Monday, 21 September 2015

Court of Appeal, Federal High Court refuse Saraki’s prayers to stop Tribunal

Court of Appeal, Federal High Court refuse Saraki’s prayers to stop Tribunal


The Court of Appeal has dismissed the ex-parte application by Senate
President, Bukola Saraki, seeking to set aside the order made on Friday by the
Code of Conduct Tribunal (CCT) issuing bench warrant for Saraki’s arrest.


It said it cannot interfere with the proceedings pending at the lower court.


It will be in the interest of notice for the respondents to be put on notice.


Consequently the ex-parte application refused and the motion on notice set
down for hearing on September 29.


Justice Armed Mohammed of the Federal High Court, in another ruling just
delivered, refused a similar application by Saraki.


He adjourned to September 30 for the hearing of the substantive suit by Saraki,
challenging the competence of charge before the CCT and the preliminary
objection filed by the CCT, Code of Conduct Tribunal and Federal Ministry of
Justice.


Justice Mohammed held that, in view of the constitutional and radical nature
of the issues raised in the respondents’ objection, it was reasonable for the
court not to waste time on interlocutory applications.

Saturday, 19 September 2015

The legal thinking and why the law is not on Saraki’s side by Lawyer

The legal thinking and why the law is not on Saraki’s side by Lawyer


The news that charges have been filed against the Senate President , Dr . Bukola
Saraki at the Code of Conduct Tribunal was received by many with a shock . The
expectation , however , was that the accused would be in haste to clear his name, as honourable men would want to.


On the contrary , Dr . Saraki filed an application before the Federal High Court
seeking to stop the scheduled trial at the Code of Conduct Tribunal . The
application was granted ex -parte.


The ex -parte application and its grant represent the two of the most frustrating
avenues through which justice is frustrated and judicial process abused in our
country’ s courts of ‘ justice ’ . The fact that the number three man in our political
hierarchy is the perpetrator in this case is profoundly disappointing.


More importantly , however , is the fact that the grant of the application was in
manifest error of trite law such that keen watchers may be pardoned for
suspecting that something underhand was involved in the entire process.


In the first place, no court of law has the powers to interfere with , or in any way
restrain the exercise of the judicial powers of another court of co-ordinate
jurisdiction. This is trite and well established in accordance with the principles of the doctrine of judicial precedent. In this case, the Federal High Court and
the Code of Conduct Tribunal are courts of co- ordinate jurisdiction: appeals from the decisions of the Code of Conduct Tribunal lie to the Court of Appeal ( s . 23 ( 4) of the Code of Conduct Bureau and Tribunal Act ) and appeals from the decisions of a Federal high Court lie to the court of Appeal ( s . 243, Constitution of the Federal Republic of Nigeria, 1999 ).


In the second place , an injunction restraining the Code of Conduct Bureau is
misdirected and therefore, futile. The Code of Conduct Bureau is not a
prosecuting authority; under section 3 of the Code of Conduct Bureau and
Tribunal Act , it is merely an administrative and investigative authority and its role in the prosecution of defaulters under the Code of Conduct Bureau and Tribunal Act is limited to recommending persons for prosecution.

The prosecuting authority in respect of offences under the Code of Conduct Bureau and Tribunal Act is the Office of the Attorney General. Thus section 24 (3) of the Code of Conduct Bureau and Tribunal Act provides the Attorney General or any one nominated by him may bring charges in respect of offences under the Act.


In the third place , it is incorrect for Dr. Saraki to hinge the basis of his ex parte
application on the fact that there is no incumbent Attorney General capable of
instituting actions against him or any criminal action whatsoever. This line of
legal reasoning, once regularly cited , has since been discredited by the Supreme
Court in a number of cases and , most recently, in the case of Federal Republic
of Nigeria v . Senator Adewunmi where the Supreme Court, per Umaru Altu Kalgo, JSC said “ There is no doubt at all that the power to institute criminal
proceedings against any person in the 1999 Constitution lies on the Attorney -
General of the State or the Federation as the case may be, but such power may
be exercised by the Attorney -General himself or through any officers of his
department. See Sections 174 and 211 of the 1999 Constitution.


