Tag: CEO

  • How we helped to arrest alleged murderers of FIRMAN CEO – witnesses

    How we helped to arrest alleged murderers of FIRMAN CEO – witnesses

    An Abuja-based businessman, Mr Ikechukwu Efulu, on Monday narrated to a Lagos High Court how a defendant – Daniel Ibeachi – allegedly almost killed him while pretending to buy his property worth N150 million.

    Efulu testified as the fourth prosecution witness in the trial of three persons charged with the murder of Chief Executive Officer of FIRMAN Generator Company, Mr Ignatius Odunukwe.

    The defendants are Daniel Ibeaji, Uzor Arinze and Cletus Solomon.

    They are standing trial on a three-count charge of conspiracy to kidnap, kidnapping and murder.

    The News Agency of Nigeria (NAN) reports that Lagos State Government had on Aug. 28, preferred the charge against the defendants.

    The state accused the defendants of killing Odunukwe while pretending to buy a property from him.

    On Monday, Mr Olayemi Shofolu appeared for prosecution, Mr C. J. Jiakponna represented the first and second defendants, while Mr A.O. Ogusanya represented the third defendant.

    Testifying, Efulu said he met Ibeaji sometime in 2016 through an estate agent who introduced him as his client.

    The witness said that the first time he met the defendant, he came with his wife, daughter and son.

    He said that they discussed and agreed on the price for the property which was N150 million.

    According to him, the property is located in Abuja.

    Efulu said that the defendant mounted pressure on him to accept payment in dollars but he refused and insisted on a bank-to-bank transaction.

    He said that the defendant came up with some business ideas while they were discussing, and promised to introduce him to some businesses.

    The witness added that the defendant told him that he would sell the dollars and make payment in his brother’s bank account.

    He said that the day the defendant was to pay for the property, he defendant) asked him to come to his house so they would go to the bank.

    The witness said he went to the defendant’s house and nearly lost his life.

    He narrated how he was allegedly handcuffed and his legs chained by the defendant and two other men facing trial in another case in Abuja.

    Efulu narrated how the defendant allegedly told him to bring N500 million before he would allow him to go.

    The witness said that he was rescued by some automobile mechanics behind the defendant’s house, who called the police after he raised an alarm.

    He also narrated how the key to the handcuff and leg chain, which the defendant allegedly used in locking him in his house, helped to resolve a murder case involving a politician said to be killed by the same defendant while pretending to buy a property from the politician.

    Earlier, Mr Friday Clement, a security guard and a friend of the deceased, gave evidence as the third prosecution witness.

    Clement told the court that he volunteered and accompanied the police to Abuja, where the third defendant (Solomon) was traced and arrested.

    He said that Solomon was already in police detention at Area 10 for another alleged offence when he was arrested.

    The witness said that immediately Solomon saw that the policemen who came for him where from Zone 2 Command, he started shouting: “I will confess, I will confess.”

    According to Clement, arrangements were made and Solomon was flown to Lagos.

    The witness said that while inside the plane, he asked Solomon if he would remember where they dumped Odunukwe’s body and Solomon said, “Yes.”

    Clement said that when they landed in Lagos, the police took Solomon for further investigations.

    The witness was cross-examined by the defendant’s counsel, Jiakponna, who asked him how long he had worked as a security guard.

    Clement said he had worked for 20 years.

    According to him, when he arrests a suspect, he hands the suspect over the police.

    He testified that he did not make any statement at a police station because he only represented the family of the deceased by accompaning the police to Abuja.

    He also said that he didn’t know which of the defendants was arrested first.

    Justice Yetunde Adesanya adjourned the case until Feb. 23 for continuation of trial.

  • We were ‘technically bankrupt’ in March – Barcelona CEO

    We were ‘technically bankrupt’ in March – Barcelona CEO

    Barcelona chief executive Ferran Reverter said Wednesday the club was “technically bankrupt” when Joan Laporta took over as president in March, and would have been “dissolved” if it was a public limited company.

    The Spanish giant’s financial woes were laid bare in August when they were forced to allow Lionel Messi to join Paris Saint-Germain after admitting they could no longer afford to keep the six-time world player of the year.

    The new board inherited debts of 1.35 billion euros ($1.56 billion) and a bloated first-team payroll as Laporta returned for a second spell as president following the resignation of Josep Maria Bartomeu.

