on Thursday

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Bristow Helicopters

Pilots and Engineers of Bristow To Know Their Fate Next Week

Bristow pilots and engineers whose appointments were terminated would have to wait till next week to know their fate as the negotiation between the National Association of Aircraft Pilots and Engineers and the Federal Ministry Labour and Employment has been shifted to Thursday.

Capt. Yakubu Dukas, the National Vice President of National Association of Aircraft Pilots and Engineers, confirmed this on Friday.

On Tuesday, Bristow Helicopter announced it would sack 100 pilots and engineers, hinging its decision on plans to restructure the company’s finances amid the COVID-19 pandemic.

But on Wednesday, NAAPE issued two weeks ultimatum to the company, demanding for reversal of such action at a time families are struggling with COVID-19 crisis.

On Friday, the Nigeria Labour Congress also issued two weeks warning to the companies, demanding the affected staff be recalled or they will have to deal with a nationwide action from NLC.

He said, “Both parties are to return to status quo. We are to report back next week Thursday to continue the negotiation.

“If both of you are returning to the negotiation table, it would be something that is favourable. The members will be happy to move out of the picketing and continue their work.

“The meeting went well. We met with the Ministry of Labour to reverse the status quo. Whoever they made redundant is null and void and they would revert to status quo.

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Buhari Signs Bill to Make Registration of SMEs Affordable and Easier

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Corporate Affairs Commission

Buhari Signs New Bill to Make SMEs Registration Affordable

President Muhammadu Buhari on Friday signed a new bill to make the registration of Small and Medium Enterprises (SMEs) easier and affordable.

Femi Adesina, the Special Adviser to the President on Media and Publicity, disclosed this in a statement made available to media on Friday.

In the statement titled “After 30 years, President Buhari signs amended Companies and Allied Matters Bill,” the Senior Special Adviser said Buhari has signed the Companies and Allied Matters Bill, 2020 into law.

It read, “President Muhammadu Buhari Friday in Abuja assented to the Companies and Allied Matters Bill, 2020 recently passed by the National Assembly.

“The President’s action on this important piece of legislation, therefore, repealed and replaced the extant Companies and Allied Matters Act, 1990, introducing after 30 years, several corporate legal innovations geared toward enhancing ease of doing business in the country.

“Such innovations include: filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;

“Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way.”

“Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing ‘authorised share capital’ with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;

“Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and

“Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.

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Nigeria Railway Corporation Realises N3.1bn in 2019

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Railway Projects

NRC Generates N3.09 Billion in 2019

The Nigeria Railway Corporation (NRC) has said it realised N3.09 billion from railway services in 2019.

In a statement issued by the corporation, N1.5 billion of the total amount was generated from the Abuja-Kaduna rail service, according Fidet Okhiria, the Managing Director, NRC, who was quoted in the statement.

In the statement signed by Taiye Elebiyo-Edeni, the Media Assistant to the Minister of Transportation, the Abuja-Kaduna rail line realised N130 million per month in the year under the reveiw.

“The Abuja-Kaduna railway generated over N130m monthly as revenue,” Okhiria stated.

Okhiria explained that, that particular rail line has been able to breakeven, adding that the revenue from Abuja-Kaduna rail line was used to service other railway stations in the Northern region.

Maiduguri station, which is presently not functioning was named as one of the stations financed with the revenue realised from Abuja-Kaduna rail line.

“N90m was spent on running cost and payment of staff at the Maiduguri station, which could not operate for now due to insecurity in the state.”

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