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NGX Group Reorganises Board, Picks Umaru Kwairanga as Chairman

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Umaru Kwairanga

By Aduragbemi Omiyale

The board of the Nigerian Exchange (NGX) Group Plc has been rejigged for better performance and efficiency, with the appointment of Mr Umaru Kwairanga as the new chairman.

Mr Kwairanga was appointed to the position at a board of directors meeting on Wednesday, October 5, 2022, in Lagos.

He will replace Mr Abimbola Ogunbanjo, who announced his retirement as chairman of the organisation at the 61st Annual General Meeting (AGM) of the group last month.

After his announcement, a non-executive director of NGX Group, Mr Ikpobe Apollos, was elected as the acting chairman on Friday, September 30, 2022 before Kwairanga was picked for the job yesterday.

In his acceptance speech, Mr Kwairanga resolved to work assiduously with his colleagues on the board to immediately stabilise relationships with all key stakeholders and set the group on the path to a brighter future.

“I am very excited to lead the execution of our corporate strategy and deliver world-class governance to the group. I appreciate the board for the confidence in my abilities to deliver on our mandate for the shareholders of NGX Group.

“I would like to thank our erstwhile Chairman, Mr Abimbola Ogunbanjo and our outgoing acting chairman, Mr Apollos Ikpobe, for their outstanding and diligent service to the company, and I promise to continue to deliver in line with their set standard of execution and delivery,” he said.

The Group Managing Director/Chief Executive Officer of NGX Group, Mr Oscar Onyema, described the appointment of Mr Kwairanga as a positive step in the group’s journey to delivering value to shareholders.

“As we move to execute our strategy aimed at maximising outcomes for our shareholders, we would count on Dr Kwairanga’s wealth of experience in making strategic board decisions,” he stated.

Also, Mr Ikpobe, who retired from the board effective September 5, 2022, appreciated the board’s cooperation during his tenure as a director and his appointment as acting chairman.

“The past year as a director on this noble board allowed me to contribute to the transformation process of NGX Group actively. I trust that the board will continue to lead innovations in the Nigerian capital market as a values-driven organisation,” he said.

Mr Kwairanga, a thoroughbred capital market professional with an excellent corporate governance pedigree, has 30 years of experience in banking, pensions, manufacturing and commercial sectors.

He served previously as a council member of the defunct Nigerian Stock Exchange (NSE) and as a member of the board of NGX Group. He is currently a council member of the Institute of Directors of Nigeria and an active director of multiple listed and unlisted companies.

Meanwhile, in keeping with good governance ethos, and to ensure continuity as well as institute an orderly succession plan for the organisation, the board has created the position of Vice Chairman and appointed Mr Oluwole Adeosun, a non-executive director of NGX Group and current President of the Chartered Institute of Stockbrokers (CIS), to fill this position.

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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