These sections though very similar in content do not require that the officers can only exercise the power to institute criminal proceedings if the Attorney General expressly donated his power to them. The provisions of the sections presume that any officer in any department of the Attorney General ’s office is empowered to initiate criminal proceedings unless it is proved otherwise”.


Furthermore, section 25 ( 3) provides that the question whether any authority has been given in pursuance of this section requiring the Attorney General to donate his prosecutorial powers under the Act , “ shall not be inquired into by any person”.


The decent course for an accused, if he has concerns, is to raise preliminary
objection( s ) before the tribunal where he has been charged. Dr . Saraki is advised to so do if he is to remain qualified to remain as the number one lawmaker in this country.


On September 18 , 2015 , following Dr . Bukola Saraki’ s failure to appear before the Code of Conduct Tribunal as charged , the Tribunal , on the application of the
prosecutor, issued a bench warrant for the arrest of Dr . Bukola Saraki. This power is inherent in any tribunal having the full powers of a court of law , such as the Code of Conduct Tribunal. Furthermore, sections 2 and 14 of the 3rd Schedule to the Code of Conduct Bureau and Tribunal Act empower the tribunal to compel the attendance of accused persons and witnesses.


Under section 23 of the Code of Conduct Bureau and Tribunal Act , if found guilty, the tribunal is empowered to impose any of the following punishments :
( a) Vacation of office or any elective or nominated office , as the case may be;
( b) Disqualification from holding any public office ( whether elective or not ) for a period not exceeding ten years; and ( c) Seizure and forfeiture to the State of any property acquired in abuse or corruption of office.

Furthermore, trial or conviction under the Code of Conduct Bureau and Tribunal
Act does not preclude a separate trial under any other applicable criminal law
( Section 24 Code of Conduct Bureau and Tribunal Act ).

  By   Idahosa Anthony

Chelsea Vs Arsenal: Willian out; Pedro, Oscar, Falcao doubtful — Mourinho

Chelsea Vs Arsenal: Willian out; Pedro, Oscar, Falcao doubtful — Mourinho

Chelsea boss, Jose Mourinho has declared that Willian is definitely
ruled out of the London derby between Chelsea and Arsenal because
of the muscular injury he picked up against Maccabi Tel Aviv. Late
decisions will be made on three more players – Oscar, Pedro and
Falcao.

‘I select every player for the squad because we have doubts.
Tomorrow I don’t want to be in a situation where during the warm-up
somebody doesn’t have the best feelings, and we have lots of players
in this situation.

‘Willian is not even an option. Pedro, Falcao and Oscar – let’s see
what happens. They are not definitely ruled out but let’s see,” he said
He also declared that he has no interest in looking at the bigger
picture or factoring history into the equation when Arsenal visit
Stamford Bridge tomorrow.

The manager explained to those present at his pre-match media
conference at Cobham why he felt it was irrelevant analysing the
match as anything more than that – simply another match of football.
League tables, form, precedent and the like should be ignored.

‘I want to isolate the match from every context,’ stressed Mourinho.
‘Our fantastic record against Arsenal doesn’t matter. It doesn’t matter
they haven’t beaten Chelsea for seven matches in the Premier League.
It doesn’t matter they beat us in the Community Shield.

‘It’s just Chelsea against Arsenal. It’s a match we want to win. If it’s a
pre-season friendly match it’s the same, I want to win.

‘If we are looking at the table at the moment and we see where we
are, and we know the distance we are from the top of the league, I
don’t think that helps us.

‘Playing in different competitions is helping us because at the moment
we are doing that. It’s easier to forget one competition and focus on
one match, and the match is Arsenal. One match. Now it’s Arsenal.
Just that, nothing more.’

