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Agusto & Co Appoints Adelekan CEO as Shobo Bows Out

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By Dipo Olowookere

After over two decades at Agusto & Co, Nigeria’s foremost credit rating agency, Ms Vivien Shobo, has retired as the Chief Executive Officer of the organisation.

While she piloted affairs of Agusto, Ms Shobo facilitated landmark multibillion transactions including the largest Municipal Bond programme and single largest tranche issuance, the Lagos State government’s N500 billion bond programme and N87.5 billion bond issuance.

She ensured that the company strengthened its formidable market position in Nigeria and Africa by obtaining Credit Rating Agency licenses from the capital market authorities of Kenya and Rwanda.

Under her leadership, Agusto successfully rated most of Nigeria’s leading banks and pioneered domestic credit ratings for notable corporates such as Dangote Cement Plc, MTN Nigeria Communications Plc, Lafarge Africa Plc, Nigerian Breweries Plc, Guinness Nigeria Plc, Julius Berger amongst others.

She further helped the firm facilitate the first bond issued by a deposit money bank in Nigeria in 2006, which is the Access Bank N13.5 billion redeemable bond.

During her tenure, the organisation helped in the first bond issued by an insurance company in 2008, the Crusader Nigeria Plc N4 billion Unsecured Convertible Debenture; the first 15-year corporate green bond fully guaranteed by infrastructure Credit Guarantee Company Limited (Infracredit), NSP-SPV PowerCorp Plc’s N8.5 billion 15-year 15.60 percent Series 1 Guaranteed Fixed Rate Senior Green Infrastructure Bond Due 2034; and the first commercial paper issuance under the new guidelines of FMDQ, UPDC’s N24 billion commercial paper programme.

In addition, she assisted in the first hospitality corporate bond issuance in the Nigerian debt capital market, Transcorp Hotels Plc’s N19.7 billion Series I & II bonds Due 2020; the first FinTech corporate bond (callable) issuance in the Nigerian debt capital market, Interswitch Africa One Plc’s N23 billion 7-Year 15 percent Fixed Rate Series 1 Senior Unsecured Callable Bonds Due 2026; the first logistics corporate bond issuance in the Nigerian debt capital market, TAK Agro Plc’s N15 billion 16.49 percent 7-year Fixed Rate Senior Bond Due 2026; and the World Bank credit rating assessment for City of Kigali and the 30 districts in Rwanda in 2015.

A statement issued by Agusto said following the retirement of Ms Shobo, it has appointed Ms Yinka Adelekan, an Executive Director in the company, as its new CEO.

The new CEO is an astute finance executive with over 20 years’ experience in the financial services industry, and her expertise spans credit ratings, corporate banking, risk management, product development, financial analysis, and information management.

Agusto & Co is a pioneer in the Nigerian Credit Ratings Industry and commenced business in January 1999. In 2001, Agusto & Co became the first credit rating agency to be licensed by the Securities and Exchange Commission (SEC).

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Oyo Nigeria Union of Teachers Elects Hassan Ajibola Fatai as Chairman

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Fatai Oyo NUT chairman

By Aduragbemi Omiyale

The Oyo State chapter of the Nigeria Union of Teachers (NUT) has elected Mr Hassan Ajibola Fatai as its new chairman, replacing the outgoing Mr Raji Oladimeji Ismael.

He was chosen to lead affairs of the association in the next four years at the NUT Oyo State wing’s 8th quadrennial Delegates Conference in Ibadan, the state capital, on Wednesday.

Mr Fatai, a teacher at Migrant Farmers Primary School, Igbo-Iroko Kishi, vowed to safeguard the integrity, dignity, and professionalism of the teaching profession in the state, also promising to work with all members and stakeholders to reposition the union to better serve the welfare of its members.

Other newly elected executive members included Adeleke Adesina as deputy chairman, Alonge Oluyemisi as 1st vice chairman, Morakinyo Oyebola as 2nd vice chairman, Badmus Abiona as 3rd vice chairman, Bello Folasade as 4th vice chairman, Titilolu Ibukunolu as treasurer, Dada Kabirat as 1st internal auditor, Akinjide Yusuf as 2nd auditor and Ajala Niyi as publicity secretary.

Also, Alao Femi was elected as social secretary, Areo Felicia as assistant social secretary, Mobolaji Ademola as state national representative and James Ruth as Editor.

Speaking at the conference, the National President of NUT, Mr Titus Audu Amba, who was represented by the National Social Secretary, Ms Titi Ade Adebanjo, stated that the union was founded on democratic principles and the philosophy of labour unions.

According to him, in line with this, the union at the national, state and local levels conducts elections to usher in new executives at the end of every stipulated tenure.

He reiterated the group’s commitment to continue pursuing better welfare and improved conditions for teaching and learning in Nigeria.

