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FG unveils new national carrier, Nigeria Air

Hadi Sirika, minister of state for aviation, has unveiled the name and logo of the new national carrier, Nigeria Air.

Speaking on Wednesday in London at the ongoing Farnborough International Airshow, Sirika said the government will not own more than five per cent of the airline.

“This is an important day for Nigeria. The largest economy in Africa, largest population, GDP of around half a billion dollars, and the only true aviation player in West and Central Africa,” he said.

“Nigeria has unfortunately not been a serious player in Aviation for a long time. We used to be a dominant player, through Nigeria Airways, but sadly not anymore.

“This will be a national carrier that is private sector led and driven. It is a business, not a social service. The government will not be involved in running it or deciding who runs it. The investors will have full responsibility for this.

“The Nigerian government will not own more than 5% (maximum) of the new national carrier. The government will not be involved in running it or deciding who runs it.

“New terminals in Lagos and Abuja Airports will add 11 million passenger capacity in each of the two airports.

According to the minister, the airline will have flights on 81 domestic, regional and international routes.

Operations are scheduled to begin in December 2018.

 

Oando crisis: London Court orders Wale Tinubu’s firms to pay Volpi $680m

The last may not have been heard of the crisis rocking Oando PLC as the London Court of International Arbitration (LCIA) has issued an award against two companies owned by the Chief Executive Officer of Oando Plc, Wale Tinubu and his deputy, Mofe Boyo to pay a total debt of US$680 million (equivalent of N244.8 billion) to Ansbury Investments Inc, which is owned by Mr. Gabriele Volpi.

In its ruling on July 6, 2018, the LCIA held that Ocean and Oil Development Partners (OODP) British Virgin Islands, which owns 55.96% of Oando PLC through a holding company named Ocean and Oil Development Partners (OODP) Nigeria Ltd, is indebted to Ansbury Investment Inc. to the tune of US$600 million (equivalent of N216 billion).

An international lawyer and Counsel to Ansbury Investment, Andrea Moja, confirmed the LCIA award in a press release on Sunday.

According to Moja, the Arbitration Court also held that a company known as Whitmore Asset Management Limited, whose ultimate beneficial owners are Wale Tinubu and Mofe Boyo, are indebted to Ansbury Investment to the tune of another US$80 million (N28.8 billion). This brings the total debt owed by the Oando managers to Ansbury Investment to US$680 million.

Documents obtained from the LCIA, which is reputed to be one of the world’s leading international institutions for commercial dispute resolution, identified the family of a Nigerian-Italian, Mr. Gabriele Volpi as the ultimate beneficial owner of Ansbury, while Mr. Wale Tinubu and Mr. Mofe Boyo are the ultimate beneficial owners of Whitmore Assets Management Limited.

The London Arbitration Court held that an existing “Third Shareholders Agreement” between the parties is fully and legally binding on the parties as claimed by Ansbury Investment.

The documents indicate that a Final Award in which the Court will pronounce on accrued interests on the debts owed and legal expenses incurred by Ansbury will follow in the next few days. The LCIA award has been communicated to the parties concerned since July 9, 2018.

The Ansbury statement reads in part: “The Award has been communicated to the parties on July 9th, 2018 and the key terms are as follows:

“The claim of Whitmore Asset Management Limited that the parties agreed to a binding Fourth Shareholders Agreement was rejected. The Court upheld the position that the Third Shareholders Agreement is fully and legally binding between the parties as stated by Ansbury Investments Inc.

“The alleged agreement by which Whitmore Asset Management Limited was to hold 60% Of Ocean And Oil Development Partners (BVI) Ltd is not binding on the parties.

“Ocean And Oil Development Partners (Bvi) Ltd owes a debt to Ansbury Investments Inc for an amount of US$ 600 million.

“Whitmore Asset Management Limited owes a debt to Ansbury Investments Inc for an amount of US$ 80 million.

