Jobs/Appointments
Ayodeji Adelagun to Lead Standard Chartered Operations in Nigeria
By Adedapo Adesanya
Top financial institution, Standard Chartered, has announced the appointment of Mr Ayodeji Adelagun as the Acting chief executive of its operations in Nigeria.
According to a statement, the appointment of Mr Adelagun is is a testament to the lender’s established culture of promoting excellence and leadership continuity whilst reinforcing the confidence of its esteemed stakeholders in the Nigerian financial industry.
The seasoned banker has been with the company for over 19 years and has over 26 years experience in the financial services sector spanning financial markets, banking operations, securities trading, foreign exchange trading, asset & liability management, commercial banking, risk management and credit.
He takes over from Mr Dalu Ajene, who was recently appointed as Africa CEO and Head of Coverage at Standard Chartered Bank.
Speaking on his appointment, Mr Ajene said, “We are pleased to announce the appointment of Ayodeji ‘Deji’ Adelagun as the Acting Chief Executive Officer of Standard Chartered Bank Nigeria Limited. Deji brings a strong track record of leadership, deep market insight and a clear vision for growth. With an extensive background in banking and finance, he brings a wealth of experience and expertise to lead our operations in Nigeria.”
“Standard Chartered remains committed to driving economic growth and supporting our clients in Nigeria. We are confident that under his leadership, the Bank will further deepen its impact in Nigeria and continue delivering exceptional service and innovative solutions to our clients,” Mr Ajene added.
Until his appointment, the appointee was the bank’s Executive Director for Financial Markets, and was credited with driving enhanced trading liquidity and good risk management practices for the bank. He was also actively involved in the development of both local and regional markets.
Speaking on his appointment, Mr Adelagun said, “I am deeply honoured to assume the responsibility of leading the bank’s strategic agenda in Nigeria at this pivotal time. Nigeria remains a priority market for the bank, and our recent recapitalisation, together with a refreshed strategy, clearly underscores this commitment. We will continue to support the country by facilitating foreign portfolio flows to help strengthen the economy, we intend to sustain our leading position in unlocking flows into the country.
“As a bank, the voice of our customers has always been central to how we operate, and we remain firmly focused on consistently exceeding the expectations of our diverse client base. Our distinctive strengths in cross-border transactions, alongside our Wealth and Affluent focus, remains central to our strategy.
“These areas give us a clear competitive advantage, and we will continue to grow the business by delivering differentiated solutions that meet our clients’ evolving needs.”
Mr Adelagun joined Standard Chartered in August 2007 as Head, Rates & Credit Trading and was tasked with the responsibility of setting up the Rates & Credit desk.
His experience prior to joining Standard Chartered, includes the banking operations, commercial banking and treasury departments of Access Bank Plc. He had previously worked with First Securities Discount House Limited (FSDH) now FSDH Merchant bank in 2003 where he was the pioneer bond dealer and was responsible for setting up and running the bond trading desk.
Speaking of taking the mantle from his predecessor, the new Acting CEO Nigeria added, “I have had the privilege of working closely with Dalu Ajene, who recently transitioned from the role of CEO Nigeria to lead our strategic agenda across Africa as the CEO of the Africa Cluster. This ensures a seamless continuation of our business momentum in Nigeria. Our Board is both strong and uniquely diversified, and I will continue to rely on their invaluable guidance and support to deliver on our priorities.’’
The acting CEO is a graduate of Economics from University of Ilorin, Nigeria. He holds an MBA from the prestigious Lagos Business School (LBS) and is an Alumnus of IESE Business School, Executive Management Programme. He has also attended executive management training at INSEAD. He is a honorary senior member of the Chartered Institute of Bankers of Nigeria (CIBN) and ACI Financial Markets Association and has various executive management and leadership certifications, including the Executive Management Training at INSEAD.
Jobs/Appointments
Court Sanctions CHI Limited for Wrongful Employment Termination
By Modupe Gbadeyanka
The termination of the employment of one Mr Bodunrin Akinsuroju by CHI Limited has been declared as unlawful by the National Industrial Court of Nigeria.
Delivering judgment on the matter, Justice Sanda Yelwa of the Lagos Judicial Division of the court held that the sacking of Mr Akinsuroju did not comply strictly with the provisions of the contract of employment and the Employee Handbook.
