Jobs/Appointments
Critics Question Aisha Ahmad’s Qualification for New CBN Job
By Dipo Olowookere
Since Thursday, October 5, 2017, when President Muhammadu Buhari announced Mrs Aishah Ahmad, as the new Deputy Governor of the Central Bank of Nigeria (CBN), there have been controversies trailing the young woman.
Mrs Ahmad was appointed to replace Mrs Serah Alade, who retired in March 2017 as the Deputy Governor of the CBN in charge of Economic Policy.
She is expected to assume duty as CBN deputy governor immediately after her confirmation by the Senate.
A report by Premium Times has said Mrs Ahmad was ‘controversially’ promoted to the position of an Executive Director of Diamond Bank Plc few hours to her announcement for the new CBN job.
But the lender, when contacted by the newspaper, gave a dodgy response to this issue.
Rather than make a categorical comment on when Mrs Ahmad was raised from her position as deputy general manager to executive director, Mr Mike Omeife, Head of Media Relations at the bank, merely said she had been executive director at the bank “for a while”.
He maintained that based on her wealth of experience, she is qualified to be appointed to the new position.
Until her appointment, Mrs Ahmad, a holder of Master of Science, M.Sc degree in Finance & Management from the Cranfield School of Management, United Kingdom (2006-2007) and a Master of Business Administration, MBA in Finance, University of Lagos (1999-2001), was the executive director (Retail Banking) at Diamond Bank Plc.
She is the chairperson, executive council of Women in Management, Business and Public Service, WIMBIZ, a Nigerian non-profit organization focused on issues affecting the interest of women professionals in business, particularly those promoting leadership development and capacity building to engender growth.
Since her appointment, there had been controversies, especially on social media, over her qualification for the CBN job.
SCANTY DETAILS
But in a chat with PREMIUM TIMES on Tuesday, Mr Omeife said the new CBN deputy governor had been an executive director at Diamond Bank “for a while”.
When asked of the specific date, he explained that he might not immediately have the details but he was confident she had been appointed executive director “for a while”.
Our sources maintained Mr Omeife “was economical with the truth”.
Checks by PREMIUM TIMES revealed that details of the bank’s annual report showed that as at December 2016, Mrs Ahmad held the position of Head, Consumer and Privilege Banking. The two executive directors listed in the report are Chizoma Okoli, Executive Director Business Development, and Chiugo Ndubisi, Executive Director/Chief Financial Officer.
Similarly, in its quarterly reports for March and June 2017, the names of the two aforementioned officials remained as executive directors.
Meanwhile, checks on the disclosure platform of the Nigerian Stock Exchange, NSE, for possible announcement of Mrs Ahmad’s elevation also yielded no result as no such disclosure was made throughout 2017.
When contacted on the telephone on Monday, the media officer of the NSE, Joseph Kadiri, could not immediately give response to the request.
He, however, told PREMIUM TIMES to forward the request to him via email and promised to send to appropriate quarters for reply. More than 24 hours after the request was sent with reminders, PREMIUM TIMES has not gotten any response.
But Mr Omeife, Tuesday, suggested that disclosure of Mrs Ahmad’s appointment as ED may not necessarily be made to the Nigerian bourse.
“From the financial services perspective, the CBN handles issues involving people from ED (position) up (wards),” he said.
When asked about the alleged double promotion the new CBN official reportedly enjoyed on the day she was appointed by President Muhammadu Buhari, Mr Omeife said he knew nothing about such development.
“I don’t know about that; all I am meant to understand is that the president appointed her as CBN deputy governor and sent her name to the Senate for approval. I don’t know about that (issue of double promotion).
“But I know she is eminently qualified to be the CBN deputy governor and I am expecting young Nigerians to applaud her,” he said, in reference to Mrs Ahmad’s academic and professional antecedents.
He, however, said further enquiries should be directed to the CBN.
But PREMIUM TIMES’ efforts to reach the CBN were futile. Isaac Okorafor, the apex bank’s spokesperson, did not answer or return calls to his known number. He also did not reply to a text message sent to him.
PRIVILEGE BANKING VS ECONOMIC POLICY
Many commentators alleged that her promotion to the position of executive director at Diamond Bank Plc was ‘fast-tracked’, a few hours to the announcement of her name by the Nigerian government.