“This Partial Award will be followed by a Final Award in which the London Court of International Arbitration (LCIA) will pronounce on interests on the amounts owed and legal expenses.

“Given the above, Ansbury Investments Inc will immediately submit an application to London Court of International Arbitration (LCIA) in which it will be asked to charge Whitmore Asset Management Limited for all the due interests and legal expenses as well.”

In 2012, Ansbury reportedly invested about $700 million in Ocean and Oil Development Partners Limited (OODP BVI), a special purpose vehicle registered in the British Virgin Islands by acquiring a 61.9 per cent stake in the firm, while a company owned by Tinubu, Withmore Limited, held 38.10 per cent of the stake in OODP BVI.

Tinubu had approached Mr. Volpi to invest in the British Virgin Islands-registered firm when Oando PLC was
seeking to acquire ConocoPhillips’ upstream oil and gas assets in Nigeria for $1.5 billion. OODP BVI, in turn, owns 99.99 per cent of the shares of Ocean and Oil Development Partners Nigeria Limited (OODP Nigeria), which holds 55.96 per cent of the shares in Oando.

When the disagreement broke in 2017, Ansbury also petitioned the Securities and Exchange Commission (SEC) in May accusing the management of Oando PLC of mismanagement, cooked books and huge indebtedness.

The petition was titled “Serious Concern to Corporate Governance Existence, Gross Abuse of Corporate Governance and Financial Management in Oando Plc – Request for Urgent Regulatory Intervention.”

In the petition, Ansbury cited page eight of the company’s annual report of 2016, alleging that a “strong uncertainty regarding the going concern status of the group had already arisen in 2015 and strengthened in 2016 as clearly pointed out by the auditors in their report”.

The petitioners also alleged that “operational management closed with a consistent loss of over N7.68 billion, significantly worse than 2015”, arguing further that “the net loss for the year from continuing operations in 2016 amounted to N25.8 billion, adding to the net loss of N34.9 billion of the previous year (2015)”.

Ansbury also informed SEC that Oando’s “current liabilities as at December 31, 2016, far exceeds the current assets by N263.7 billion, confirming serious financial imbalance from the previous financial year”.

The petition culminated in the suspension of Oando’s shares onn the floors of the Nigerian Stock Exchange (NSE) and the Johannesburg Stock Exchange (JSE) in October 2017. The suspension was however lifted on April 11, 2018.

SEC has since ordered a forensic audit of Oando’s financial records.

With $900m fortune, Kylie Jenner set to become youngest self-made billionaire

Make-up business mogul, reality star and influencer, Kylie Jenner, is becoming the youngest self-made billionaire ever, ahead of Mark Zuckerberg, who became a billionaire at age 23, according to Forbes.

The youngest Jenner, who is on the cover of the August edition of the American business magazine, is on the ‘America’s Richest Self-Made Women’ list.

The ranking, which is in its fourth year, collates America’s most successful self-made women entrepreneurs and executives as measured by their net worth.

The 20-year-old Kylie, who is the youngest of the Kardashian-Jenner sisters, is worth $900m and is tipped by Forbes to become the youngest billionaire in the world.

The new mother of Stormi Webster came into limelight from her appearances in her family’s television show ‘Keeping up with the Kadarshians.’

Speaking on Kylie’s rise, Forbes wrote, “Another year of growth will make her the youngest self-made billionaire ever, male or female, trumping Mark Zuckerberg, who became a billionaire at age 23.”

Kylie joins other women, including her sister Kim Kardashian, media mogul Oprah Winfrey, singers Beyonce and Taylor Swift who also made the list.

Describing Kylie’s business success, Forbes wrote on its website, “Jenner runs one of the hottest makeup companies ever.

“Kylie Cosmetics launched two years ago with a $29 “lip kit” consisting of a matching set of lipstick and lip liner.

“It has sold more than $630 million worth of makeup since, including an estimated $330m in 2017.

“Even using a conservative multiple, and applying our standard 20% discount, Forbes values her company, which has since added other cosmetics like eye shadow and concealer, at nearly $800m. Jenner owns 100 per cent of it.

