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U.K. Eke Retires From FBN Holdings Amidst Encomiums As Nnamdi Okonkwo Becomes New GMD

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The board of FBN Holdings Plc (FBNHoldings) has appointed the immediate past managing director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo as its group managing director following the retirement of Mr. U.K. Eke, who has completed his two-term tenure..

Okonkwo’s appointment takes effect from January 1, 2022.

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Uke, according to the board, tendered his Notice of Retirement on August 10, 2021

The board further announced the renewal of the appointments of Dr. Adesola Adeduntan and Mr. Gbenga Shobo as the managing director and deputy managing director of FirstBank respectively, for another term.

In same vein, the Board announced the renewal of appointments of Mr. Kayode Akinkugbe and Mr. Taiwo Okeowo as the Managing Director and Deputy Managing Director of FBNQuest Merchant Bank Limited respectively, for another term.

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“Uke’s retirement takes effect at the end of the current Financial Year on December 31, 2021. Mr. Eke’s retirement follows from a 35 years’ career in financial services, strategy, auditing, consulting, taxation, process reengineering and capital market operations.

“FBNHoldings Board has also announced that Eke will be succeeded by Mr. Nnamdi Okonkwo, a focused and result-oriented top banker, who will assume office as Group Managing Director, FBN Holdings Plc effective January 1, 2022,” Seye Kosoko, the Company Secretary said

Okonkwo, the immediate past Chief Executive Officer of Fidelity Bank Plc, brings to bear on the Board of FBNHoldings more than 30 years unbroken banking career spanning local and international experience. He has a wealth of experience in transformational leadership, business strategy development and visioning, innovative corporate governance and risk management.

He has led the transformation of banks, with the most recent being Fidelity Bank, where he led the management team in seven years to achieve remarkable results culminating in tripling profit and shareholder value.

Okonkwo previously served as the Executive Director for Southern Nigeria in Fidelity Bank. He has worked meritoriously on an international level in his capacity as the Managing Director of UBA Ghana; Director, UBA Liberia and a Director of the Ghana National Banking College.

He has served in various leadership positions across other financial institutions including Broad Bank of Nigeria Ltd; Citizens International Bank, Nigeria; FSB International Bank Plc, Nigeria; Guaranty Trust Bank Plc, Nigeria; and Merchant Bank of Africa, Nigeria.

Okonkwo made remarkable feats as a Director in various organizations including UBA Ghana, UBA Liberia, Nigeria e-government Strategy (Negst), Nigeria Interbank Settlement System Plc, Unified Payment System Ltd and as Chairman, Shareholders Audit Committee FMDQ, amongst others. His appointment is subject to the approval of regulatory authorities.

The board also approved the appointment of Mrs. Tope Orhionsefe Omage as a Non-Executive Director of First Bank of Nigeria Limited by the Board of FirstBank, subject to the approval of the CBN.

The Board also announced the appointment of Meristem Registrars Limited as the new Registrars to take over the Register of Members of FBN Holdings Plc in replacement of First Registrars and Investors Services Limited, with effect from December 1, 2021.

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Crisis in Eko Electricity Distribution Plc: NERC Provides Firm Clarification

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Crisis in Eko Electricity Distribution Plc: NERC Provides Firm Clarification

 

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“We refer to the publications made in relation to the above.”

 

 

 

 

 

 

 

 

 

 

 

 

 

“We hereby inform the Nigerian Electricity Supply Industry (NESI) stakeholders and the general public that by a letter dated 27th of March 2024, NERC has clarified its directive which was earlier misapprehended and misconceived and , on which basis the MD/CEO Dr. Tinuade Sanda and other Management Staff were purportedly recalled to the parent company, WPG Limited.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

According to NERC, “ _The Commission has noted the strong public interest generated by the current event at EKEDP and the various interpretations of the resolutions conveyed vide the said letter, particularly, with respect to paragraphs (4b) and 4(c). We therefore hereby provide further clarifications as follows_ :

 

 

 

 

 

 

 

 

 

 

 

 

 

1. __Paragraph 4b- All staff of EKEDP, irrespective of their form of engagement, will be subject to the Conditions of Service of EKEDP. The Commission deemed it necessary to pass this resolution based on the submission of EKEDP, at the meeting of 20 March 2024, that **the Condition of Service (“CoS”) of EKEDP was not applicable to Seconded personnel from third party providers*_

 

_2. Paragraph 4c – EKEDP Board is expected to conclude its review of its investigation into the allegation of Ghost workers to identify all personnel involved in causing loss of revenues to EKEDP no later than 27th March 2024. In a case where the indicted parties are seconded from third party providers and *since they are reportedly NOT subject to the EKEDP CoS, they are to be recalled to their parent companies to avoid the risk of further losses to EKEDP*_”

 

We appreciate the proactive action of the Commission and the clarifications, which unambiguously mean that:

 

(A) all contracts of employment of anyone working for EKEDP, whether of WPG, EKEDP, or otherwise, must be subject to and regulated by the Condition of Service of EKEDP.

