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Adeoye Fadeyibi Appointed MD/CEO Of Abuja Electricity Company

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Adeoye Fadeyibi Appointed MD/CEO Of Abuja Electricity Company
Adeoye Fadeyibi, MD/CEO, Abuja Electricity Distribution PLC

Abuja Electricity Distribution Plc (AEDC) has announced the appointment of Mr Adeoye Fadeyibi as its new Managing Director/Chief Executive Officer.

Fadeyibi, a turn-around manager with over 20 years executive management experience, succeeds Engr. Akinwumi Bada, who served as the company’s Interim Managing Director since last year and is now leaving to pursue other personal business aspirations.

Prior to joining AEDC, Fadeyibi was the Managing Director of Eko Electricity Distribution Company, (EKEDC) a Lagos-based electricity utility company and is credited to have turned around the fortune of EKEDC by significantly reducing the company’s Aggregate, Technical, Commercial and Collection (ATC&C) losses, expanding its revenue base and delivering innovation in several aspects of the business.

He was also the pioneer Managing Director at Transcorp Power Ltd, Ughelli, Delta State where he ramped up the generating company’s performance from 164MW to 634MW in 25 months. He joined Transcorp Power from General Electric where he held several strategic roles with oversight for Middle East and Africa.

A fellow of several professional bodies, Fadeyibi obtained his Bachelor’s degree in Mechanical Engineering from the State University of New York, SUNY Buffalo, New York and the General Electric Power Systems University in Schenectady, New York, where he completed his training in turbine power systems and applied knowledge obtained towards developing the Global Turbines/Generator Field resources.

AEDC also announced the appointment of Engr. Kassim Abdulahi Burkullu as its new Chief Technical Officer (CTO), replacing Mr. Oluwafemi Zacchaeus who served as the Interim Chief Technical Officer.

READ ALSO: Transcorp Group’s Profit After Tax Hits N27.9b

Burkullu, a seasoned engineer and energy industry expert, brings over 25 years’ cognate experience spanning several sectors. He joined AEDC from Kano Electricity Distribution Company (KEDCO) where he was Head, Corporate Technical Operations Services.

The Chairman of the Board, AEDC, Mr. Victor Osadolor, who spoke on the new appointments said: “We are very delighted that both Fadeyibi and Burkullu are joining our company and bringing with them exceptional abilities and invaluable industry expertise. They will effectively complement the component of management team already in place.”

“These appointments are necessary steps in positioning AEDC towards efficiency in customer service delivery and ensuring the effectiveness of turn-around embarked upon by the new management of the company. We are convinced that with a combined industry experience of over five decades, the new executives are very capable of meeting the yearnings of millions of our customers who seek seamless power services,” Osadolor said.

Commenting on his appointment, Fadeyibi said, “I must commend the management of AEDC and the previous MD for the work done so far and for the confidence reposed in me to help achieve the goals of this great organisation. I have studied the strategic focus of this business and with the full support of the board, we are sure to meet and even surpass our expectations for this great company.”

The appointments are with immediate effect.

 

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CBN Raises Benchmark Interest Rate To 13%

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CBN Raises Benchmark Interest Rate To 13%

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has raised benchmark interest rate to 13 per cent.

The Governor of the Central Bank, Godwin Emefiele, while reading the communique of the 142 meeting of the committee said the action was to tame the raising inflation rate in the country.

READ ALSO: CBN Warns Against Fresh COVID-19 Lockdown Retains Interest Rate At 11.5%

Emefiele, however, said the rate on development finance loans would remain at five per cent till 2023.

 

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CBN To Replace Paper Currency With E-Naira

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CBN To Replace Paper Currency With E-Naira

The Central Bank of Nigeria (CBN) has urged market men and women to sign into the e-Naira as paper currency will soon be out of circulation.

The Delta State Branch Controller of CBN, Mr Godwin Okafor, made the appeal on Friday at the popular Ogbogonogo market during the market sensitisation on e-Naira.
He urged traders to key into the Central Bank’s e-Naira policy.