“Add to that the millions she’s earned from TV programs and endorsing products like Puma shoes and PacSun clothing, and $60m in estimated after-tax dividends she’s taken from her company, and she’s conservatively worth $900m.”

‘I need a new wife’ – Dangote reveals in FT interview

Billionaire businessman Dangote has revealed that at 61, he is not getting any younger, and he is willing to take on a new wife.

Speaking with David Piling in a Financial Times interview, Lunch with FT, the multi-billionaire, who is Africa’s richest man, revealed a soft side of himself and talked tall about his ambitions to buy Arsenal Football club after successfully leading Nigeria’s oil refining revolution.

DANGOTE REALLY NEEDS A NEW WIFE

Dangote revealed that his schedule is inhibiting romance. The founder of Dangote Group, who is twice divorced and has three grown-up daughters, told FT that he is on the lookout for a new bride.

He however adds a caveat: “I’m not getting younger. Sixty years is no joke. But it doesn’t make sense to go out and get somebody if you don’t have the time. Right now, things are really, really very busy, because we have the refinery, we have the petrochemicals, we have the fertiliser, we have the gas pipeline.”

But he agrees that he needs to “calm down a bit”.

FASTS AT LEAST ONCE A WEEK

Who will believe that the man who has one of the biggest food chains in the country, actually fasts at least once a week? Dangote told Pilling that he tries to fast at least once a week, adding that “it helps to clean your system”.

TAKES MORE THAN 100 CALLS A DAY

As expected, Dangote has a very busy schedule, but who would have guessed that he may also be one of Africa’s busiest, taking over 100 calls per day.

Speaking of his relationship with Tony Blair, former British prime minister, Dangote says Blair only makes three calls per day. But he has to battle with scores, and tonnes of emails.

About his mails, he says: “you try to be polite and reply but they come back to you with a longer email, not minding that here is a very, very busy person”.

“Look Aliko, the world is not going to fall apart if you don’t answer your phone,” Dangote says of his golden advise from Blair.

NIGERIA TO BE THE LARGEST EXPORTER OF PETROLEUM PRODUCT

The serial-entrepreneur says once his $12 billion refinery is done, Nigeria will for the first time in her history, become Africa’s biggest exporter of petroleum products.

“When we finish this project, for the first time in history Nigeria will be the largest exporter of petroleum products in Africa,” he said.

NIGERIA IS TOUGH; ONLY THE TOUGHEST SURVIVE

The man with the most amount of the money in Nigeria — officially — says only toughest of the tough survives in Africa’s largest economy.

Dangote say with his new refinery, he is out to make new enemies, stating that “you can’t just come and remove food from their table and think they’re just going to watch you doing it”.

“They will try all sorts of tricks. This is a very, very tough society. Only the toughest of the tough survive here”.

NIGERIA NEEDS DRACONIAN POLICY TO STOP MILK IMPORTATION

The Kano-born billionaire is not happy with Nigeria’s inability to produce what she eats, locally, and wants some hard policies to stop importation of some products.

“What Nigeria needs is to produce locally what we can produce locally. Nigeria still imports vegetable oil, which makes no sense. Nigeria still imports 4.9m tonnes of wheat, which does not make sense,” the $14-billion-man  said.

“Nigeria still imports 97 or 98 per cent of the milk that we consume. The government needs to bring out a draconian policy to stop people importing milk, just like they did with cement.”

STILL OUT TO BUY ARSENAL

Dangote is not a man known to give up on his dreams, and his dreams about Arsenal Football Club will not be different, he reveals.

“I love Arsenal and I will definitely go for it,” he told FT, adding that the club should be worth about $2bn.

Speaking as the owner of the club, Dangote said he would involve himself in rebuilding the team — “chipping in my own advice”.

“When I buy it, I have to bring it up to the expectations of our supporters,” he said, stating that his refinery is priority now. “Once I have finished with that headache, I will take on football,” he concludes.

