By Aduragbemi Omiyale
The duo of Matthew Wilde and Elie Fakhoury has been appointed to lead the financial advisory and restructuring operations of Teneo in the Middle East.
Teneo is a global CEO advisory firm with an already strong presence in the region where it provides a wide range of strategic communications, management consulting, and risk advisory services from offices in Riyadh, Dubai, and Doha.
To expand its operations, Teneo launched its Financial Advisory business and wants Wilde and Fakhoury to play significant roles. They most recently worked together at AlixPartners.
Wilde is one of the region’s most experienced restructuring practitioners. He led PwC’s restructuring and M&A teams in the region for many years until 2019.
He has also played significant roles in many of the largest and most complex restructurings in the region including Arabtec, NMC Healthcare, Al Jaber, Saudi Oger, Dubai World, DryDocks World and OW Bunker, among many other projects.
With over 15 years’ experience of working in the region, Fakhoury has successfully planned and led both large-scale turnaround programs as well as operational improvement and balance sheet restructuring projects for a broad range of clients including The Abraaj Group, Arabtec, JBF RAK and many others.
“We are delighted to welcome both Matthew and Elie to Teneo as we accelerate our expansion in key markets around the world,” said Daniel Butters, CEO of Teneo’s Financial Advisory business. “The Middle East represents a significant opportunity for our business and we look forward to continuing to grow our regional team and offering in the weeks and months ahead.”
Nick McDonagh, Senior Managing Director and Head of Teneo in the region said: “We are excited to have such an experienced team in Matthew and Elie join us in the Middle East. Their industry reputation and operational and financial advisory expertise will add another layer of sophistication to our integrated offering.
“Their arrival also highlights the exponential growth we have seen in our global financial advisory practice since the acquisition of the Deloitte UK restructuring business less than a year ago. We look forward to quickly integrating our new colleagues into our broader service offering to help accelerate our growth in the region.”
“To be joining such a dynamic and fast-growing business as Teneo is incredibly exciting. I am looking forward to combining our restructuring and financial advisory experience with Teneo’s market-leading strategic and financial communications, management consulting and risk advisory capabilities.
“In doing so, we can uniquely provide CEOs with what really matters to them when dealing with their most challenging business issues,” Wilde said.
“Our ability to combine our financial and operational restructuring strengths with Teneo’s “one-firm” collaborative culture, unique CEO advisory model, global network, and wide range of functional expertise will make Teneo’s offering truly unique in this region,” Fakhoury added.
Buhari Appoints Adepoju Sunday as New Postmaster-General
By Adedapo Adesanya
President Muhammadu Buhari has approved the appointment of Mr Adepoju Sunday as the new Postmaster-General/Chief Executive Officer (PMG) of the Nigerian Postal Service (NIPOST).
This followed the recommendations of the Minister of Communications and Digital Economy, Mr Isa Pantami.
The new Postmaster-General of NIPOST was appointed for an initial term of five years, according to a statement issued by Mrs Uwa Suleiman, spokesperson for the Ministry of Communications and Digital Economy.
Mr Sunday is a professional accountant and a former member of the House of Representatives. He was in the parliament between 2011 and 2019, representing Ibarapa East/Ido Federal Constituency.
NIPOST is an agency under the supervision of the Federal Ministry of Communications and Digital Economy. The appointment of Mr Sunday as the new PMG of NIPOST is with immediate effect.
Recall that the former occupier of the seat, Mr Ismail Adewusi, who was appointed in 2019, was suspended. Mr Bulus Yakubu was chosen in an acting capacity before the appointment of Mr Sunday as the substantive PG of the nation’s postal service.
The latest development means Mr Yakubu will return to his role as the Secretary to NIPOST Governing Board, Director (Special Duties) and also NIPOST Liason Officer to the National Assembly.
During the tenure of the suspended PMG, the federal government declared that NIPOST was the agency authorised to produce and collect stamp duties across the country.
By this declaration, NIPOST reclaimed the right to collect stamp duties from the Federal Inland Revenue Service (FIRS).
