Business

  • Finance: CBN: Here are the profiles of the newly appointed directors

    Finance: CBN: Here are the profiles of the newly appointed directors



    CBN: Here are the profiles of the newly appointed directors

    The new appointees are Adeola Adetunji, Mike Obadan, Justitia Nnabuko and Ummuh Jalingo.

     

    • President Muhammadu Buhari has appointed four new directors of the Central Bank of Nigeria.

    • Their appointments will last for initial period of four years with effect from June 7, 2018.

    • The new appointees are Adeola Adetunji, Mike Obadan, Justitia Nnabuko and Ummuh Jalingo.


    President Muhammadu Buhari has approved the appointment of Adeola Adetunji, Mike Obadan, Justitia Nnabuko and Ummuh Jalingo as new Non-Executive Directors of the Central Bank of Nigeria (CBN).

    Olusegun Adekunle, Permanent Secretary, office of the Secretary to the government of the federation, made this known in a statement released in Abuja on Friday, June 22, 2018.

    Their appointments will last for initial period of four years with effect from June 7, 2018.

    “Mr President expects the new appointees to regard their appointments as a call to national service and to carry out their responsibilities with uprightness, diligence and prompt response to the yearnings of the public,” the statement read.

    Meet the newly appointed directors of the central bank:

    Adeola Adetunji

    Adeola Adetunji is the founder and CEO of Mvoula Investment Group Limited, a Private Equity Investment Company headquartered in Mauritius, which was established to invest in Sub Saharan Africa. Mvoula has investments in Nigeria, South Africa, Republic of Congo and Cameroon.

    Prior to founding and heading Mvoula Investments, he joined The Coca-Cola Company in 1993 where he held various leadership roles until he retired in December 2016 as the Chief Executive Officer of Coca-Cola Nigeria Limited.

    He is a fellow Chartered Accountant and holds a B.Sc. degree in Economics from the University of Ife and an MBA in Finance and Strategic Planning from the University of Pittsburg, Pennsylvania USA.

    ALSO READ: Meet Adebisi Shonubi, Nigeria's new innovation-friendly deputy central bank governor

    He is also a member of the Young Presidents Organisation (a prestigious international organisation of corporate and entrepreneur leaders) and is a member of the Global Advisory Board of The University of Pittsburgh, USA.

    He has over two decades experience in the consumer market and business operation in Nigeria, South Africa, Kenya and Republic of Congo where he held various leadership positions.

    Ummu Jalingo

    Ummu Ahmed Jalingo is a professor of Economics at the Bayero University Kano and specialises on Aviation and industrial economics.

    Mike Obadan

    Prof. Mike I. Obadan is the former Director-General of the Nigerian Centre for Economic Management and Administration, Ibadan, Oyo state.

    He has also served as President of the Nigerian Economic Society and contributed significantly to societal development through consultancy services to various national and international organizations.

    A Fellow of the Nigerian Economic Society and the Institute of Management Consultants of Nigeria, Professor Obadan has published extensively in the areas of macroeconomics, international trade, finance and development issues.

    ALSO READ: Nigeria's total public debt hit $74.28 billion

    Justitia Nnabuko

    Justitia Nnabuko Is a Professor of Marketing, a researcher and consultant in the Department of Marketing of the University of Nigeria for over thirty years

    Her core competencies are in marketing development of SMEs – writing of marketing plans, feasibility studies, marketing management, communication and food marketing.

    She holds a PhD in Marketing and a Fellow of the National Institute of Marketing of Nigeria (NIMN) and the Second Vice President of the Institute.

    Click here to read the full text by Aderemi Ojekunle

  • 8 ways to reduce your car insurance premiums

    8 ways to reduce your car insurance premiums



    Statistics show that you are more likely to have an accident in the first year after getting your driver’s licence than at any other time in your motoring career,

    Click here to read the full text by Staff Writer

  • Finance: The Netflix of China enters a bear market (IQ)

    Finance: The Netflix of China enters a bear market (IQ)



    iQIYI IPO Founder & CEO Yu Gong, left, and Robin Li, co-founder of the search engine Baidu, pose for photos at the Nasdaq MarketSite during iQIYI IPO listing ceremonies, in New York's Times Square.

    iQiyi is trading down more than 8% on Friday, and have lost more than 23% since their June high. The sell-off comes amid a lack of any headlines, and looks to be technical.

    • iQiyi is trading down more than 8% on Friday, and 23% from its June high.
    • The sell-off comes amid a lack of any headlines and looks to be technical.
    • Shares had more than doubled over the past month.
    • Watch iQiyi trade in real time here.

    iQiyi, often referred to as the Netflix of China, is getting hit hard for a second straight session. Shares are trading down 8.77% at $35.42 early Friday.

    Two days of heavy selling has erased more than $6 billion of market cap and sent shares down 23% from their June 19 record high of $46.23 a share. A bear market is a drop of 20% or more from a peak.

    The recent weakness comes amid an absence of headlines and appears to be related to some technical weakness. Early Thursday, selling pushed prices below the trendline that was in place from the rally that occurred from May 21 to June 19. Over that time, shares more than doubled in value.

    iQiyi has seen a cult following among millennial investors in recent weeks. Data from the free trading app Robinhood, which skews towards younger investors, shows iQiyi has moved to 24th place on the most-owned list among users. It wasn't even in the top 100 a month ago, the data showed.

    Shares of iQiyi are up 98% since their March 29 initial public offering.