On his part, Mr Ismael outlined major achievements recorded between 2022 and 2026, highlighting significant improvements in teachers’ welfare, professional development, and infrastructural expansion.

According to him, the union secured prompt salary payments, promotion arrears, annual increments, and interventions on pension-related matters, while also resolving cases of victimisation, wrongful postings, salary stoppage, and other disputes through its Legal and Welfare Committees.

“Persistent advocacy led to the recruitment of additional teachers and non-teaching staff, which eased workloads, improved teacher–pupil ratios, and enhanced learning outcomes across schools. It also facilitated long-delayed promotions, conducted trainings for SWEC members, and organised capacity-building programmes and mentorship sessions for young teachers,” he added.

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Tinubu Picks Joseph Tegbe to Replace Adelabu as Power Minister

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Joseph Tegbe

By Modupe Gbadeyanka

Following the resignation of Mr Adebayo Adelabu as the Minister of Power a few days ago, President Bola Tinubu has nominated Mr Joseph Tegbe as his replacement.

A statement by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed on Thursday that Mr Tegbe’s name has been forwarded to the Senate for confirmation.

His nomination is expected to strengthen further ongoing efforts to reform the power sector, enhance grid stability, and attract sustainable investment in line with the Renewed Hope Agenda.

Upon confirmation, he is expected to bring his extensive expertise to bear to advance critical reforms and deliver improved outcomes for Nigerians in the power sector.

Mr Adelabu, a former Deputy Governor of the Central Bank of Nigeria (CBN), resigned last week to pursue his dream of becoming the Governor of Oyo State.

His replacement is also from Oyo State. He is a fiscal and economic reform expert with over 35 years of experience spanning the public and private sectors, according to the statement today.

He is a former Senior Partner and Head of Advisory Services at KPMG Africa, where he led wide-ranging initiatives in fiscal policy reform, institutional transformation, and governance. He has also advised key government institutions and private sector organisations on strategic reforms, regulatory frameworks, and investment structuring.

He is at present the Director General and Global Liaison for the Nigeria-China Strategic Partnership (NCSP), where he is responsible for strengthening bilateral development cooperation between Nigeria and the People’s Republic of China.

The NCSP also coordinates engagements with public sector stakeholders to advance economic and social development in line with FOCAC objectives.

Mr Tegbe’s experience includes significant engagements within the power sector, particularly in regulatory and institutional reform involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET).

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Tinubu Elevates Bianca Ojukwu to Foreign Affairs Minister

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Bianca Ojukwu

By Adedapo Adesanya

President Bola Tinubu has named Mrs Bianca Odumegwu-Ojukwu as Nigeria’s new Minister of Foreign Affairs, the latest in the cabinet reshufflement.

Mrs Odumegwu-Ojukwu replaces Mr Yusuf Tuggar, who recently resigned to pursue the Bauchi governorship election ambition in 2027 under the All Progressives Congress (APC).

Mr Sola Enikanolaiye has been appointed as the new Minister of State for Foreign Affairs, the position previously occupied by Mrs Odumegwu-Ojukwu.

In a statement on Wednesday night, the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that until his nomination, Mr Enikanolaiye, from Kogi State, served as senior Special Assistant to the President on Foreign Affairs and International Relations.

He is a career diplomat with over three decades of service in Nigeria’s foreign service.

He has previously served as permanent secretary in the Ministry of Foreign Affairs and held diplomatic postings in Addis Ababa, Ethiopia, Belgrade, Ottawa, London and New Delhi.

President Tinubu said the appointments are part of efforts to strengthen Nigeria’s foreign policy architecture, improve efficiency and deepen global engagement.

He urged the appointees to promote Nigeria’s national interest, advance economic diplomacy, strengthen regional stability and ensure the welfare of Nigerians abroad.

“The President noted that these appointments are part of ongoing efforts to reposition Nigeria’s foreign policy architecture for greater efficiency, strategic engagement, and stronger global partnerships,” the statement read.

Recent ministerial changes under President Tinubu reflect a cautious but deliberate attempt to recalibrate governance and strengthen economic management. In a minor cabinet reshuffle approved in April 2026, key portfolios were affected, most notably the removal of Finance Minister, Mr Wale Edun; and the Housing Minister, Mr Ahmed Musa Dangiwa.

Their exits paved the way for new appointments, including the elevation of Mr Taiwo Oyedele to oversee the critical finance ministry, a move widely interpreted as an effort to inject fresh direction into the country’s economic policy framework.

Beyond the cabinet reshuffle, the administration has also undertaken broader leadership adjustments across strategic sectors, particularly in energy and regulation, signalling a pattern of continuous review within government ranks, including the replacement of Mr Saidu Mohammed with Mr Rabiu Umar as the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

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