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FBN HOLDINGS PLC ANNOUNCES NEW BOARD APPOINTMENTS

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FBN Holdings PLC (“FBNHoldings), Nigeria’s leading financial holdings company, has announced the appointments of Mr. Seni Adetu and Mrs. Juliet Anammah as Independent Non-Executive directors, while Mr. Otu Hughes has been appointed as a Non-Executive director. These appointments are subject to the approval of the Central Bank of Nigeria (“CBN”).

Speaking on the appointments, the Group Chairman of FBN Holdings Plc, Dr. Oba Otudeko, CFR, said, “On behalf of the board, management and staff of FBNHoldings, I am delighted to welcome the trio of Seni Adetu, Mrs. Juliet Anammah and Otu Hughes to the FBNHoldings board as they bring on board their combined professional experience and expertise of over 97 years, cutting across various industries and institutions of global repute.”

“I am certain that these rich experiences will have immediate and long-term impact on the group and its subsidiaries across Africa and beyond,” he added further.

SENI ADETU

Seni Adetu, a former Managing Director/CEO Guinness Nigeria Plc, has 35 years of private sector experience garnered at the highest levels primarily with John Holt Plc, Coca-Cola International and Diageo (Guinness) Plc in various countries within and outside Africa. He holds a first degree in Chemical Engineering and Masters in Business Administration (with specialization in Marketing), both from the University of Lagos. Adetu was at various times Marketing Director, Coca-Cola Nigeria Ltd, Managing Director of Coca-Cola, and the first African Managing Director/CEO and Executive Vice Chairman of Guinness Ghana Plc.

In 2009, Adetu was appointed Group Managing Director/CEO East African Breweries (EABL), the biggest company in East Africa, based in Kenya, during which time he was named Runner-up Forbes/CNBC CEO of the Year 2012 in East Africa. He was subsequently appointed MD/CEO of Guinness Nigeria Plc and Executive Chairman Diageo Brands Nigeria thus, again becoming the first Nigerian in nearly 20 years to lead that company. Adetu has had working stints in Hungary and the UK and has been exposed to various high-profile leadership courses globally including at the prestigious Harvard Business School.

He has served on the boards of various multinational companies in both Executive and Non-Executive capacity in Nigeria and abroad and was until recently an Independent Non-Executive Director on the Board of Fidelity Bank Plc and Non-Executive Director at APT Pensions Ltd among others.

Adetu is the Founder/Group CEO of Algorithm Media Limited and Ogilvy Nigeria Limited, two leading Marketing Communications agencies in Nigeria, in partnership with WPP, the world’s largest advertising and media agency network. He is a member of many reputable social clubs including the Metropolitan Club Lagos. He is also the immediate past National Vice President of the University of Lagos Alumni Association.

JULIET ANAMMAH

Juliet Anammah is Chairwoman Jumia Nigeria & Head of Institutional Affairs Jumia Group. Jumia is the largest eCommerce platform in Africa and the first African Tech start-up to be listed on the NYSE

She is an experienced executive with 28+ years of professional experience including 7 + years at Partner / Chief Executive level.

Before her current role, she was the CEO of Jumia Nigeria. Prior to joining Jumia, Juliet spent 16 years at Accenture and was the Partner managing Accenture’s Consumer Goods Practice in West Africa.

A Pharmacist by training, she started her career in Sales & Marketing with May and Baker (Sanofi-Aventis) in 1991 before joining Accenture as a Senior Strategy Consultant in 1999.

Juliet also serves on Corporate and non-profit Boards in a non-executive capacity. She is currently on the Boards of Flour Mills of Nigeria and APT Pensions as Independent non-executive member. She is also an EXCO member of Consultative Action Group for the Poor (CGAP) a not for profit agency funded by the World Bank, Bill and Melinda Gates Foundation and several Bilaterial/ Multilateral agencies.

She holds a Bachelor of Pharmacy degree, an MBA (Finance track) and is an alumnus of both Wharton College University of Pennsylvania (AMP) and Yale University.

