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First Bank of Nigeria GMD gets replacement

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First Bank of Nigeria Limited on Monday announced that its Chief Financial Officer and Executive Director, Dr. Adesola Adeduntan, would replace Mr. Bisi Onasanya as the Group Managing Director and Chief Executive Officer.

The announcement came on the heels of an earlier notice of Onasanya’s retirement as the GMD/CEO of the lender.

The development came along with major leadership changes at the bank’s parent company, FBN Holdings Plc.

In a statement, the group said the pioneer Group CEO of FBN Holdings, Mr. Bello Maccido, would be leaving his position to become the Chairman of the newly-licensed FBN Merchant Bank Limited.

The current Executive Director, South, First Bank of Nigeria, Mr. UK Eke, will replace Maccido as the Group Managing Director-designate, FBN Holdings Plc.

The bank noted that the leadership changes would become effective on January 1, 2016.

Other changes will see the current Chairman, First Bank of Nigeria, Prince Ajibola Afonja, retire and be succeeded by Mrs. Ibukun Awosika.

Announcing the other changes, the bank said in the statement, “Following a rigorous selection process driven by the Board and supported by Heidrick & Struggle, the internationally renowned executive search firm, Dr. Adesola Adeduntan, the current Executive Director/CFO emerged as the Managing Director-designate, First Bank of Nigeria Limited, while Mr. Gbenga Shobo, the current Executive Director, Lagos & West, emerged the Deputy Managing Director-designate.

“This comes on the heels of the group’s earlier notice of Mr. Bisi Onasanya’s retirement as GMD/CEO of the bank. These decisions have been ratified by the Board of Directors, subject to all necessary regulatory approvals and all take effect from January 1, 2016.”

As pioneer Group CEO of the FBN Holdings Group in very critical times, the statement said that Bello birthed the process of establishing the multi-faceted group to comply with diverse regulatory requirements, navigating through uncharted territory.

It added, “He will undoubtedly bring his wealth of experience, spanning over 30 years post call to Bar experience as an accomplished retail, corporate and investment banker, to bear in his new role chairing the Board of the emergent FBN Merchant Bank Limited.

“The incoming Group Managing Director, UK has over 30 years’ post experience in financial services, auditing, consulting, taxation, process engineering and capital market operations.

“Sola, the Managing Director-designate, has garnered diverse expertise in treasury and financial management, risk management, accounting, corporate governance and strategy development, advisory and compliance.”

The new DMD-designate, Gbenga, has a banking career spanning over 25 years with experience in corporate banking, institutional banking, commercial banking, retail banking and treasury, according to the statement.

In announcing the appointments, the Group Chairman, FBN Holdings, Dr. Oba Otudeko, said, “We are proud to announce these appointments. In reaching these decisions, we are mindful of the imperatives for a more efficient group structure that will benefit the group’s need to deploy systems, which deepen efficiency, while expanding revenue and returns on investment.

“We are confident that we have made the right choices in these appointees. In selecting our MD and DMD, we were particularly mindful to identify outstanding and top-notch professionals with complementary and mutually reinforcing skill set.

“These appointments are a testament to the strength of our succession planning mechanisms and the calibre of candidates it produces. It also re-articulates our commitment to put our customers first with the confidence in the value that this new leadership team brings to bear on behalf of the group, customers and employees, even as we strive to return greater value to shareholders.”

 

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AEDC Reconnects FCT Water Board, Restoring Water Supply, Gives Reason for Disconnection 

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Abuja Electricity Faces N200 Million Fine Over Tariff Violation and Misapplication of New Tariffs

AEDC Reconnects FCT Water Board, Restoring Water Supply, Gives Reason for Disconnection 

 

 

The Abuja Electricity Distribution Plc. (AEDC) acknowledges the concerns and spirited appeals from residents of the Federal Capital Territory following the disruption to water supply arising from the recent disconnection of electricity to the FCT Water Board over unpaid electricity bill.

AEDC wishes to clarify that the disconnection followed the accumulation of over one year of outstanding electricity debt by the FCT Water Board, despite several notices, engagements and opportunities provided to regularise the account, in line with applicable regulatory provisions.

However, in recognition of the critical importance of water supply to public health and community wellbeing, and following widespread concerns expressed by residents, the Acting Managing Director/Chief Executive Officer of AEDC, Engr. Chijioke Okwuokenye, has directed the immediate reconnection of electricity supply to the FCT Water Board, in order to enable the prompt restoration of water services across affected areas of the FCT.

This decision underscores AEDC’s commitment to the welfare of the communities it serves and reflects the company’s belief that access to essential services must be safeguarded, particularly where public health and safety are concerned.

The reconnection is, however, granted on a conditional basis. AEDC has formally issued the FCT Water Board a two-week timeline within which to present and begin implementing a credible payment plan towards the settlement of its outstanding electricity obligations.