Jubilation in Maiduguri as public schools to reopen

Jubilation in Maiduguri as public schools to reopen


Borno State Governor, Alhaji Kashim Shettima, on Friday said public schools in the state capital Maiduguri, closed for two academic sessions as a result of Boko Haram insurgency, would be reopened next month.

The governor, in order to ensure this, immediately constituted a nine-man committee to ensure all public schools within the state capital Maiduguri are reopened.

Shettima had last month set up a committee to work out the modalities for the reopening of the schools, which report was submitted on Friday.

Receiving the report, the governor said, “Our decision to set up the committee was largely informed by the need to radically reinvigorate the sector with a view to making it a formidable model of excellence worthy of emulation.

“You may recall our earlier attempt at re-sustaining the education system when the education quality assurance task team was established. However, the work was marred by the extremely complicated and unconventional security challenges we have been experiencing.”

He recalled that the closure of public schools was necessitated by the security challenges and the abduction of Chibok girls which have subjected untold physical and psychological trauma on the students and pupils.

While presenting the report, the chairman of the committee, Alhaji Gambo Gubio, said, after their inauguration on August 26, 2015, they started the assignment in earnest by visiting the schools and camps occupied by the internally displaced persons to assess the situation.

1.4 million children displaced by Boko Haram, says UNICEF

1.4 million children displaced by Boko Haram, says UNICEF

Over one million children in Northern Nigeria have been displaced from their homes as a result of attacks from the Boko Haram terrorist group over the past five months, a United Nations Children’s Fund report said on Friday. 

Since the beginning of 2015, children and women have been increasingly used in bombings, the UNICEF Nigeria Chief of Communications, Anne Boher, told TIME.

According to the UNICEF report, the recent surge in the attacks by the insurgent group has brought the total number of displaced children in the North to about 1.4 million, more than half of whom are under the age of five. 

The report added that more than 265,000 other children have fled their homes in Nigeria’s neighbouring countries, including Cameroon, Chad and Niger. 

“It’s truly alarming to see that children and women continue to be killed, abducted and used to carry bombs,” said the UNICEF regional director for West and Central Africa, Manuel Fontaine, in the report. 

“Women and girls are involved in approximately three-quarters of the attacks,” she added. 

“And children are used, often without knowing, to carry bombs that were strapped to their bodies and detonated remotely in public places”. 

However, the organisation lamented that funding shortfalls had hampered its work on the ground, stating that it had only received 32 per cent of the $50.3m it requires to finance its operations this year.

 It added that victims of the insurgency were facing growing food insecurity and a cholera outbreak in displacement camps in Borno State. 

Similarly, a group of Internally Displaced Persons has urged governments at the local, state and federal levels to give psychological care to victims of the Boko Haram insurgency. 

A statement by the group’s spokesperson, Mr. David Teniola Showunmi, on Friday said it was not enough to give victims of the insurgency monetary support alone. 

Showunmi, a church worker who was displaced from Bita village in Borno State in August, said trauma care should be given to the victims in order to aid their rehabilitation and integration. 

In the statement titled ‘Trauma care for IDPs: Key to integration,’ he said trauma care, including guidance, counselling, orientation, support and visitation, were needed, adding that some of the victims had felt “abandoned to a cruel fate.” 

Showunmi said, “Boko Haram victims should be given psychological care. “A lot of us have lost faith in Nigeria. We don’t believe in people any more. We are distraught and hopeless. For us, it is hard to believe that we have any place in the project called Nigeria.

 “This is why a total reorientation is needed for victims of insurgency.”

Japan to allow military role overseas in historic move

Japan to allow military role overseas in historic move


Japan’s parliament has voted to allow the military to fight overseas for the first time since the end of World War Two 70 years ago.

A vote on the new law was delayed for several hours as the opposition tried to stop the measure coming into force.

Outside, demonstrators rallied in a last-ditch show of protest. Many Japanese are attached to the pacifist provisions in the constitution which banned fighting overseas.

The bills have already passed through the government-dominated lower house.

