Tag: Directors

  • Forte Oil overhauls board, gets new chairman, directors

    Forte Oil overhauls board, gets new chairman, directors

    Leading indigenous energy firm, Forte Oil plc, has announced a mass resignation of members of its board of directors.

    A disclosure to the Nigerian Stock Exchange (NSE) said eight members of the board, including its Chairman, Mr Femi Otedola, and its Group CEO, Mr Akin Akinfemiwa, have resigned from the company.

    This followed the recent sale of the 75 percent stake of Mr Otedola, to another investor, Ignite.

    Apart from the duo above, the other board members who left the firm are Mr Julius Omodayo-Owotuga, Mr Christopher Adeyemi, Mr Anil Dua, Mrs Suleiman Salamatu, Dr Mairo Mandara and Mr Nicolaas Vervelde.

    In view of the resignations, Forte Oil has announced the appointment of six persons in to its board.

    These persons are Mr Abdulwasiu Sowami, Mr Aminu Umar, Mr Olusola Adeeyo, Mr Olumide Adeosun, Mr Moshood Olajide and Mrs Durosinmi-Etti Aniola.

    Mr Sowami is the new Chairman of Forte Oil, while Mr Umar, Mr Adeeyo and Mrs Durosinmi-Etti are non-executive directors.

    Mr Adeosun is the new Group CEO of Forte Oil, while Mr Olajide is the firm’s Chief Financial Officer.

    In the notice, Forte Oil disclosed that the new board of the company will hold an inaugural board of directors meeting on Wednesday, June 26, 2019 at 10am.

  • Two directors quit Oando over uproar with SEC

    Two non-executive directors of Oando have resigned their appointments in the latest twist to the face-off between Oando and the Securities and Exchange Commission (SEC).

    Chief Sena Anthony and Oghogho Apata resigned on Friday a week after SEC asked Wale Tinubu, the group managing director, and Mofe Boyo, his deputy, to quit and barred from being directors of any public company for five years.

    Sources at Oando said on Friday that the company received official correspondence from the Deputy Commissioner of Police in Lagos State on Thursday , requesting cooperation from management of the company on the deployment of armed men in Oando’s head office to maintain law order.

    The sources said the letter came three days after armed policemen were drafted to the head office,claiming that the presence of the security personnel is scaring staff from work and hampering business operations.

  • We are monitoring investigations of defunct Skye Bank directors – NDIC

    We are monitoring investigations of defunct Skye Bank directors – NDIC

    The Nigeria Deposit Insurance Corporation (NDIC), says it is monitoring investigations of directors and management of the failed Skye Bank Plc being carried out by law enforcement agencies.

    The Managing Director and Chief Executive of NDIC, Alhaji Umaru Ibrahim, said this in a statement issued by Mohammed Ibrahim, NDIC’s Head of Media and Corporate Services on Monday in Abuja.

    Ibrahim said the Corporation and the Central Bank of Nigeria (CBN) were monitoring the enforcement agencies to determine their culpability in the failure of the bank.

    According to the statement, Ibrahim announced this at the opening of the Corporation’s 2018 Sensitisation seminar for Federal High Court Judges in Abuja.

    He said NDIC’s Risk Assessment and Forensic Investigation Reports revealed that the erstwhile management of the failed bank contributed to its failure by engaging in insider abuse, poor corporate governance and banking malpractices.

    He said the reports identified malpractices such as fraudulent accounting, manipulation of accounting records to present false profits and ratios, unlawful loan and credit facilities, non-disclosure of directors’ interests and lending beyond the single limit.

    Ibrahim said the implementation of the bridge bank resolution option that established Polaris Bank Ltd which assumed the assets and liabilities of the defunct bank resulted in depositors’ unhindered access to their funds.

    He said it also led to the continuity of the operations of about 300 branches and the preservation of more than 6,000 jobs.

    Ibrahim said the Corporation had commenced payment of insured deposits to depositors of the 153 Microfinance and six Primary Mortgage Banks that their licenses were recently revoked by the CBN.

    He said that the Corporation performed this statutory mandate by its appointment as liquidator through a Winding Up Order granted by the Federal High Court.

    The NDIC boss described the collaboration between the Corporation and the Judiciary as a valuable engagement toward the development of the financial system and the effective implementation of the Corporation’s mandate.

    He said the seminar for Federal High Court Judges with the theme: “Challenges to Deposit Insurance Law and Practice in Nigeria” was specifically designed to address topical issues in bank supervision.

    He named some of the issues to include regulatory framework of systematically important banks, robustness of the legal system to facilitate criminal prosecution of bank directors and debt recovery under the Failed Banks Act.

    While commending the NDIC for its continued interactions with the Federal High Court, Justice Abdul Kafarati said the impact had been a deeper appreciation of the implications of the mandate and activities of the Corporation.

