Board of Directors of Tolaram, one of Nigeria’s leading conglomerates, has appointed Adesuwa Ladoja as the Managing Director/Chief Executive Officer of the Lagos Free Zone (LFZ) Company, one of its subsidiaries.

Adesuwa Ladoja

In a statement issued by the Board of Directors to its stakeholders, the appointment is effective July 1, 2024.

Adesuwa Ladoja takes over from Dinesh Rathi, who has been moved to the position of Group Finance Director of Tolaram.

According to the release, Ladoja brings extensive experience in infrastructure development and strategic leadership.

“She has been a key player in the development of the Lekki Deep Sea Port project, leading to its financial close in 2020, the completion of its construction in 2022 and commercial operation in 2023. Her leadership and strategic vision have been critical to the project’s success.”

Ladoja, a Lawyer, started her career in general commercial practice and litigation as an Associate at Ajumogobia & Okeke. This was followed by over a decade at KPMG Professional Services, where she specialised in Tax, Regulatory, and People Services.

She holds a Bachelor of Law degree (LL. B Hons) from Obafemi Awolowo University and a Master of Law (LL.M Hons) degree in International Business Law from King’s College, University of London.

Ladoja is a member of the Nigerian Bar Association and several other professional bodies and a notary public of the Supreme Court of Nigeria.

According to the Board, Ladoja’s multifaceted expertise will be invaluable in driving the Lagos Free Zone Company’s growth and innovation agenda.

Ladoja said: “I am honored to be given this opportunity, and I look forward to continuing the good work done by Dinesh and the team at LFZ in creating a unique industrial ecosystem which places sustainability and customer-centricity at its core.

“Lagos Free Zone with its integrated Lekki Port is the perfect illustration of what ease of doing business represents and we look forward to hosting more companies.”

Established in 2012, Lagos Free Zone is an award-winning port-based industrial zone (850 hectares) in Lagos, Nigeria, with over $2.5 billion committed FDI projects to date.

Owned and promoted by Tolaram, LFZ is located in Lekki, the sunrise development corridor in Lagos. With its vision to be the preferred industrial hub in West Africa.

KuCoin, a leading cryptocurrency exchange, has announced it will begin collecting a 7.5 percent value-added tax (VAT) on transaction fees for its users in Nigeria.

The decision follows a recent regulatory update in the country, prompting KuCoin to introduce the VAT.

In a statement released on July 3, KuCoin confirmed that the VAT deduction will take effect from July 8. The company clarified that the 7.5 percent VAT will be applied specifically to the transaction fee, not the total amount. For example, if a user purchases $1,000 worth of Bitcoin with a 0.1 percent fee, the transaction fee would be $1. Consequently, the VAT on this fee would be $0.075, making the net amount for the transaction $998.925.

The statement read; “We are writing to inform you of an important regulatory update that impacts our users from Nigeria.

“Starting from July 8th, 2024, we will begin collecting a Value-Added Tax (VAT) at a rate of 7.5% on transaction fees in each trade for users whose KYC information is registered in Nigeria.

“Nb: The 7.5% is only charged on the 0.1%/0.05% transaction fee and not your total amount which will be remitted.

“Please note that the VAT will be applied to the transaction fees in each trade, not the transaction amount, and covers all transaction types on KuCoin platform.”

Nigerian Exchange Group has announced the appointment of Jude Chiemeka as the Chief Executive Officer of Nigerian Exchange Limited.

Jude Chiemeka

Chiemeka’s appointment is to take effect from July 1, 2024.

This was disclosed in a statement made available to The PUNCH by the Head of Group Communications and Partnerships, NGX, Clifford Akpolo on Thursday.

His appointment followed approval from the Securities and Exchange Commission.

Chiemeka has been serving as the acting CEO since January 1, the role previously held by Temi Popoola, who transitioned to the position of Group Managing Director and CEO of NGX Group.

According to the statement, Chiemeka brings three decades of experience in African securities trading and asset management to his new role. His career includes leadership positions such as Executive Director of Capital Markets at NGX and MD/CEO at United Capital Securities Limited.

“He has also contributed to the industry through roles at investment banking firms in Nigeria, including Chapel Hill Denham Securities and Rencap Securities (Nigeria). A Fellow of the Chartered Institute of Stockbrokers, Chiemeka is an alumnus of the University of Lagos, Lagos Business School, and the University of Oxford, UK,” the statement reads.

The Group Chairman of NGX Group, Umaru Kwairanga, expressed confidence that with Chiemeka’s leadership, NGX will continue to play a crucial role in fostering economic growth in Nigeria and across Africa.

Also commenting on the appointment, the Chairman of Nigerian Exchange Limited, Ahonsi Unuigbe, echoed the same sentiments, affirming that Chiemeka will unlock new opportunities for investors in the capital market.

“The Board of NGX is pleased to confirm Mr. Chiemeka’s appointment as CEO of The Exchange. It is our hope and expectation that he will drive growth and innovation, enhance our operational perspectives, democratize investment in the capital market, and unlock opportunities for investors,’’ Ahonsi said.

On his part, Popoola noted that Chiemeka’s appointment would create value for stakeholders across the organization.

“I am delighted to see Mr. Chiemeka step into the role of CEO of NGX. His extensive experience and deep understanding of our markets will be crucial in driving NGX’s growth while aligning with our broader group strategy.

“I look forward to working closely with him to unlock value and to create new opportunities for stakeholders across the entire NGX Group ecosystem,” he stated.

Chiemeka pledged to collaborate closely with NGX’s team and the wider capital market community to create a more dynamic and inclusive exchange that enhances Nigeria’s economic growth and global competitiveness.