    “If the club had been a PLC (public limited company) it would have been dissolved,” Reverter revealed during a news conference in which he outlined the results of an audit carried out by accountancy group Deloitte.

    “In March 2021, we were in a situation of technical bankruptcy, but as a sports association we were able to refinance the debt,” explained Reverter, revealing the club had “difficulties in paying salaries” due to “almost zero cash flow”.

    To tide the club over in the short term, officials took out a temporary loan of 80 million euros ($92 million) “to cover the treasury obligations for a period of 90 days”, and refinanced a debt of 595 million euros.

    Barcelona have confirmed losses of 481 million euros for last season, which was even higher than the club anticipated.

    According to Reverter, the audit, which studied the club’s finances from 2018/19 until March 2021, showed there had been “serious administrative deficiencies” and that directors “bought players by being disconnected from reality”.

    Bartomeu was forced to resign in October last year following mounting pressure from fans and his public falling-out with Messi over the Argentine’s wish to leave the club.

    “When they were signing players nobody considered if they could pay for them. The same night that (Antoine) Griezmann was signed, they realised that there was no money for him, and they had to ask for more funds.”

    Griezmann left to re-join Atletico Madrid on loan at the start of this season.

    Between 2016 and 2020, Barca’s wage bill soared by 61 percent, rising from 471 million euros to 759 million euros, Reverter added. The total has since been slashed by 155 million by the new management.

    Reverter also pointed out the unusually high rates of commissions paid to intermediaries involved in player transfers of “between 20 and 30 percent”.

    Yet despite the club’s financial struggles, Barca hope to finish this season with a profit of five million euros.

  • TRENDING VIDEO: Police parade alleged killer of Super TV CEO, a 21-year-old UNILAG student

    TRENDING VIDEO: Police parade alleged killer of Super TV CEO, a 21-year-old UNILAG student

    The Lagos state police command has arrested and paraded a 21-year-old lady alleged to have killed Michael Usifo Ataga, the Chief Executive Officer of Super TV, and a director in Super Network Limited.

    Ataga, who resides in Banana Island, was reported missing on Sunday, June 13, by his family and friends after he didn’t return to his home in Banana Island and he also didn’t turn up at his Victoria Island office. All efforts to reach Ataga, who would have turned 50 years old on June 18, proved abortive and this caused distress to his wife and children, who live in Abuja. Unfortunately, his lifeless body was found on Friday morning, June 18, in a flat in Lekki phase 1 with multiple stab wounds.

    After a detailed investigation, Chidinma was picked up by the police at her parent’s home in Alagomeji, Lagos and paraded today, June 24.

    Chidinma said she was introduced to the deceased by her friend four months ago. She mentioned that on the day of the incident, she told her parents that she was going for an ushering job but went on to meet with the deceased so they could have some fun. She told newsmen that while in the apartment, they were taking drugs called ”loud and SK” and that an argument ensued between them when she refused to have sex with him. She said she stabbed him twice before she fled the apartment.

    She said she withdrew N380, 000 from his account with the intention of using it to pay her school fees.

    Video:

  • Another CEO lands in EFCC net over alleged N128m investment scam

    Another CEO lands in EFCC net over alleged N128m investment scam

    The Economic and Financial Crimes Commission (EFCC), Ibadan Zonal Office, has arrested a 43-year-old company executive for allegedly defrauding people of over N128 million, in a fraudulent investment scheme.

    This was contained in a statement signed by the EFCC’s spokesperson, Wilson Uwujaren, and made available to newsmen on Friday, in Ibadan.

    According to the anti-graft agency, the 43-year-old suspect had used his company DHIL Nigeria Limited, otherwise known as Crime Alert Security Network Investment, to defraud his unsuspecting victims.

    Recall that many Nigerians in recent times had lost monies running into millions of Naira to several networking schemes, popularly known as ‘Ponzi’ schemes.

    Uwujaren said that the suspect was arrested following a series of petitions received from some of his victims.

    He said the petitioners alleged that the suspect had, through his company, persuaded them to invest in a network scheme which offered a monthly return of 30 percent on investment.

    The EFCC spokesperson said that some of the victims said the alleged suspect persuaded them to invest after listening to his weekly radio programme.

    “The victims alleged that after investing their monies, they neither received the promised interest nor got a refund of their capital investment,” he said.

