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NOVA Merchant Bank Picks Duroha as Acting MD/CEO

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By Modupe Gbadeyanka

Intelligent and prolific banker, Mr Anya Duroha, has been appointed as the Acting Managing Director/Chief Executive Officer of NOVA Merchant Bank Limited.

NOVA Merchant Bank Limited is a financial institution chaired by the former Group Managing Director of United Bank for Africa (UBA) Plc, Mr Phillips Oduoza.

According to a statement issued by the lender, the appointment of Mr Duroha became effective on August 30, 2018, but is still subject to approval of the Central Bank of Nigeria (CBN), the apex regulator of the banking sector in the country.

The appointment of Mr Duroha follows the exit of Mr Chinedu Ikwudinma, who has decided to pursue another endeavour.

Prior to his recent appointment, Mr Duroha was the Executive Director, Wholesale Bank, responsible for development and management of the bank’s corporate banking relationships.

Prior to joining the Bank as a pioneer staff, he was the Head, Business Banking at Stanbic IBTC, where he was responsible for Commercial Banking and SME businesses in Nigeria.

In that role, he had the responsibility for both relationship and portfolio management. In this capacity, he designed and implemented interventions and strategies that ensured the rapid growth and profitability of the business.

He started his banking career in banking operations in Citibank and has 25 years banking experience spanning across many areas of banking.

He was the Head Corporate Banking, United Bank for Africa Plc; Head Corporate Banking, Diamond Bank Plc and Head of Business Development (Designate), Diamond Bank, United Kingdom.

In all these roles, he has managed portfolios in various sectors including manufacturing, agriculture, construction, oil & gas, infrastructure, aviation, power, maritime, telecommunications, FMCG and structured trade finance.

Mr Duroha holds an M.Sc. in Banking & Finance from the University of Benin and a B.Eng. in Civil Engineering from the University of Nigeria, Nsukka. He is an alumnus of Wharton Business School, University of Pennsylvania and Lagos Business School.

Speaking on the new appointment, Mr Oduoza, in a memo to all staff, stated that, “Mr Duroha’s appointment marks the start of an exciting growth phase in the bank’s business, following the go live of its Intellect Digital Core (IDC) banking platform as the Bank begins to leverage the benefits of its investment to deliver innovative solutions for its customers.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Lagos Assembly Names Four New Principal Officers After Obasa Ouster

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lagos assembly land use charge

By Adedapo Adesanya

The Lagos State House of Assembly on Friday named four new principal officers, following the impeachment of the former Speaker, Mr Mudashiru Obasa, on Monday.

Mr Obasa, who was ousted as Speaker in absentia, a position he has held for the last nine years, was replaced by Mrs Mojisola Meranda (APC-Apapa 1).

Mr Obasa was impeached on Monday over alleged gross misconduct by 32 out of the 40 members.

The Clerk of the House, Mr Lekan Onafeko, was also suspended over alleged gross financial impropriety.

The House also dissolved all the standing committees inaugurated by the former speaker.

On Friday, Mrs Meranda, while presiding over plenary as Speaker, said the appointment of new officers arose from the change in the leadership of the House.

“The House has named Mr Temitope Adewale (APC-Ifako-Ijaiye 1) as the new Majority Leader, while Mr Adedamola Kasunmu (APC- Ikeja 1) is the new Deputy Majority Leader.

“This House has also named the Chief Whip, Mr Setonjo David (APC-Badagry 2), while the Deputy Chief Whip is now Mr Babatunde Saani (APC-Kosofe 2),” she said.

Before Mr Obasa’s impeachment, Mr Mojeed Adams was the Majority Leader, while Adedamola Kasunmu was the Deputy Leader.

Mr Mojeed Adams, the new Deputy Speaker, was the former Chief Whip, while Mr Setonji David was the Deputy Chief Whip.

Business Post reports that three lawmakers, primarily Mr Obasa, Mr Adams and Mr Akinsanya, were absent at the first plenary presided over by the new leadership.

