KICNEWS

Category: News

  • Top highest paid MDs/CEOs in Nigeria 2024

    Top highest paid MDs/CEOs in Nigeria 2024

    The year 2024 will likely be remembered as a tumultuous one for Nigeria’s economy, with companies facing challenges such as exchange rate depreciation, rampant inflation, and weakening purchasing power.

     

    Despite these obstacles, corporate Nigeria continued to provide services, pay salaries, contribute taxes, support local communities, and reward shareholders with dividends.

     

    In navigating these economic challenges, the Managing Directors (MDs) and Chief Executive Officers (CEOs) of Nigeria’s listed companies played a crucial role. These executives were responsible for steering their organizations through both successes and difficulties, making decisions that often led to either praise or scrutiny.

     

    Nairametrics’ research reveals that the highest-earning MDs and CEOs amassed a combined total of N7.9 billion in 2023. This represents a significant increase from the N4.227 billion combined salaries in 2022, reflecting a notable rise of N3.749 billion.

     

    Whilst some of the companies they oversee reported massive losses due to exchange rate depreciation, they did deliver higher revenue growth leveraging on adaptive marketing and operational strategies.

     

    review of revenue figures shows that around 30 leading Nigerian companies reported a combined revenue of N11.4 trillion in 2023, up from N9.1 trillion in 2022. This growth spans multiple industries, including consumer goods, industrials, technology, oil and gas, and agriculture.

     

    Commercial banks also performed well, with the top 10 listed banks, including the FUGAZ group, reporting N11.6 trillion in gross earnings, driven largely by significant forex gains.

     

    In the following sections, we explore the profiles and earnings of the highest-paid MDs and CEOs in Nigeria for 2023, offering insights into the strategies and achievements that contributed to their impressive remuneration.

  • eTranzact Deploys Digital Verification System For Military Pensions Board

    eTranzact Deploys Digital Verification System For Military Pensions Board

     

    Leading provider of innovative financial technology solutions, eTranzact, has announced its role as the technology solution provider for the Military Pensions Board’s new digital verification system for military pensioners, officially launched on July 1, 2024.

     

    In a press statement, the company said that the initiative marks a significant milestone in leveraging technology to streamline pension verification processes and enhance the welfare of military retirees across Nigeria.

     

    It also stated that with Federal Government approval, the Military Pensions Board is transitioning from traditional physical verification methods to an advanced electronic system developed and deployed by eTranzact. “This transition aims to minimise travel risks, reduce transportation costs, and accommodate the advanced age of many pensioners. Air Vice Marshal Paul Irumheson, Chairman of the Military Pensions Board, emphasised the necessity of this transition, stating that the move to electronic verification is crucial for the safety and convenience of military pensioners. This innovative solution will ensure that retirees can verify their status from anywhere in the world, significantly reducing the burden of travel and associated risks.

     

    The successful pilot exercise conducted between February 15 and March 1, 2024, demonstrated the efficiency and reliability of the new system. In addition to developing the verification system, eTranzact has managed salary payments for other government agencies. The implementation of this electronic verification system is a critical step towards ensuring foolproof and seamless payment processes within the Military Pensions Board.

     

    “Minister of State for Defence, Dr. Bello Matawalle, and the Chief of Defence Staff, General Christopher Musa, have endorsed the electronic verification exercise, recognizing its potential to revolutionise the military pensions system. The key benefits of the digital verification system include enhanced security by reducing the risk of identity fraud and impersonation, convenience by allowing pensioners to complete verification from their homes, cost efficiency by eliminating the need for travel, and accessibility by accommodating pensioners residing both within and outside Nigeria,’’ the statement read.

     

     

  • Court Orders Ex-Minister, Umar-Farouk, To Account For N729bn

    Court Orders Ex-Minister, Umar-Farouk, To Account For N729bn

    Court Orders Ex-Minister, Umar-Farouk, To Account For N729bn

     

    Justice Deinde Dipeolu of the Federal High Court in Lagos has ordered a former minister of humanitarian affairs, disasters management and social development, Sadia Umar-Farouk, to make public the details of how N729 billion was paid to 24.3 million poor Nigerians for six months.