He said: “We are here at the market today to sensitise the market people to the use of e-Naira. It is fully backed by CBN, unlike Bitcoin which has no legal backing.”

The consultant of CBN on e-Naira, Dr. Aminu Bizi, said Delta was chosen as the second state to sensitise market women to e-Naira after Lagos.

“We are here to sensitise market men and women, shop to shop on the use of e-Naira. CBN has gone behind ATM, POS, therefore, we are going to meet the Okada/tricycle union on this policy.

“Paper currency will soon be out of circulation because CBN spent money to print money and people abuse the currency in the market, spraying on occasions, payment of Okada/tricycle and others and CBN is losing”

READ ALSO: Why Newly Launched E-naira Speed Wallet Disappeared From Google’s Play Store – CBN

He said the use of e-Naira was effective, charges free unlike ATM and POS and cannot be hacked by fraudsters.

In his remark, the Secretary to the State Government, Chief Patrick Ukah, applauded CBN for the e-Naira initiative.

Ukah who was represented by the Director of Finance and Account in the office of SSG, Mr. Benson Ojoko, said the state was delighted with CBN programmes, describing e-Naira as a laudable programme that has placed Nigeria in international finance.

 

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Bitcoin Value Drops By 50% Since November Peak

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Bitcoin Value Drops By 50% Since November Peak

The value of Bitcoin has dropped below $31,000 (£25,140) – less than half of what it was at its peak last November, according to the Coinbase cryptocurrency exchange.

The fall of the world’s largest cryptocurrency by market value comes as stock markets around the world have also tumbled in recent days.

On Monday, key European, Asian and US indexes slid lower again.

Investors are fleeing riskier assets for safe havens like the dollar.

On Monday, Japan’s Nikkei index dropped 2.5%, while London’s FTSE 100 closed down more than 2%. In the US, the Dow fell nearly 2%, the S&P 500 dropped 3.2% and Nasdaq lost 4.3%, deepening the falls in recent weeks.

READ ALSO: Why It Is Unsafe To Invest In Bitcoin Now – American Billionaire

Uber was among the companies driving the declines.

Shares in the company dropped more than 11% on Monday after media outlets reported that chief executive Dara Khosrowshahi had warned staff that investors were becoming more cautious about investments. He said Uber would respond by cutting costs and slowing its hiring.

“It’s clear that the market is experiencing a seismic shift and we need to react accordingly,” he wrote in the letter.

“The average employee at Uber is barely over 30, which means you’ve spent your career in a long and unprecedented bull run. This next period will be different, and it will require a different approach.”

In times of market uncertainty traditional investors will often sell what they see as riskier assets – like digital currency – and move their money into safer investments.

Moves in cryptocurrency markets have increasingly followed wider trends, as professional investors, such as hedge funds and money managers, become more active in trading what was once the domain of individual investors and enthusiasts.

Bitcoin, which accounts for about a third of the cryptocurrency market with a total value of close to $570bn, has seen its price plunge more than 10% in the last day and more than 20% in the last week.

READ ALSO: Ukraine Becomes Latest Country To Legalize Bitcoin

Ethereum, the second biggest cryptocurrency in the world, has also fallen in value, down by more than 20% in the last week.

Volatile trading in digital assets has not been unusual in previous years, but much of 2022 had been relatively quiet for the cryptocurrency market.

Last week, central banks around the world, including the US, UK and Australia, raised interest rates as they attempt to tackle rising prices.

The US Federal Reserve raised its key lending rate by half a percentage point, marking its biggest rate hike in more than 20 years.

That has triggered more concerns among some investors that inflation and the higher cost of borrowing could have a major impact on global economic growth.

Investors are also worried about the impact of the war in Ukraine on the world economy.

READ ALSO: CAR Becomes First African Country To Adopt Bitcoin

Meanwhile, in the last year Bitcoin has become legal tender in two countries – El Salvador and the Central African Republic.

Since El Salvador said it would allow consumers to use the cryptocurrency in all transactions, alongside the US dollar, the International Monetary Fund has urged it to reverse its decision.

. BBC

 

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