Onasanya, FirstBank Boss, wins EMEA’s ‘CEO of the Year’ award

Group Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank), Mr. Bisi Onasanya has emerged the winner of the 2012 EMEA Finance “CEO of the Year Award”. At the well-attended ceremony, organised under the aegis of Annual African Banking Awards, now in its fifth edition, First Bank of Nigeria Limited also won the “Best Local Bank in Nigeria for 2012”.

FirstBank had won two previous editions of the award in 2009 and 2010. The African Banking Awards is regarded as the industry standard for banking excellence. Individual nominees are judged by their ability to deliver shareholder returns and gain strategic advantage in terms of market visibility and positioning, while institutions are appraised based on the performance of their critical fundamentals.

Proposed Joint Venture between Flour Mills and Niger Mills

The management of Flour Mills Nigeria Plc has announced its merger with subsidiary Niger Mills Limited.

According to a statement released by the company last Friday, the merger is intended to create a more efficient company, reduce costs,particularly administrative costs related to running the two entities as distinct companies.

“The board of Flour Mills believes that the enlarged entity will consolidate its position in the flour milling industry, accessing positive economies of scale and realising significant synergies through enhanced operational and administrative efficiency and a unified product delivery platform, thereby providing immense benefits to the shareholders and customers of Flour Mills,” the statement partly read.