 

(B) The legal fulcrum and basis for the purported recall of the seconded staff has been vitiated and now non-existent since the basis of the recall of the seconded staff was the initial misinterpretation of the previous NERC Resolution/Orders

 

(C) The express recall and termination of the contract of employment of staffers/employees whose actions led to a loss of revenue to EKEDP. The staff, namely:

 

*Wola Joseph-Condotti, Sheri Adegbenro and Aik Alenkhe* -who had been subjected to Disciplinary Committee proceedings, the outcome of which has been contested by some Board members, including the Federal Government representative, the Bureau of Public Enterprise.

 

Consequently, the seconded Management staff of WPG Limited, whose recalls were done in “error” are hereby mandated and required to return to their respective duties and offices *EXCEPT* those named above, already identifiied and subjected to Disciplinary Committee proceedings over the allegations of fraud and negligent actions through ghost workers and exited staff, which occassioned finanical losses to the Company.

 

We shall be providing full co-operation with the officers of the Nigerian Police, the Economic & Financial Crimes Commission (EFCC) and the leadership of the Nigerian Body of Benchers and relevant members of the Legal Practitioners Disciplinary Committee for further actions for closure on the alleged fraud.

 

We once again thank the Regulator for providing this clarification, the NESI stakeholders general public for their kind concerns, and the Staff of EKEDP and WPG Limited for their patience through all of this.

 

*Therefore, all initial orders or actions taken erroneously are hereby immediately reversed* .

 

Signed:

 

Babor Egregor

 

Chairman

 

Legal and Regulatory Committee, Board of Directors

 

Eko Electricity Distribution Company

 

Cc:

 

Honourable Minister of Power

 

Federal Ministry of Power

 

Nigerian Electricity Regulatory Commission

 

Economic and Financial Crimes Commission (EFCC)

 

Inspector General of Police

 

Ministry of Finance Incorporated

 

WPG Ltd

 

 

 

Crisis in Eko Electricity Distribution Plc: NERC Provides Firm Clarification

 

 

 

Crisis in Eko Electricity Distribution Plc: NERC Provides Firm Clarification

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Ondo 2024: Leading Aspirant, Funmi Ayinke Purchases APC Nomination Form

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To further express her passion to serve the people of Ondo state, Engr. (Dr) Olufunmilayo Ayinke-Adekojo, a leading aspirant in the Ondo governorship race has purchased her nomination form today Wednesday, 27th Of March, 2024.

Funmi Ayinke, as she is fondly called among her followers, besieged the APC national headquarters in Abuja to pick up her nomination form, substantiating her interest in the governorship race.

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The race for who becomes the next governor of Ondo state has attracted several politicians in the state including the incumbent governor, Lucky Aiyedatiwa. While many of them have stepped down, Funmi Ayinke has continued to wax stronger by the day and with the purchase of her nomination form, she has shown that indeed she is capable of becoming the next governor of Ondo state.

Despite being the only recognizable female in the race, Funmi Ayinke has shown great strength, sagacity and credibility; she is truly the candidate to beat in the race.

Speaking at the Party’s Secretariat, Funmilayo, Adekojo expressed confidence that she would win the party’s ticket and would tailor her campaign inline with the guidelines

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She said, “I am confident that I will secure the nomination as the party’s candidate and emerge victorious in the Ondo State Governorship Election. This is an opportune moment for women to showcase their leadership abilities and make a significant impact in politics. With determination and support, I am ready to lead the way and bring about positive change for the people of Ondo State.”

“As a woman, I recognize the importance of representation and diversity in governance. I am committed to amplifying the voices of women and addressing the unique challenges they face. By promoting gender equality and inclusivity, we can build a stronger and more prosperous Ondo State for all its residents.”

“My candidacy symbolizes a shift towards a more inclusive and progressive political landscape. By breaking barriers and challenging stereotypes, I aim to inspire future generations of women to pursue their ambitions fearlessly. Together, we can build a brighter future where every individual, regardless of gender, has the opportunity to thrive.”

Adekojo was warmly received, on behalf of the National Working Committee by Alhaji Suleiman Argungu and others.

 

 

 

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PROPHETIC HALL OF FAME: beware of early exit of King Charles, prophet Godwin Ikuru tells Buckingham palace

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Prophet Godwin Ikuru of Jehovah Eye Salvation Ministry, Lagos is one of the great prophets we have in Africa.He has several fulfilled prophecies as God uses him greatly to deliver revelations, prophecies, warnings and spiritual guidance.

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He’s one prophet that God has been using greatly these days;as the mouthpiece and oracle of God,God has given him revelation concerning the Royal House of England,King Charles of England.He said “I see tragedy in the Royal House of England,I don’t see King Charles ruling for long,his health is the major thing that will hamper his reign and bring disaster,he need to work assiduously to combat his health issues if he wishes to spend enough time on earth” .

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