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Former Chairman of Fidelity Bank Joins Seplat Board

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Seplat

By Dipo Olowookere

The former Chairman of Fidelity Bank Plc, Mr Ernest Ebi, has been appointed to the board of Seplat Energy as a non-executive director.

He is a nominee of Shebah Petroleum Development Company Limited (BVI) replacing Mr A.B.C Orjiako, who will step down from the board after the Annual General Meeting (AGM) slated for May 18, 2022.

Mr Ebi is one of the three directors appointed to the board of the company listed on the Nigerian Exchange (NGX) Limited and the London Stock Exchange (LSE).

The other two appointees are Mrs Bashirat Odunewu as an independent non-executive director and Mr Kazeem Raimi as a non-executive director.

Mr Ebi served as the board chairman of Fidelity Bank from 2016 to 2020 and AIICO Pension Managers between 2010 and 2021 and currently serves as an independent director on the board of Dangote Cement Plc, Julius Berger Nigeria Plc, Coronation Capital Limited and Coronation Asset Management Limited.

Business Post reports that from 1999 to 2009, he was the Deputy Governor at the Central Bank of Nigeria (CBN), where he covered policy and corporate services portfolios.

In 1995, he was appointed by the CBN and the Nigeria Deposit Insurance Corporation (NDIC) as the Managing Director/CEO of New Nigerian Bank Plc and was responsible for the development and implementation of a credible turnaround plan for the bank and contributed significantly to the recovery of a huge portfolio of non-performing risk assets.

On the part of Mr Raimi, is a nominee of Platform Petroleum Limited replacing Mr Austin Avuru who stepped down from the board of Seplat Energy on March 1, 2022. He is presently the Executive Director, Commercial for Platform Petroleum Limited.

He was previously with Seplat Energy as General Manager, Commercial, where he was charged with the responsibility for driving commercial, economics, valuation, planning and treasury activities across the entire organisation.

Mr Raimi was once a Treasury Manager at Cadbury Nigeria Plc and Finance Analyst at Citibank Nigeria Limited and had significant involvement in commercial and economic evaluations of new ventures, farm-in and company acquisition opportunities with a thorough appreciation of tax, fiscal issues and project economics especially as they relate to Nigeria, Gabon, Iraq and Cameroon.

As for Mrs Odunewu, she is an Independent NED on the board of Neimeth International Pharmaceuticals Plc and is also a member of the board of directors for the Franco-Nigeria Chamber of Commerce and Industry where she serves as the Treasurer.

Up till June 2021, she served as C-Suite executive, corporate banking (Energy, Natural Resources & Infrastructure), at First Bank Nigeria Ltd and was before then the line executive for their international banking group where she supervised CEOs of the subsidiaries of First Bank in six African countries as well as the bank’s representative office in China.

While commenting on the appointments, Mr Orjiako expressed the desire of the Seplat board to have these respected personalities in their midst, saying the company “looks forward to the enormous contributions they will make towards achieving global success.”

Editor’s Note:

The headline and the lead have been corrected to Fidelity Bank from defunct Diamond Bank. We apologise for the error.

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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