OTU HUGHES

Otu Hughes has over 25 years’ experience in operations and strategy, principal investment, mergers and acquisition as well as capital raising in both the US and Sub-Saharan Africa. He started his career in 1993 with Lehman Brothers, providing strategic and financial advisory services to government entities and companies in privatisation and empowerment issues, notably Brazil (power and mining), Ghana (mining), South Africa (empowerment programmes), amongst others.

Otu joined Deutsche Bank in 1998 as Associate– Mergers, Acquisitions and Corporate Advisory Group with the oversight responsibilities of providing mergers, acquisitions, corporate and strategic financial advisory services to companies and government agencies across industries and countries, rising to Vice President. He is the Co-founder and Principal of Rofgam/Hughes Consulting and also worked at KeyBanc Capital Markets, amongst many others.

Otu is the Co-Founder & Managing Director of Candesco Limited, set up with the primary responsibility of developing and managing off-grid and independent power projects for Sub-Sahara Africa market, providing affordable, clean and stable power to clusters of communities.

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Former Governor Ifeanyi Okowa, Spends Second Night In EFCC’s Cell Over N1.3 Trillion Alleged Fraud

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Immediate past governor of Delta State, Ifeanyi Okowa, who was arrested and detained by the Economic and Financial Crimes Commission (EFCC) has spent second night in the custody of the anti-graft commission.

 

Okowa is currently being investigated and detained over the alleged diversion of N1.3 trillion.

 

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

 

According to sources within the commission, Okowa was invited to the EFCC office in Port Harcourt, Rivers State, where he’s subsequently detained by officials.

 

One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

 

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.

Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.

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Lagos Government Shuts Down Redeemed Church, Celestial Church, Clubs, Event Centres Over Noise Pollution

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The Lagos State government has shut down a branch of Pastor E. A. Adeboye’s Redeemed Christian Church of God, a Celestial church, nightclubs and event centres over noise pollution.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, who made this known on Wednesday, said the churches, clubs and event centres were sealed on Tuesday by the Lagos State Environmental Protection Agency (LASEPA) in the Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota areas of the state.

The sealed establishments include: Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Lounge & Lodging, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The commissioner in a post on X said, “In a bid to address noise pollution and other environmental violations, the Lagos State Environmental Protection Agency (LASEPA) took action yesterday, closing down several establishments across different parts of the state.

“This enforcement drive, focusing on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota, is part of LASEPA’s continuous efforts to uphold environmental standards and safeguard public health.

“The affected establishments include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.”

 

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Gen. Taoreed Lagbaja: Tinubu directs flags be flown at half-mast

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President Bola Tinubu has directed that Nigeria’s national flags be flown at half mast for seven days across the country to mourn the passing of the late Chief of Army Staff, Lt. Gen. Taoreed Lagbaja.

The late Army chief, who was appointed by Tinubu on 19 June 2023, was said to have passed away on Tuesday night after a prolonged illness.

The Secretary to the Government of the Federation, George Akume, in a statement on Wednesday by his office Director of Information & Public Relations, Segun Imohiosen, said the president expressed regret over Lagbaja’s death.

Akume said, “President Bola Tinubu has expressed regret following the death of the Chief of Army Staff, Lieutenant General Taoreed Abiodun Lagbaja, after a brief illness at the age of 56.

“The President has directed that national flags be flown at half mast throughout the country for seven days in honour of the departed Army chief.

“He profoundly appreciates the services of the departed to the nation and wishes the family the fortitude to bear the great loss.”

Meanwhile, the Ministers of Defence, Mohammed Badaru and Bello Matawalle, have commiserated with the president, the military, and Lagbaja’s family over his death.

In a statement by the Ministry’s spokesperson, Henshaw Ogubike, the ministers described Lagbaja’s death as a great loss to his family, the Army, and the nation at large.

“The passing on to eternal glory shocked us at the Ministry of Defence, as our working relationship with him was commendable; he exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.

“The late Chief of Army Staff contributed significantly to internal security operations across Nigeria and also exhibited a high level of professionalism.

“He will be greatly missed by the family, the military, and the nation, as he served the nation with commitment and dedication,” the statement added.

 

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