Oct 14, 2019

Nigeria women have been urged to promote indigenous African products, a feat if adhered to, would reduce unemployment not only among youths but among the entire workforce.

The Chairman, Yoruba Tennis Club, Olawunmi Agbaje, made the pronouncement while declaring open the 4th Naija Fair, tagged Afro-Naija Expo 2019, with the Theme: “Promoting Indigenous African Products”, organised by Yoruba Tennis Club, Ladies Wing, that took place at the premises of the Club House in Lagos at the weekend.

Agbaje, who commended the initiatives of the Ladies Wing of the Yoruba Tennis Club for their initiatives at supporting the men fold in stimulating commerce in the state and contribute their quota to the development of the state, said it would be an added advantage if the group could intensify efforts at promoting indigenous African products, which without any iota of doubt would further assist the state and the country commercial-wise.

“Let me commend the Yoruba Tennis Club, Ladies Wing, for their initiatives at organising trade fair like this every year with different titles that would stimulate our women to be more active and relevant. Meanwhile, I would not fail to advise you to intensify efforts at further promoting indigenous African products which would further stimulate commerce in the state and Nigeria in general”, Agbaje said

The Chairperson of the Ladies Wing, Titilola Agbaje, said the 4th Edition of the fair, with the theme “Afro-Naija Expo, has something for everyone, adding that the Fair was conceived by the Ladies’ Wing made up of the spouses of members of the Club, in 2016 as one of the events to commemorate the 90th anniversary of the club.

She maintained that this year’s edition was targeted at promoting all ranges of indigenous African products, thus creating a bridge between manufacturers, their products and consumers.

She emphasised that the products that were exhibited were indeed world class.

“This year’s edition with the theme, “Afro-Naija Expo: Promoting Indigenous African Products” would remain indelible because it would be remembered to promote all ranges of indigenous African products, which would no doubt serve as bridge between manufacturers, products and consumers”, she said.

The Chairperson, Planning Committee for 2019 Fair, Omotunde Lawson, expressed appreciation to members of the committee for their effort at making this year’s exhibition a successful one, just as she commended the exhibitors and other sponsors of the fair.

The Trade Marketing Manager, Nigerian Bottling Company, Ms Adedolapo Adebowale, commended the initiatives of the Ladies’ Wing, Yoruba Tennis Club for the fair, just as she advised women to be more passionate about business as women were more passionate than men business-wise.

The 4th edition of the Yoruba Tennis Club, Ladies Wing Naija Fair had in attendance different exhibitors both locally and internationally  including public and the private sectors.

Oct 13, 2019

Following in-depth discussions with 25 of South Africa’s top financial firms, and the Royal Commission of Inquiry’s report on misconduct in the financial industry, it is encouraging to see that initial findings point to a financial services industry that comports well with standards of good conduct. However, gaps remain that need to be overcome.

As part of an assessment of the commitment to conduct standards in the sector, DB & Associates has had over 100 meetings with the executive leadership of the top 25 firms in South Africa’s financial sector over the past 18 months. This culminated in a Royal Commission of Inquiry into misconduct in the financial industry, which delivered its final report earlier this year.

The Commission’s findings were, to say the least, sobering. Initially, the assumption was made that, because South Africa is a developing country with high levels of corruption in government, as bad as things were in Australia, they would be worse in South Africa. This prediction could not have been more wrong.

Learnings from Australia’s mistakes

Forming part of the discussions with leading financial institutions were Dr Andy Schmulow, Senior Advisor at DB & Associates, who has in-depth experience in Australia’s financial industry. His extensive knowledge about the Australian landscape is relevant for two reasons: the financial system regulatory reforms currently underway in South Africa are modelled on Australia’s Twin Peaks regime; and secondly, because Australia’s financial regulation is in crisis – the product of system-wide failure to enforce anything approaching good conduct, pervasively evident for over a decade, with misconduct, and at times serious criminality, perpetrated on an industrial scale.

What was encountered is a financial services industry which, while not perfect by any means, nonetheless comports well with standards of good conduct. The reasons are many and varied. They include a far deeper awareness that the financial industry must serve the community in which it operates, not the other way around. An understanding of the need to contribute to redressing economic inequality embedded by decades of discrimination, for both social justice reasons, and to create the kind of economic prosperity that firms themselves need, in order to grow. But doubtless also the treating customers fairly (TCF) regime has played an important role in readying financial firms for the forthcoming introduction of new conduct legislation: the Conduct of Financial Institutions Act (CoFI).