While AEDC remains open to engagement and collaborative solutions, it must be stated that failure to meet this obligation within the stipulated period will regrettably leave the company with no alternative but to reapply service disconnection, in accordance with regulatory guidelines.

AEDC reiterates that disconnection remains a measure of last resort and assures residents of its continued commitment to transparent engagement, regulatory compliance and the delivery of sustainable electricity services in the Federal Capital Territory.

 

 

 

 

 

 

 

 

 

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Adron Homes Sets Strategic Direction for 2026 at National Business Convention

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Adron Homes Sets Strategic Direction for 2026 at National Business Convention

 

Adron Homes has officially commenced its 2026 National Business Convention, themed “Breaking New Grounds, Beyond and Above 2.0,” reaffirming its commitment to innovation, growth, and leadership in Nigeria’s real estate sector.

 

The convention opened with a strategic address by the Chairman/Group CEO, Sir Aare Adetola Emmanuelking, who charged executives and managers across the organization to sustain excellence, embrace innovation, and drive sustainable expansion as Adron Homes strengthens its footprint nationwide.

 

Bringing together top executives, directors, and managers from across the country, the convention serves as a platform for strategic alignment, performance reviews, and planning for the 2026 business year.

 

At the session, the Executive Vice Chairman, Olori Aderonke Emmanuelking, presented the company’s overarching 2026 budget framework, outlining key growth priorities, operational benchmarks, and financial expectations designed to enhance efficiency and long-term value creation. The presentation underscored Adron Homes’ focus on disciplined planning and scalable impact.

 

Directors from various directorates also presented their 2026 budget proposals, highlighting expansion opportunities, operational optimization, and cross-functional collaboration to exceed previous performance milestones and deliver enhanced value to clients.

 

Participants described the discussions as insightful and energizing, noting the convention’s role in strengthening leadership engagement and reinforcing a unified growth vision across the organization.

 

Beyond budget deliberations, the convention features strategic training sessions led by senior executives to boost leadership capacity, operational effectiveness, and organizational readiness for the year ahead.

 

As “Breaking New Grounds, Beyond and Above 2.0” unfolds, Adron Homes continues to reinforce its brand as a forward-thinking real estate developer committed to innovation, sustainable growth, and transformative impact in Nigeria.

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U.S. Tech Powerhouse Joe Lonsdale Pumps $11.7M into Nigerian Defence Drone Startup and A Strategic Turning Point for African Security and Innovation

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U.S. Tech Powerhouse Joe Lonsdale Pumps $11.7M into Nigerian Defence Drone Startup and A Strategic Turning Point for African Security and Innovation. By George Omagbemi Sylvester | Published by saharaweeklyng.com

U.S. Tech Powerhouse Joe Lonsdale Pumps $11.7M into Nigerian Defence Drone Startup and A Strategic Turning Point for African Security and Innovation.

By George Omagbemi Sylvester | Published by saharaweeklyng.com

“How Terra Industries, Led by Gen-Z Founders, Aims to Secure Africa’s Critical Infrastructure with Homegrown Autonomous Systems.”

 

In a landmark development that could reshape Africa’s security technology landscape, American tech billionaire and Trump ally Joe Lonsdale has led a significant $11.7 to 11.8 million funding round into a Nigerian defence technology startup, Terra Industries (formerly Terrahaptix). The investment round, led by Lonsdale’s venture capital firm 8VC, marks one of the largest ventures into Africa’s nascent defence tech sector and signals growing global investor confidence in African innovation grounded in real security challenges.

This strategic infusion of capital has immediate geopolitical, economic and technological implications, but not just for Nigeria but for the entire African continent. It offers hope that African nations can one day escape dependence on foreign military hardware by developing homegrown capabilities tailored to local realities.

 

Terra Industries: A Homegrown Response to African Security Needs.

Founded in 2024 by two young Nigerian entrepreneurs, Nathan Nwachuku (22) and Maxwell Maduka (24), Terra Industries is more than just a drone maker. Based in Abuja, the company develops and manufactures sophisticated autonomous systems (including long-range and mid-range drones, autonomous sentry towers and (UGVs) unmanned ground vehicles) designed to enhance surveillance, threat detection and response in areas where traditional security forces are overstretched.

 

According to official statements, Terra’s systems are already deployed to protect critical infrastructure valued at an estimated $11 billion, including hydropower plants in Nigeria and mining operations (gold and lithium) in Ghana. These are facilities that form the backbone of industrial expansion across West Africa but are increasingly vulnerable to insurgent attacks, sabotage and theft.

 

Terra’s mission encapsulates a pivotal shift: “to give Africa the technological edge needed for resource protection and counterterrorism,” co-founder Nwachuku emphasized, underscoring the urgency of addressing insecurity if economic progress is to endure.