Sanwo-Olu Increases Salaries of Civil Servants in Lagos
By Adedapo Adesanya
Governor Babajide Sanwo-Olu has announced an increase in the salaries of civil servants in Lagos State.
Speaking to a large crowd of workers at the Alausa office of the Head of Service (HoS) in Ikeja, the Governor stated that the announcement was coming at a time that the country and, more importantly, Lagos was preparing for the 2023 general election.
“Last month (September), I instructed the Head of Service, the Commissioner for Establishment, Training, and Pensions to work out modalities for a salary increase for the over 100,000 public service workforce,” Mr Sanwo-Olu said.
Although Mr Sanwo-Olu did not disclose the percentage increment for the public workers, the least civil servants in grade level 01- 06 earn N35,009 as minimum wage In Lagos.
Mr Sanwo-Olu said his administration was aware of the country’s inflation and high cost of living but assured that he was determined to cushion the effects on the workers.
He added that Lagos, touted as Nigeria’s commercial capital, can pay workers higher salaries, stressing that the state would continue to lead by example.
“In salary increments, we are leading again. We will reflect the popular Buga slogan in the payment of salaries. We will not wait for the federal government’s minimum wage increase.
“We have commenced the process. I can assure you that by early next year, it will be ready for implementation,” the Lagos governor added, noting, “We don’t want to wait for workers’ unions to hold us to ransom before we do the needful.”
Mr Sanwo-Olu also assured that his government would pay all the outstanding backlog of pensions to retirees by the end of this month.
He revealed that the state was clearing the entire backlog of pensions as they were liabilities met on the ground by his administration when it took over power.
“I want to reassure you that all the few outstanding backlogs of pensions will be sorted out this week and payment by the end of October. We are the highest and best paying in pensions in Nigeria,” Mr Sanwo-Olu added.
The federal government had said there were plans to increase the N30,000 minimum wage in light of inflation currently ravaging the country.
Critics have said the move is politically motivated as the incumbent governor will seek re-election to the Lagos seat of power for another four years.
Umar-Sadiq Becomes New NSIA MD/CEO as Orji Leaves
By Modupe Gbadeyanka
Mr Aminu Umar-Sadiq has been appointed as the new Managing Director/Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA).
President Muhammadu Buhari has approved the appointment of Mr Umar-Sadiq, a statement from Mr Yunusa Tanko Abdullahi, the Special Adviser on Media and Communications to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, confirmed on Tuesday, October 4, 2022.
Also appointed are two new executive directors for the agency, Mr Kolawole Owodunni and Mrs Bisi Makoju. They are all expected to help steer and transform the investment and infrastructure industry and propel the sector to a high pedestal.
Mr Umar-Sadiq was chosen to head the organisation following the expiration of the tenure of Mr Uche Orji on September 30, 2022. He was first appointed to the position on October 2, 2012. He served two terms of five years each.
Before becoming MD/CEO of NSIA, Mr Umar-Sadiq was an executive director and Head of Infrastructure. He obtained a Bachelor’s and Master’s degrees in Engineering Sciences from the University of Oxford (Saint John’s College), Oxford, United Kingdom (UK). He is Archbishop Tutu Leadership Fellow (ATLF) and Mandela Washington Fellowship (MWF).
Mr Umar-Sadiq commenced his professional career in Mergers and Acquisitions M&A) focused on Infrastructure and Energy at Morgan Stanley Investment Bank, proceeding to Infrastructure-focused private equity at Denham Capital Management, all in the UK.
He has worked on several projects, including the Presidential Fertiliser Initiative, an import substitution program for delivering one million high-quality, lower-cost to farmers at lower cost metric tons of fertilizer.
He was also a part of the Presidential Infrastructure Development Fund, an investment fund focused on actualising five strategic nationwide projects in the transportation and power sectors. He has a vast experience in the investment and infrastructure industry.
On her part, Mrs Makoju is a financial expert with vast experience in financial risk management, while Mr Owodunni is a professional of 18 years standing in the financial services sector with an emphasis in investment management, risk management and treasury.
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