From process-driven to values-driven

However, gaps remain. These relate chiefly to requirements to transform culture and governance, and the disjuncture between TCF and CoFI. With regards to the former, CoFI will require a shift in corporate governance from what, to how and why. This shifts culture ad governance from being process-driven to becoming values-driven. TCF compliance similarly requires shifts to plug gaps. For example: the six TCF pillars do not map exactly to the nine pillars of CoFI.

The three pillars that will be new under CoFI present significant challenges. In the case of product or service distribution, a regulated entity will be responsible for misconduct committed by brokers, including brokers wholly independent. This will be tricky. How should a firm enforce its obligations on an independent broker – especially a highly successful one – without the risk of that broker ending its relationship with the firm, and henceforth, selling only its competitor’s products? How will a firm impose, if need be, close scrutiny of a broker’s activities, especially one located remotely? There are answers to these questions, but they are imperfect.

Three pillars, three challenges

1. These differences relate primarily to CoFI requirements for distribution, culture and governance, and licensing.

In respect of culture and governance, CoFI will require a whole of entity regeneration of culture; an exercise that will go far deeper than anything encouraged by TCF. The consequences of failure are real: Momentum has recently been slapped with a R100 million fine by the FSCA for governance failures in one of their unit trusts. So, whereas in the past governance issues, like conflicts of interest, could be ticked off on the basis that the firm ‘has a policy’ addressing the issue, this will no longer suffice. Now the enquiry will relate to both the efficacy of the policy itself, and the strength of its implementation.

2. TCF compliance is ascertained by the firm itself. CoFI compliance will be independently judged by the newly established Financial Sector Conduct Authority (FSCA).

To date, TCF compliance has been a matter for the firm to judge, but self-assessment is a complacency trap writ large. For one thing, self-assessment will never be as searching or as critical as an independent review. Unavoidable cognitive biases, with which we are all afflicted, guarantee that. The only credible form of assessment is arms-length (which must preclude, for example, being undertaken by a firm’s auditors; such assessments merely embed leveraged conflicts of interest). Reviews must be grounded in methodologically rigorous, credible, and critical recursive reviews, conducted independently. As such, current TCF assessments present the risk of being a complacency and self-affirming trap.

3. TCF compliance is more superficial in nature and is often addressed as an afterthought, whereas CoFI requires a deeper and more profound treatment, addressed as a forethought. 

TCF’s pillars lack the cascading sets of sub-principles included in CoFI’s pillars. As such, TCF is by nature more superficial, more malleable, and easier to demonstrate. As a result, it tends to default to a tick-box approach, in which TCF adherence is demonstrated through the use of leading questions, posed by the firm, to deliver the affirmations the firm seeks. As a result, even under a TCF framework, several firms have acknowledged that they are still product-focused, not client-focused.

A failure to reform such a product-flogging emphasis will serve them poorly under the new regime. CoFI, by contrast, will require compliance as a forethought to product and service design and construction, whereas under TCF, a number of firms continue to check compliance as the product rolls off the production line. Put differently; compliance must be an active participant from conception, not a theatre assistant at birth. Therefore, CoFI requires demonstrable success in promoting financial literacy and financial inclusion and affords protection to sophisticated as well as retail customers.

A journey of change towards compliance

Set against all of this is a conduct authority – the FSCA – whose remit and powers – especially as compared to its progenitor, the Australian Securities and Investments Commission – make it fully weaponised. It can punish, and can do so severely (and has already), whereas the recipients of FSCA sanctions are severely limited in their avenues for appeal. This enables the FSCA to move swiftly, and come down hard. In the process, firms that incur its wrath, even if they mount successful appeals, will be tarnished, and their reputations damaged.

A better and more prudent approach would be to leverage existing TCF adherence, not in a vein of complacency, but rather as a good start to a real and much deeper change journey. A journey in which compliance is reconceptualised, firm values are implemented (not simply articulated), and corporate culture is strengthened and enhanced towards customer centricity, at every level of the organisation.

Oct 13, 2019

Since Zimbabwe’s land reform of 2000 – when around 8 million hectares of formerly large-scale commercial farmland was distributed to about 175,000 households – debates about the consequences for food security have raged.

