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Spotlight on Yemi Cardoso and his “First Eleven” at CBN – Toni Kan

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1 month ago

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We all have secrets.

Something only you or maybe a few people know. I have a closely guarded secret; one that often elicits surprise whenever I share.

I don’t watch football. Yes. All ye football fans, please forgive me. I don’t watch because think football is over-rated and the margins of error are too many. Eleven men is a lot to control and harness their skills yet coaches make it work. But I try to follow the game. I follow the players, I know the scores, I take note of the stats and I often marvel when I see grown men become depressed when their favourite team loses.

And so, here I am borrowing a football metaphor to look at the work Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) is doing at the apex bank.

Football is, at its core, about strategy; about identifying your opponents’ strengths and weaknesses and aiming at the Achilles’ heel of the opposition. It is a game in which resilience and perseverance can make the difference because a team, which, for instance, is at the top of the league table in September, could tire out by February and be nowhere near the top by April.

My profound apologies to Manchester City fans!

Football is akin to an orchestra with the coach as the conductor whose every wave of the arm is like a talisman of hope and opportunity. That is something every leader comes to learn on the job or as they prepare for the job.

The coach can, in that sense, make or mar a team which is also why a coach is allowed wide latitude to buy and sell players to make his vision come true, the way a CEO is allowed to choose a team to make sure his strategy for his organization is realised.

When Yemi Cardoso was appointed CBN governor, there was a shuffling of the deck and this led to the appointment of new deputy governors as well as sundry advisers and consultants.

Who are they and what do they bring to the table? First, the head coach. What are his bonafides?

Yemi Cardoso spent over 29 years in commercial banking, culminating in his tenure as Chairman of Citibank Nigeria Ltd, from 2010 to 2022. He had previously served as Executive Director at the Citizens International Bank Limited and Principal Partner at FBC Associates Limited from 1997 to 1999.

His public service credentials are no less stellar. Olayemi Cardoso was Commissioner for Economic Planning and Budget in Lagos State from 1999 to 2005. Reform minded, he implemented the blueprint which catalysed economic development in the state with Lagos emerging as the leader in IGR.

He graduated in 1980 with a Bachelor of Science degree in Managerial and Administrative Studies (with concentration in Finance and Accounting) from the Aston University in Birmingham, United Kingdom and subsequently obtained a Master’s degree in public administration and Management from Harvard University, Massachusetts in 2005 with (Concentration in Economics and Finance).

A Fellow of the Chartered Institute of Stockbrokers, he was conferred with a Doctorate in Business Administration (DBA) (Honoris Causa) by the Aston University in 2017 in recognition of his outstanding achievements in the private and public sectors.

Dr. Bala M. Bello is Deputy Governor, Operations Directorate. Bello was the Executive Director (Corporate Services) of Nigerian Export – Import Bank. A certified strategic management performance system professional, Bala holds a Stanford Graduate School of Management Certificate in Leading Change and Organizational Renewal (LCOR).

Bala who holds a Bachelor of Science Degree in Accounting and an MBA from the Ahmadu Bello University, Zaria, commenced his banking career with Guaranty Trust Bank Plc before joining the Securities and Exchange Commission (SEC). He received commendations for outstanding performance at both organisations.

Conferred with a Doctor of Business Administration (Honoris Causa) by Commonwealth University in conjunction with London Graduate School and Doctor of Philosophy (Honoris Causa) in Leadership and Management by ESAE University, Republic of Benin, Bala was the first indigenous Executive Director/Chief Operating Officer of Sigma Pensions and Executive Director (Operations). In that capacity, he had direct administrative oversight and managerial responsibility of over $1.5 billion of pension funds/assets under management (A-U-M), Budget preparations and other financial activities of the Company.

 

Mr. Muhammad Sani Abdullahi is Deputy Governor Economic Policy Directorate. A former Commissioner for Economic Planning and Budget for over five years, Abdullahi is a development economist versed in economic policy formulation. He was a member of the World Bank Expert Advisory Council, a Policy Adviser at the Executive Office of former UN Secretary-General Ban Ki-Moon in New York, and Senior Economist at the Office of the Senior Special Assistant to the President on Millennium Development Goals (MDGs) – United Nations Development Programme (UNDP) where he assisted in the management of the Conditional Grants Scheme.