The government says that the changes in defence policy are vital to meet new military challenges such as those posed from a rising China.

It wanted to hold the vote before a five-day holiday begins on Saturday.

The governing coalition has a majority in both chambers of the Diet, meaning that ultimately the opposition camp was powerless to stop the measure becoming law.

Masaaki Yamazaki, the president of the upper house, said the bills were passed with 148 lawmakers voting in support and 90 against.

More than 200 hours have been spent deliberating the legislation, the Japan Times reported, and its approval by parliament fulfils one of Prime Minister Shinzo Abe’s long-held ambitions.

On Thursday, opposition politicians tried to physically delay proceedings ahead of a committee vote on the bills.

Wednesday, 16 September 2015

Man, 37 , jailed for life for raping his two daughters

Man, 37 , jailed for life for raping his two daughters

A 37 -year old South African man has been sentenced to life in prison for raping
his two young daughters ‚ Gauteng police said in a statement .
The man ‚ who is not being named to protect his daughters ’ anonymity ‚ was
arrested in 2013 when the girls were six and nine years old.
According to the statement, the man is their biological father and they lived in
the same house .
He was sentenced on Tuesday by the Bronkhorstspruit Magistrate Court ‚ police
said in the statement.
“ The mother of the victims realised that her children were abused by their father
and she reported the matter to the police in 2013 . The Ekangala Family Violence
and Child Protection Unit then took over the investigation that led to the arrest
of the accused .
“ The hefty sentence handed down to the accused is welcomed and sends out a
clear message to criminals ( that they ) will be brought to justice ‚” police said .

Conduct Bureau files 13-count corruption charge against Saraki

Conduct Bureau files 13-count corruption charge against Saraki

The Code of Conduct Bureau has filed a thirteen-count corruption charge against Senate President, Dr Olusola Saraki at the Code of Conduct Tribunal.

The charge was filed on September 11, 2015 Deputy Director in the office of the Attorney General of the Federation, M.S Hassan.

Among other charges, Saraki was accused of making false declaration of assets on assumption of office as Kwara State Governor in 2003.

Saraki was also accused of not declaring some assets he acquired while in office, acquiring assets beyond his official earnings and operating foreign accounts in contravention of the law as a public officer.

Culled from The Nation Newspaper 

Buhari: Boko Haram demands release of its bomb maker

Buhari: Boko Haram demands release of its bomb maker


Fed Govt ready for talks to free Chibok schoolgirls

Government officials have met with the leaders of Boko Haram sect for talks
on freedom for the abducted Chibok girls, President Muhammadu Buhari
yesterday said in France.
He however added that apart from ensuring that it negotiates with genuine
leaders of the sect, the government rejected the condition given to it by the
sect to proceed with the negotiations.
The condition is for the release from custody of the main suspect behind the
production of Improvised Explosives Devices (IEDs).
The President, who was rounding off his state visit to France, spoke during a
meeting with the Nigerian community, who met with him under the auspices of
Nigerians In the Diaspora Organisation (NIDO)
Buhari said: “The issue of Chibok girls has occupied our minds and because of
the international attention it drew and the sympathy throughout the country
and the world, the government is negotiating with some of Boko Haram’s
leadership.
“It is a very sensitive development in the sense that first we have to establish
who are the genuine leaders of the Boko Haram. That is number one. Number
two, what are their terms? The first impression we had was not very
encouraging,” he said
He said: “They wanted us to release one of their leaders who is a strategic
person in developing and making IEDs which have been causing a lot of havoc
in the country by blowing up people in churches, mosques, market places,
motor parks and other places.
“But it is very important that if we are going to talk to anybody, we have to
know how much he is worth.
“Let them bring all the girls and then, we will be prepared to negotiate. I will
allow them to come back to Nigeria or to be absorbed into the community. We
have to be very careful; the concern we have for the Chibok girls, one only
imagine if they got a daughter there between 14 and 18 years and for more
than one and a half years, a lot of the parents who have died would rather see
the graves of their daughters rather the condition they imagine they were in.
“This has drawn a lot of sympathy thoughout the world; that is why this
government is getting very hard in negotiating and getting the balance of those
who are alive.”
Buhari assured the Nigerians that his administration was doing everything to
improve on the state of the economy through provision of infrastructure in
critical areas.