Nigeria to receive first set of planes for national carrier on Dec 19 – Minister

Minister of State for Aviation, Hadi Sirika, has revealed that the December take-off date for Nigeria’s national carrier is achievable, as the country is expected to receive the first set of airplanes on December 19.

On his Twitter handle, Sirika posted a copy of the Outline Business Case Certificate of Compliance for the National Carrier project from Infrastructure Concession Regulatory Commission and wrote, “the December kick-off date of the project is slowly becoming reality.”

The Personal  Assistant toPresident Muhammadu Buhari on Social Media, Bashir Ahmad, on Monday on his verified Twitter handle revealed that the name, logo, colour scheme, structure, and types of airplane of Nigeria’s national carrier will be unveiled at Farnborough International Public Airshow on July 18th, 2018 in London.

Ahmad added that Sirika also confirmed that “Nigeria will receive the first set of five airplanes for the airliner on 19 December. And Federal Government intends to get a 30 aircraft market in five years.”

Stakeholders set agenda for haulage sector operators

 

Concerned with the spate of road traffic crashes involving haulage and other related vehicles in the country, the Federal Government
through the office of the Secretary to the Government of the Federation (SGF), Boss Mustapha called a meeting of relevant stakeholders on haulage operators on Monday, 9th July 2018 at the Conference Hall of the SGF at Shehu Shagari Office Complex
Office, Abuja.

According to Bisi Kazeem, Corps Public Education Officer, FRSC, the meeting had in attendance all critical stakeholders from private sector and government organizations including the Chairman, Senate
Committee on Federal Character and Inter-governmental Affairs; Chairman, Senate Committee on Land Transportation, Chairman, House Committee on Road Safety as well as Chairman, House Committee on Federal Roads Maintenance Agency (FERMA) and the Corps Marshal
of the FRSC, Dr Boboye Oyeyemi.

Other stakeholders in attendance were the representative of the Inspector General of Police, heads of various transport related agencies,
transport unions and petroleum industry. After the opening address by the SGF, presentation by the Corps Marshal and goodwill messages from members of the National Assembly present as well as inputs by various stakeholders, a plan of action capable of addressing
the menace and binding on all members was adopted.

Consequently, the Forum resolved that mandatory certification of all haulage vehicles be carried out twice in twelve calendar months,
while importation of haulage vehicles exceeding ten years from date of manufacture would be stopped with effect from 1st January, 2020. It further resolved that standard speed limiters should be installed on all haulage vehicles in Nigeria, while
Trailers without safety valves and the required number plates would henceforth be disallowed from loading.

“The Safe-To- Load programme would continue to be enforced by relevant agencies at all loading points and Department of Petroleum (DPR),
FRSC and other relevant agencies should immediately harmonize operating safety requirements at all Tank Farms,” the Forum resolved. In the same vein, it resolved that periodic checks of haulage vehicles should be carried out at all relevant loading points,
while payment of National Transportation Allowances (NTA) and bridging claims to tanker operators would henceforth be contingent on compliance to minimum safety standards.

The Forum also resolved that single operators of haulage vehicles must be duly registered with National Association of Road Transport
Owners (NARTO and should comply with the provisions of Road Transport Safety Standardization Scheme (RTSSS).

On FRSC, it resolved that the Corps should establish appropriate command and control centers to monitor and ensure safety on the highways,
adding that continuous public enlightenment with other relevant stakeholders should be conducted at all loading points of haulage vehicles and their Rest Areas. “Federal Highways (Control of Dimensions, Weights and Axle Load of Heavy Duty Goods Transport Vehicles)
Regulations, 2018 will be enforced,” the Forum further resolved.

In addition, the Forum adopted the resolution that Government will work closely with the Bank of Industry and other financial institutions
towards the establishment of a Fleet Acquisition Renewal Scheme for haulage operators and that haulage vehicle conveying hazardous materials must be clearly labeled in conformity with the Highway Code.