A standard narrative has been that Zimbabwe has turned from “food basket” to “basket case”. This year, following the devastating El Niño drought combined with Cyclone Idai, some 5.5 million people are estimated to be at risk of hunger, with international agencies issuing crisis and emergency alerts.

It is unquestionable that this season was disastrous – only 776,635 tonnes of maize was produced, more than a third below the five-year average. Nevertheless, the story of food insecurity is more complex than the headline figures suggest.

It’s true that Zimbabwe’s food economy has been transformed over the past 19 years. Aggregate production of maize has certainly declined, and imports have become more frequent.

But Zimbabwe suffered food shortages, often precipiated by El Niño events, before land reform. These too led to the need for more imports. And surpluses have also been produced since land reform. For example, in 2017, there was a bumper crop. Some of it was stored and has been used to keep people going.

Getting behind the headline figures and understanding an increasingly complex food economy is essential. Our on-going research shows just how complicated the picture is.

Farming and food

Since land reform, we have been tracking livelihood change in resettlement areas in a number of sites across the country. Our research is exploring how people have fared since getting land, asking who is doing well and not so well, and why. Some of our key findings include:

  • Crop production is higher in the land reform areas compared to the communal lands. Larger land areas allows new settlers to produce, invest and accumulate.

  • There are substantial hidden flows of food between land reform areas and poor rural and urban areas, as successful resettlement farmers provide food for relatives, or sell food informally.

  • There is a significant growth of small-scale, farmer-led irrigation in resettlement areas. This is often not recognised, as production occurs on disparate small plots, frequently farmed by younger people without independent homes.

  • Trade in food across regions and borders, facilitated by networks of traders, often women, is significant, but unrecorded.

  • Market networks following land reform are complex and informal, linking producers to traders and small urban centres in new ways. Outside formal channels, the volume and flows of food through the system is difficult to trace.

Simple aggregate analyses of food deficits, estimating the numbers of people at risk of food insecurity, do not capture these new dynamics. National surveys are important, but may be misleading, and local studies, such as ours, often do not match the national, aggregate picture.

So, what is going on?

Access to food: complex relationships

Food insecurity is not just about production, it is also about access. This is affected by the value of assets when sold, the ease with which things can be bought and sold in markets, the value of cash as influenced by currency fluctuations and inflation, local and cross-border trade opportunities, and all the social, institutional and cultural dimensions that go into exchange.

When these dimensions change, so does food security. And this is particularly true for certain groups.

Take the case of Zvishavane district, in Midlands province of Zimbabwe. In the communal area of Mazvihwa, there was effectively no production this season. Some got a little if they had access to wetlands, and a few had stores. But compared to 30 years ago, production is focused on maize, which stores poorly, rather than small grains that can be kept for years.

How are people surviving? Some seek piecework in the nearby resettlement areas; others have taken up seasonal gold panning; others migrate to town, or further afield; others get help from relatives through remittances; while others are in receipt of cash transfers or food hand-outs from NGOs.

With small amounts of cash, people must buy food. It’s available in shops, but expensive. So a vibrant trade has emerged, with exchanges of maize grain for sugar or other products. And it’s especially people from the land reform areas who are selling their surpluses. Many have relatives who got land, and some travel there to get food, but there is also a network of women traders who come and sell in the communal areas.

Aggregate surveys almost always miss this complexity. There are sampling biases, as the importance of the resettlements as sites of production and exchange are missed.

There are data problems too, as it is difficult to pick up informal exchanges, and income-earning activities on the margins. The result is that each year there are big food insecurity figures proclaimed, fund-raising campaigns launched, but meanwhile people get on with surviving.

This is not to say that there is not a problem this year. Far from it. But it may be a different one to that diagnosed.

Economic collapse is causing a humanitarian crisis

As the Zimbabwean economy continues to deteriorate, with rapidly-rising inflation, parallel currency rates, and declining service provision, whether electricity, fuel or water, the challenges of market exchange and trade become more acute. Barter trade is more common, as prices fluctuate wildly and the value of physical and electronic money diverge. With poor mobile phone networks due to electricity outages, electronic exchange becomes more difficult too.

Collapsing infrastructure has an effect on production also. Fuel price hikes make transport prohibitive and irrigation pumps expensive to run. Desperate measures by government often make matters worse. The now-rescinded edict that all grain must be supplied to the state grain marketing board undermined vital informal trade. Meanwhile, the notoriously corrupt “command agriculture” subsidy scheme directs support to some, while excluding others from the provision of favourable loans for government-supplied seed, fertiliser, fuel or equipment.

