Jobs/Appointments
FISD Appoints NSE as Executive Committee Member
By Dipo Olowookere
The Nigerian Stock Exchange (NSE) has been appointed as an Executive Committee (EC) member of the Financial and Information Services Association (FISD), a division of the Software and Information Industry Association (SIIA).
SIIA is an umbrella association representing 800+ technology, data and media companies globally. Industry leaders work through SIIA’s divisions.
As a division, FISD is a global forum for industry participants to address issues and challenges that impact the key players in the value chain including consumer firms, third party groups, and data providers.
Through in-person and online business development opportunities, peer networking, corporate education, intellectual property protection and government relations, FISD supports members to identify the trends that will shape the industry segment, and create education opportunities and initiatives to address them.
The Executive Committee of FISD, which is an equitable representation by each of the three FISD broad constituencies; exchanges, vendors and user firms, is charged with representing FISD membership and setting the broad direction for FISD activities.
The committee will review and approve new initiatives, provide guidance to working groups and the FISD/SIIA staff, identify priorities for the FISD budget and staff resources, and select new Executive Committee members when vacancies open.
A statement issued by the NSE disclosed that the appointment, which is for a two-year term, beginning January 2020, will have Mr Olufemi Balogun, Head, Market Services Department, represent the exchange. Chief executive of the NSE, Mr Oscar Onyema, described the appointment as a “testament to our commitment to ensuring good data governance and providing excellent customer service to our growing clients. We are inspired to leverage the platform of the FISD to continue to provide innovative data solutions to capital market operators and the investing public.”
The Exchange has been a member of FISD since 2012 and continues to pursue active membership in other international and regional organisations that promote the development and integration of global best practices across its operations.
“Our membership of FISD aligns with our commitment to provide local and international stakeholders with accurate, reliable and timely market data.
“We have a suite of Market Data products that provide professionals and non-professionals such as the market intermediaries, issuers and investors, with easy access to market information for quick analysis on their investment.
“We are, therefore, pleased with this appointment as it strategically positions the NSE to further influence Market Data industry policies,” said Mr Jude Chiemeka, the Divisional Head, Trading Business Division at NSE.
Positioned as a data hub for innovation, the NSE continues to invest in the latest technology tools and data products to provide value to its clients. The latest product is the Investors Relations Data pack, launched in July 2019.
The IR Data Pack is an innovative and dynamic webpage integrated with key market data, corporate news and disclosures, for corporate issuers. It is a necessary tool required by issuers to improve their engagement with investors.
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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