Following the resignation of Remi Babalola, the Central Bank of Nigeria (CBN) has approved the appointment of Alhaji Ahmad Abdullahi as non-executive Director of FBN Holding Plc and Chairman of the company.
The CBN’s Director, Corporate Communications, Osita Nwanisobi, disclosed in a statement that the bank had been duly notified of the resignation of Babalola, as chairman of the company against the backdrop of contest by some significant shareholders for control of the financial institution.
While congratulating Abdullahi on his appointment, the CBN described Babalola’s resignation as the chairman of the company as highly regrettable, especially given the fact that CBN’s regulatory interventions had made positive impact and increased attractiveness of the company to both local and foreign investors.
Notwithstanding the recent development, he said the CBN acknowledged the measured achievements recorded by the company under Babalola’s watch, and thanked him for his service, even as the CBN wished him well in his future endeavours.
According to Nwanisobi, the regulatory measures taken by the CBN were yielding the expected results in terms of overhaul of corporate governance practices, restoration of confidence in the bank’s brand, increased transparency and due process in transactions as well as improved financial performance.
In line with its statutory mandate, the CBN spokesman said the CBN remained committed to ensuring transparent governance practices at the bank and the continued independence of the chairman and other persons holding key governance positions.
Given the systemic importance of First Bank owing to its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers, the CBN had in April 2021, taken decisive regulatory action to address corporate governance infractions at the bank leading to the removal of the board of First Bank Ltd and FBN Holdco Plc and appointment of a new board.
Abdullahi is an economist and thorough-bred professional with long years of experience in the academia, banking supervision and financial regulation, retiring as Director of Banking Supervision, CBN in February 2020. An expert in bank crisis resolution, he also serves on the boards of the Africa Finance Corporation (AFC), FMDQ, NDIC & AMCON.
The Chairman of Geregu Energy Group and billionaire businessman, Mr. Femi Otedola during the week debunked speculations that he was interested in holding any board position in FBN Holdings, First Bank or any of their subsidiaries.
“I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made. My interest, contrary to speculations is not to become chairman of the bank or its holding company (Holdco). Moreover, I am in semi-retirement,” he had explained.
Otedola had praised the financial institution, saying “being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people run institutions in a professional manner and to the benefit of all the stakeholders.”
The billionaire recently acquired an additional 2.5 per cent in FBN Holdings Plc, raising his stake to become the single largest shareholder in the company with a total shareholding of 7.5 percent.
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BREAKING: NNPC Sacks All Top Management Staff With Less Than 15 Months To Retire
As part of further reorganization for effective operations, the Nigerian National Petroleum Company Limited (NNPC) has sacked top management staff who have less than 15 months to retire from the national oil company.
The development is coming days after the oil company announced the removal and replacement of three of the its Executive Vice Presidents (EVPs).
Those impacted by the previous shakeup included Abdulkabir Ahmed, who was hitherto in charge of gas, power and new energies; Adokiye Tombomieye, who headed the upstream segment as well as Adeyemi Adetunji, who was in charge of the downstream.
They were replaced by Olalekan Ogunleye as EVP gas, power and new energies; Oritsemeyiwa Eyesan for the company’s upstream operations, while Adedapo Segun took charge of the downstream.
In a brief statement Tuesday morning, the NNPC stated that the new reshuffling was in line with its aspiration to rejuvenate its workforce.
“In our bid to pursue effective organisational renewal to support the delivery of our strategic business objectives, it has become imperative to rejuvenate our workforce.
“Consequently, in addition to the recent exit of three executive vice presidents, other members of management staff with less than 15 months to statutory retirement will be exiting the company effective 19th September 2023,” the statement said.
The NNPC noted that the move was in line with its commitment to scale up its capabilities through targeted talent management and equal opportunity for all Nigerians.
BREAKING: Tinubu Nominates Cardoso As CBN Governor
President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN).
A press statement by presidential spokesman, Ajuri Ngelale, disclosed on Friday evening that Cardoso will serve for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.
“This directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.
“Furthermore, President Bola Tinubu has approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate,” he stated.
The new Deputy Governors include Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all,” Ngelale stated.
We Help Nigerians Transform Their Dreams Of Studying Abroad Into Realities – Braimah
There is no gainsaying the fact that studying abroad opens doors to limitless opportunities. From getting a comprehensive and in-depth understanding of your desired choice of course – which positions you better than your peers – to the networking opportunities it provides, studying abroad can be the door to a better future.
On this premise, thousands of Nigerians dream of studying abroad and pursue that dream. Like every other dream for greatness, studying abroad is accompanied by several challenges including complex visa processes, financial constraints, and many more that often make some give up the dream or fail at it.
To help Nigerians, especially the youths, nurture their dreams of studying abroad, Redefined Consults Limited, a reputable educational consulting company with a team of dedicated and experienced travel professionals has helped many Nigerians process their applications seamlessly.
Having been in the global education competitive landscape for a while, Redefined Consults Limited understands the unique needs of its clients as well as the challenges that come with those needs, hence the need for a personalised approach to all applications they handle.
From choosing the right destination and university to advising on the courses that make application easy, up till the moment of obtaining a visa and settling into their new academic home, Redefined Consults makes it a core need to guide every client they have worked with through every step of the process.
The Founder and Team Lead, Redefined Consult Limited, Sheriff Braimah told our correspondent: “At Redefined Consults Limited, we recognise that education is not just about academics; it is also about personal growth and cultural enrichment. That is why we go beyond the conventional role of a consultancy firm. We are driven by a passion for excellence and a genuine desire to make a positive impact on the lives of individuals seeking quality education,”
He explained that the United Kingdom, Malta, Ireland, Canada, Australia, Malaysia, and China are some of the most sought-after travel destinations for Nigerians who desire to study abroad, and the educational consulting firm makes it a priority to research schools in these destinations, have a clear understanding of their requirements and provides the knowledge while helping them navigate the opportunities offered by each destination.
“With a core understanding of students’ recruitment, some of the services offered by our company include visa counseling and assistance to ensure a smooth and seamless process. Over the last three years, we have successfully helped more than 200 students achieve their dreams of studying abroad with the help of eight experts who are professionals and know their onions.
” If studying abroad is a dream you have had for a while but do not know how to pursue it or you have failed, Redefined Consult Limited is your hope to achieve that dream. With a proven track record of transforming study abroad dreams into reality, yours could be the next success story to tell,” Braimah added.
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