    In its investigations, Uwujaren also said that the commission found that the suspect operated a classic Ponzi scheme and had defrauded hundreds of people, some of whom reported orally to the commission.

    He said that petitions were still pouring into the commission daily from the suspect’s alleged victims.

    “It was discovered that DHIL Nigeria Limited, the vehicle used by the suspect to scam his victims, was also not registered with the Central Bank of Nigeria, as a financial institution,” he said.

    The EFCC spokesman said that five exotic cars, three landed properties and other incriminating documents were recovered from the suspect who, he said, would be charged to court as soon as investigations were concluded.

  • Oscar Onyema completes 10-year tenure as CEO of NSE

    Oscar Onyema completes 10-year tenure as CEO of NSE

    The Nigerian Stock Exchange (NSE) says Mr Oscar Onyema has completed his tenure as its Chief Executive Officer (CEO) after a 10-year period.

    Mr Olumide Orojimi, NSE Head of Corporate Communications, said in a statement on Tuesday in Lagos, that a closing gong ceremony was held on April 1 to honour Onyema.

    Also, Otunba Abimbola Ogunbanjo, Chairman, Nigerian Exchange Group (NGX Group) Plc, said that the closing gong was in commemoration of Onyema’s exemplary leadership.

    TheNewsGuru.com, TNG reports that following the successful demutualisation of the Exchange, Onyema would transition into the Group Chief Executive Officer (GCEO), NGX Group Plc.

    Ogunbanjo stated: “It is impossible to overstate Oscar Onyema’s contributions to the growth of The Exchange and the development of the capital market in the past 10 years.

    “After his first year of leadership, it became evident that his strategic mindset and mastery of Exchange business is what NSE dearly needs to rise to its next level of growth.

    “As anticipated, The Exchange went on to experience significant growth as the years pass by, most notable of which is the recent completion of the demutualisation of The Exchange.

    “It has indeed been a pleasure working with him in our time at the NSE and I look forward to our continued journey to greatness in the NGX era.”

    The new GCEO, Onyema, said: “I arrived at the NSE when the stock market was in the doldrums, investors’ confidence low, mono product and the bourse under regulatory administration.

    “With tunnel vision, collaboration with stakeholders in the financial system and perseverance, we have been able to surmount almost all of the challenges.

    “I am delighted to have worked with astute members of the national council, visionary leaders in the executive committee and expert crop of staff at The Exchange to have delivered excellent results.

    “We have come a long way from where we used to be and I am excited about the opportunities demutualisation has opened for us in the coming years.

    “I must reiterate my commitment to ensuring that the NGX Group Plc and its subsidiaries deliver on the mandate to become Africa’s leading capital market infrastructure provider.

    “I look forward to deepening partnerships with existing stakeholders and exploring new collaborations locally and globally to bring this to bear.”

    The demutualisation of the Exchange has led to the emergence of the Nigerian Exchange Group Plc and three subsidiaries: Nigerian Exchange (NGX) Limited; NGX Regulation (RegCo) Limited and NGX Real Estate Limited.

    Mr Temi Popoola will assume the role of CEO, NGX Limited while Ms Tinuade Awe will become the CEO, NGX RegCo Limited.

  • Billionaire Amazon founder, Jeff Bezos announces plans to step down as CEO

    Billionaire Amazon founder, Jeff Bezos announces plans to step down as CEO

    Jeff Bezos said Tuesday he would give up his role as Chief Executive of Amazon later this year as the tech and e-commerce giant reported a surge in profit and revenue in the holiday quarter.

    The company said Andy Jassy, who heads Amazon Web Services, would take over as CEO in the third quarter.

    The announcement came as Amazon reported a blowout holiday quarter with profits more than doubling to $7.2 billion and revenue jumping 44 per cent to $125.6 billion.

    Bezos, who has become the world’s richest person based on his stake in Amazon, said he will transition to the role of executive chair in the third quarter to hand over the CEO role to Jassy.

    “Amazon is what it is because of invention,” Bezos said in a statement.

    “Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”

    Jassy joined Amazon as a marketing manager in 1997 and in 2003 founded AWS, the web division of the company which has been one of the most profitable but least-known units of the tech colossus.

  • MTN Nigeria reshuffles management, appoints new CEO

    MTN Nigeria reshuffles management, appoints new CEO

    MTN Nigeria has reshuffled its top management team with the appointment of Mr Karl Toriola as its new Chief Executive Officer (CEO) effective March 1, 2021.