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CBN Okays Inclusion of Three Directors to Fidelity Bank Board

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Fidelity Bank Saturday banking

By Aduragbemi Omiyale

Fidelity Bank Plc has received the authorisation of the Central Bank of Nigeria (CBN) to appoint three directors to its board, a statement from the lender has disclosed.

Business Post reports that the bank picked Mr Abdullahi Sarki Mohammed as an independent non-executive director, Ms Obiaku Augusta Okam as a non-executive director, and Mr Sufiyanu Ibrahim Garba as an executive director, all effective January 14, 2025.

The company disclosed that the three directors were chosen to strengthen its leadership in a strategic move to sustain its impressive performance, as Mr Isa Mohammed Inuwa and Mr Chidi Agbapu retired from the board as an independent non-executive director and a non-executive director, respectively.

The chairman of Fidelity Bank, Mr Mustafa Chike-Obi, in a notice to the Nigerian Exchange (NGX) Limited, welcomed the appointees to the board and looked “forward to leveraging their extensive experience to drive the bank’s strategic objectives and further its growth trajectory.”

Mr Mohammed brings over 36 years of experience in financial services, public administration, and human resources development, having held key leadership and executive roles at prestigious institutions including First Bank of Nigeria Plc and Polaris Bank Limited. His extensive expertise encompasses banking, public service, and business advisory.

On her part, Ms Okam boasts more than 30 years of impressive experience across the banking, financial services, real estate, and retail sectors. Currently the Managing Director/CEO of Skycurve Nigeria Limited, she has held leadership positions at Zenith Bank Plc and Nigeria International Bank Limited (Citibank).

As for Mr Garba, he has over 30 years of multifunctional and cross-border experience at leading financial institutions in Nigeria and the United Kingdom including executive and leadership roles at prestigious financial and non-financial institutions such as Access Bank Plc, Union Bank of Nigeria Plc and Keystone Bank Limited. His career background spans banking, financial services, public service, general management and business origination across a broad range of segments.

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Institute Names Olam Agri as Top Employer in Nigeria, Switzerland, Eight Others

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Olam Agri food commodities

By Modupe Gbadeyanka

A leading player in the agribusiness sector, Olam Agri, has been recognised as a Top Employer in Nigeria, Switzerland and eight other countries.

This recognition was from the Top Employers Institute, which is a global authority that recognises excellence in people’s practices.

It is the fifth straight year the company is named as a Top Employer in the African continent, highlighting its status as a global employer of choice.

“At Olam Agri, we foster a purpose-driven workplace where employees thrive. We empower our team to create meaningful contributions to our company, customers, communities, and the environment.

“Guided by our entrepreneurial spirit, we encourage ownership, innovation, and excellence. We embrace diversity and create an inclusive environment where everyone feels valued, respected, and empowered to succeed,” the Chief Human Resources Officer at Olam Agri, Sriram Subramanian, stated.

The other eight nations Olam Agri was recognised as a Top Employer are Cameroon, Côte d’Ivoire, Ghana, Mozambique, Senegal, South Africa, Australia, and The Netherlands.

The Top Employers Institute recognises an organisation’s dedication to a better world of work through excellent HR policies and people practices.

The programme has certified and recognised over 2,400 Top Employers in 125 countries/regions across five continents. The survey covers six HR domains consisting of 20 topics including People Strategy, Work Environment, Talent Acquisition, Learning, Diversity, Equity & Inclusion, Wellbeing and more.

“Consistency in a not-so-consistent world? In a time of rapid change, where technological, economic, and social factors continually reshape our world, these extraordinary times bring out the best in people and organisations.

“This year’s Top Employers Certification Programme showcases the resilience of the certified Top Employers 2025, who consistently prioritise the growth and wellbeing of their people, as they enrich the world of work. We are proud to celebrate these people-first leaders and teams as the Top Employers for 2025!” the chief executive of Top Employers Institute, Mr David Plink stated.

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