American Airlines CEO to be Paid Entirely in Company Stock
The CEO of American Airlines received compensation valued at $12.3 million last year and will stop drawing a salary and instead be paid entirely in company stock. Continue Reading
The Case for Women in the Boardroom
Top 4 accounting KPMG recently announced a woman, Lynne Doughtie as the Chief Executive Officer. This follows Deloitte who named Cathy Engelbert as the CEO earlier this year. Does this signal a growing awareness of the benefits of having women in the highest positions in corporations or is this just the action of a few […]
Power: FG loses N1.5bn annually to vandalism
The Federal Government on Friday said about N120m monthly, totalling N1.5bn annually, was being spent to repair power and gas lines destroyed by vandals across the country. It also said that despite the increasing vandalism, the outgoing administration had been able to achieve installed minimum electricity generation capacity of 5,500MW. Continue Reading
Publication of bank-debtors: Shareholders react, back CBN
During the last banks’ crash, the then CBN Governor, Lamido Sanusi, published the names of banks’-debtors,which made him the enemy of the powerful-blocs; while many of the then debtors threatened to go to court. Continue reading
SEC suspends BGL board, constitutes interim body
The Securities and Exchange Commission has intervened in the operations of BGL Plc, a member of the Nigerian Stock Exchange by suspending its board and appointing an interim management for the group. Continue Reading
FG Okays Forensic Audit Of NDPHC Accounts
The Board of the Niger Delta Holding Company (NDPHC) on Friday in Abuja issued a directive for the forensic audit of the company’s account documents. Gov. Ibrahim Dankwambo of Gombe State made this known when he addressed State House correspondents on the outcome of the last meeting of the board under the current administration chaired […]
Fitch expresses reservations despite Nigeria’s smooth transition
Fitch Ratings Ltd says the prospect of a smooth transfer of power in Nigeria alters but does not remove risks to the country’s sovereign credit profile related to March’s elections. This comes as Muhammadu Buhari of the All Progressives Congress (APC) is to succeed the incumbent Goodluck Jonathan as president on May 29. Continue Reading
Buhari to restructure NNPC top management
President-elect, Muhammadu Buhari is said to have concluded plans to sack and replace all top management of the Nigerian National Petroleum Corporation, NNPC as part of his mission to overhaul the oil and gas industry. According to the report, which attributed the information to an All Progressives Congress (APC) source, the new administration will first […]
Power: NERC to Punish Abuja Disco for Fleecing Consumers
For allegedly abusing the statutory methodology approved for billing customers under the estimated billing system, the Nigerian Electricity Regulatory Commission (NERC) has served the Abuja Electricity Distribution Company (AEDC) with a notice of enforcement action against it. NERC Thursday issued to AEDC the notice of enforcement action, describing AEDC’s offence against its customers as ‘manifest […]
Shell sues EFCC for acting as debt collector
An oil firm, Shell Nigeria Gas Limited, has urged the Federal High Court in Lagos to declare that the Economic and Financial Crimes Commission (EFCC) is not empowered to collect debt on behalf of anyone. It said the commission made it to pay $1.2million (about 239million) to a firm which Shell claims it was not […]
NAICOM to sanction insurers on rendition of returns
The National Insurance Commission (NAICOM) has mandated insurance institutions to start harmonising the returns being rendered to the commission or face stiff sanctions. The new directive takes effect from April 1, 2015. In the circular entitled “Harmonised Returns with Effect from April 2015”, signed by the Director, Supervision, NAICOM, Nicholas Opara, the commission stated that […]
Setting Directors’ Remuneration
Ideally directors’ remuneration should achieve two aims, it should motivate superior performance and should lead a director to behave in a way that is beneficial to the long-term interest of shareholders. How to achieve this is a delicate balancing act and the need to balance incentives through appropriate remuneration becomes more acute as there is […]
NDIC tasks Aso Savings & Loans on corporate governance
The Nigeria Deposit Insurance Corporation, NDIC, has advised the management of Aso Savings & Loans Plc to ensure sound corporate governance in the take-over of Union Homes Savings and Loans (UHSL) Plc. A statement by the Corporation’s Head, Public Communications, Alhaji Hadi Bichi, indicated that the Managing Director/ Chief Executive, Alhaji Umaru Ibrahim, gave the […]
Bad debt: CBN may bar chronic debtors from forex market
The Bankers Committee yesterday agreed to name and shame chronic debtors in the financial industry as well as limit their access to the official foreign exchange windows of the Central Bank of Nigeria. It also agreed to reduce annual spending limits of naira debit cardholders outside the country. Rising from its 321st Bankers Committee Meeting […]
Every Business needs an Anti-Corruption Program
The UN Global Compact’s (UNGC) 10th principle on Anti- Corruption states “Businesses should work against corruption in all its forms, including extortion and bribery.” UNGC further suggests elements that companies may consider in implementing the 10th principle. The first of these elements is to address the “Internal” by introducing anti-corruption programs (ACP) within an organization and […]
Weak tax systems, evasion behind 60% of global illicit money transfers
Governments in resource-rich African countries must effectively negotiate the terms of operational contracts with mining companies and their affiliates if they are to avoid revenue losses that reduce their capacity to finance development, the African Civil Society Circle has said. The Circle is a coalition of nine civil society groups from Southern Africa whose goal […]
CBN threatens to go after landlords, schools, collecting payment in dollars
The Central Bank of Nigeria on Tuesday frowned at the growing practice of trading goods and services in foreign currencies instead of the Naira in Nigeria. The Bank’s governor, Godwin Emefiele, said in Abuja at the end of the Monetary Policy Committee meeting that it is illegal for landlords or school proprietors to demand rents […]
Nigeria’s sovereign wealth fund gets global rating
The Nigeria Sovereign Investment Authority has been ranked second out of 51 global sovereign wealth funds under the Sovereign Wealth Fund Institute transparency index ranking for 2014. The new ranking, published recently, showed the Authority upgraded from four points to nine out of a possible ten during the second quarter of 2014, making it the […]
The Role of Independent Directors
In order to comply with relevant codes of corporate governance, most public organizations have the token independent director on the board. What is the role and significance of the independent director? Whose interests do independent directors protect and are independent directors truly independent? First a definition, an independent director is one who is brought in […]
Nigeria loses N8bn to gas pipeline vandalism
Nigeria has lost a minimum of N8.04 billion since January, to the incessant vandalism of the country’s gas pipelines, according to the Nigerian Gas Company, NGC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC. Speaking at a press briefing in Warri, Delta State, the Managing Director, NGC, Mr. Dafe Sejebor, disclosed that since the […]