     

    Justice Dipeolu gave the order while delivering judgement in a Freedom of Information suit by the Socio-Economic Rights and Accountability Project (SERAP) seeking an order to compel the former minister to provide the list and details of the beneficiaries who received the payments, the number of states covered and the payments per state.

     

    The judge issued an order of mandamus directing and compelling the minister to provide SERAP with details of how the beneficiaries have been selected and the mechanisms for the payments to the beneficiaries.

     

    The court further ordered Umar-Farouk to explain the rationale for paying N5,000 to 24.3 million poor Nigerians, which translates to five percent of Nigeria’s budget of N13.6 trillion for 2021.

     

    In the verdict, Justice Dipeolu, who held that the former minister did not give any reason for the refusal to disclose the details sought by SERAP, also dismissed the objections raised by the minister’s counsel and upheld the plaintiff’s arguments.

     

    The judge further held that where a statute clearly provides for a particular act to be done or performed in a particular way, failure to perform the act as provided will not only be interpreted as delinquent conduct but will be interpreted as not complying with the statutory provision.

     

  • RACKETEERING…Air Passengers Lament As Touts Take Over Ticketing

    RACKETEERING…Air Passengers Lament As Touts Take Over Ticketing

     

    RACKETEERING…Air Passengers Lament As Touts Take Over Ticketing

     

    Airfares are soaring daily in the country as touts have taken over ticketing and flight booking in some airports.

     

    LEADERSHIP reports that despite passengers paying a princely N250,000 for a one-hour flight, for instance, from Lagos to Abuja, fare hikes, flight delays, and cancellations continue unabated at the nation’s airports, especially Lagos and Abuja.

     

    Stakeholders in the aviation sector have blamed the nuisance of racketeering on the reduction in the fleet of local airlines operating, which may have led to an increase in ticket prices and racketeering among airline staff and touts at the airports.

     

     

    reports that despite passengers paying a princely N250,000 for a one-hour flight, for instance, from Lagos to Abuja, fare hikes, flight delays, and cancellations continue unabated at the nation’s airports, especially Lagos and Abuja.

     

    Stakeholders in the aviation sector have blamed the nuisance of racketeering on the reduction in the fleet of local airlines operating, which may have led to an increase in ticket prices and racketeering among airline staff and touts at the airports.

     

    KICNEWS gathered that the reduction in local airlines’ fleets was due to an increase in the number of grounded aircraft of different operators due to volatility in the foreign exchange, as well as Dana Airline’s suspension by the Nigerian Civil Aviation Authority (NCAA)

     

    According to experts, the number of airline passengers has remained the same in the last year, and airline seats have shrunk due to the challenges bedeviling the sector.

     

    This development has further reduced the number of serviceable aircraft in the country, which has led to ticket racketeering as fewer seats are available for thousands of airline passengers across the country.

     

  • Ondo 2024: NNPP petitions INEC over candidates’ impersonation

    Ondo 2024: NNPP petitions INEC over candidates’ impersonation

    Ondo 2024: NNPP petitions INEC over candidates’ impersonation

     

    The New Nigeria People’s Party has petitioned the Independent National Electoral Commission over the alleged impersonation of the governorship candidate of the party, Mr Gbenga Edema, and his running mate, Rotimi Adeyemi, ahead of the forthcoming governorship election in Ondo State.

     

    The electoral commission scheduled November 16, 2024, for the governorship poll and the NNPP, is among the 17 political parties that would be contesting the election for the number one seat in the state.

     

    In a letter addressed to the National Chairman of INEC, Prof. Mahmood Yakubu, made available on Wednesday, the national secretariat of the NNPP, called for investigation and prompt legal action against the alleged impersonators.

