There’s a logic to Elon Musk bringing Tesla and Solar City together. It has to do with an energy policy called “net metering.”

If Tesla City can reduce the cost of making a house-powering battery to just $640—some analysts believe it’s possible—then every Solar City installation can be both a power plant and a storage system. And if the battery pack is key to the economics and not just a bonus, why not bring the companies together in more than a partnership?

The combined company will still be a gamble, but not on the economics of solar power or the availability of future subsidies. Now, both Tesla and Solar City depend on the company’s ability to stand up its battery gigafactory and meet its production goals.

The Central Bank of Nigeria (CBN) has announced M. k Ahmad and Tokunbo Abiru the new Chairman and Chief Executive Officer of Skye bank respectively. Both of them are now to bear the burden of turning around the bank’s huge liquidity challenge and quickly save it from collapse.

CBN’s announcement came shortly after the bank’s former Chairman, Olatunde Ayeni; Managing Director, Timothy Oguntayo; the Deputy Managing Director, Non Executive Directors; Independent Directors; and the two longest serving Executive Directors all voluntarily resigned just ahead of a central bank pronouncement that it had dissolved the board and removed part of the management over capital adequacy issues.

The CBN, however retained the most recently appointed Executive Directors of the bank.

Ahmad is the former director general of PENCOM and Tokunbo Abiru is the former Lagos State commissioner for finance

CBN governor Godwin Emefiele, who announced the new appointment and confirmed Oguntayo’s resignation said that Skye Bank’s carries quite some huge bad assets that saw the Non-Performing Loans exceeding the allowed 5 percent threshold.

Emefiele said specifically that the new appointment was as a result of the lenders failure to meet minimum threshold in critical prudentials and adequacy ratios.

Meanwhile in Skye bank, customers have besieged the bank to withdraw their money before it collapses. Largely, this bank may not survive as depositors will move their deposits in days.

President Muhammadu Buhari has approved the composition of the Board of the Nigerian National Petroleum Corporation (NNPC), as provided for under Section 1(2) of the Nigerian National Petroleum Corporation Act of 1997, as amended.

Mr. Buhari also removed Ibe Kachikwu as group managing director of the corporation, a statement by presidential spokesperson, Femi Adesina, showed.

He however allowed him to remain as minister of state for petroleum and will serve as chairman of the new NNPC board.

The new NNPC GMD is Maikanti Kacalla Baru, according to the presidency.

The new board is composed of the following:
A. Chairman-Dr Emmanuel Ibe Kachikwu, Honourable Minister of State for Petroleum;
B. Group Managing Director- Dr Maikanti Kacalla Baru;
C. The Permanent Secretary of the Federal Ministry of Finance; and
D. The following six persons:
1. Mallam Abba Kyari
2. Dr Thomas M.A John
3. Dr Pius O. Akinyelure
4. Dr Tajuddeen Umar
5. Mallam Mohammed Lawal, and
6. Mallam Yusuf Lawal.

Dr. M. K. Baru attended Ahmadu Bello University, Zaria, in Kaduna State of Nigeria; where he obtained Bachelor of Engineering (Mechanical) with a first class honors. He also holds a Doctor of Philosophy in Mechanical engineering.

Before his Recent appointment Dr. Baru had worked in various capacities in both the Upstream and Downstream Sectors of NNPC. These includes Group General Manager of Greenfield Refinery Projects, Managing Director of Hyson, Executive Director of Nigerian Gas Company (NGC), General Manager – Gas Division of NAPIMS, Manager – Operations, Procurement Management Services and Manager – Engineering for National Engineering and Technical Company Limited (NETCO).

President Muhammadu Buhari has sacked Emmanuel Ibe Kachikwu as the group Managing Director of the Nigerian National Petroleum Corporation and replaced him with Maikanti Baru. In a press statement issued today in Abuja, the president office stated that Kachikwu as the minister for State for Petroleum will now be the chairman of the Board of the NNPC.

See full statement below:

PRESIDENT BUHARI APPROVES NEW BOARD OF DIRECTORS FOR NNPC

President Muhammadu Buhari has approved the composition of the Board of the Nigerian National Petroleum Corporation (NNPC), as provided for under Section 1(2) of the Nigerian National Petroleum Corporation Act of 1997, as amended.
The new board is composed of the following:
A. Chairman-Dr Emmanuel Ibe Kachikwu, Honourable Minister of State for Petroleum;
B. Group Managing Director- Dr Maikanti Kacalla Baru;
C. The Permanent Secretary of the Federal Ministry of Finance; and
D. The following six persons:
1. Mallam Abba Kyari
2. Dr Thomas M.A John
3. Dr Pius O. Akinyelure
4. Dr Tajuddeen Umar
5. Mallam Mohammed Lawal, and
6. Mallam Yusuf Lawal.
President Buhari urges the new board to ensure the successful delivery of the mandate of the NNPC, ” and serve the nation by upholding the public trust placed on them in managing this critical national asset.”

FEMI ADESINA
Special Adviser
(Media and Publicity)
July 4, 2016

Leadway Asssurance Ltd is collaborating with the global reinsurance giant, Swiss Re, in championing the course of agricultural  insurance awareness creation  in Nigeria.

Leadway, said it was spurred to act in this direction following  realisation that though agriculture is a very popular business in Nigeria, it is obvious that seven out of every 10 Nigerians live through agricultural activities, agric insurance is close to non-existence in Nigeria.

This is because over the years, despite the huge population of Nigerians who engaged in agriculture, only the federal government owned Nigeria Agricultural Insurance Corporation (NAIC)  provides Agric insurance  to farmers.

The insurance services provided by the corporation is only for the few farmers who secure bank credits through the various SMEs loan scheme provided by government.

All farmers who do not access government loans are excluded from the corporation’s insurance services mainly because of ignorance and lack of driving force to compel them to buy insurance.

Against this backdrop, many farmers are excluded from agric insurance services in the country while they are frequently exposed to losses from natural risk occurrences like flood, fire outbreaks and all forms of farm diseases which often impoverish farmers and limit their chances of business growth.

But currently, Leadway assurance said it has resolved to take the opportunity of agric insurance liberalisation  instituted by the National Insurance Commission( NAICOM) few years back to popularise Agric insurance among Nigerian farmers.

Zenvus zInsure will be a great solution to help the agro insurance industry in Nigeria.