Finally, the Forum endorsed the convocation of bi-annual meetings in order to sustain government engagement with stakeholders to exchange
ideas and share information for the sustenance of safer road management in the country.

 

Banks suspend cash withdrawals from ATMs overseas

Banks have suspended all cash withdrawals from overseas Automated Teller Machines (ATMs), except for customers whose cards are linked to domiciliary accounts funded locally, The Nation has learnt.

Banks have been encouraging travellers to open and fund dollar accounts, which aside having no spending limits, provide them the flexibility to spend at all times.

The lenders are also raising their card spending limits on Point of Sale (PoS) and online card transactions abroad, an indication of increased dollar liquidity and rising exchange rate stability.

Guaranty Trust Bank (GTBank) and First City Monument Bank (FCMB) at the weekend raised their monthly card spending limit on overseas PoS and online transactions from $1,000 to $3,000 and around $2,000 to $5,000.

GTBank informed its customers of the increase via email. “We would like to inform you that our monthly spending limit on your GTBank Naira MasterCard has been reviewed to $3,000 from $1,000 for your international online and PoS transactions. Kindly note that international ATM cash withdrawal is still restricted,” it said.

“Clothing, shoes, electronics, books…whatever your needs are FCMB Naira Debit Card gives you instant full access to $5,000 monthly to shop online”, FCMB said in an email sent to its customers at the weekend.

GT Bank had nearly two years ago during the height of the dollar scarcity limited monthly transactions on PoS and online transactions using cards to $100, British Pounds Sterling 90, Euro 130 and Canadian Dollar 360. The prevailing dollar scarcity at that time made it difficult for travellers to pay their hotel bills and make reservations and other transactions using their debit cards.

Many banks which announced the suspension of their overseas ATM card services in October 2016 have all lifted the suspension and raised monthly transaction volumes for customers on foreign currency-denominated deals, including those conducted on PoS machines and online.

The dynamics changed in April last year when the Central Bank of Nigeria (CBN) introduced the Investors’ & Exporters’ (I&E) Forex window which has so far attracted over $53.9 billion to the economy. The dollar inflows have helped to strengthen the naira against the greenback and brought stability to the forex market.

Financial analysts at Afrinvest West Africa said stability in the forex market followed the increased volume of forex interventions and the coming of I&E FX window, which allows for flexibility in pricing of forex as well as efficiency and transparency in allocation.

For instance, in the first half of 2018, transactions in the I&E Forex window stood at $30 billion, surpassing the $23.9 billion total turnover recorded in 2017 and bringing the overall transactions to $53.9 billion. Although the CBN’s participation is estimated at 30 per cent of the transactions in the window, the increased level of participation to some extent underscores the flexibility of the market as well as investors’ preference of the I&E as the platform for Forex deals.

According to an Afrinvest report titled: “Nigerian economy and financial market H1:2018 review’ released at the weekend, the investment and research firm, said Nigeria’s economic recovery path had been reinforced by the sustained stability in oil prices with four consecutive quarters (since second quarter of 2017) of positive, slow but steady growth.

It, however, said economic activities slowed in the first half of this year, given the delayed passage and implementation of the 2018 “Budget of Consolidation”, a major limiting factor in the drive towards implementing the Federal Government’s Economic Recovery and Growth Plan (ERGP) – the fiscal paper drafted to address some of the deep-rooted structural imbalances in the economy.

“In addition, food supply disruptions resulting from the current security crises – which in turn fuelled inflationary pressures – coupled with tighter monetary stance of the CBN towards stabilising the currency market, contributed to the slow growth rate reported. Nonetheless, the domestic macroeconomic performance has been largely satisfactory on the back of persistent disinflation, rising oil prices and external reserves, increased foreign exchange liquidity with frequency of interventions, improved total capital flows into the country and favourable balance of trade,” the report said.