     

    In the letter signed by the National Chairman and the National Secretary of the party, Mr Ajuji Ahmed and Dipo Olayoku, respectively, the party described the development as a clear breach of the 2022 electoral act, the party.

     

    According to the letter, the party said the INEC was duly notified of the emergence of Edema and Adeyemi as its standard-bearers during the substituted governorship primary held on Wednesday, June 5, 2024, at Solton Hotel, Ijapo Estate, Akure, Ondo State capital, following the withdrawal of Oluwatosin Ayeni and Abigail Omoyugbo for personal reasons.

     

    It also maintained that the candidature of Edema and Adeyemi was legally recognised as their names and credentials were published by INEC as the party’s candidates.

     

    The party said in the letter, “We wish to bring to the attention of your good office a case of impersonation of the NNPP governorship and deputy governorship candidates in the forthcoming off-cycle on November 16, 2024. You would recall, sir, that we informed your good office of our Ondo State Governorship Primary fixed for Friday, April 26, 2024, via a letter NNPP/HQRTS/INEC/024/23 dated March 7, 2024.

     

    “At the said primary, monitored by officials of the INEC, Mr. Ayeni Oluwatosin Israel emerged as the NNPP governorship candidate, and he later picked Mrs. Omoyugbo Abike Abigail as his running mate, and the two names were published by INEC.

     

    “However, due to what they called personal reasons, the two of them withdrew their candidature, which prompted the NNPP to schedule a fresh primary to elect a replacement on Wednesday, June 5, 2024, at Solton Hotel, Ijapo Estate, Akure, Ondo State via our letter NNPP/HQRTS/INEC/024/54. The fresh primary was monitored by INEC officials, where Barr. Gbenga Omogbemi Edema emerged as the new governorship candidate of the NNPP, and he later picked Barr. Rotimi Emmanuel Adeyemi as his running mate.

     

     

     

  • Ebonyi LP endorses Peter Obi as national party leader

    Ebonyi LP endorses Peter Obi as national party leader

    Ebonyi LP endorses Peter Obi as national party leader

     

    The Ebonyi State chapter of the Labour Party has adopted its presidential candidate in the 2023 general elections, Mr Peter Obi, as the party’s national leader.

     

    The party stakeholders also adopted Fidelis Nwankwo as the leader of the party in the state.

     

    The endorsement was part of the six-point communique issued at the end of an expanded stakeholders briefing held in Abakaliki on Sunday.

     

    The communique was signed by the leaders of the Ebonyi South Senatorial Zone and Ebonyi North Senatorial Zone, Mr Linus Okorie, and Emmanuel Ezeh, respectively.

     

    The communique was also endorsed by Mr Emmanuel Nwobo, Ebonyi Central Senatorial Zone, on behalf of members of the National Transition Committee and conveners of the expanded stakeholders briefing.

     

    The meeting also solicited the support of its members ahead of the party’s planned National Convention and state congress to elect new leaders of the party.

     

    The communique reads: members of the NTC of the party, Chief Fidelis Nwankwo, Okorie and Ezeh, convened the expanded stakeholders briefing with a view to informing members of the party’s, state chapter, about future political activities of the emerging Labour Party, including mobilisation of new members and registration.

  • Sit-at-home: NSCDC beefs up security in Anambra

    Sit-at-home: NSCDC beefs up security in Anambra

     

    The Nigeria Security and Civil Defence Corps, Anambra State command, said it has deployed personnel across the state to protect critical national and state assets as part of efforts to prevent a breakdown of law and order.

     

    The Anambra State Commandant of NSCDC, Maku Olatunde, stated this in Awka, on Monday while monitoring the deployment of personnel for its renewed launch operations to encourage economic and commercial activities and combat the effect of Monday’s sit-at-home.

     

    Olatunde described it as a proactive move focusing on banks, financial institutions, parks, schools, government offices and potentially vulnerable points to maintain public trust and respond to security breaches.

     

    He said, “The exercise aims to boost economic activities, prevent miscreants, criminals, vagrants, vandals, hooligans, unruly individuals and economic saboteurs from attacking lawful residents of the state, particularly on Mondays.

