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Benedict Peters Dedicates Award to Aiteo Workers

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Benedict Peters Dedicates Award to Aiteo Workers

By Dipo Olowookere

Nigerian oil tycoon, Mr Benedict Peters, has dedicated an award he won on Monday, January 28, 2019 to all employees of his company, Aiteo Group.

At the Nigeria International Petroleum Summit in Abuja, Mr Peters was awarded African Icon of the Year at the Foreign Investment Network (FIN) and Federal Ministry of Petroleum Resources Honorary Patrons Dinner and Awards Night.

The award was an acknowledgement of his significant contribution to oil and gas development in Africa, his visionary leadership, distinguished service and transformational disruption of a sector dominated by International Oil Companies.

The Aiteo Group’s 20 year evolution through Africa’s Oil and Gas sector has been exemplary as well as revolutionary – going from a downstream start-up to becoming a leading integrated energy conglomerate with strategic investments in hydrocarbon (or commodities) exploration and production.

Speaking at the award ceremony, Mr Michael Dragoyevich, Chief Executive Officer of Foreign Investment Network remarked, “Mr Peters has earned a unique honour to stand out among his peers as winner of the coveted FIN African Icon of the Year Award.”

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In his remarks, while dedicating the award to all Aiteo employees worldwide, Mr Peters said, “The award by FIN as its African Icon of the Year is awe-inspiring. It’s an honour to receive this type of recognition.

“Our modest efforts to provide Africa’s market places with top-quality energy solutions while being a reference point for indigenous capacity in oil and gas have clearly paid off, and we are proud of the fact that we continue to receive such prestigious distinction.”

Mr Peters ventured into the oil and gas sector as an entrepreneur in 1999 and initially traded mainly in the downstream sector. In 2015, his company, Aiteo won the bid for the largest onshore oil block in sub-Saharan Africa.

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Beyond oil, Mr Peter’s group has investments in mining, agriculture, infrastructure development, electricity generation and distribution,  with a fast-developing retail distribution network. It is focused on serving the needs of communities across the continent, by leveraging a unique combination of a strategic asset base, technology, innovation, and some of the best technical and business minds across the industries it serves. The group has been expanding rapidly, extending its transformational operations to different countries across Africa and Europe.

Mr Peters is passionate about youth empowerment and has donated generously to support football on the African continent. Through Aiteo, he sponsors the Nigerian Football Federation, Aiteo CAF Awards, Aiteo Cup (The Federation’s foremost Cup in Nigeria) and a team in his company’s host community.

He has also assisted thousands of internally displaced persons in northern Nigeria while also supporting clean water sanitation initiatives in Africa in partnership with Face Africa, improving the lives of over 25,000 people in rural Liberia and more. Peters has a keen interest in social and environmental issues in the agricultural sector.

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He chairs the Joseph Agro Foundation, which seeks to tackle high levels of unemployment and water shortage by creating job opportunities for farmers in Africa.

In recognition of his ground-breaking contribution to development, Peters was one of four recipients of the Marquee Award for Global Business Excellence at the Africa-US Leadership Awards in 2014. In the same year, he won the “Leadership CEO of the Year” award. 

In 2015, Peters received the Dr Martin Luther King Jr. Legacy Award in the “Economic Empowerment” category. He was listed as one of the ‘50 Most Influential Nigerians in 2017’ by BusinessDay.

Furthermore, he won ‘Oil and Gas Man of the Year’ at the prestigious Guardian Awards in 2018 as well as the prestigious Forbes Magazine Oil & Gas Leader of the year. In January 2019, The Vanguard Media Limited honoured him with the Businessman of the year award at a gala in Lagos.

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 dipo.olowookere@businesspost.ng

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FG Tasks New NEITI Board on Achieving Buhari’s Agenda

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new NEITI board

By Adedapo Adesanya

The newly inaugurated governing board of the Nigeria Extractive Industries Transparency Initiative (NEITI) has been charged by the federal government to enhance the smooth running of its administration in the area of transparency and accountability.