It said the rise in oil prices impacted positively on Nigeria’s foreign reserves, rising 22.7 per cent to $47.6 billion on June 13, 2018 from $38.8 billion on December 29, 2017.

Consequently, the CBN maintained its exchange rate peg with the naira appreciating to N305.80/$1 (June 2018) from N306/$1 (December 2017) in the official window while the stability and liquidity in the foreign exchange market improved as seen in the growing confidence by investors in the I&E Forex window in the first half of this year relative to fiscal year 2017.

The forex window has largely removed the pressures from the parallel market rate which now, sometimes, trades at a discount to the Nigerian Autonomous Foreign Exchange (NAFEX) rate.

Also, Renaissance Capital’s (RenCap’s) Sub-Saharan Africa (SSA) Economist, Yvonne Mhango, predicted that the naira would end the year at N356 to dollar in the parallel market. RenCap is a leading frontier market research and investment firm based in many countries, including Nigeria. The local currency exchanges around N360/$ in the parallel market.

In a report titled: “Nigeria: First Quarter 2018 Current Account – surplus swells” ,  she said Nigeria’s current account (CA) surplus increased to 4.6 per cent of Gross Domestic Product -GDP (annualised) in first quarter against 3.3 per cent in first quarter of last year.

“This was in part due to strong export growth of 44 per cent year-on-year in first quarter against 31 per cent in first quarter of last year. That said, imports are also recovering; they grew by the fastest rate since 2014. A one-third increase in current transfers (remittances) helped mitigate a strong increase in income outflows and payments to foreign service providers. We revise our 2018 CA/GDP forecast up slightly to 3.4 per cent, from 3.3 per cent previously. This supports naira stability and our year forecast is N356/$1,” she said.

 

Nigeria has a subsisting Debt Management Strategy – DMO

The Debt Management Office (DMO) on Wednesday refuted a report published by a national daily that the country had no debt management strategy.

The Director-General of DMO, Ms. Patience Oniha, in a statement issued by the Office, disclosed that Nigeria has a subsisting debt management strategy.

“Contrary to the publication on the front page of the newspaper of July 4, 2018, Nigeria has a duly approved Debt Management Strategy.

“The Debt Management Strategy was approved by the Federal Executive Council in June 2016 and has an expiry date of December 2019. The document is available on https://www.dmo.gov.ng/publications/other-publications/debt-management-strategy,” Oniha said.

She advised the public to disregard the media report, adding that the Federal Government was implementing the nation’s debt management strategy in full.

Oniha said, “The publication is absolutely false and the claim that they obtained a confirmation from the Director-General of the Debt Management Office to the effect that the DMO was ‘working on it’ is also very wrong.

“The enquiry by the Newspaper was on the DMO’s Strategic Plan (an institutional plan) and not the Public Debt Management Strategy. This action amounts to deception and manipulation of information.

“There is a difference between the Debt Management Strategy and the DMO’s Strategic Plan. The Strategic Plan is a statement of the institution’s Goals and Objectives as well as, the activities that will enable their achievements.

“It covers issues such as Human Resources, Technology, and Market Development amongst others. This contrasts very sharply with the Public Debt Management Strategy which is entirely about the strategies for managing the public debt to ensure that borrowing is prudent and the public debt is sustainable.”

The DMO Director-General disclosed that a new Strategic Plan that would deliver a new, robust and all-encompassing strategy was at its final stage of preparation.

According to her, a robust Strategic Plan became necessary due to developments in the macro-economy, the Economic Recovery and Growth Plan (ERGP) and the need to come up with creative ways to fund the Government in the face of lower Revenues.

The old pattern for preparing a Strategic Plan, she added, would have been grossly inadequate.

She said further that a new Strategic Plan for the DMO had to be prepared in a holistic manner to incorporate these developments and expectations.

CBN directs banks to resolve USSD disputes in three days

The Central Bank of Nigeria (CBN) says all commercial banks must resolve disputes arising from the use of Unstructured Supplementary Service Data (USSD) channels within three days.

