Jobs/Appointments
CBN Okays Chike-Obi as New Fidelity Bank Chairman
By Modupe Gbadeyanka
Former MD/CEO of AMCON, Mr Mustafa Chike-Obi, has been appointed as the new Chairman of Fidelity Bank Plc.
Mr Chike-Obi is occupying the position following the stepping down of Mr Ernest Ebi from the seat with effect from August 14, 2020.
A statement from the lender disclosed that the appointment of Mr Chike-Obi has been approved by the Central Bank of Nigeria (CBN).
Mr Ebi, who has been serving as Chairman of the board of directors of Fidelity Bank, is expected to leave the post in compliance with the bank’s internal governance policy.
Also, it was stated that an independent non-executive director on the Fidelity Bank’s board, Mr Seni Adetu, is also leaving the board having successfully completed his tenure on June 30, 2020.
Mr Ebi and Mr Adetu both played significant roles on the board of Fidelity Bank, contributing to the growth across key financial metrics of the financial institution.
They also complemented the management’s effort in the delivery of these milestones in service of the long-term vision of the bank, working earnestly to improve the lender’s market share position.
In view of their immense contribution to the growth of the company, the board and management of Fidelity Bank expressed their sincere appreciation to the duo for the “significant contributions to the growth and development of the bank during their tenure on the board.”
For the incoming Chairman, he is expected to use his 40 years of experience in investment banking and the financial services sector to take the bank to greater a height.
Mr Chike-Obi is the Executive Vice Chairman of Alpha African Advisory. He works with reputable global investment banking and asset management companies, providing overall leadership, with direct oversight over the capital raising division of the organisation.
Prior to joining Alpha African Advisory, Mr Chike-Obi was the inaugural CEO of the Asset Management Corporation of Nigeria (AMCON), a federal government-backed institution, established to resolve the problem of non-performing loan assets of Nigerian banks after the 2008 global financial crisis.
The incoming Chairman of Fidelity Bank was the founding president of Madison Advisors, a financial services advisory and consulting firm in New Jersey, USA, specialising in hedge funds and private equity investment advice.
Mr Chike-Obi holds a Bachelor’s degree in Mathematics from the University of Lagos (First Class Honours) and an MBA from Stanford University Graduate School of Business.
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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