• Saturday, July 13, 2024
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BusinessDay

Five things to know to start your Monday

Long walk to May 29

INEC declares Sanwo-Olu winner of Lagos guber poll

Babajide Sanwo-Olu incumbent Governor of Lagos State has won Saturday’s gubernatorial election. He won 19 out of the 20 local government areas in the state.

With the result, Sanwo-Olu, running on the All Progressives Congress (APC) platform has been re-elected for another four year-term to lead Nigeria’s largest commercial hub.

Sanwo-Olu was announced the winner of the gubernatorial election around 1:18 am at the state headquarters of the Independent National Electoral Commission (INEC) in Yaba, by the Returning Officer, Adenike Temidayo Oladiji Vice Chancellor of the Federal University of Technology.

Read more: INEC declares Sanwo-Olu winner of Lagos guber poll

LP Senator-elect defeats Sen. Nnamani to clinch Enugu East Senatorial ticket

Kelvin Chukwu of the Labour Party defeated former Enugu State Governor and Senator representing Enugu East, Chimaroke Nnamani, to win the Enugu East senatorial election. As a result, Nnamani lost his reelection bid to return to the Senate.

The LP candidate polled 69,136 votes to beat Nnamani of the PDP, who scored 48,701 votes.

Prof. Joachim Omeje, the Returning Officer for the election, declared Chukwu the winner after he won the valid votes collated in the senatorial district on Sunday.

The former governor also accepted his defeat and sent a congratulatory message to his rival, Chukwu, over his victory in Saturday’s senatorial election. Nnamani said that the outcome of the election reflected the wishes of the majority of constituents, saying “the people have spoken”.

Chukwu replaced his late brother, Oyibo Chukwu, who was murdered three days before the Feb. 25 presidential and National Assembly elections.

Enugu Election: INEC to reconvene Monday for declaration of governorship results

The Independent National Electoral Commission (INEC) has concluded the collation of results of the Enugu State Governorship Election and adjourned until Monday for declaration of the winner.

The INEC Returning Officer for the Election, Prof Ofo Iwe made the announcement on Sunday night after concluding the collation of results from the 17 Local Government Areas of the state.

Report say that Peter Mba of the Peoples Democratic Party (PDP) is leading with a wide margin in the gubernatorial election followed by his counterpart in the Labour Party (LP), Chijioke Edeoga.

The returning officer said that the commission would reconvene by 8am on Monday. (NAN)

Unilever Nigeria leaves skin cleansing, home care markets

In a statement sent to the Nigerian Exchange Limited on Friday, Unilever Nigeria said that it would be leaving the skin cleansing and home care markets to enable it to reposition its business operation for increased profitability.

The statement signed by Abidemi Ademola, the Company Secretary, said that the company was changing its model so as to not only grow profit but ensure that it can meet the needs of its customers, shareholders, and employees better.

“This will involve repurposing the portfolio by exiting the home care and skin cleansing categories to concentrate on areas with higher growth opportunities.

“Strengthening business operations with measures to digitise and simplify processes; and focusing more on business continuity measures that reduce exposure to devaluation and currency liquidity in our business model,” the statement read.

Oil edges up on historic Swiss banks deal, central banks support

Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world’s largest central banks sought to reassure and stabilise global financial markets.

Brent crude futures rose 35 cents, or 0.5 percent, to $73.32 a barrel by 0007 GMT after a near 12 percent loss last week, its biggest weekly fall since December.

U.S. West Texas Intermediate crude was at $67.11 a barrel, up 37 cents, or 0.6 percent, after a 13 percent decline last week, its biggest since last April.

Switzerland’s largest bank, UBS, announced late on Sunday it will buy the country’s No. 2 lender Credit Suisse in a historic deal. Following the announcement, the U.S. Federal Reserve, European Central Bank, and other major central banks pledged to enhance market liquidity and support other banks. (Reuters)