Consequently, the company was directed to pay him the sum of N2 million as general damages for wrongful termination and N200,000 as costs of action, while Mr Akinsuroju was ordered to return the company’s properties in his possession or pay their assessed market value.
Justice Yelwa found that the contract agreement between both parties clearly required either party to give 30 days’ notice or payment in lieu of notice after confirmation of appointment, and there was no evidence that the employee was given the required notice or paid salary in lieu of notice.
The judge held that failure to comply with this fundamental term amounted to a breach of the contract of employment, thereby rendering the termination wrongful.
Mr Akinsuroju had claimed that the allegation of misconduct against him was unfounded and not established, maintaining that the disciplinary committee proceedings were prejudicial and that the termination of his employment was without justifiable cause and without compliance with the agreed terms of his employment.
In defence, CHI Limited contended that it had the right to terminate the employment of Mr Akinsuroju and that the termination was lawful and in accordance with the contract of employment and the Code of Conduct.
In opposition, counsel to Mr Akinsuroju submitted that the alleged breaches were not proved and that the termination letter took immediate effect without the requisite 30 days’ notice or payment in lieu of notice as stipulated in the letter of appointment and the Employee Handbook, urging the court to hold that the termination was wrongful and to grant the reliefs sought.
Jobs/Appointments
Tinubu Appoints Tunji Disu as Acting Inspector General of Police
By Modupe Gbadeyanka
President Bola Tinubu on Tuesday appointed Mr Tunji Disu as the acting Inspector General of Police (IGP), following the resignation of Mr Kayode Egbetokun.
Mr Disu, an Assistant Inspector General of Police (AIG), was recently moved to the Force Criminal Investigation Department (FCID) Annex, Alagbon, Lagos.
A statement today by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that the President would convene a meeting of the Nigeria Police Council shortly to formally consider the appointment of Mr Disu as substantive IGP, after which his name will be transmitted to the Senate for confirmation.
Mr Tinubu expressed confidence that Mr Disu’s experience, operational depth, and demonstrated leadership capacity would provide steady and focused direction for the Nigeria Police Force during this critical period.
He reiterated his administration’s unwavering commitment to enhancing national security, strengthening institutional capacity, and ensuring that the Nigeria Police Force remains professional, accountable, and fully equipped to discharge its constitutional responsibilities.
Mr Egbetokun was said to have resigned from the position due to pressing family considerations.
President Tinubu, who accepted the resignation letter, expressed his profound appreciation for Mr Egbetokun’s decades of distinguished service to the Nigeria Police Force and the nation. He acknowledged his dedication, professionalism, and steadfast commitment to strengthening internal security architecture during his tenure.
Appointed in June 2023, Mr Egbetokun was serving a four-year term scheduled to conclude in June 2027, in line with the amended provisions of the Police Act.
The statement disclosed that his replacement was in view of the current security challenges confronting the nation, and acting in accordance with extant laws and legal guidance.
Jobs/Appointments
Tunji Disu to Become New IGP as Egbetokun Quits
By Adedapo Adesanya
Mr Tunji Disu, an Assistant Inspector General of Police (AIG), has reportedly replaced Mr Kayode Egbetokun as the new Inspector General of Police (IGP).
Mr Egbetokun resigned from the position on Tuesday after he was said to have held a meeting with President Bola Tinubu on Monday night at the Presidential Villa in Abuja.
President Tinubu appointed Mr Egebtokun as the 22nd IGP on June 19, 2023, with his appointment confirmed by the Nigeria Police Council on October 31, 2023.
Appointed as IGP at the age of 58, Mr Egbetokun was due for retirement on September 4, 2024, upon reaching the mandatory age of 60, but his tenure was extended by the President, creating controversies, which trailed him until his exit from the force today.
Although the police authorities are yet to comment on the matter or issue an official statement about his resignation, the move came amid reports suggesting that Mr Egbetokun has left the position.
Mr Egbetokun’s tenure was marred by a series of controversies; he recently initiated multiple charges against activist Mr Omoyele Sowore and his publication, SaharaReporters, after Mr Sowore publicly described him as an “illegal IGP.”
The dispute escalated into protracted legal battles, with the Federal High Court issuing injunctions restricting further publications relating to the former police chief and members of his family. Critics interpreted these court actions as attempts to stifle dissent and weaken press freedom.
His replacement, Mr Disu, was posted to oversee the Force Criminal Investigation Department (FCID) Annex, Alagbon, Lagos, some days ago.
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