Dipo Fatokun, CBN’s director, banking and payment systems department, made this known at the Meet The Executive forum organised by Finance Correspondents Association of Nigeria (FICAN) in Lagos.

Fatokun, who was represented by Taiwo Oladimeji, assistant director of the department, said the directive would build more confidence in the payment system.

The director said some provisions of the regulatory framework for USSD are meant to make the channel more effective.

He listed some of the provisions as authentication measures for transactions, international mobile subscriber identity (IMSI), date of SIM swap, date of device change, international mobile equipment identity (IMEI).

The director said the maximum USSD transaction limit is still N100,000 per customer daily, and that any amount above that required customers to execute indemnity at the bank.

“USSD transactions above N20,000 require two-factor authentication (2FA),” he said.

“No USSD financial service should be activated for customers unless the deactivation mechanism is put in place with effect from October 2018.

“In addition, the CBN is currently working to properly structure and formalise the sandbox arrangement in Nigeria by collaborating with some infrastructure providers like the Nigeria Interbank Settlement System (NIBSS) to interact with FinTechs.

“We are seeing new operators with technology savvy, more efficient models, and collaborations among new entrants as well as established participants in payments systems in ways that exhibit regulatory challenges.

“To meet up with the challenges, some countries have adopted regulatory sandbox approach which is not totally novel to the CBN.

“We are, however, working to properly structure and formalise the sandbox arrangement in Nigeria by collaborating with some infrastructure providers to interact with FinTechs.”

Fatokun said a functional National Payments System (NPS) is crucial to the development of the financial sector as it would increase confidence in the financial sector by ensuring a credible, reliable and efficient payment system.

He observed that in recent years, the Nigerian payment landscape had experienced a lot of innovation, bursting with enterprise and reaching the unbanked.

PUNCH appoints Angela Emuwa as new Chairman

The Board of Punch Nigeria Limited has appointed Angela Olufunmilayo Emuwa, nee Aboderin, as its new Chairman.

The appointment followed the demise of the Chairman of Punch Nigeria Limited, Gbadebowale Wayne Aboderin, on May 30, 2018.

The Board also appointed Valerie Omowunmi Tunde-Obe, nee Aboderin, as a non-executive director.
Emuwa’s appointment took effect from June 26, 2018.

Until her appointment, Emuwa, one of the daughters of the founding chairman of PUNCH, the late Chief Olu Aboderin, was a non-executive director of the company, having joined the board on July 29, 1994.

Wunmi Tunde- Obe

Between 1986 and 1995, Emuwa worked as an advert executive, senior advert executive, advert manager and corporate affairs manager at the Newswatch Communications Limited.

She was the Advertising Sales Director at Africa Today, 1995-1999 and Head of Operations at News Africa 2000-2003.

She is the immediate past Chairperson, Golden Hearts Touching Lives Initiative, a non-governmental organisation that caters for indigent persons with special needs and the President, Autism Parents Association International, an NGO for Nigerian parents with autistic children. Emuwa, who sits on the Board of other companies, is married with children.

Tunde-Obe, whose appointment also took effect from Tuesday, attended Grange School and Queen’s College, Yaba, Lagos.
She holds a bachelor’s degree in Philosophy from the University of Lagos. Between 1995 and 2001, she worked as a Senior Manager, Copywriting at LTC/JWT Advertising.

In 2001, she and her husband founded KOPYKATS & Associates, a scriptwriting, music production and marketing company.
Tunde-Obe is the owner of Hair Afrique Beauty Salon, a subsidiary of United Hairways Beauty Company and Iya Ibadan Local Cuisine and Foods, which promotes foods from Western Nigeria.

A certified member of the Association of Advertising Practitioners of Nigeria since 2004, Tunde-Obe is a director of Punch Commercial Printing.

An entertainer and lover of the arts, Tunde-Obe is a co-founder of a music group, T.W.O (Tunde and Wunmi Obe), with her husband, Tunde.
She is married with children.