    This was disclosed on Monday in a notice to the Nigerian Stock Exchange (NSE) and signed by the company’s secretary, Mrs Uto Ukpanah, who explained that the March 2021 handover date is to provide enough time for a smooth transition.

    Mr Toriola, who currently serves as the vice president West and Central Africa (WECA), excluding Nigeria and Ghana, is taking over from the current CEO, Mr Ferdinand Moolman, who will exit the role to assume a new role as MTN Group Chief Risk Officer.

    In his capacity as VP WECA, Mr Toriola, since 2016, has overseen the steady progress of the operating companies in the region, notably the turnaround of MTN Ivory Coast and MTN Cameroon.

    During his tenure, the WECA markets have made significant commercial and strategic strides. These include the improvement of market shares within the region and the development of mobile financial services.

    Since joining the group in 2006, he has also held a number of senior operational roles including Chief Technical Officer of MTN Nigeria, CEO of MTN Cameroon and MTN Group Operations Executive.

    Mr Toriola has at various times in his career in MTN Group had oversight responsibility of 16 of the group subsidiaries and serves on various MTN boards, including MTN Nigeria.

    He obtained a Bachelor of Science in Electric and Electrical Engineering from the University of Ife, a Master of Science degree in Communication System from the University of Wales, and attended the General Management Programme at Harvard Business School.

    In addition, he has attended several executive development courses at various institutions including Wharton Business School, Institute of Management Development and London Business School.

    He is a Fellow, Nigerian Society of Engineers and Council Registered Engineers of Nigeria (COREN) as well as a member, Institute of Directors.

    Speaking on the appointment, Mr Ernest Ndukwe, Chairman of MTN Nigeria, in his remarks, said, “After a thorough and rigorous selection process, we are delighted to welcome Karl back to MTN Nigeria.

    “Recognized throughout the industry as a highly experienced and well-regarded business leader, Karl has been a member of the MTN family for over 14 years and has an intimate understanding of the telco business. His appointment further reaffirms the company’s commitment to succession planning as well as retaining and developing identified high performing executives.

    “With his rich credential, I am personally pleased that Mr Karl Toriola is well-suited to lead MTN Nigeria’s executive management team through the next stages of growth in the years ahead.”

    The current CEO of MTN Nigeria, Mr Ferdinand Moolman, joined MTN in 2002 and has held several senior positions within the group in Nigeria and Iran. He joined the board of MTN Nigeria in 2014 as chief financial officer and became CEO in 2015.

    Under his leadership, significant progress has been made in stabilising the business and setting it on a sustainable growth path. He will remain on the board of MTN Nigeria in his new role as the MTN Group Chief Risk Officer.

    “The board of MTN Nigeria wishes to express its gratitude to Ferdi for his exemplary leadership at MTN Nigeria. He has played a critical role in the company’s development and success and while we will miss him, we wish him the best in his new role at MTN Group,” said Mr Ndukwe.

  • UBA USA CEO Sola Yomi-Ajayi Appointed to US EXIM’s Sub-Saharan Africa Advisory Committee

    UBA USA CEO Sola Yomi-Ajayi Appointed to US EXIM’s Sub-Saharan Africa Advisory Committee

    Sola Yomi-Ajayi, the CEO of the United Bank for Africa(UBA)’s operations in the United States, has been appointed to the Export-Import Bank of the United States (US EXIM) Committee on Sub-Saharan Africa for 2020/2021.

    Established by the US Congress, the Sub-Saharan Africa Advisory Committee provides guidance and advice regarding US EXIM policies and programmes designed to support the expansion of financing for US manufactured goods and services in Sub-Saharan Africa.

    The committee is composed of prominent members of the US business community and Ms. Yomi-Ajayi is the sole representative of an African institution. UBA USA is the only Sub-Saharan African deposit-taking institution regulated in the United States and provides a unique portfolio of banking solutions to corporates, governments, multilaterals, and development organisations transacting with Africa. UBA USA can assist in trade finance, treasury, foreign exchange, transaction management and lending, drawing on UBA’s seventy-year heritage and unique pan-African network.

    UBA’s Group Chairman, Tony O. Elumelu, stated that the appointment is recognition of the role UBA has played over decades in promoting and supporting large and small businesses in all its 20 countries of operations in Africa.

