Business

ExxonMobil Announces New Managing Director In Nigeria

Published

2 years ago

June 19, 2023

ExxonMobil has announced Mr. Shane Harris as the new Chairman and Managing Director in the country.

Mr Ogechukwu Udeagha, the Manager, Media and Communications of ExxonMobil, announce this in a statement made available to newsmen in Eket on Monday.

He said that Harris was to assume the role as lead country manager for ExxonMobil’s three affiliates in Nigeria due to Richard Laing’s retirement.

“ExxonMobil has appointed Mr. Shane Harris as chairman and managing director, and lead country manager of its three affiliates in Nigeria.

“The three affiliates include; Mobil Producing Nigeria Unlimited, Esso Exploration and Production Nigeria Limited, and Esso Exploration and Production Nigeria (Offshore East),” he said.

Udeagha said that Harris succeeds Laing, who is retiring from the company after 33 years of service, effective July 1.

Harris, prior to his appointment, was the chairman and president of ExxonMobil Exploration and Production, Malaysia Incorporated.

“It is a privilege to lead the ExxonMobil team in Nigeria and build on the work that Richard Laing has done over the last three years.

“I look forward to the work that lies ahead and continuing the company’s outstanding relationships,” he said.

Since joining ExxonMobil in 1998, Harris has held a variety of leadership, engineering and business assignments in Australia, Canada, Malaysia, Russia and the United States.

“In two of these previous assignments, he served as asset manager for Imperial Oil’s Kearl oil sands mining asset in northern Alberta, Canada, and as ExxonMobil’s global drilling technical manager in Houston,” Udeagha said.

Business

Naira Appreciates Against US Dollar After Highest Dip

Published

1 day ago

November 21, 2025

Editor

The Naira bounced back, recording an appreciation against the United States dollar at the official foreign exchange market after hitting its lowest point this week.

Data from the Central Bank of Nigeria showed that the Naira strengthened to N1,452.13 on Thursday, up from N1,454.19 traded on Wednesday.

This represents a gain of N2.06 against the dollar on a day-to-day basis.

Meanwhile, in the black market, the Naira depreciated by N5 to N1,470 per dollar on Thursday, down from N1,465 recorded the previous day.

The apex bank’s data indicated that the country’s external reserves continued to rise, standing at $44.12 billion as of 19 November 2025, despite the mixed sentiments in the currency exchange market.

Recall that on Wednesday, the Naira recorded its highest depreciation against the dollar at the official FX market.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

3 days ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

3 days ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.