Economic and infrastructural collapse is threatening food security in Zimbabwe. Even if there is good rainfall this season, the crisis will persist. Farmers will plant, produce and market less this year. While food imports are needed for targeted areas and population groups for sure, this may not be the biggest challenge.

Stabilising Zimbabwe’s economy is the top priority, as economic chaos is causing a humanitarian crisis.The Conversation

 

Ian Scoones, Professorial Fellow, Institute of Development Studies, University of Sussex

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Oct 12, 2019
The National Bureau of Statistics (NBS), says in the first half of 2019, the 36 states and the Federal Capital Territory (FCT) generated N691.11 billion as Internally Generated Revenue (IGR).
 
The NBS said this in its “IGR at State Level for Quarter One and Quarter Two, 2019” report obtained from its website on Friday in Abuja.
 
It said that compared to N596.91 billion recorded in the second half of 2018, there was an increase of N94.2 billion, indicating a positive growth of 15.78 percent.
 
The report added that 31 states and the FCT recorded growth in Internally Generated Revenue (IGR), while five states recorded decline in IGR in the period under review.
 
According to NBS, the net Federation Accounts Allocation Committee (FAAC) allocation in the first half of the year is put at N1.20 trillion, while the total revenue available to the states including the FCT is put at N1.89 trillion.
 
It, however, said that the value of foreign debt stood at 4.23 billion dollars, while domestic debt hit N3.85 trillion at the end of 2018.
 
The bureau said that the IGR was derived from Ministries, Departments and Agencies’ (MDAs) revenues, Direct Assessment, Pay As You Earn (PAYE), Road Taxes and other Taxes.
 
The data showed that Lagos state led the collection table with N263.25 billion, while Rivers collected N151.8 billion, Delta N145 billion, Akwa Ibom N106.7 billion and FCT N72.8 billion.
 
Bayelsa state generated N71.6 billion, Kano N58.5 billion, Kaduna N54.7 billion, Ogun N48 billion, Edo N47.3 billion, Ondo N47.2 billion, Oyo N42.1 billion, Sokoto N38.8 billion, Benue N38.1 billion, Imo N37.4 billion and Kwara N36.6 billion.
 
Others are Niger state with N36.1 billion, Enugu N35.7 billion, Katsina N35.4 billion, Cross River N33.9 billion, Jigawa N33.9 billion, Bauchi N33.7 billion, Borno N33.6 billion, Abia N33.5 billion, Anambra N32.2 billion and Kogi N31.6 billion.
 
It added that Plateau state generated N30.7 billion, Kebbi N30.3 billion, Adamawa N28.2 billion, Yobe N27.2 billion, Zamfara N27.1 billion, Nasarawa N26.6 billion, Ebonyi N26.5 billion, Taraba N25.7 billion, Ekiti N25 billion, Gombe N21.7 billion and Osun N20.2 billion.
 
The recorded IGR made by the states excludes the monthly allocation received from FAAC.
 
It also reports that the states IGR data was computed by the NBS and the Joint Tax Board from official records and submissions by the 36 State Boards of Internal Revenue.
 
These submissions were then validated and authenticated by the Joint Tax Board chaired by the Federal Inland Revenue Service.
 
The board has the NBS and the 36 State Boards of Internal Revenue as members.
Oct 12, 2019
The United States and China agreed on Friday to the first phase of a trade deal covering agricultural purchases, currency and some aspects of intellectual property protections, and averting a threatened tariff hike, but President Donald Trump said more needed to be negotiated.
 
The preliminary, partial deal was the biggest step toward resolving a 15-month tariff war between the world’s two largest economies that has roiled financial markets, disrupted manufacturing and has slowed global growth.
 
Trump told reporters at the White House that the two sides are very close to ending the trade war and it will take up to five weeks to get the deal written. He spoke after talks with Chinese Vice Premier Liu He.
 
U.S. Treasury Secretary Steven Mnuchin told reporters Trump had agreed not to proceed with a hike in tariffs to 30% from 25% on about $250 billion in Chinese goods that was supposed to have gone into effect on Tuesday.
 