Sani Abduallhi graduated from Ahmadu Bello University, Zaria, in 2002 with a Bachelor of Science (BSc.) Honours degree in Economics. He obtained a Master of Science (M.Sc) in Development Economics and Policy from the University of Manchester, United Kingdom, and a Master’s Degree in International Relations from Ahmadu Bello University, Zaria, in 2009 and 2007 respectively.

Mr. Philip Ikeazo is Deputy Governor, Financial System Stability Directorate. A banker and chartered accountant, his 33 years banking career has seen him lead as the Managing Director/CEO of Keystone Bank Limited; Managing Director/CEO, Ecobank Kenya Limited; Executive Director, Union Bank Nigeria Plc; Director, Union Bank, United Kingdom; and Director Orient Bank, Uganda. He also served at various times at the United Bank for Africa Plc, as the General Manager, in charge of Corporate Investment Banking and the Director of Wholesale Banking

A Fellow of the Institute of Chartered Accountants of Nigeria, the Chartered Institute of Bankers of Nigeria and the Chartered Institute of Taxation of Nigeria, Ikeazor holds a degree in Economics from the University of Buckingham, United Kingdom and is also an alumnus of the Wharton CEIBS-IESE Business School Global CEO programme.

Ms. Emem Usoro is Deputy Governor, Corporate Services Directorate. Emem is a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN).

In her over two decades banking career she led in roles as Executive Director, North Bank, in the United Bank for Africa (UBA) where she championed sales strategies and executive management initiatives in seven regional banks and 151 branches across the Northern directorate and as regional executive at Bank PHB Plc (now Keystone Bank), in charge of developing commercial businesses and overseeing 32 branches.

An alumna of the Harvard Business School and Lagos Business School, Usoro holds a Bachelor of Science (B.Sc.) in Biochemistry from the University of Uyo, and a Masters in Business Administration (MBA) from Obafemi Awolowo University, Ile-Ife, in 2000.

And now we return again to football.

At the height of Ruben Amorim’s recent falling out with Marcus Rashford at Manchester United, the gaffer was so incensed he said he would rather play a 63 year old assistant coach than play the center-forward. An extreme case, I know but sometimes, a coach has to look outside the core team for the help he needs and that is where advisers and consultants come into the picture.

Ms. Shola Phillips is the Special Adviser to the Governor on Compliance & Risk. A compliance expert with over 25 years’ experience across the wholesale and retail sectors of the financial service industry, Ms. Phillip’s regulatory knowledge spans multiple jurisdictions, including the United Kingdom, Europe, United Arab Emirates, Hong-Kong, Singapore, Japan, United States of America, and Africa

Shola Phillips who has a degree in Economics from the University of Reading in England and an M.B.A. from Cardiff Business School in Wales was most recently the Global Head of Compliance for Risk Management at Citigroup, Inc and is currently leading the design and implementation of a new department with the mandate to improve compliance within the CBN and across the Nigerian Banking industry by fostering good governance and ethical conduct via the introduction of accountability measures.

Mr. Mayokun Ajibade is Special Adviser (Financial Markets and Economic Policy). A former Managing Director for Standard Chartered Bank in West and Southern Africa, he led the treasury and financial markets business across 14 countries.

Mayo has over 25 years of experience in building and leading businesses with a thorough understanding of markets across Africa, having been involved in policy advisory and the execution of transactions that cut across origination, structured solutions, and market infrastructure development. He is a key part of the regulatory reform efforts of the Nigeria financial markets and advises on policy and operational changes required for the transition to an orthodox monetary policy environment.

Fatai Karim is Special Adviser to the Governor with a focus on promoting growth, introducing international best practices, and providing guidance through evidence-based recommendations.

Karim’s extensive international experience is critical to driving growth, offering expert guidance on operational, technological, and risk policy matters while supporting effective monetary policy and regulation, ultimately fostering economic and financial stability.

His 32 years of experience has seen him hold leadership and management positions at Citibank Nigeria Limited, Citibank Niamey, Citibank Tanzania, Citibank Uganda, Citibank South Africa, and Citibank London.

Tony Ogufere is a Special Adviser to the Governor with a focus on ensuring the Bank’s alignment with its core mandates: monetary policies, price stability, and advisory services.

A finance and strategy expert, Ogufere is adept at formulating policies and programs to support fiscal investments and economic growth and in this role ensures that the CBN does not directly intervene in financing economic activity.