    This, Kafarati said had led to more proactive and accurate adjudication of cases brought before the courts.

    He expressed optimism that the broadening of the scope to include topical issues would further deepen the impact of the seminar toward addressing current regulatory issues in the financial system.

    He said it would also address issues of the dispensation of more informed judgments.

  • JUST IN: Diamond Bank chairman, three other directors resign

    The chairman and three non-executive directors of Diamond Bank have resigned from their positions.
     
    This was confirmed by the bank in a letter sent to the Nigerian Stock Exchange.
     
    In the letter titled “RESIGNATION OF CHAIRMAN AND NON-EXECUTIVE DIRECTORS,” the bank notified “the Nigerian Stock Exchange (NSE) and the public that the following Non-
     
    Executive Directors have resigned from the Board of Diamond Bank Plc with immediate effect.
     

    1. Mr. Oluseyi Bickersteth

     

    1. Mr. Rotimi Oyekanmi

     

    1. Mrs. Juliet Anammah

     

    1. Mrs. Aisha Oyebode

     
    “The directors are resigning for varied personal reasons, which will include focusing on their priorities. Diamond Bank will update the market with any further developments in due course,” the letter signed by Uzoma Uja, stated.
     
     
    More details later…

  • NIA Directors write Reps, insists Buhari’s newly appointed DG misfit, unqualified to led agency

    Some directors of the National Intelligence Agency (NIA) have written to the House of Representatives Committee on Security and National Intelligence to prevail on President Muhammadu Buhari to drop Ahmed Rufai Abubakar as the new director-general of the agency.

    Writing for and on behalf of Concerned Directors of the National Intelligence Agency, they used pseudo names such as E. O. Olanrewaju, Nelson Obiakor and Ahmed Sarki to protect their real identities.

    The directors, in an advertorial published in major national dailies on Thursday, described Abubakar as a misfit and unqualified for the post of DG of the NIA.

    Since his appointment a few weeks ago by the president, various allegations have come to light over Abubakar’s nationality and competence to head the NIA.

    Although the presidency came out stoutly at the weekend to defend the new NIA boss, the directors, in their letter to the House committee, said Abubakar failed to merit elevation to the rank of director and had retired from the service (NIA), but has now been appointed to come and preside over people who are not only his seniors in rank, but who fit into the order of precedence.

    They said since the inception of the agency 32 years ago, nobody below the rank of director had been appointed as head of the NIA.
    They warned that Abubakar’s appointment as DG would certainly set a dangerous precedent, with equally dangerous implications.
    They threatened that should Abubakar go ahead with his plans to sack all the directors of the agency, the country should expect massive leaks of intelligence to hostile countries.

    They told the lawmakers that the Clandestine Operations Unit of the NIA had been ordered to manufacture and clone documents that could be used to defend Abubakar, who from all indications was facing a legitimacy crisis.

    They urged the committee to, in the interest of national unity, the federal character principle as enshrined in the constitution, fairness, justice, or even for common sense, prevail on the president to drop Abubakar as the DG of the NIA in the face of the obvious odds against his appointment.

    Coupled with this fact, it is an aberration to thrust the headship of Nigeria’s most sensitive security and intelligence organisation in the hands of people from the same ethnic stock, state and even town.

    In a country of over 200 million people, we feel it was not only highly contemptuous but dangerous,” they added.
    Quoting Professor Itsey Sagay (SAN), the directors said they were indeed uncomfortable with Abubakar’s appointment.
    They said: “Already, the nation is in a precarious security condition, and further penetration by hostile intelligence services could portend an even greater danger.

    It is very unlikely that we will be insulated from penetration if we are treated as renegades after putting in our best for the country.”

    The directors noted that they were aware that part of the new DG’s agenda was to retire those of them who were once his seniors, because he was unlikely to want to work with them.

    It is evident that he will pursue a vendetta mission, which he has already indicated in his very first address to us.

    While we wish to state that he is at liberty to go ahead with what we know he intends to do, we wish to point out the underlying dangers in a massive purge of senior officers of the agency, to the effect that, not only will the millions of dollars spent on training and retraining us be lost, we are also custodians of the country’s intelligence dossiers and may decide to use same for mischief,” they warned.

    The directors also alerted the nation to what they described as “an imminent threat to the cohesion for which the NIA has been known, as this is the first time a director-general was picked from the rank below that of a director”.

    They warned that the nation’s security would likely become precarious under Abubakar whose link to Chad was investigated by the intelligence agency.

    In the event that Ahmed Rufai Abubakar finds it difficult to work with those of us who are still in service and who have better credentials, the choice left to the authorities is to revert to the status quo and allow a serving director who understands the dynamics to continue.