     

    We emphasised the need for all personnel participating in the exercise to conduct themselves professionally and courteously in enforcing civil order while following established rules of engagement and standing operational procedures.

     

    “This deployment is to ensure the protection of critical national assets and infrastructure, in Anambra State, including banks, markets, parks, recreational centres, schools, government offices and other strategic locations. You must be vigilant in the discharge of your duties, be professional, courteous and responsive to the needs of the public.”

  • Ogun partners FG to reconstruct 14 roads

    Ogun partners FG to reconstruct 14 roads

    Ogun partners FG to reconstruct 14 roads

    The Ogun State Government says it is partnering with the private sector and the Federal Government on the rehabilitation of many roads in the state in its drive to bring succour to residents.

     

    The state government said no fewer than 120 roads across the 20 local government areas of the state were being considered for rehabilitation.

     

    It added that it was partnering with the Federal Government to reconstruct 14 roads in the state in line with the vision of Governor Dapo Abiodun.

     

    It added that it was partnering with the Federal Government to reconstruct 14 roads in the state in line with the vision of Governor Dapo Abiodun.

     

    The Head of Service, Kehinde Onasanya, in a statement made available to The PUNCH through his media office on Sunday, disclosed these at a book launch event held in Lagos

     

    There has been agitation from residents of the state on the dilapidated state of several roads across the state with many residents taking to the popular microblogging app, X.com, to express their dissatisfaction.

     

    According to Onasanya, the state government is harnessing the potential of Public-Private Partnership to address the challenge of infrastructure and boost the economic growth of the state.

     

    “The state is also collaborating with the Federal Ministry of Works for the rehabilitation and reconstruction of an additional 14 roads in line with the resolve to bring succour to the people,” Onasanya said.

     

     

  • Flood: Man electrocuted in Lagos

    Flood: Man electrocuted in Lagos

    The police in Lagos State said that a yet-to-be-identified 61-year-old man lost his life after being electrocuted during the flood incident.

     

    Police spokesperson Benjamin Hundeyin confirmed the death in a post he shared on his X handle @benHundeyin on Thursday.

     

    He said that the incident happened on Wednesday during a downpour in the Orile-Iganmu area of the state.

     

    During the rain yesterday in Orile-Iganmu, a 61-year-old man, while wading through the floods, held on to a street light pole and sadly got electrocuted,” the spokesperson said.

     

     

  • Customs seize 11,650 litres of PMS, drugs, others in Kebbi

    Customs seize 11,650 litres of PMS, drugs, others in Kebbi

    As part of its continued efforts to get rid of illegal smuggling of goods across the country, the Nigerian Customs Service has again seized 11,650 litres of petroleum motor spirits popularly called PMS

     

    Speaking while briefing newsmen in Birnin Kebbi on Thursday, Comptroller of the command, Iheanacho Ernest Ojike, said the command also recovered 40 cartons of foreign Spaghetti, 50 bales of secondhand clothing, 28 cartons of Diclofenac tablets of 50mg and 10 Jerry Cans of vegetable oils with total Duty Paid Value (DPV) of fourteen million, seven hundred and ninety-two thousand, four hundred naira.

     

    He further disclosed that “the seized PMS would be auctioned to the public with the expectation of generating eight million, one hundred and seventy-eight thousand, one hundred eighty-three (N8, 178, 183) and will be paid to the coffers of the Federal Government

     

    .The team was able to generate twenty-five million, eight hundred and forty-seven thousand, six hundred and eleven naira (N25, 847, 611) in June, which is 67.6 per cent increase as compared to the previous month of May”

     

    Meanwhile, the  Comptroller of the National Coordinator Operation WHIRLWIND, Hussien Ejibunu,

    in a separate briefing in Birnin Kebbi, said a giant stride was made by operatives of

    Operation Whirlwind Zone D’ axis with the seizures of PMS products in Sokoto Area Command.