Insiders at the bank told PREMIUM TIMES she was promoted executive director hours to the announcement of her appointment to the CBN position. There was a company-wide announcement to that effect, our sources said.
However, the CBN Act does not require that an appointee to that position must be an executive director of a bank, and it is not clear why she had to be controversially upgraded.
Section 8 sub-section 1 of the CBN Act 2007 states, among others, that: “The Governor and Deputy Governors “shall be persons of recognised financial experience and shall be appointed by the President subject to the confirmation of the Senate.”
Some commentators argue that Mrs Ahmad’s expertise may not be the kind of skills needed at the CBN. She is better known for overseeing privilege banking, securing accounts from high net-worth individuals, and providing private client services to wealthy customers. Her understanding of economic policies remained unclear.
Abdul Mahmud, an Abuja-based attorney, said of the appointment, “That she replaces Sarah Alade as Deputy Governor of CBN in charge of economic policy- monetary policy, financial market, etc, before her retirement, makes her catapult curious.
“With a background in accounting and professional training in consumer banking, you would ask: what was her appointor thinking? She is not a monetarist, there is nothing in her CV that shows that she is nuanced in monetary economics.
“Well, with another misfit, Emefiele, at the helm of CBN, who has been accused of doing wash wash -printing more naira notes- an Emefiele-esque Quantitative Easing (QE) -to address liquidity problem and creating the more serious problem of inflationary pressure- a process of policy catalyzation really- you will understand why the oracle has consistently argued that the government projection of the Economic and Recovery Growth Plan (ERGP) to reduce the inflation rate from 19% to 0% by 2020 is a pipe dream.
“Brace up for harder, perilous, and more difficult economic times.”
Source: Premium Times
By Modupe Gbadeyanka
The International Bar Association (IBA) has elected Mr Jaime Carey from Chile as its new president, succeeding Spain’s Almudena Arpón de Mendívil y Aldama and becoming the first from his country to lead the group.
He will head the group alongside Claudio Visco, a Senior Partner at Italian law firm, Lipani, the first time the association is having a joint presidency.
On September 19, 2024, the IBA Council adopted a resolution that ratified this arrangement for the years 2025–2026.
Mr Carey is a Senior Partner of Carey, Chile’s largest law firm, and has been a member of the IBA for 41 years.
Prior to becoming President, he held many senior positions in the IBA, including: Co-Vice President, Co-Secretary-General, Chair of the Legal Practice Division (LPD), Member of the Council of the LPD, Officer of the Diversity and Inclusion Council, Chair of the Latin American Regional Forum, Co-Chair of the Corporate and M&A Section, Member of the Advisory Board of the Law Firm Management Committee, Member of the Advisory Board of the Women’s Interest Group and was named a Male Champion for Change Ambassador by the Women Lawyers’ Committee. Also, he has been a member of the IBA Management Board since 2011.
‘I feel honoured to have been elected President of the International Bar Association and will carry out the duties of this office with full conviction and high resolve, building on the efforts of predecessors. Knowing that I am part of a continuum working to uphold the rule of law fills me with pride.
“During my tenure, I hope to increase the IBA’s visibility in Africa and Asia and encourage more peers in those regions to get involved in the Association’s work. Additionally, because I am from Latin America, I will work to increase the region’s visibility in the international legal community by creating more opportunities for interaction with colleagues from other jurisdictions,” Mr Carey stated.
‘Undoubtedly, our world is rapidly changing and becoming more divided. Legal professionals have a role to play in countering division.
“Since unity, collaboration, diversity and integration are essential to improving the world, it is my intention to encourage these things as widely as possible across all IBA constituents and as many jurisdictions as possible,” he added.
Being good friends since 1991, when they met at an IBA Conference in Hong Kong, Mr Carey and Mr Visco decided they would divide the two-year term and collaborate, with each serving as IBA President for a year.
In a joint statement, Mr Carey and Mr Visco commented: ‘We are grateful that this historic agreement was supported by the IBA Council.
“Our joint presidency reflects the collaborative approach of IBA members who freely and voluntarily share their knowledge with legal professionals around the world.