    Having failed promotion examinations to the directorship rank, which we can attest to, we make bold to state that it amounts to administrative suicide to allow a practical misfit take over the agency and later mortgage same to his paymasters, who have ulterior motives,” they stated.

    The directors maintained that since the federal government itself had admitted that Abubakar was born and bred in Chad, “while on the other hand he claimed to have been born in Nigeria; at least going by his records and his CV, suffice it to point out that there is an obvious contradiction”.

    They therefore called on the House to thoroughly look into this seeming discrepancy.
    “As insiders, we are in a position to state that the process of vetting in respect of the new NIA DG negates conventional practice, as nobody has visited Chad where he claims to have grown up and schooled to probe into his differential associates, or even his likely espionage roles,” they added.

    They explained that the rule requires that anybody being considered for such a strategic position must be vetted from the cradle.
    “It is an incontrovertible fact that Rufai Abubakar’s links with Chad, a country with likely rival interest with Nigeria, makes Rufai suspect and not fit to head the country’s elite intelligence agency.

    It is necessary for us to alert that the issue of likely doubtful loyalty, is a serious issue in intelligence corridors. Where a person’s nationality or that of his spouse becomes unclear, thorough vetting from the cradle becomes even more demanding.
    “In this case, it is very dangerous that the vetting process has been compromised, which is an ominous danger to the nation’s security,” they said.

    The directors also said that it had become necessary to investigate the activities of the presidential panel under the leadership of Ambassador Babagana Kingibe and the current DG, noting that the panel was in the first place a contemptuous affront on the Office of the Vice-President.

    According to them, “It is unheard of for an officer with a lower rank being appointed to review the work of a higher officer; more so the vice-president of the country.

    It is very curious that paragraph 4(1) of the recommendations of the Kingibe panel prescribes that a serving director should be picked as the director-general, only for the same characters that sat in judgment over the need to reorganise the NIA, turning around to violate its own recommendations, by picking one of them to contemptuously assume duty as head of the NIA.

    It is very clear from the onset that the Presidential Review Panel (PRP) led by Ambassador Babagana Kingibe was inaugurated purposely to defend Ambassador Ayo Oke, who had often threatened to spill the beans when the chips were down, as he will not sink alone.
    “Oke had severally threatened to expose the beneficiaries of his largesse if they allowed him to be disgraced.

    The other obvious motive was to ensure that the remaining $44 million of the NIA intervention fund is kept within the reach of the cabal. The refusal of the immediate past acting DG, Muhammed Dauda, to allow them access to the money may be the under pinning reason for his removal.”

    They asked the House committee to demand from the Kingibe-led panel a copy of its report and that of the vice-president, and probe if there was any substantial divergence.

    As the conscience of our democratic quest, we request you to look passionately into the issues raised and observations from other quarters where you can see that merit, fairness, justice, equity and competence have been sacrificed (on a platter of selfish personal quest) by Ambassador Babagana Kingibe and his associates,” they said.

     

  • Depositors are real owners of banks, not you – CBN tells bank directors

    The Central Bank of Nigeria, CBN, has warned directors of commercial banks who treat bank depositors with disdain to desist from such unprofessional conducts or face sanctions.

    The apex bank also frowned at insider abuses perpetrated by executives of the bank.

    The Governor of the apex bank, Godwin Emefiele said this on Tuesday at this year’s edition of the CBN-Financial Institutions Training Centre (FITC) Continuous Education Programme for Directors of Banks and Other Financial Institutions.

    Emefiele, who spoke on the theme: “The Next Level of Corporate Governance Practice”, said fit and proper persons should be appointed into the boards of banks, adding that corporate governance is undoubtedly an essential pillar in financial system stability.

    He said the failure of banks’ boards in carrying out their oversight functions by checking management excessive risk taking, conflict of interest, undue concentration on short term gains and excessive executive compensation fundamentally affect the ability of financial institutions to meet their core mandates.

    The CBN boss directed independent bank directors to rise up to their responsibilities and be the conscience of their institutions in the interest of depositors and minority shareholders. “Independent directors do not need to be friends of the managing directors. They can’t fire you but the CBN can remove you if you don’t do your job well,” he said.

    Emefiele said banking needed independent directors who “are bold, sound and experienced to do what we want them to do.”

    Emefiele said the CBN will get tougher on insider related loans, adding that many bank chiefs and executive directors borrow from the banks at very low interest rates.

    He said banks are not owned by shareholders who he said were simply used by God to establish them. He said depositors funds are 10 times higher than shareholders’ funds, hence the interest of the depositors should be paramount. “A bank managing director who feels he set up the bank has only been used by God to set up such bank. The real owners of the banks are depositors,” he said.