Mr Boss Mustapha, Secretary to the Government of the Federation (SGF), who performed the inauguration of the new NEITI board on Thursday in Abuja, congratulated the members, saying their appointment as NEITI board members were based on individual merits and track records.

“Your appointment and inauguration, which is taking place here today, is another practical demonstration of President Muhammadu Buhari’s commitment to transparency and accountability in the management of our economic resources.

“And especially, given the mandate and objectives of NEITI,” Mr Mustapha said.

The nation’s scribe said that the present administration was passionate about the NEITI process because it served two key agendas of the administration.

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He said that the extractive industry was very strategic to Nigeria’s economy, hence central to the administration’s economic agenda.

According to Mr Mustapha, transparency and accountability in the management of the nation’s resources are equally central to the anti-corruption agenda of Nigeria.

He said it was, therefore, irrevocably committed to the implementation of NEITI in the oil, gas, and mining industries.

The SGF, therefore, tasked NEITI board members to ensure that the agency continued to preserve the virtues for the benefit of the present and for future generations of Nigeria.

“In order to achieve this, I must remind you that your assignment is non-partisan because NEITI itself is non-political and has maintained dignified neutrality all through almost two decades of existence.

“It is also necessary for me to stress that your appointment is a part-time one. You are therefore advised to conduct yourselves in accordance with this requirement,” he said.

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According to Mr Olusegun Adekunle, serving on the board, he assured that the board would not disappoint the president in the course of carrying out its assigned duties.

The retired permanent secretary said his appointment alongside other board members was another opportunity to serve Nigeria in another capacity.

“Let me also congratulate my colleagues on the board for this wonderful opportunity to serve our nation in a different capacity.

“I must say that the confidence reposed in us is huge but our commitment to this assignment is also strong; we shall, therefore, work as a team with focus and with integrity,” Mr Adekunle said.

The board comprises:

Olusegun Adeyemi Adekunle, Esq. – Chairman (Public Administrator/Retired Federal Permanent Secretary)

Group Managing Director, (NNPC) Mele Kyari – Member (Representing National Oil Gas Company Industry)

Executive Chairman, FIRS, Muhammad Mamman Nami – Member (Extractive Industry Revenue accountability)

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President, Nigeria Mining & Geosciences Society Alabo Charles – Member (Extractive Industry Professional Union)

President, PENGASSAN Comrade Festus Osifo – Member (Extractive Industries Professional Union Industries)

Mr Lorenzo Fiorillo – Member (Chairman OPTS Representative- IOCs, Oil, Gas Industry Companies)

Permanent Secretary, Ministry of Mines and Steel Development, Dr Oluwatoyin Akinlade – Member (Representative, Government Extractive Industries- Mining)

Peter Egbule – Member (National Coordinator, Publish What You Pay representative, Civil Society)

Dr Bashir Bature Gafai – Member (Geo-Political Rep: North-West Zone)

Dr Iliya Gashinbaki – Member (Geo-Political Rep: North-East Zone)

Godwin Akor Ogwuche – Member (Geo-Political Rep: North-Central Zone)

Professor Damilola Olawuyi – Member (Geo-Political Rep: South-West Zone)

Dr Nze Joe Ibeh – Member (Geo-Political Rep: South-East Zone)

Awowoh Christian – Member (Geo-Political Rep: South-South Zone)

Dr Orji Ogbonnaya Orji – Member (Executive Secretary, NEITI by virtue of Office)

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CBN Approves Miriam Olusanya as First Female MD of GTBank

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Miriam Olusanya

By Dipo Olowookere

Leading financial institution, Guaranty Trust Bank (GTBank) Limited, a subsidiary of the newly established Guaranty Trust Holding Company (GTCO) Plc, now has its first female Managing Director and she is Mrs Miriam Olusanya.

A statement from the lender on Wednesday disclosed that her appointment has been approved by the Central Bank of Nigeria (CBN) as well as others.

