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Custodian Investment CEO Joins UPDC Board as Chairman, CEO Resign

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Wole Oshin Custodian Investment

By Dipo Olowookere

The Managing Director/CEO of Custodian Investment Plc, Mr Wole Oshin, has been appointed to the board of UACN Property Development Company (UPDC) Plc.

The appointment followed the acquisition of the controlling stake of UAC Nigeria Plc in UPDC by Custodian Investment last year.

Mfr Oshin, who is an industry leader with over 30 years’ experience, is joining the board as a non-executive director with effect from Tuesday, January 5, 2021.

He is one of the two persons appointed to join the board of directors of UPDC as a non-executive director. The second appointee is Mr Adeniyi Falade, a Chartered Accountant, Chartered Stockbroker and an Investment Banker.

Mr Falade, who before his appointed as Managing Director of CrusaderSterling Pensions Limited in 2007, served as the CEO of Lead Capital and Head of Investment Banking Group of Ecobank Nigeria. He is also a member of the board of directors of Custodian Life Assurance Limited, Custodian Trustees Limited and Interstate Securities Limited.

Meanwhile, UPDC has announced the resignation of its Chairman, Mr Babatunde Kasali; the CEO, Mr Folasope Aiyesimoju; and three non-executive directors, Mr Adekunle Awojobi; Professor Okon Ansa; and Mrs Awuneba Ajumogobia, with effect from January 4, 2021.

In a statement, the board said it accepted the resignations and expressed its deep appreciation to the directors for their contributions to the board and the company, especially the former CEO “for his effective leadership during his tenure,” though he “will continue to serve as a non-executive director of the company.”

He has been replaced by Mrs Deborah Nicol-Omeruah in an acting capacity with effect from Tuesday, January 5, 2021.

Mrs Nicol-Omeruah has 20 years’ experience in real estate and banking with specialisation in property development, finance & acquisitions; mortgages; private banking and investment planning in the United Kingdom and across Africa.

Her prior leadership roles include Africa Account Director for Broll Property Group; Chief Operating Officer for Landmark Africa, and Head, Property Finance and Acquisitions for Stanbic IBTC Bank.

Mrs Nicol-Omeruah is a real estate professional and a Certified Mortgage and Financial Adviser (CeFA,  CeMAP) of the Institute of Financial Services in the UK.

She is a recognised industry expert in the Nigerian mortgage and real estate development market. The Acting CEO holds a BArch Architecture from the University of Nottingham and was appointed Deputy Chief Executive Officer and Executive Director of UPDC on December 3, 2019.

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 [email protected]

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Court Sanctions CHI Limited for Wrongful Employment Termination

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chi limited

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.

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Tinubu Appoints Tunji Disu as Acting Inspector General of Police

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Tunji Disu

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.

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Tunji Disu to Become New IGP as Egbetokun Quits

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tunji disu new IGP

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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