The naira on Monday traded at N362.57 to the dollar at the investors’ window in Lagos.
Turnover at the window stood at $293.60 million.
The currency was N359 to a dollar at the parallel market in Lagos, while it was exchanged at N445 and N397 to the pound sterling and euro, respectively.
At the bureau de change (BDC) window, the naira closed at N359 to the dollar, while it was N445 and N397 to pound sterling and euro, respectively.
The News Agency of Nigeria reports that the naira had remained stable at the parallel market in Lagos due largely to the interventions of the CBN.
Meanwhile, turnover at the investors’ window at the end of July rose from $2.9 billion in June to $4.12 billion in July.
Seplat Picks CFO Brown to Replace Avuru as CEO
The Chief Financial Officer (CFO) of Seplat Petroleum Development Company Plc, Mr Roger Brown, will from August 1, 2020, be the new Chief Executive Officer (CEO) of the energy firm.
A statement from the company said Mr Brown will take charge of day-to-day activities of Seplat upon the retirement of the present CEO, Mr Austin Avuru, who steps down on July 31, 2020,
For a decade, Mr Avuru piloted affairs of the company, making it a strong organisation, with the deployment of agile systems, processes and stakeholder relationships that allowed the firm to grow rapidly from a gross production of 22,700 boepd as at December 2010 to peaks of 111,368 boepd gross production as at December 2018 through major drilling campaigns and major new Oil and Gas plants development.
The acquisition of 40 percent of OML 53, post company’s IPO of 2014, created an opportunity in partnership with NNPC, to spawn a mid-stream subsidiary, ANOH Gas Processing Company Ltd currently progressing what will ultimately be a 300MMscf/d of Gas, 22,500bdp of condensate and 1,200boepd of LPG processing company.
Seplat said it could not have achieved all these without Mr Avuru’s leadership skills, personal dedication and hard work, at the head of the company.
“The board of Seplat is grateful to Mr Avuru for these accomplishments and is looking forward to his continued service at the board level,” the statement said.
The energy company said looking forward, it plans to position itself for a next phase growth ambition which would see the expansion of its footprint in terms of energy business activities, a plan to pursue offshore assets as well as opportunity driven entry into different geographies.
The company said it believes that such a corporate transition would require a different kind of organisational structure, people skills set and mentality to compete well in the expanded space, noting that in view of this, it would be reviewing its current organisational and systems structure.
It said to lead the aspiration, it had to settle for Mr Brown to succeed Mr Avuru as CEO so as to lead the restructuring during the transition period between now and final exit date of the present leader.
Mr Brown joined Seplat in 2013 as the CFO and played a key role in the successful dual listing of the company in 2014. Since he joined the firm, he has played significant roles in various asset acquisitions by the company.
Prior to joining Seplat, Mr Brown was an advisor to the company since 2010 while he was the Managing Director and head of EMEA Oil and Gas at Standard Bank Group.
During his time at the bank, he was instrumental in providing advice and deploying capital across the African continent in the oil/gas, power/infrastructure and the renewable energy sectors.
“Mr Brown brings to the CEO role, a deep knowledge of the company in his 6 years as the CFO and a member of the board. He has strong financial, commercial and M&A experience as well as proven people skills which will be an asset as the company embarks on the next phase of its growth plan,” the statement stated.
“While we thank Mr Avuru for a meritorious service, we welcome Mr Brown and wish him every success in his upcoming new role,” the company concluded.
El-Rufai backs border closure, says ‘some countries closed their borders for centuries, decades’
Governor Nasir El-Rufai of Kaduna State has backed Federal Government’s closure of land borders.
According to him, it is unfair for smaller countries to be sabotaging a big country like Nigeria.
El-Rufai who was a special guest at the graduation of Senior Course Three of the Nigeria Customs Command and Staff College, Gwagwalada, Abuja on Friday said the step taken was commendable.
He explained that Nigeria like any other country like to trade with other countries but added that there must be fairness.
The governor noted that closure of the borders should be sustained until there were established deals that covered every country.