A Fellow of the Institute of Chartered Accountants of Nigeria, Tony holds an MBA from Columbia University, New York (Uris Hall) and is a member of the Bank’s Monetary Policy Technical Committee. He has executed transactions across several industry verticals, including Fintech, Oil & Gas, Renewable Energy, and Real Estate development.

Dr. Daphne Oterie Dafinone is a Consultant/Adviser to the CBN Governor on development finance and governance matters and her over 35 years of experience spans corporate governance, due diligence, corporate restructuring, mergers and acquisitions, reverse-takeovers, debt restructuring etc. She was formerly audit committee chair on the board of CitiBank Nigeria.

A Fellow of the Institute of Chartered Accountants in England & Wales and the Institute of Chartered Accountants of Nigeria, she started her career at KPMG Peat Marwic MCClintock Chartered Accountants in United Kingdom and began consulting for the CBN from her role as Chief Operating Officer of Crowe Dafinone.

Terri Dafinone graduated with a BA (Hons) Economics degree from the University of Manchester in 1987 and obtained an MSc Internal Audit & Management Finance from City University, London in 1996 before bagging a PhD Internal Audit & Corporate Governance in 2001 from the same institution.

Dr. Nkiru Balonwu is a Consultant/Adviser to the CBN Governor with a focus on Stakeholder Engagement, Strategic Communications, Legal and high impact projects. A former CEO of Spinlet, Africa’s pioneer music streaming app, Balonwu is Founder of The Africa Soft Power Group, which includes the Africa Soft Power Project, ASP Global, and African Women on Board.

A globally recognized strategist and consultant, Dr. Balonwu has over 25 years cognate experience and holds a doctorate from the University of California, Berkeley; a Master’s degree from University College London; a law degree from the University of Manchester; and has been called to the bar in England, Nigeria, and New York. She was the inaugural Lecturer of Gender & Law at the University of Lagos, a Senior Fellow from 2022-2023 at the Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School, and in 2019, she received the Powerlist UK Black Excellence International award in recognition of her innovative work with African Women on Board before being listed in 2022 among New African magazine’s Top 100 Most Influential Africans.

And there we have it; the coach, Yemi Cardoso and his “first eleven” who are assisting him with implementing the reform agenda at the CBN.

 

Toni Kan is a PR expert, financial analyst and biographer.

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PDP NWC meets in Abuja amid tight security

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7 hours ago

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March 12, 2025

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Members of the National Working Committee, NWC, of the Peoples Democratic Party, PDP, are currently meeting in Abuja, the nation’s capital.

The meeting, which is being held behind closed doors at the party’s national headquarters, is presided over by the PDP National Chairman, Umar Damagum.

This comes two days after the Supreme Court dismissed a motion for a stay of execution of a High Court judgment removing Senator Samuel Anyanwu from office as National Secretary and replacing him with Sunday Udeh-Okoye.

There was a heavy presence of security personnel, including operatives from the Department of State Services, DSS, the police, and the Civil Defence Corps, at the PDP headquarters in Abuja.

Earlier, party staff clashed with thugs and some members loyal to the embattled PDP National Secretary.

A PDP staff member who witnessed the clash and requested anonymity told journalists that the scuffle began when supporters of Samuel Anyanwu entered the party premises.

According to him, the pro-Anyanwu supporters attempted to lock out some members of the PDP National Working Committee who were arriving for their usual midweek meeting. However, they were overpowered by staff, private security guards, and some police officers attached to the secretariat.

The incident led to the deployment of additional security personnel to prevent a further breakdown of law and order.

 

 

 

 

 

 

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Court dismisses suit seeking to legalize prostitution in Nigeria

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7 hours ago

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March 12, 2025

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An Abuja Federal High Court presided by Justice James Kolawole Omotosho has dismissed a suit seeking to enforce the rights of commercial sex workers to operate without intimidation from security agents of the Federal Government of Nigeria.

The judge held that the prostitutes have no legal rights to enjoy under any known law or the Constitution of the Federal Republic of Nigeria.

In a judgment delivered on Wednesday, Justice Omotosho said that the commercial sex workers were even liable to be arrested, prosecuted and jailed for two years under the criminal law known as Penal Code.

A Non Governmental Organization, Lawyers Alert Initiative for Protection of Rights of Children, Women and Indigent had sued the Abuja Environmental Protection Board, FCT Minister, Federal Capital Territory Administration (FCTA) and the Attorney-General of the Federation (AGF) as 1st to 4th respondents, respectively.