But Trade Representative Robert Lighthizer said Trump had not made a decision about tariffs that were subject to go into effect in December.
 
Major U.S. stock indexes, which were trading sharply higher on hopes of some sort of a deal, pared some of the gains after the announcement, with the S&P 500 index .SPX up about 1.4%.
 
The dollar dropped to a three-month low on Friday, as safe-haven buying eased and risk sentiment improved on optimism about U.S.-China trade negotiations as well as increased chances for an orderly British exit from the European Union.
 
The dollar, however, cut losses against the euro and pared gains versus the yen after President Donald Trump announced a partial agreement on trade with China, specifically on intellectual property, financial services, and huge agricultural purchases.
 
Edward Moya, senior market analyst at OANDA in New York, said the dollar’s moves after Trump’s announcement were in line with the typical “buy the rumour, sell the news” reaction.
 
Oct 12, 2019
A US federal appeals court gave the nod Friday to House Democrats’ subpoena demanding a trove of President Trump’s financial documents from one of his accounting firms.
 
The 2-1 ruling of the U.S. Circuit Court of Appeals for the District of Columbia is the latest blow to Mr. Trump as he tries to battle an unrelenting impeachment probe.
 
Judge David S. Tatel, a Clinton appointee to the bench, said the Oversight Committee’s subpoena for records from Mazars USA, the accounting firm, is valid and enforceable.
 
He rejected the Trump’s claims that the committee was on an untenable fishing expedition, and that it needed a more firm grant of power by Congress to pursue the information.
 
The subpoena concerns allegations Mr. Trump paid hush money to two porn stars during the 2016 campaign.
 
The subpoena was issued in April, well before House Democrats announced they were in the midst of an impeachment inquiry of the president, and the fight is not directly related to that inquiry.
 
But the ruling is likely to boost Democrats’ hopes as they prepare to battle the president on a slew of subpoenas and demands for witnesses to testify in the impeachment inquiry.
 
Judge Tatel and Judge Patricia Millett, an Obama appointee, said the House’s regular investigative powers are strong enough to demand the most private information from the president.
 
Oct 12, 2019
The Nigerian National Petroleum Corporation (NNPC) has announced the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North-Eastern part of the country.
 
Drilling of the Kolmani River II Well was flagged-off in a colourful ceremony by President Muhammadu Buhari on the 2 February, 2019, in Bauchi.
 
The Corporation’s acting group general manager, Group Public Affairs Division, Mr. Samson Makoji, stated that NNPC acquired 435.54km2 of 3D Seismic Data over Kolmani Prospect in the Upper Benue Trough, Gongola Basin.
 
This was to evaluate Shell Nigeria Exploration and Production Company (SNEPCo) Kolmani River 1 Well Discovery of 33 BCF and explore deeper levels.
 
The well was drilled with “IKENGA RIG 101” to a total depth of 13,701feet encountering oil and gas in several levels. A Drill Stem Test (DST) is currently on-going to confirm the commercial viability and flow of the Kolmani River reservoirs.
 
The Corporation explained that on Thursday 10th October, 2019, at 18:02hours, one of the reservoirs was perforated and hydrocarbon started flowing to the well head at 21:20hours in which the gas component was flared to prevent air charge around the Rig.
 
Preliminary reports indicate that the discovery consists of gas, condensate and light sweet oil of API gravity ranging from 38 to 41 found in stacked siliciclastic cretaceous reservoirs of Yolde, Bima Sandstone and Pre-Bima formations.
 
Computation of hydrocarbon volume is on-going and will be announced in due course.
 
The Corporation has also acquired additional 1183km2 of 3D seismic data over highly prospective areas of Gongola Basin with a view to evaluating the full hydrocarbon potential of the Basin.
 
NNPC has deployed world class cutting-edge technologies including Surface Geochemistry, Ground Gravity/Magnetic, Stress Field Detection, Full Tensor Gradiometry aerial surveys to de-risk exploration in the frontier basins. The NNPC plans to drill additional wells for full evaluation of the hydrocarbon volume in the Gongola Basin.
 
During the spud-in ceremony of Kolmani River II, President Muhammadu stated the commitment of his administration to the exploration for Oil and Gas in the frontier basins in the entire length and breadth of the country. The basins include: the Benue Trough, Chad Basin, Sokoto and Bida Basins.
 
He also stated that attention would be given to the Dahomey and Anambra Basins which have already witnessed oil and gas discoveries.
 