“The partial closure of borders is highly commendable. Nigeria is the largest country in West Africa and the continent and it is clear that our neighbours are using our openness and brotherhood to trade, to exploit us.
“I fully support and subscribe to the closure of borders and we should sustain it for as long as possible.
“We need to do this for our country to have a fair deal and for our manufacturers to be protected.
“All those talking about free trade or preaching about it today closed their borders for centuries and decades ago.
“Nigeria must grow its own internal capacity, we will not do so if we allow our neighbours to use the porosity of our borders to sabotage our economy,’’ he explained.
El-Rufai, however, commended the physical development at the Customs Command College in Gwagwalada.
He lauded the effort of the current Customs boss for his reform agenda.
“I am impressed with what I have seen on ground in terms of physical development as well as the content”.
Boroffice, Abaribe disagree as Senate urges FG to ban importation of textiles for five years
The Senate, on Tuesday, appealed to the Federal Government to ban importation of textiles in the country for a period of five years to allow for the production of local textile materials.
This followed the debate on a motion sponsored by Senator Kabir Barkiya (APC-Katsina Central) during plenary on “Urgent need to revamp the nation’s comatose textile industry”.
The upper chamber also appealed to the Federal Government to provide the necessary infrastructural facilities especially power supply to local textile manufacturing companies to revamp the industry.
It also called on the government to encourage local textile manufacturing companies by providing them with soft loans and easy access to credit facilities through the Bank of Industry.
Debating the motion, Barkiya noted that the textile industry in the country played a significant role in the manufacturing sector of the Nigerian economy with a record of over 140 companies in the 1960s and 1970s.
“The textile industry recorded an annual growth of 67 per cent and as at 1991, employed above 25 per cent of the workers in the manufacturing sector.
“The textile industry was then the highest employer of labour apart from the civil service.” He noted that the industry had witnessed massive decline in the last two decades with many textile companies such as Kaduna Textile, Kano Textile and Aba Textile among others closing shops and throwing their workers into the job market.
The lawmaker further said that government policies like increase in taxation, high cost of production, trade liberalisation resulting in massive importation of textile materials had negatively affected the production of local textile materials. Barkiya said that the resuscitation of the industry would provide additional revenue and assist government to diversify the nation’s economy.
Contributing, Sen. Robert Boroffice (APC-Ondo North) said that the importation of textile materials was as as a result of the comatose level of the textile industry.
“The closure of our borders is an eye opener. China closed its borders for 40 years for its industrialisation and development.
“I believe that the closure our borders should be extended to allow us put our house in order.” Boroffice, who is the Deputy Senate Leader, said that the extension of the closure of the borders would serve as an opportunity to resuscitate the textile industry among other industries that had been characterised by smuggling.
Senator Eyinnaya Abaribe (PDP-Abia South), who disagreed with Boroffice on the fact that the closure of the borders would help revamp the industry said that “closing the borders and doing nothing will not lead to increase in production of textiles.
“The real problems have been indicated; first, is the fact that we are unable to produce the cotton that we need.
“But far more important is the fact of power. Power was the key problem that made most of the textile mills closed.
” Once it became very difficult after 1982 for industries to be supplied with power and they needed to switch over to now produce their own power in order to do production, it became a lose, lose situation for most of the industrialists.”
Abaribe who is Senate Minority Leader, called on the Federal Government to do the fundamental to ensure that the smuggling of textile products was done away with.
Similarly, Sen. Gabriel Suswam (PDP-Benue North-east) said that without power, no meaningful profit would be realised in any manufacturing industry in the country.
Suswam who called on the government to address the issue in the power sector said that if this was done, the manufacturers would be able to make profit.
“If we take concrete actions on these issues, our economy will be enhanced, the welfare of the people will be enhanced, insecurity and by extension, criminality, will be reduced,” he said.
In his remark, the President of the Senate, Ahmad Lawan said that as Nigeria had signed the Africa Continental Free Trade Agreement, “we have to be prepared for the repercussions.
“We cannot stop trading easily with other people. We have to up our game; we need to be competitive,” Lawan said.
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