GTBank Limited will be governed by a board of directors comprising Mr Ibrahim Hassan as Chairman, Mr Jide Okuntola as Deputy Managing Director, Mr Haruna Musa as Executive Director, Mr Olabode Agusto as Independent Non-Executive Director, Ms Imoni Akpofure and Mrs Victoria Adefala as Independent Non-Executive Directors.

As for the parent company, GTCO, it would be led by a board comprising Mr Sola Oyinlola as Chairman, Mr Segun Agbaje as the Group Chief Executive Officer, Mr Adebanji Adeniyi as Executive Director, Mrs Cathy Echeozo as Non-Executive Director, Mr Suleiman Barau and Mrs Helen Bouygues as Independent Non-Executive Directors.

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GTCO, which was formerly GTBank Plc, re-organised its structure as part of its efforts to strengthen its long-term competitiveness and growth prospects.

Under the terms of the re-organisation, a new operating company has been established and amendments made to the articles of incorporation for a corporate name change. The corporate name of Guaranty Trust Holding Company Plc and GTCO Plc will be used by the newly established operating company.

Commenting on the completion of the corporate reorganization, Mr Segun Agbaje said, “We believe that a holding company structure will allow us take advantage of new business opportunities in the emerging competitive landscape and strengthen our earnings base.

“We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making end-to-end financial services easily accessible to every African and African Businesses by leveraging Technology and Strategic Partnerships.

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“As a bank, we were always looking to meet every customer need; with our corporate reorganization, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities.”

He further stated that, “Whilst we are evolving as an organization, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continues to drive our financial success.

“As a Proudly African and Truly International band, we will continue to live by these values—of excellence, hard work and integrity, even as we create faster, cheaper, safer and more diverse products for people and businesses of varied types and sizes.”

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Prior to its corporate reorganization to Guaranty Trust Holding Company Plc, Guaranty Trust Bank Plc has been at the forefront of delivering innovative banking products and services to customers and best-in-class Return-on-Equity to shareholders.

It is widely regarded as the best managed financial institution in Nigeria and has, over the past decade, embarked on a period of unparalleled growth, growing its customer base from less than 3 million customers in 2011 to over 24 million customers in 2020, and profit before tax from N45.5 billion at the end of the 2010 financial year to N238.1 billion at the end of the 2020 financial year.

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FCMB Confirms Yemisi Edun as CEO, Absolves Nuru of Wrongdoing

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Yemisi Edun FCMB

By Dipo Olowookere

Mrs Yemisi Edun has been confirmed as the substantive Chief Executive Officer (CEO) of First City Monument Bank (FCMB) Limited.

Recall that early this year, Mrs Edun was announced as the acting CEO of the financial institution after media reports that the former occupier of the position, Mr Adam Nuru, allegedly violated one of the banking rules.

He was accused of having a romantic affair with a female staff of the company, Mrs Moyo Thomas, who was married to another man, Mr Tunde Thomas.

In the media reports, it was alleged that the women had children for the bank chief, which the husband of the woman thought were his.

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Upon discovery, according to the media reports, Mr Thomas went into depression and subsequently died in December 2020.

In order to protect the image of the bank, the board asked Mr Nuru to step aside to give room for an independent investigation into the matter.

On Tuesday, FCMB issued a statement confirming that Mr Nuru will not be returning to his position as Mrs Edun has been favoured by the board of directors to lead the lender.

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In the statement, it was disclosed that after reviewing the “media allegations made in late 2020 against the former MD, [it] did not establish any contravention of its policies” by Mr Nuru.

“Board of Directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavours,” a part of the statement read.

The new occupier of the exalted seat, Mrs Edun, is said to have work experience spanning nearly 35 years. Prior to her appointment, she was the Executive Director/Chief Financial Officer of FCMB.

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She graduated from the prestigious University of Ife with a Bachelor’s degree in Chemistry and holds a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom.

Mrs Edun is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Certified Financial Analyst (CFA) Charter holder. She is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.

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