In the suit marked THC/ABJ/CS/642/2024, the sex workers had sought to stop the FCT minister, Nyesom Wike and the Abuja Environmental Protection Board (AEPB) from harrassing, intimidating, arresting and prosecuting them in Abuja.

They asked the judge to enforce their fundamental human rights to prostitution as enshrined in the Nigerian law.

The suit filed on May 14, 2024, through a team of lawyers led by Rommy Mom, Bamidele Jacobs and Victor Eboh, raised two questions for determination by the judge.

It asked the court to determine whether the duties of the AEPB under Section 6 of the AEPB Act, 1997, extends to the harassment, arrest, detention and prosecution of women suspected of engaging in sex work on the streets of Abuja.

“Whether by the provision of Section 35 (1) (d) of the AEPB Act, 1997, women can be regarded as articles or their bodies regarded as goods for purchase?,” the judge was also asked to determine.

The lawyers, therefore, sought a declaration that the charge made by the personnel of the AEPB before the FCT Mobile Court, which referred to arrested women suspected of engaging in sex work as ‘articles’ and considered their bodies as ‘goods for purchase,’ is discriminatory and violated the provisions of Section 42 of the 1999 Constitution.

They sought a declaration that the duties of the Board does not extend to the harassment, arrest and raid of women suspected of engaging in sex work on the streets of Abuja.

They also sought a declaration that neither Section 6 of the AEPB Act, 1997, nor any extant laws of the country, authorise the Board to arrest women suspected of engaging in sex work on the streets of Abuja.

They further sought a declaration that Section 35(1) (d) of the AEPB Act, 1997, does not refer to women as ‘articles’ or their bodies regarded as ‘goods for purchase.’

The lawyers, therefore, prayed the court for an order restraining the AEPB, its agents or privies, from harassing, arresting and raiding women suspected of engaging in sex work on the streets of Abuja.

They sought an order restraining the 1st respondent, her agents or privies from prosecuting women suspected of engaging in sex work on the streets of Abuja under Section 35(1) (d) of the AEPB Act, 1997.

They equally sought an order directing all the respondents to ensure proper application of the provisions of Abuja Environmental Protect Act, 1997, by the 1st respondent.

However, Justice Omotosho, in his judgement, held that the application of the plaintiff was incompetent under the Fundamental Rights (Enforcement Procedure) Rules, 2009.

The judge held that even if it was competent, “the reliefs sought are not grantable and thus, it is hereby dismissed for lack of merit”.

“This court wonders what kind of message the applicant is sending when it decided to bring an action to protect prostitutes.

“A reasonable person would have expected that the applicant would instead occupy itself with developing the girl child and protecting the sanctity of womanhood instead of promoting immorality and the spread of sexual diseases.

“It is indeed shameful that the applicant should file an action such as this,” the judge held

Justice Omotosho also further held that the judgment of a sister court in suit number: FHC/ABJ/CS/971/2019, exhibited by the group was only of slight persuasive authority.

The judge said he was not bound by the decision of the brother judge being court of coordinate jurisdiction, citing a Court of Appeal’s previous case to back his decision

Justice Omotosho, who equally cited Sections 405(2)(d) and 407 of the Act, said “the import of the above provisions is that prostitution constitutes an offence under the Penal Code Act”.

According to him, it must be stated here that fundamental human rights in Nigeria are not absolute in operation. “There are instances which warrant a legal breach of some rights.

“A common instance is for the arrest of a person suspected of committing an offence under Section 35 (1) (c) of the 1999 Constitution (as amended).”

Citing previous cases decided by the Supreme Court, Omotosho held that it was clear from the above authorities that suspicion of committing an offence is a legal ground to breach the right of a person.

“The women suspected of engaging in sex work on the streets of Abuja or prostitutes or vagabonds are by their actions committing an offence and thus their fundamental rights can be legally breached by the ist respondent.

“Holding a different opinion would mean that a person arrested in the process of robbing others can claim to be entitled to his fundamental rights to personal liberty and freedom.

“This would cause anarchy and chaos In the society,” he said adding assuming that prostitution is not an offence in the FCT, the rights of these prostitutes can legally be violated under Section 45 of the constitution which allows the breach of a person’s right on grounds of defence, public safety, public health, public order and public morality.