    Click here to read the full text by Jonathan Garber

  • Here’s how much money Multichoice makes from each DStv subscriber

    Here’s how much money Multichoice makes from each DStv subscriber



    Naspers has revealed how much money it makes per DStv subscriber.

    Click here to read the full text by Staff Writer

  • Finance: Red Hat is getting slammed after giving disappointing guidance (RHT)

    Finance: Red Hat is getting slammed after giving disappointing guidance (RHT)



    Screen Shot 2018 06 22 at 11.13.22 AM

    Red Hat beat earnings expectations and announced a large share buyback plan. That's good enough for some upward movement in the share price, right? No, the stock is way down after the company announced disappointing guidance.

    • Red Hat is getting smoked after giving disappointing second-quarter guidance.
    • It beat on first-quarter 2019 earnings, and Thursday, announced a $1 billion share buyback plan.
    • Still, the stock is down.
    • Watch Red Hat trade in real time here.

    Shares of Red Hat are getting smoked on Friday, to the tune of 10.52% to $148.30 apiece. The drop comes after the open-source-software-products firm gave disappointing guidance Thursday in its first-quarter 2019 earnings release.

    Although first-quarter revenue of $814 million and adjusted earnings-per-share of $$0.72 beat Wall Street estimates, the guidance was worse-than-expected.

    Red Hat's press release gave guidance of $822 million-$830 million in revenue for the second quarter, below Wall street's expectation that guidance would be $855 million. Red Hat's guidance for second-quarter EPS is $0.81, below Wall Street's expected guidance of $0.89.

    The company also announced a $1 billion share buyback plan in another press release, which seemed to do not much for the stock.

    Red Hat shares were largely flat for the week until it released guidance. They're now down 13.7% this week.

    Click here to read the full text by Jacob Sonenshine

  • 3 new changes to the UK’s immigration rules that you need to know about

    3 new changes to the UK’s immigration rules that you need to know about



    The UK Government has announced changes to its immigration rules that will come into effect on 6 July 2018.

    Click here to read the full text by Staff Writer

  • Finance: Bitcoin is getting smoked as the crypto market eyes its lowest level of the year

    Finance: Bitcoin is getting smoked as the crypto market eyes its lowest level of the year



    Bitcoin

    The price of bitcoin was gunning for a year-to-date low Friday morning, according to Markets Insider data.

    • Bitcoin was gunning for a year-to-date low Friday morning, according to Markets Insider data.
    • The crypto was trading at $6,144 a coin at 9:48 a.m. ET.
    • Watch bitcoin trade in real time here.

    Bitcoin was eyeing its lowest level of the year Friday morning, according to Markets Insider data.

    The coin, which soared close to $20,000 at the end of 2017, was trading down 8.6% at $6,144 as all of the major cryptos were under pressure. Ethereum was trading down 11% at $467 a token while bitcoin cash, a spin-off of the original bitcoin, was trading down 13% at $751 a coin.

    As for bitcoin, it hit its 2018 low of $5,922 in February. In total, the entire crypto market has shed half of its value since the beginning of the year, according to CoinMarketCap data.

    The market for cryptocurrencies has been under pressure throughout much of 2018 following a massive bull-run last year, which was triggered by the launch of bitcoin futures, a derivatives product. Many thought those products would legitimize the nascent market and precipitate the entrance of institutional money into the space. For the most part, asset managers and other large investors have stayed away from the volatile market, which is not for the faint of heart.

    Still, the market has attracted major Wall Street trading firms and high-frequency traders such as DRW and Jump Trading. Goldman Sachs is working on a crypto trading desk.

    Click here to read the full text by Frank Chaparro

  • Former execs sue KPMG for R30 million each: report

    Former execs sue KPMG for R30 million each: report



    Two executives that resigned from KPMG in the wake of the group’s VBS scandal are now seeking R30 million each from their former employer, the Mail & Guardian reports.

    Click here to read the full text by Staff Writer

  • Finance: The Netflix of China is getting whacked (IQ)

    Finance: The Netflix of China is getting whacked (IQ)



    iQiyi

    iQiyi is trading down more than 11% Thursday. The sell-off appears to be technical as the weakness comes amid a lack of any headlines.

    • iQiyi is trading down more than 11% Thursday.
    • The sell-off comes amid a lack of any headlines.
    • Shares have more than doubled over the past month.
    • Watch iQiyi trade in real time here.

    iQiyi, often referred to as the "Netflix of China," is taking it on the chin Thursday, trading down 11.47% at $39.13 per share.

    Thursday's sell-off comes amid an absence of headlines, and may be related to some technical selling as shares have more than doubled over the past month. They closed at $20.26 apiece on May 21 and hit a high of $46.23 on June 19. Early weakness on Thursday broke the trendline from that rally, leading to a cascade of selling.

    Fueling those gains has been a cult following from millennials. Data released Thursday by the free trading app Robinhood, which skews towards younger investors, shows iQiyi has moved to 24th place on the most-owned list among users. It wasn't even in the top 100 a month ago, the data showed.

    iQiyi is up about 114% since going public on March 29.

    Click here to read the full text by Jonathan Garber

  • Intel CEO steps down after past relationship with employee comes to light

    Intel CEO steps down after past relationship with employee comes to light



    Intel has announced the resignation of Brian Krzanich as CEO and as a member of the board of directors.

    Click here to read the full text by Staff Writer

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