    The apex bank chief noted that though shareholders are important to banking, the most important stakeholders are the depositors. “It is important for us to ensure we all protect them. That is why in the programme, we said that independent directors must remain independent and perform their roles and responsibilities, no matter how tough it is. They have to look at insiders who are shareholders and tell them what is good and what is not right. Yes, we are going tough because it is a dynamic environment and we will continue to take drastic actions against that insider abuse,” he said.

    He spoke of a bank with 4.5 million depositors that the CBN is monitoring but has decided the lender will not be allowed to go down.

    If we allow the bank to go down, how can we explain to the 4.5 million customers that their money is lost? The impact of such closure on the economy will be tough,” the CBN boss said.

    To him, running an efficient and sound bank is all about strong governance, adding that weak governance ensues when shareholders employ inexperienced or unenlightened people to run their banks.

    Weak governance will ensure that liquidity position in banks is eroded. We want to make sure that banks remain strong by ensuring that strong governance exists. It is also about checking your conscience to tell yourself, have you performed your role diligently, that you are not only serving your own interest as shareholders but also serving the interest of larger stakeholders? These are some of the issues we will be looking at going forward because those depositors are very important,” he added.

    It encompasses the protection of minority shareholders, disclosure provisions, the role and structure of the board, complexity on the definition of related parties, compensation structures and much more. Therefore weak corporate governance can undermine financial stability by heightening vulnerability of financial institutions to external shocks,” he said.

    He said institutions with sound corporate governance and effective board oversights are more resilient to shocks and operate more profitably. “Given the crucial financial intermediation role which banks and other financial institutions play in the economy, corporate governance for financial institutions is, arguably, of great importance in contrast to governance in non-financial companies,” he said.

    He said that prior to the global financial crisis of 2007 to 2009, it was taken for granted that the banking sector in Nigeria was safe and sound. However, this trust proved to be misplaced as it was realised that none of the 25 banks that scaled the CBN consolidation exercise was immuned from failure if they operated in a poor corporate governance environment.

    Accordingly, the 2014 CBN Code of Corporate Governance for Banks and Discount Houses (an improvement on the 2006 Code) was one of many responses to the industry’s post-consolidation corporate governance challenges arising largely from the integration processes. The mass enlightenment on corporate governance in the industry today could very well be attributed to the issuance of the CBN Code. The implementation of the Code largely addressed ineffective board oversights; overbearing influences of chairmen on MDs/CEOs; weak internal controls and prolonged tenure on the board amongst other anomalies.

    While appreciable momentum had been attained in corporate governance practices in the Nigerian Banking Industry, we need not rest on our oars as vulnerabilities are still evident. The recent economic recession has shown that the financial industry still harbours weaknesses in governance, exemplified by instances of unclear rendition of returns, corporate governance abuses, such as unreported losses, huge exit packages for directors, insider non-performing loans, over-domineering executive management, contravention of regulatory/prudential guidelines and lending limits, poorly appraised credits and weakening of shareholders’ funds among others. Overall, the huge challenge of ‘key-man’ risk abound in our industry,” Emefiele said.

     

  • FG recalls sacked NCAA directors

    FG recalls sacked NCAA directors

    The Federal Government has recalled two out of the nine directors who were sacked from the Nigerian Civil Aviation Authority (NCAA) on Friday.

    The duo are Alhaji Adamu Abdullahi,Director of Consumer Protection, and Capt. Ayodele Sasegbon, Director of General Aviation.

    Mr Sam Adurogboye, General Manager, Public Relations, NCAA, confirmed the development to the newsmen on Saturday in Lagos.

    “I can confirm that two of the directors, Abdullahi and Sasegbon have been recalled and their sack rescinded, ” he said.

    TheNewsGuru.com reports that the government, through the Ministry of Transportation, had on Friday sacked the duo and other directors in the aviation regulatory agency with immediate effect.

    The directors affected by the purge were Alhaji Salawu Ozigi (Director of Finance and Accounts), Dr Joyce Nkemakolam (Director of Aerodrome and Airspace Standards) and Mr Aba Ejembi (Director of Administration).

    Others are Mr Emmanuel Ogunbami (Director of Licensing), Mr Benedict Adeyileka (Director of Airworthiness), Mr Justus Wariya (Director of Air Transport Regulation) and Mr Austin-Amadi Ifeanyi (Director of Human Resources).

    The affected directors were immediately ordered to handover to their next subordinate who will in the interim take charge of the activities in their directorates.

    It will be recalled that the government had on Oct. 12,2016 sacked or demoted 22 directors and general managers of the Federal Airports Authority of Nigeria (FAAN).

    The restructuring was based on the recommendations of the Presidential Committee chaired by the Head of Service of the Federation, Mrs Winifred Oyo-Ita.

    The Minister of State for Aviation, Sen. Hadi Sirika, had said the restructuring would be extended to the NCAA and the Nigerian Airspace Management Agency which were also currently over-bloated.

     

    NAN