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Buhari Swears-in Bello Shehu as RMAFC Chairman

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Mohammed Bello Shehu

By Adedapo Adesanya

President Muhammadu Buhari on Wednesday, August 17 swore in the newly appointed Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Mr Mohammed Bello Shehu.

The new RMAFC chairman was administered an oath in the council chamber of the State House in Abuja just before the president presided over the weekly Federal Executive Council (FEC) meeting.

Speaking with journalists after the swearing-in, Mr Shehu explained that although the task ahead of him is daunting, he is certain that the commission will assist the Buhari-led administration to block leakages.

He also noted that he will assist the appropriate bodies to generate more revenue for the Federation and implement its constitutional responsibility.

As one of the 14 constitutional Commissions, the RMAFC chairman maintained that he will ensure that the commission’s independence is upheld as enshrined within the Constitution.

Alongside the president, others physically in attendance at the FEC meeting included the Secretary to Government of the Federation, Mr Boss Mustapha; Chief of Staff to the President, Mr Ibrahim Gambari; and National Security Adviser, Maj. Gen. Babagana Mungonu (rtd).

Others were Ministers of Information and Culture, Mr Lai Mohammed, Finance, Budget and National Planning, Mrs Zainab Ahmed, and Justice, Mr Abubakar Malami; Mines and Steel Development, Mr Olamilekan Adegbite, Niger Delta, Mr Umana Umana; Power, Mr Abubakar Aliyu, Sports, Mr Sunday Dare; Water Resources, Mr Suliaman Adamu, Science and Technology, Mr Olorunibe Mamora.

Also in attendance were the Ministers of Water Resources, Federal Capital Territory, Mr Mohammed Bello, Works and Housing, Mr Babatunde Fashola, Agriculture, Mohammed Abubakar, Aviation, Mr Hadi Sirika, Mines and Steel Development, Mr Olamilekan Adegbite and Minister of State Education, Mr Goodluck Opia.

The Vice President, Mr Yemi Osinbajo joined virtually as well as the Head of Service of the Federation, Mrs Folashade Yemi-Esan and other ministers.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Jobs/Appointments

NGX Group Reorganises Board, Picks Umaru Kwairanga as Chairman

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Umaru Kwairanga

By Aduragbemi Omiyale

The board of the Nigerian Exchange (NGX) Group Plc has been rejigged for better performance and efficiency, with the appointment of Mr Umaru Kwairanga as the new chairman.

Mr Kwairanga was appointed to the position at a board of directors meeting on Wednesday, October 5, 2022, in Lagos.

He will replace Mr Abimbola Ogunbanjo, who announced his retirement as chairman of the organisation at the 61st Annual General Meeting (AGM) of the group last month.

After his announcement, a non-executive director of NGX Group, Mr Ikpobe Apollos, was elected as the acting chairman on Friday, September 30, 2022 before Kwairanga was picked for the job yesterday.

In his acceptance speech, Mr Kwairanga resolved to work assiduously with his colleagues on the board to immediately stabilise relationships with all key stakeholders and set the group on the path to a brighter future.

“I am very excited to lead the execution of our corporate strategy and deliver world-class governance to the group. I appreciate the board for the confidence in my abilities to deliver on our mandate for the shareholders of NGX Group.

“I would like to thank our erstwhile Chairman, Mr Abimbola Ogunbanjo and our outgoing acting chairman, Mr Apollos Ikpobe, for their outstanding and diligent service to the company, and I promise to continue to deliver in line with their set standard of execution and delivery,” he said.

The Group Managing Director/Chief Executive Officer of NGX Group, Mr Oscar Onyema, described the appointment of Mr Kwairanga as a positive step in the group’s journey to delivering value to shareholders.

“As we move to execute our strategy aimed at maximising outcomes for our shareholders, we would count on Dr Kwairanga’s wealth of experience in making strategic board decisions,” he stated.

Also, Mr Ikpobe, who retired from the board effective September 5, 2022, appreciated the board’s cooperation during his tenure as a director and his appointment as acting chairman.

“The past year as a director on this noble board allowed me to contribute to the transformation process of NGX Group actively. I trust that the board will continue to lead innovations in the Nigerian capital market as a values-driven organisation,” he said.

Mr Kwairanga, a thoroughbred capital market professional with an excellent corporate governance pedigree, has 30 years of experience in banking, pensions, manufacturing and commercial sectors.

He served previously as a council member of the defunct Nigerian Stock Exchange (NSE) and as a member of the board of NGX Group. He is currently a council member of the Institute of Directors of Nigeria and an active director of multiple listed and unlisted companies.

Meanwhile, in keeping with good governance ethos, and to ensure continuity as well as institute an orderly succession plan for the organisation, the board has created the position of Vice Chairman and appointed Mr Oluwole Adeosun, a non-executive director of NGX Group and current President of the Chartered Institute of Stockbrokers (CIS), to fill this position.

