Jobs/Appointments
Venture Capital Leader Kola Aina Joins EFInA Board
By Adedapo Adesanya
Enhancing Financial Innovation and Access (EFInA) Limited has announced the appointment of the founding partner and General Partner of Ventures Platform, an African seed-stage venture capital firm, Mr Kola Aina, to its board of directors.
EFInA, a financial sector development organisation, is funded by the Bill and Melinda Gates Foundation to promote financial inclusion in Nigeria, with the vision of becoming the leader in facilitating an all-inclusive, growth-promoting financial system.
Mr Aina has played a core role in advancing financial inclusion across Nigeria and Africa through his venture capital firm’s investments in fintech companies, such as PiggyVest, which have provided financial services to over 5 million underserved individuals, contributing to a 13.5 per cent increase in financial inclusion in Nigeria, a statement said.
He will join other distinguished EFInA board members, including Dr Agnes Olatokunbo Martins, former Director at the Central Bank of Nigeria; Mr Olu Akanmu, former President and Co-CEO of OPay-Nigeria; Professor Janice Olawoye, Professor of Rural Sociology, University of Ibadan; and Mrs Saude Amina Atoyebi, former Deputy Chief of Staff (Administration) in Kaduna State Government.
In addition to financial inclusion, Mr Aina and his team at Ventures Platform foster entrepreneurship, create jobs, optimise supply chains, and empower founders to develop market-creating innovations that address Africa’s complex challenges while accelerating digital transformation across the continent’s startup ecosystem.
Speaking on the new addition, Dr Martins, the Chairman of the Board, said that Mr Aina’s venture capital firm – Ventures Platform strategically invests in fintech innovations that can deepen financial inclusion across the continent and his appointment to the board is a pleasant and strategically beneficial decision that the African financial sector will forever be grateful for.”
“We are delighted to welcome Kola Aina to the EFInA Board. Kola has been a pivotal figure in the African tech ecosystem, funding financial innovations that align with our mission to promote income growth for the bottom 40 per cent of the population and foster social and economic inclusion, as outlined in SDG 10 on Reducing Inequalities. Kola’s experience in entrepreneurship, mentorship, and backing fintech giants that have significantly improved financial inclusion will be invaluable as we strive to create a more inclusive financial sector,” she added.
On his part, Mr Aina said, “I am thrilled to join the EFInA board. EFInA is a critical market enabler that has been a key driver of financial inclusion and a champion of the unbanked. The organisation’s reports and research have been credible sources of information for key stakeholders of the economy, and I’m proud to be part of a gathering of intellectuals who are committed to steering the nation’s approach to financial inclusion in the right direction.
“I look forward to working closely with my fellow board members and contributing to the achievement of our goal in Nigeria and across Africa. I remain committed to our collective ambition of promoting an inclusive financial sector that serves the excluded and underserved in Africa.”
A significant portion of Mr Aina’s venture fund (37.5 per cent) is currently dedicated to fintech companies, aiming to increase access to financial services, credit, and digital banking solutions for underserved populations.
Through these investments, Mr Aina and his team at Ventures Platform are bridging the financial inclusion gap and reducing inequalities, the statement added.
Portfolio companies like PiggyVest, Moni, Traction App, and Shekel Mobility, currently backed by Ventures Platform, serve over 4.5 million users, providing increased access to savings accounts, capital, credit histories, and financial management tools primarily for underserved, unbanked, and underbanked individuals and entrepreneurs across Africa.
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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