Business

Coca-Cola has appointed Alfred Olajide as it’s new vice president and managing director for its Nigeria operations.

A statement by the company said the appointment followed a reorganization of its global leadership structure.

Olajide replaces Yebeltal Getachew whose tenure ended on December 31, 2020.

In August 2020, Coca-Cola had announced a global restructuring aimed at furthering its aspiration to emerge stronger amidst a fast-changing global business environment.

Read Also: Coca-Cola: The Poison Billions Of Us Drink Everyday

Announcing the change in structure, James Quincey, Coca-Cola’s chairman and CEO, said the changes in the company’s operating model will shift marketing …

The President/Chief Executive, Dangote Industries Limited, Aliko Dangote’s total net worth dropped by $900m on Saturday.

This happened after his flagship company emerged bottom at the end of trading on the Nigerian Stock Exchange.

Data from Bloomberg Billionaires Index showed that his wealth fell from $18.4bn on Thursday to $17.5bn on Friday, making him the 114th wealthiest man in the world, down from 106th the previous day.

Mr Dangote’s net worth had risen from $15.5bn on December 13 to close the year 2020 at $17.8bn. In the first seven days of the new year, he gained $600m but lost all …

Elon Musk, Tesla CEO is now the world’s wealthiest person. The South African-born mogul overtakes Amazon boss Jeff Bezos.

On Thursday, CNBC estimated his wealth at $185 billion.

Bezos, 56, has a net worth of $184 billion.

Read Also: Elon Musk Cleared Of Defamation Over ‘Pedo Guy’ Tweet

Musk, 49, the major shareholder Tesla, benefited from Tesla’s surging share price.

Shares of the electric car company surged 5.9 percent to $800.43 in late morning trading, lifting the company’s market capitalization above $750 billion.

Musk is also the founder, CEO, CTO and chief designer of SpaceX; founder of The Boring Company; …

Nigeria extended bullish posture on Wednesday with the market capitalisation increasing further by ₦214 billion on sustained bargain hunting of blue chips.

Specifically. the market capitalisation which opened at ₦20.446 trillion rose by ₦214 billion to close at ₦20.660 trillion supported by interests in BUA Cement.

Also, the All-Share Index appreciated by 402.14 points or 1.03 per cent to close at 39,512.31 from 39,110.17 achieved on Tuesday.

Read Also: Nigerian Stocks Grow By ₦571b, Nestle, Dangote Lead Gainers

Accordingly, month-to-date and year-to-date gain increased to 12.8 per cent and 47.2 per cent, respectively.

The uptrend was also driven by price …

Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021.

The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months.

The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for ₦500/$1. Since then, the dollar has been hovering between ₦460 and ₦470. As of …

The Independent Petroleum Marketers Association of Nigeria (IPMAN), Kano State branch, on Monday, instructed its members to sell petrol at ₦162.44 per litre as directed by the Federal government.

The IPMAN Chairman in Kano, Alhaji Bashir Dan-Malam gave the directive during a news conference in Kano.

He said the directive followed the reduction of the price by Nigerian National Petroleum Corporation (NNPC) from ₦153.17 to ₦148.17 per litre with effect from Monday.

Read Also: Why We Can’t Sell PMS Below ₦125 – IPMAN

Africa Daily News, New York recalls that the Federal Government reduced the price from ₦168 per litre …

1. Appreciation and depreciation of currency is not related to race or color or who is the president be it Hausa Igbo or Yoruba. It is basically about production of goods and services and the demand of your products in the world market. A confused country that produces almost nothing will never meet up, policies only control your currency not the value of another countries currency against yours.

2. A country where over 500 industries died within 30 years must be stupid to complain of depreciation of her currency. We keep killing local industries and expect policies to make it …

The Central Bank of Nigeria (CBN) has devalued the Naira by ₦6 to Dollar.

This brings the Naira closer to the exchange rate unification policy recommended by the International Monetary Fund (IMF) and the World Bank.

In a weekly update for International Money Transfer Service Operators (IMTOs), Bureau De Change (BDC) Operators and Service Providers were instructed to add ₦6 across all rates.

Read Also: CBN Freezes Accounts of EndSARS Protest Organisers

The circular was signed by O. S. Nnaji, CBN Director, Trade & Exchange Department.

The exchange rate for the disbursement of IMTOs proceeds is effective Monday, …