The Nation

Why I shunned Nigeria – Jordon Ibe

Why I shunned Nigeria – Jordon Ibe

Liverpool winger Jordon Ibe confirmed on Tuesday he had decided to play football for England rather than Nigeria.
The 19-year-old, who was approached by Nigeria coach Sunday Oliseh to switch his international allegiance to his father’s country, is qualified to play for the Super Eagles until he has made a competitive senior appearance for England.
“It was my choice and it feels the right choice,” Ibe told Liverpool’s website.
“I was born here and have played in the younger age groups. I want to take it up to the first team one day.”
The London-born forward played for England Under-21 team against USA Under-23s side and then against Norway , alongside his Liverpool teammate colleague Joe Gomez.
“It was great and I enjoyed myself,” Ibe said.
“I felt as though Joe and I did well. It was a great experience and I’m looking forward to the coming games.
“You want to represent your country well. Even at times when you’ve not got games for Liverpool, doing well with England is vital.” Agency report
Ibe, who spent time on loan with Derby County last season, has played at least some part in all five of Liverpool’s Premier League games in 2015-16, starting two of them.

FG borrows N882bn to finance 2015 budget

FG borrows N882bn to finance 2015 budget


Nigeria’s economic crisis continues to become worse with the Federal
Government borrowing N882.12bn so far to finance the 2015 budget
deficit.
The amount, sourced internally, included what was budgeted for
internal and external borrowing for the fiscal year.
The Permanent Secretary of the Ministry of Finance, Mrs. Anastasia
Daniel-Nwaobia, said this in her presentation to the House of
Representatives Ad-Hoc Committee on Non-Implementation of Capital
Projects in the 2015 appropriation in Abuja on Tuesday.
The national economic crisis and the attendant depreciation of the
Naira, increase in interest rates and inflation, may not end soon with
the figures from the National Bureau of Statistics indicating that the
Gross Domestic Product earlier projected to grow at a rate of 5.5 per
cent (as of January 2015) now stands at 2.63 per cent as of June
2015 .
This, the Permanent Secretary, who was represented by the Director
General, Budget Office of the Federation, Alhaji Aliyu Yahaya Gusau,
said, “is not unconnected with the global slowdown and its attendant
impact.”
“The economy is not expected to outperform global growth rate of 3.3
per cent. Significant drop in oil price has led to exchange rate
depreciation, pushing the dollar to N197 as of June 2015. This has led
to the adoption of stringent measures in fiscal and monetary policies
to ensure stability in the economy,” she explained.
On debt management, she said, “Public debt to GDP ratio as of 2013
was 10.82 per cent, and that the total amount of N882.12bn
appropriated for both domestic and external borrowing has been fully
raised to finance the 2015 budget accordingly.
“Debt service to revenue ratio however needs to be kept under close
watch. Given that it was 19.63 per cent by the end of June 2015
against the cognate arbitrary threshold of 28 per cent.
“External debt as of June 30, 2015 stood at $7.74bn and $3.42bn for
states and the FCT; bringing it to the total amount of $8.31bn.”

Osinbajo: Fed Govt to adopt zero-based budgeting

Osinbajo: Fed Govt to adopt zero-based budgeting


The Federal Government will adopt a zero-based budgeting format for
next year, Vice President Yemi Osinbajo said yesterday.
He spoke while receiving the National Economic Summit Group
(NESG) at the State House in Abuja.

He also received a delegation from the Chartered Institute of
Stockbrokers (CIS) and the Association of Stockbroking Houses of
Nigeria (ASHON).