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Former Mastercard Director Emmanuel Efenure Moves to Flutterwave

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Emmanuel Efenure Flutterwave

By Aduragbemi Omiyale

A former director with a leading payments firm, Mastercard, Mr Emmanuel Efenure, has been hired by Flutterwave as Head of Risk for Africa.

The graduate of Accounting from the University of Benin (UNIBEN) will head the Risk Group of Flutterwave, which was recently created from the company’s Compliance Team to enable faster development and implementation of Risk initiatives.

The appointment of Mr Efenure followed the recent hiring of senior management members by Flutterwave, including Gurbhej Dhillon, former Goldman Sachs Managing Director, as CTO; Oneal Bhambani, former Vice President of American Express, as CFO; and Mansi Babyloni, former Senior Manager at EY and PwC, as CPO.

Flutterwave said it employed these talents ahead of its much-awaited initial public offering (IPO) in the United States.

“The scale of our business and the speed of our growth mean we must be extremely cautious about those we let on our platform.

“Emmanuel comes with over 22 years of risk and compliance to improve our processes and ensure we keep the bad actors away.

“He is not only an expert in the field, he also understands the risk landscape in the industry and the continent. We’re excited that he has joined us and look forward to all the great processes and systems he will bring to Flutterwave to improve our risk profile,” CEO of Flutterwave, Mr Olugbenga GB Agboola, said.

In his remarks, Mr Efenure said, “I’m thrilled to join Africa’s leading payments technology company to improve the risk processes for Flutterwave Africa operations.

“What we do is important to keep customers, partners, the company and the payment ecosystem safe. It excites me to work with this team of talented people building solutions for businesses in Africa and connecting them to the global payments system. I can’t wait to get started.”

While at Mastercard, Mr Efenure was in charge of Customer Engagement and Performance, responsible for leading customer compliance and risk efforts for sub-Saharan Africa.

He also developed and executed Mastercard’s safety and security strategy for the region and provided strategic guidance on risk and compliance matters to the business, key partners and Mastercard customers in Sub-Saharan Africa.

In his new role, he will oversee the continued development and execution of Flutterwave’s risk, security and scheme compliance strategy for Africa, including delivering healthy growth of the company’s business and ecosystem in a changing risk landscape like Africa.

He will be the primary point of contact for all risk-related projects, processes and operations and lead the risk management efforts for Flutterwave in Africa.

Mr Efenure has experience in risk and business operations, having held similar positions at the United Bank for Africa (UBA) Plc, Standard Chartered Bank and Mastercard.

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Risevest CEO Found Guilty of Sexual Impropriety, Abuse of Power

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Urum Eke Risevest CEO

By Adedapo Adesanya

The Chief Executive Officer (CEO) of Risevest, Mr Eke Urum, has been found guilty of sexual impropriety and abuse of power.

This was the outcome of a six-week investigation into allegations of sexual and non-sexual abuse against the stock investment startup founder.

A statement noted that, “The evidence presented to the panel could not prove sexual assault by Eke Urum. However, the evidence presented to the panel, including admitted sexual relations with an employee and unwanted, inappropriate jokes and conversations revealed sexual impropriety. It also showed a pattern of abuse of power, intimidation, retaliation and workplace bullying by him.”

It was reported by TechCabal that a member of the investigation panel, Toni Tunde-Anjous, said that Mr Urum would not be reinstated as CEO.

Mr Tony Odiba, who is in the acting CEO role, will remain in that capacity until the newly constituted board appoints a new CEO.

Mr Urum will transition into a non-executive member of a new board and will lead the startup’s investment strategy and provide guidance on technology.

On his part, the Risevest CEO told the publication in response to the findings of the investigation that he was regretful and promised support for the new CEO.

“As a leader, I have grown a lot over the years and still have a lot of growing to do, which is why I’m going to be taking additional coaching and executive training.

“I regret the distraction that my actions may have caused and fully respect the integrity of the process the Risevest investors and the panel underwent to identify the gaps in our systems and my leadership.”

It took the investigation panel, comprising Odun Longe and Toni Tunde-Anjous, and chaired by Tomi Davies, speaking with almost 60 current and former employees over six weeks to reach a conclusion.

The investigation panel also recommended that a board of directors consisting of Mr Urum, Mr Odiba, two investor representatives, and one independent member approved by both founder and investor groups should be immediately constituted.

Prior to this, Risevest didn’t have a board of directors.

The panel called that after the board is formed, the conversion of currently-held (simple agreement for future equity) SAFEs into equity should take place.

Two months ago, Business Post reported that Mr Urum was asked to step aside by investors at the company, despite owning the largest part of the company, until the end of the investigation by panel members appointed by the investors.

“Following allegations of sexual and non-sexual impropriety from someone who can be reasonably expected to have knowledge of such, investors of Risevest have asked Eke Urum to step aside from his role as founder and CEO and an independent investigation is ongoing,” the company noted.

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