“It is a known fact that prostitutes are some of the clearest examples of indecency in the society and they are champions of immorality through their immoral dressing, exposing sensitive parts of their bodies, their use of vulgar language as well as the chief culprits in spreading sexual diseases.

“Allowing prostitutes to have free reign on the streets of Abuja will, in no time, destroy the moral fibre of the city and turn it to a hotbed of immorality.

“This court will not allow such to happen,” he said adding that the court was not unaware that prostitution had been legalised in some western nations, including in the Netherlands where prostitutes are now entitled to pensions and other benefits.

“This is not so in Africa. The African Charter on Human and People’s Rights which is one of the Statutes enforced by the Fundamental Rights (Enforcement Procedure) Rules, is clear on what fundamental rights are in Africa.”
He said looking at the preamble to the charter, the culture of Africans must reflect in their idea of what constitutes human rights.

“This philosophy is what is known as cultural relativism in the framework of human rights. The counterpoint to this is universality which posits that human rights should be the same in all places and should apply to persons irrespective of their culture, religion, race, gender or other differences.

“The idea behind universalism is to ensure uniformity in human rights development. Universality of human rights directly led to the drafting of the Universal Declaration of Human Rights which is the first global human rights document.

“While it is theoretically sound, universalism if applied would offend the unique cultures of some people.

“For instance, the right to same sex marriage which is acceptable in Western nations like the United Kingdom will be deeply unacceptable to conservative and religious nations like Arab nations.
“Thus cultural relativism means that these nations can choose which of these rights to adopt or not.

“This explains why some conservative nations exercise their right to reservation regarding several sections of the Universal Declaration of Human Rights which are in conflict with their cultural beliefs.”

The judge said Nigeria is an African nation with deeply cultural norms that guide everyday conduct.

“I daresay that prostitution is alien and has never been part of our culture. Prostitution or ‘Olosho’ and ‘Ashewo’ as the Yorubas call it, ‘Akwuna-Akwuna’ as the Igbos call it, ‘Karuwa’ as the Hausas call it or ‘Hookup’ as the young people say it, is alien to our culture.

“It has been frowned upon as a deeply immoral act worthy of shame.The fact that civilisation and westernisation has taken some root in Nigeria still does not make it right.

“Even in some Western countries, prostitution is still seen as an immoral act.
“In the United States of America for instance, apart from a few counties in the state of Nevada, prostitution or sex work is illegal in the other 50 states of the US.

“There is absolutely no justification for prostitution in Nigeria in the context of our cultural norms and tradition and in fact prostitution is an anathema in Africa,” he said.

Justice Omotosho held that the prostitutes which the group sought to protect “are vagabonds” and the AEPB is well within its right to arrest and prosecute them as they constitute nuisance in the FCT and are clearly committing an offence by parading themselves as “women of easy virtue.”

“I therefore hold that this application filed by the applicant has no basis and the rights claimed are unenforceable in light of the provisions of Section 45 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) and the Preamble to the African Charter on Human and Peoples Rights,” he declared.

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Tanker explosion kills one, injures three in Lagos

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14 hours ago

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March 12, 2025

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At least one person has died, with three others injured, in a tanker explosion on the Otedola Bridge in Lagos.

The tanker, laden with Premium Motor Spirit popularly known as petrol, burst into flames on Tuesday night, a situation that forced residents and motorists to scamper for safety.

The Permanent Secretary, Lagos State Emergency Management Agency, LASEMA, Femi Oke-Osanyintolu, confirmed the casualty figure in a statement.

“Three adult male victims with severe burns have been rescued and transferred to Gbagada General Hospital burns unit while the remains of an adult male were also recovered.

“All hands remain on deck to extinguish the flames. Motorists are urged to take alternative routes where possible,” Oke-Osanyintolu said.

Earlier, Oke-Osanyintolu said the agency’s Tiger Response Team was on the scene working to bring the situation under control.

He added that the road has been cordoned off, urging motorists to take alternative routes.

In the same vein, the Lagos State Traffic Management Authority, LASTMA, confirmed the accident in a statement.

LASTMA, in a post on X, said the fire affected nearby structures, including a church, residential house, and mechanics’ parks at Otedola under bridge, adjacent to CMD Road, adding that emergency responders were on ground to handle the situation.

“A tanker has fallen and caught fire, affecting nearby structures, including a church, residential house, and mechanics’ parks at Otedola Under Bridge, adjacent to CMD Road,” the statement read.

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