The zero-based budgeting, he said, will be carefully coordinated to
ensure that it is policy-driven, especially regarding the proposed social
intervention policy of President Muhammadu Buhari’s administration.

Zero-based budgeting is planning according to needs and costs,
different from the existing Envelope Budgeting or traditionally
incremental budgeting whereby the planning is based on existing
income and expenditure as the deciding factor in national financial
planning. This often incurs waste and assumes previous costs as
constant.

Osinbajo, according to a statement by his spokesman Laolu Akande,
also told the NESG that the introduction of the Treasury Single
Account (TSA) policy and its implementation by Ministries, Department and Agencies (MDAs) is a creative way of blocking leakages in the system to make way for a workable budget.

Through the zero-based budgeting, he said, the Federal Government
will focus on a bottom-up approach to development.

According to him, the Federal Government is also planning to set up
an infrastructure fund to facilitate easy funding for critical areas of the
economy.

The fund, Osinbajo said, will be planned outside of the budget to
handle major segments of the economy, such as road and power.

“Government is working out a document that would guide the
administration within the four years of its life-span,” he said.

The NESG delegation praised the Federal Government for the
introduction of the TSA and offered to be part of the advocacy as a
sound financial policy.

The vice president said the Federal Government would explore the
avenue of utilising the capital market as another means of providing
alternative funding options for the execution of capital projects.

He said allowing retail investors to come into the nation’s capital
market would ultimately deepen the market with potentials for
multiplier effects on other sectors of the economy.

Some of the problems of the capital market, he said, are due to
unethical practices by some operators.

He said those who caused the crash in the market in the past were
not punished, and urged the two bodies to engage in self-regulation as
a means of protecting investors and the market.

The leader of the delegation and Acting President of CIS, Mr.
Oluwaseyi Abe, praised the achievements of the Buhari administration
within 100 days, especially its impact on security, power and the anti-
corruption crusade, stressing on its positive effects on the overall
economy, he said a new Nigeria was being formed under Buhari’s
leadership.

Tuesday, 15 September 2015

Sierra Leone quarantines 700 after new Ebola death

Sierra Leone quarantines 700 after new Ebola death


Health authorities in Sierra Leone said Tuesday they had quarantined almost 700 people as they battled to contain a new outbreak of Ebola which killed a 16-year-old girl.
The teenager died Sunday in a rural suburb of the city of Makeni, in a northern
province that had not recorded a single case of the deadly virus in nearly six
months.
“Over 680 people in the village of Robureh are now under a 21-day quarantine,”
Amadu Thullah, a spokesman for the local Ebola response centre told AFP.
The centre said those locked down included her parents, close relatives and
classmates.
“They are classified as high risk although they have not exhibited any signs and
symptoms of the disease,” added health ministry spokesman Seray Turay.
“The surveillance team of the Ebola response centre have intensified their
investigations and is working to nip the issue in the bud.”
The girl’s death came two weeks after a 67-year-old food trader was killed by the
tropical fever in the neighbouring district of Kambia, but the two outbreaks are
not linked.
The National Ebola Response Centre (NERC) said 1,524 people were in quarantine
across the two districts.
A spokesman for the local response team told AFP morale was extremely low in
affected area of Makeni, the country’s largest northern city.
“It is a wake-up call that Ebola is still in the country but we have an
overwhelming turnout of our partners (and) the coordination response is
fantastic,” he added.
On August 24, President Ernest Bai Koroma led a festive ceremony celebrating
the discharge of Sierra Leone’s last known Ebola patient, from a Makeni hospital.
No new cases had been recorded in more than two weeks, allowing Sierra Leone
to join neighbouring Liberia in the countdown to being declared Ebola-free.
The city is located in Bombali district, bordering Guinea. The district last reported
a case nearly six months ago, official records show.
Robureh residents told AFP by telephone the “once vibrant community” had
become “as silent as a graveyard” with people shut in their homes.
“Not even the chirpy songs of birds are heard,” said 45-year-old farmer Alimamy
Sesay, whose sister is in quarantine.
“Everything is at a standstill, few people woke up this morning to go to their
farms and I dont know what tomorrow will bring.”
Officials figures show the west African outbreak of Ebola has killed more than
11,000 of 28,000 people infected since first emerging in December 2013 in
Guinea, with Liberia the hardest hit.
Experts acknowledge that poor monitoring, especially early in the outbreak, means that the real death toll could be signficantly higher.