“As we continue the work that embodies the IBA’s founders’ vision of promoting and defending the rule of law and human rights globally in an environment of mutual respect, cooperation, and shared objectives, this shared two-year mandate will ensure order, coordination, and continuity.’
With Mr Carey as IBA President for 2025, Mr Visco is serving as President-Elect, but will take over as President next year, with the title of immediate past president to be assigned to Mr Carey.
By Adedapo Adesanya
The Governor of Oyo State, Mr Seyi Makinde, has formally announced Prince Abimbola Akeem Owoade as the new Alaafin of Oyo, more than two years since the throne was vacant following the death of the last Alaafin, Oba Lamidi Olayiwola Adeyemi III, on April 22, 2022.
A statement by the Commissioner for Information and Orientation, Mr Dotun Oyelade, said Prince Owoade, after thorough consultations and divination, was recommended by the Oyomesi and approved by the Governor of Oyo State.
According to the Commissioner, a statement to this effect had been issued by the Commissioner for Local Government and Chieftaincy Affairs, Mr Ademola Ojo, who said that the announcement put to rest all the social and legal bickerings that ensued since the demise of the previous occupier of the exalted seat in Yorubaland.
Mr Ojo called on all citizens of Oyo State to join the government in celebrating this momentous occasion and lend their support to the new Alaafin of Oyo.
The Commissioner prayed that his reign would bring peace, prosperity and unity to the historic Oyo Kingdom.
Business Post reports that insiders say there is some discontent as Prince Lukman Adelodun Gbadegesin was initially selected by the Oyo Mesi, the kingmakers, to be the next ruler.
Prince Akeem Abimbola Owoade, a member of the Owoade-Agunloye family, is 47 years old. He is a trained mechanical engineer.
He has an MSc in Mechanical Engineering from Northumbria University after he attained a BSc in Mechanical Engineering from the University of Sunderland.
Before his sojourn to the United Kingdom, he has some education in Nigeria, attaining his Higher National Diploma (HND) also in Mechanical Engineering from the Polytechnic, Ibadan and his National Diploma from Federal Polytechnic, Ilaro and his Secondary School from Baptist High School, Saki.
His coronation will happen in the coming weeks.
By Aduragbemi Omiyale
Mr Ayo Adeonipekun has been appointed as the new Registrar and chief executive of the Chartered Institute of Stockbrokers (CIS).
He is taking over the position from Mr Josiah Akerewusi, who retired after a decade of meritorious service, according to a statement.
“This is a critical role that requires strong leadership, strategic thinking, and a deep understanding of the capital market.
“Adeonipekun possesses these qualities, and we believe he will transform the institute into a world-class certification entity,” the chairman of the Council at CIS, Mr Oluropo Dada, said.
Mr Adeonipekun is expected to guide the organisation to higher heights with his over 25 years of extensive multidisciplinary experience in leadership, finance, people and performance management, as well as corporate planning and administration.
Before now, he has served in various top management positions in leading organisations, including Marina International Bank (now Access Bank), Crossword Securities Limited, Sterling Bank, First City Monument Bank Plc, Susu Microfinance Bank, and MBL Financial Services, among others.
He was once the chief executive of a funds/portfolio manager licensed by the Securities and Exchange Commission (SEC), Reliance Capital Limited.
A Fellow of the Chartered Institute of Stockbrokers, Mr Adeonipekun qualified as a Chartered Stockbroker in March 2006 while working at Crossword Securities Limited.
He also became a Chartered Accountant in May 1997 and was admitted as a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) in 2013.
Additionally, he is a Certified Microfinance Banker (CIBN-MCP), an Associate Member of the Chartered Institute of Taxation of Nigeria (CITN), a trading license holder with the Nigerian Exchange (NGX) Limited, and a Registered Capital Market Operator/Sponsored Individual with the SEC.
The CIS chief boasts a Higher National Diploma in Accountancy from Yaba College of Technology, a Bachelor of Science in Accounting and a Master’s in Finance, both from Olabisi Onabanjo University (OOU), Ago-Iwoye, Ogun State, and currently a doctoral candidate (PhD Finance) at the same institution.
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