 

Joe Lonsdale and 8VC: Strategic Capital Meets African Security Tech.

Joe Lonsdale, co-founder of Palantir Technologies and founder of 8VC, has long been a driving force in the global defence-tech ecosystem. His involvement in Terra’s funding round highlights a new frontier: Africa’s security challenges as a technology market.

 

8VC’s broad investor base in this round includes heavyweight venture firms such as Valor Equity Partners, Lux Capital, SV Angel, Leblon Capital GmbH, Silent Ventures LLC, Nova Global and angel investor Meyer Malka. As noted by multiple reports, Alex Moore (a partner at 8VC and a non-executive director at Palantir) has also joined Terra’s board, signaling a deep and sustained commitment beyond mere capital.

 

This backing places Terra in an elite category of high-potential defence startups at a time when global investors are increasingly targeting deep tech and sovereign security solutions. According to TechCabal, Terra’s seed round “sets it apart from a wave of smaller regional players” and signals rapid growth in investor confidence in organisations that offer scalable hardware and software defence solutions.

In the words of a respected global security analyst, “Investment in Africa’s defence tech is a defining moment, where necessity intersects with innovation. Investors today recognise that insecurity is not just a social problem but an economic barrier that tech can help dismantle.”

 

Why This Investment Matters: Africa’s Insecurity Landscape.

Africa’s security environment has deteriorated sharply in recent years, especially across the Sahel and West Africa. Extremist groups, including factions linked to Islamic State and al-Qaeda, have expanded operations from Mali through Burkina Faso to Nigeria. Governments struggle with stretched security forces, limited budgets and vast terrains that are difficult to monitor using conventional methods.

 

In this context, autonomous systems (drones, sensors, and networked defence platforms) can play a decisive role in deterrence, early warning and operational response. According to defence industry expert Dr. Marcus Rockefeller, “Autonomous technologies are the force multipliers of the 21st century. They allow nations with limited manpower to monitor vast areas, respond faster and reduce human risk in dangerous environments.”

 

Terra’s focus on integrating hardware and software into a comprehensive platform (reportedly including an operating system known as ArtemisOS) creates a sophisticated, unified battlefield picture that security forces can leverage in real time. This approach mirrors trends in Western defence tech but is uniquely tailored to African terrains and threats.

 

The Implications for Nigeria’s Industrial and Security Policy.

Nigeria, Africa’s largest economy, has long battled domestic and regional security threats, from Boko Haram and ISWAP in the northeast to banditry in the northwest. Despite decades of military spending, reliance on imported hardware and foreign training programmes, substantive progress has been elusive.

 

Terra’s rise signals a potent alternative: local innovation forging local solutions. As the World Bank notes, investment in technology and infrastructure resilience is essential for sustainable growth. Local manufacturing (especially in high-tech sectors) boosts job creation, builds technical ecosystems, and reduces dependency on external suppliers.

 

Professor Nkechi Onyema, an expert in African industrial development, observes: “When young Africans solve African problems, the solutions are not just technologically sound but contextually relevant. This is the moment Africa needs an era where we do not just import defence tech but pioneer it.”

 

What’s Next: Scaling, Security and Global Partnerships.

The new funding will be directed toward expanding manufacturing capacity, deepening Terra’s software capabilities, and supporting broader cross-border security and counter-terrorism deployments across Africa. Terra has signaled its ambition to become Africa’s first true defence prime which is a company capable of serving governments, infrastructure operators and strategic partners with scalable, sovereign technology.

 

Analysts say this model could reduce Africa’s reliance on foreign defence contractors and a dependency that historically left African governments beholden to external geopolitical interests.

Yet challenges remain: ensuring ethical use of autonomous systems, regulatory frameworks across multiple jurisdictions and balancing defence and civil liberties remain complex. Still, as African security landscapes evolve, the need for smart, local and scalable solutions is undeniable.

 

Final Take.

Joe Lonsdale’s investment in Terra Industries is more than a financial transaction, though it is a strategic vote of confidence in Africa’s capacity to lead technologically in the face of its greatest security challenges. It is a call to action for governments, private sector partners and young innovators across the continent to unite around a shared vision: security forged with African ingenuity and global collaboration.

 

In the words of Terra co-founder Nathan Nwachuku, “The future of African security must be shaped by Africans. We are determined to lead that future with solutions that are powerful, affordable and built for us.”

 

This pivotal moment is not just about drones. It is about Africa asserting technological sovereignty and a future where African defence innovation stands shoulder-to-shoulder with the world’s best.

U.S. Tech Powerhouse Joe Lonsdale Pumps $11.7M into Nigerian Defence Drone Startup and A Strategic Turning Point for African Security and Innovation.

By George Omagbemi Sylvester | Published by saharaweeklyng.com

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