Tuesday, 8 September 2015

Adeduntan to succeed Onasanya as First Bank GMD

Adeduntan to succeed Onasanya as First Bank GMD


First Bank of Nigeria Limited on Monday announced that its Chief Financial
Officer and Executive Director, Dr. Adesola Adeduntan, would replace Mr. Bisi
Onasanya as the Group Managing Director and Chief Executive Officer.
The announcement came on the heels of an earlier notice of Onasanya’s
retirement as the GMD/CEO of the lender.
The development came along with major leadership changes at the bank’s parent company, FBN Holdings Plc.
In a statement, the group said the pioneer Group CEO of FBN Holdings, Mr. Bello
Maccido, would be leaving his position to become the Chairman of the newly-
licensed FBN Merchant Bank Limited.
The current Executive Director, South, First Bank of Nigeria, Mr. UK Eke, will
replace Maccido as the Group Managing Director-designate, FBN Holdings Plc.
The bank noted that the leadership changes would become effective on January
1, 2016.
Other changes will see the current Chairman, First Bank of Nigeria, Prince Ajibola Afonja, retire and be succeeded by Mrs. Ibukun Awosika.
Announcing the other changes, the bank said in the statement, “Following a
rigorous selection process driven by the Board and supported by Heidrick &
Struggle, the internationally renowned executive search firm, Dr. Adesola
Adeduntan, the current Executive Director/CFO emerged as the Managing
Director-designate, First Bank of Nigeria Limited, while Mr. Gbenga Shobo, the
current Executive Director, Lagos & West, emerged the Deputy Managing Director-
designate.
“This comes on the heels of the group’s earlier notice of Mr. Bisi Onasanya’s
retirement as GMD/CEO of the bank. These decisions have been ratified by the
Board of Directors, subject to all necessary regulatory approvals and all take
effect from January 1, 2016.”
As pioneer Group CEO of the FBN Holdings Group in very critical times, the
statement said that Bello birthed the process of establishing the multi-faceted
group to comply with diverse regulatory requirements, navigating through
uncharted territory.
It added, “He will undoubtedly bring his wealth of experience, spanning over 30
years post call to Bar experience as an accomplished retail, corporate and
investment banker, to bear in his new role chairing the Board of the emergent
FBN Merchant Bank Limited.
“The incoming Group Managing Director, UK has over 30 years’ post experience in
financial services, auditing, consulting, taxation, process engineering and capital
market operations.
“Sola, the Managing Director-designate, has garnered diverse expertise in treasury
and financial management, risk management, accounting, corporate governance
and strategy development, advisory and compliance.”
The new DMD-designate, Gbenga, has a banking career spanning over 25 years
with experience in corporate banking, institutional banking, commercial banking,
retail banking and treasury, according to the statement.
In announcing the appointments, the Group Chairman, FBN Holdings, Dr. Oba
Otudeko, said, “We are proud to announce these appointments. In reaching these
decisions, we are mindful of the imperatives for a more efficient group structure
that will benefit the group’s need to deploy systems, which deepen efficiency,
while expanding revenue and returns on investment.
“We are confident that we have made the right choices in these appointees. In
selecting our MD and DMD, we were particularly mindful to identify outstanding
and top-notch professionals with complementary and mutually reinforcing skill set.
“These appointments are a testament to the strength of our succession planning
mechanisms and the calibre of candidates it produces. It also re-articulates our
commitment to put our customers first with the confidence in the value that this
new leadership team brings to bear on behalf of the group, customers and
employees, even as we strive to return greater value to shareholders.”