Jobs/Appointments
Oneal Bhambani Joins Flutterwave as Chief Financial Officer
By Modupe Gbadeyanka
Africa’s leading payments technology company, Flutterwave, now has a new chief financial officer and is Mr Oneal Bhambani, who is joining the firm from American Express.
In a statement on Tuesday, it was disclosed that Mr Bhambani will serve a key function in enabling the company’s expansion with best-in-class discipline, operational controls and financial rigour and the appointee has expressed his desire to achieve this goal.
“It is a rare opportunity to join a high-scale, de facto market leader in one of the fastest-growing markets in the world.
“I am looking forward to partnering with Flutterwave’s team to enable solutions for our customers in Africa and across the globe. I fully expect to apply best-in-class strategies learned from my tenures at American Express and Kabbage,” he was quoted as saying in the statement made available to Business Post.
At American Express and Kabbage, the new CFO managed fintech businesses operating at scale and helped lead the sale of Kabbage and its integration within American Express’ Global Commercial Services segment.
At Kabbage, he was responsible for all of the company’s financial operations and functions including IPO-ready financial and operational controls.
Following the American Express acquisition in April 2022, he was the CFO and Head of Capital Markets of Kabbage’s business unit, which provides credit, banking, and payments solutions to American Express’ commercial customers.
Before and after the acquisition, he was a key stakeholder in capital allocation and led critical strategic initiatives for the business.
Earlier in his career, Mr Bhambani was a growth-stage investor at The TCW Group (an investment firm owned by The Carlyle Group), and Riverwood Capital. He began his career in investment banking at UBS.
“I am excited to welcome Oneal to Flutterwave. His track record of operating finance to enable scale and innovation with listed company standard financial controls will help us accelerate our growth as we continue to meet the needs of our expanding global customer base.
“I am also looking forward to working with Oneal on deal-related initiatives, given the number of inorganic opportunities we are seeing in today’s market environment,” the founder and CEO of Flutterwave, Mr Olugbenga ‘GB’ Agboola, said.
The value of Flutterwave is believed to be more than $3 billion after it recently completed its $250 million in Series D funding.
By Adedapo Adesanya
President Bola Tinubu has appointed Mr Shamseldeen Babatunde Ogunjimi as the Acting Accountant General of the Federation (AGF).
This was contained in a statement on Tuesday by presidential spokesman, Mr Bayo Onanuga.
“His appointment is effective immediately following the pre-retirement leave of the incumbent AGF, Mrs Oluwatoyin Sakirat Madein,” a part of the statement read.
“In announcing Madein’s successor, President Tinubu ensures a seamless transition in the administration of Nigeria’s treasury and consolidates the implementation of the present administration’s treasury policy reforms,” the statement added.
Mr Onanuga said Mr Ogunjimi brings over 30 years of extensive experience in financial management across the public and private sectors.
He described the appointee as a career civil servant and the most senior director in the Office of the Accountant General of the Federation (OAGF),
“He has held significant positions, including Director of Funds at the OAGF and Director of Finance and Accounts at the Ministry of Foreign Affairs.
“A chartered accountant, certified fraud examiner, chartered stockbroker, and chartered security and investment specialist, Mr Ogunjimi’s academic qualifications include a Bachelor of Science (BSc) in Accountancy and a Master’s in Finance and Accounting,” the statement added.
According to Mr Onanuga, President Tinubu expressed his confidence in his appointment, saying, “The Office of the Accountant General of the Federation is pivotal to our nation’s treasury management operations. Mr Ogunjimi’s wealth of experience and notable competence will ensure the continued effectiveness of this vital institution as we advance our economic reform agenda.”
President Tinubu also commended the outgoing Accountant General of the Federation, Mrs Madein, for her dedication and selfless service to the nation.
After reaching the civil service’s statutory retirement age, Mrs Madein is retiring effective March 7, 2025.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has dismissed claims of forced mass retirement as part of efforts by Governor Yemi Cardoso to restructure the workforce of the organisation.
In a statement released on Wednesday, the Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, clarified that its Early Exit Package (EEP) is entirely voluntary and without any negative repercussions for eligible staff.
According to the statement, the decision to implement the exercise was the outcome of extensive consultations with the bank’s Joint Consultative Council (JCC), a body representing staff interests.
Mrs Sidi Ali explained that the EEP, a longstanding policy previously accorded to the executive cadre, has now been made available to eligible staff at all levels.
“For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres. Following these discussions, management decided to meet this popular demand,” she said in the statement.
Addressing concerns about potential repercussions for staff who decline the package, Mrs Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded.
She further emphasized that the initiative is an internal corporate matter designed to promote career development for staff.
According to wide spread reports, there have been plans to retire approximately 1,000 employees by the end of the year with a payoff estimated to cost over N50 billion.
The mass retirement, which was announced in a circular issued three weeks ago, mandates affected employees to apply for the Early Exit Package (EEP).
The statement allegedly warned employees with less than one year of service or unconfirmed appointments to refrain from applying for the program, noting that the application would remain open until December 7, with an effective exit date of December 31, 2024.
It was reported that the entire EEP was valued at N50 billion.
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Benson Ogundeji as the chief executive of Greenwich Merchant Bank Limited.
The board of the financial institution for businesses had picked Mr Ogundeji as its substantive CEO but awaited the authorisation of the banking sector regulator.
He brings over three decades of extensive banking experience to this role as a seasoned financial services professional, who previously served as Executive Director at Greenwich Merchant Bank from July 2020, where he played a pivotal role in the bank’s successful transition from the legacy Greenwich Trust Limited to a merchant bank.
In this capacity, he provided oversight for Corporate Banking, Treasury and Global Markets.
Throughout his career, Mr Ogundeji has demonstrated exceptional expertise in business development and operational excellence.
Before joining the firm, he held various senior leadership roles at prominent financial institutions, including Ecobank Nigeria, GTBank, and other notable banks, where he consistently displayed exceptional leadership skills.
His appointment comes at a crucial time as Greenwich Merchant Bank commences the next phase of its growth plans. Having related closely with the new CEO, as an Executive Director and acting CEO in the last four years, the board has expressed confidence about his ability to lead the bank in delivering our strategic goals.
“The board is pleased to announce the appointment of Benson Ogundeji as our Managing Director/Chief Executive Officer,” the chairman of Greenwich Merchant Bank, Mr Kayode Falowo, stated.
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