    “The appointment of Sola, as a member of the US EXIM Advisory Committee for Sub-Saharan Africa is welcome news. UBA’s global network of offices in New York, London and Paris, permits us to be the preferred financial intermediary between Africa and the rest of the world. Our mission at UBA is fully aligned with the objectives of the US EXIM’.

    The EXIM President and Chairman, Kimberly A. Reed, who congratulated Yomi-Ajayi and the other appointees said, “With six of the 10 fastest-growing economies in the world and more than one billion consumers, Africa is poised to play a pivotal role in the global economy. Supporting US exports to sub-Saharan Africa is one of our top priorities at EXIM, and my deepest congratulations goes to the new members of the EXIM Sub-Saharan Africa Advisory Committee”.

    Others appointed into the committee are Daniel Runde, who chairs the committee, C. Derek Campbell, Chief Executive Officer, Energy and Natural Resource Security, Inc; Scott Eisner, Senior Vice President, African Affairs, U.S. Chamber of Commerce; Rebecca Enonchong, Founder and Chief Executive Officer AppsTech; Lori Helmers, Executive Director/Americas Export Finance Head, JPMorgan Chase Bank; Florizelle Liser, President and Chief Executive Officer, Corporate Council on Africa; Mima Nedelcovych, Chairman, AfricaGlobal Schaffer; EE Okpa, Principal, The OKPA Co; Marise Duff Stewart, Director Customer and Industry Relations, Progress Rail, a Caterpillar Company and Paul Sullivan, President – International Business, Acrow Bridge.

    EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers.

  • MTN President, CEO resigns, secures BT appointment

    MTN President, CEO resigns, secures BT appointment

    Rob Shuter, the President and Chief Executive Officer, CEO of MTN Group Limited, has resigned.
    It was learnt that his tenure recently expired and he and the MTN Group mutually agreed to part ways.
    Information available to TheNewsGuru indicates that the former MTN President has already secured another appointment with BT in London and is billed to resume sometime in January 2021.

    MTN Nigeria Communications Plc made the resignation of Rob Shuter known in information it posted on the website of the Nigerian Stock Exchange
    Shuter’s resignation from the organization is effective September 1st.

    He became a member of the Board of MTN Nigeria on April 13, 2017.

    “The board of MTN Nigeria would like to express its appreciation to Mr. Shuter for his exemplary leadership, focus, and commitment to the success of the company.

    “The board wishes him the best in his future endeavours,” the release stated.

  • Polaris Bank announces Innocent Ike as Acting MD/CEO

    The Board of Polaris Bank Limited and Asset Management Corporation of Nigeria, the Bank’s shareholder, have announced the appointment of Innocent C. Ike as the Acting Managing Director/CEO effective September 1, 2020.

    The announcement of the appointment was contained in a statement by the Company Secretary of Polaris Bank, Babatunde Osibodu, on Saturday.

    The incoming Acting Managing Director/CEO was until now the Executive Director, Technology and Services of the Bank, while also overseeing the South South and South East Directorate of the Bank.

    Osibodu said in the statement: “Accordingly, not only has he been a pivotal part of the Bank since July 2016, but a major driver of the Corporate Transformation journey. This gives an assurance of continuity: a definite continuation of the strategic plans and initiatives that brought the Bank the successes it has recorded till date.

    “Mr. Innocent Ike has garnered over three decades’ professional experience in the Banking Industry. ​ He is a graduate of Accounting from the University of Lagos, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a Certified IFRS Expert and an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (CIBN). He holds an Executive Certificate in Strategy & Innovation from MIT Sloan School of Management; Boston and he is also a Member of Institute of Directors (IOD).

    “With this change of baton, the Bank is set to continue to deliver on the sterling performance reflected in the full year 2019 results in which the Bank posted Profit After Tax (PAT) of N27billion. To buttress the fact that this is sustainable, the Bank’s first half 2020 result showed a PAT of over N18billion, despite the tremendous headwinds brought on by the COVID-19 pandemic.

    “The Board of Directors of the Bank is confident that Polaris Bank will benefit immensely from Mr. Ike’s skills and wealth of experience. With his hard work and diligence, the Bank is bound to continue to thrive under his leadership.

    “Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, and services, across all sectors of the Nigerian economy.”