The discovery of oil and gas in commercial quantity in the Gongola Basin will attract foreign investment, generate employment for people to earn income and increase government revenues.
Oct 12, 2019
U.S.Acting Homeland Security Secretary Kevin McAleenan would step down from his position, President Donald Trump announced Friday night.
 
McAleenan was appointed by Trump in April following the resignation of Kirstjen Nielsen.
 
“Kevin McAleenan has done an outstanding job as Acting Secretary of Homeland Security. We have worked well together with Border Crossings being way down,” tweeted Trump, who tapped McAleenan to lead the department earlier this year.
 
“Kevin now, after many years in Government, wants to spend more time with his family and go to the private sector,” Trump tweeted. “Congratulations Kevin, on a job well done!”
 
Trump said that he will announce McAleenan’s successor next week, adding: “Many wonderful candidates!”
Oct 12, 2019
The Indian government has so far trained 529 Nigerians under the Indian Technical and Economic Cooperation (ITEC) in the past three years.
 
Mr. Abhay Thakur, High Commissioner of India, disclosed this at the 55th anniversary of the ITEC Day in Abuja.
 
He said in the 2019/2020 ITEC year, the Indian government is offering about 14,000 scholarships to partner countries with Nigeria having 250 slots.
 
“I am happy to inform you that during the ongoing ITEC year 2019-2020, government of India is offering around 14,000 scholarships to the partner countries, out of these, 250 slots are available for Nigeria, 32 for Cameroon, 10 for Benin, 5 for Chad and 5 for ECOWAS.
 
” In the last 3 years Nigeria has utilised 529 ITEC slots, Benin 20, Cameroon 90 and Chad 21.
 
“I would add that the number of slots can be increased further if we see significant, say about 80per cent utilisation of existing ITEC slots.
 
“Since the inception of ITEC programme in 1964 more than 200,000 professionals from across the world has participated in various training programme.
 
“I am particularly pleased to inform that, against the target announced at the India-Africa Forum Summit (IAFS) in New Delhi in October 2015 that India will train 50,000 people in different areas.
 
“We have already trained more than 40,000 persons in four years. We had also made a commitment of USD 10billion in Lines of Credit to Africa and we have crossed 6.5billion.
 
“I feel delighted that we have been able to add much substance to our capacity building assistance to Africa through the ITEC programme,” he said.
 
The envoy said short term and long term degree scholarships have been added to the ITEC programme under the Africa- Specific IAFS scholarship scheme, as well as educational programmes.
 
Minister of Defence, Maj.-Gen. Bashir Magashi said that India and Nigeria have gone a long way in their diplomatic relations since the pre-colonial independence of Nigeria.
 
Magashi, who was represented by the Director, Air Force Affairs Department, Mr. Ashibel Utsu, said that most Nigerians born in the early 70s were delivered by Indian doctors and taught by Indian teachers.
 
” India and Nigeria have a lot in common in terms of our cultural diversity, population, size and general way of life.
 
” It is therefore encouraging that the friendship and goodwill that have existed between both nations are being sustained through the programme and other collaborations from Nigeria.
 
” I sincerely commend the Indian government for these efforts and the annual hosting of the ITEC day, which brings alumni together to share their various experiences,” he said.
 
Oct 11, 2019
French carmaker Renault on Friday sacked chief executive Thierry Bollore with immediate effect.
 
A short statement on the company’s website gave no reason for the move and said Chief financial officer Clotilde Delbos is taking over as interim chief executive.
 
Bollore, the former second-in-command, took up the chief executive job in January after the downfall of long-standing chairman and chief executive Carlos Ghosn. Ghosn was arrested in Japan sometime in November 2018 on suspicion of financial misconduct at partner firm Nissan.
 
In a Thursday evening interview with business newspaper Les Echos hours after a board meeting was announced, Bollore denounced what he described as an unexpected coup.
 
Newspaper Le Figaro had reported on Tuesday that Renault chairman Jean-Dominique Senard, who unlike Bollore was drafted in from outside the group to take over part of Ghosn’s role, wanted the chief executive replaced.
 
The decision came days after Nissan appointed a new president and chief executive, Makoto Uchida, its former head of operations in China.
 
The downfall of Ghosn, who headed both firms, has put their 20-year-old alliance, in which Renault is the dominant partner, under strain.
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