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DAILY TRUST

Thursday, January 20, 2011

Busi ness/Fi na nce SEC board ratifies Onyema as NSE CEO By Idris Ahmed TH E Board of the Securities and Exchange Commission (SEC) on Tuesday, ratified the appointment of Mr. Oscar N. Onyema as the new Chief Executive Officer of the Nigerian Stock Exchange (NSE). The appointment of Mr. Ade Bajomo as Executive Director, IT and Market Operations was also ratified by the Commission, a statement from Lanre Oloyi, the

SEC head of media said. The NSE had in separate letters to the Commission on December 21,2010 and January 13, 201 Cconveyed the unanimous decision of the Council to appoint Mr Oscar Onyema as Chief Executive Officer and Ade Bajomo as Executive Director, IT and Market Operations. The Commission is extremely pleased with the rigorous and transparent executive selection process imp le-

mented by the Council and Interim Administrator of the NSE, Mr Emmanuel Ikazoboh which led to the emergence of the CEO and ED, IT. The SEC urges the NSE Council to conclude the executive selection process with the appointment of the additional Executive Directors for Strategy & Busines Development and Listings. Mr.Oscar N.Onyema, holds a B.Sc Computer

Engineerlng degree from Obafemi Awolowo University, lIe Ife, Nigeria and an MBA, Finance and Investments, Ziklin School of Business, Baruch College, New York. Mr. Oscar N. Onyema was a Senior Vice President and Chief Administrative Officer with the American Stock Exchange (Amex), a posi tion he retained aJter Amex was acquired by NYSE to form the world's largest Stock Exchange,

NYSEamex in 2008. He is currently a Council member, Gerson Lehrman Group, Austin, Texas, and also a member of the Security Traders Association of New York and Securities Industry and Financial Markets Association (SIFMA). Mr. Ade Bajomo, is head, IT programmes and Business Transformation, Africa and Indian Ocean, Barclays Bank, United Kingdom. He holds a B.Sc degree in Engineering from

University of Ife, now Obafemi Awolowo University. an M.Sc with distinction in Information Systems and an MBA from South Bank University, and City University (CASS) Business School, London respectively. Mr. Bajomo has over 23 years experience in Information Technology and Business Aligned Transformations having worked at various times in South Bank University, Deutsche Bank, Generale Bank, Fortis

ASSBIF face-off:'Union Bank remains adamant From Kayode Ekundayo, lagos UNION bank management yesterday rose stoutly to defend its decision to withdraw recognition of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI)

because they are illegal. It also said that the union's domestic unit of the bank - Union Bank Association of Senior Staff (UBASS) - was also not recognised by law. In a statement, the management said the bank discovered that the only union registered by

AfDB disburses N915m for Fadama II development projects

the Federal Ministry of Labour and Productivity to organize all senior employees of Banks, Insurance and Financial Institutions in Nigeria is the ASSBIFI affiliated to the Trade Union Congress of Nigeria (TUC). "Neither ASSBIFI (NLC Affiliated) nor

UBASS is duly recognized as a trade union and they were thus operating illegally", the statement said. The bank said the withdrawal of the recognition accorded to ASSBIFI and UBASS is consistent with the laws of the Federal Republic of Nigeria, given that the afore-mentioned

associations were operating illegally. "The Bank will be abdicating its responsibility as a law abiding corporate citizen. ifit continues to deal with illegal associations upon discovery of their illegal existence", it stated. The bank said it

remains committed to peaceful and harmonious industrial relations and still maintains good working relationship with the trade union of its junior staff - National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE), an affiliate ofNLe.

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By Tina A. Hassan AFRICA Development Bank (AIDB) has granted Nigeria $6.1 million (N91S million) for the implementation of ongoing agriculture projects in fadama II development programme. Acting Resident Representative of the bank Dr. John Kofi Baffoe said the. money is to ensure that fadama II projects would be aMMO achieve its target of poverty reduction and rural community empowerment before it comes to an end. At a two-day training workshqp on fadama II, AIDB project implementation management nleeting on dis-" bursement on financial management for accountants and internal auditors in Abuja yesterday, he said the bank has earmarked $100 million for five agricultural projects in Nigeria. Baffoe who was represented by the Country Programme Officer Peter Sturmheit said the training is expected to boost the level of project implementation which is currently above SO percent but said there is room for improvement. He said the bank has taken over the supervision of its various agriculture projects in order to improve efficiency especially in states with slo.w implementation challenges. National Project Coordinator (NPC) of the Fadama programme, Dr. BukarTijani, said the money would be utilized within the first three months and would be disbursed to all the states according to their budgets within 24 hours. He w-ged all States Project Co-ordinators (SPCs) to desist from the temptation of using public funds for personal use and to ensure that all statements of expenditure and original copies of signed projects and contracts are submitted to the fadama head office for onward submission to the bank as a way of ensuring transparency and efficiency in the management of funds. According to him, the funds would be efficiently utilized to ensure that farmers have access to markets and processors. He said the project is expecting the r.elease of an additional $10 million for project implementation from the bank.

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DAILY TRUST January 20, 2011