Jaiz Bank in succession crisis as two MDs emerge - Newstrends
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Jaiz Bank in succession crisis as two MDs emerge

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There appears to be a brewing boardroom bickering at Jaiz Bank Plc over the tenure of the current Managing Director and the appointment of a successor.

The two claimants are the current Managing Director, Mallam Hassan Usman and a new candidate, Mr. Mohammed Shaheed Khan, who was appointed by the board to succeed Usman.

It was alleged that due to COVID-19 pandemic which ravaged the bank’s board, the current MD fought back to regain his seat while a new appointment was subsisting.

Reacting to the alleged infighting among directors, a top official of the bank said there was no rift on the board of Jaiz Bank.

“In fact, the board of directors held its 34th board meeting with 100 per cent attendance on the 27th of October 2020. This was followed by a successful Extra Ordinary General Meeting (EGM) the following day which was presided over by the Chairman, Dr Umaru Mutallab,” the source said.

Regarding the offer of appointment to Khan, the source said the offer was given subject to the approval of the Central Bank of Nigeria (CBN). The apex bank approved terms different from what was offered to Khan and the board consequently decided not to proceed with the process of appointing him as managing director of the bank.

According to investigation, both the current managing director of the bank and the new candidate have been caught in the bitter boardroom politics of Jaiz Bank.

Findings confirmed that some shareholders of the bank have sharp disagreement with some directors and board members.

It was gathered that some board members took advantage of COVID-19 infection of some of their colleagues to gain upper hand to reverse the decision of the bank to hire a new Managing Director/ CEO.

The boardroom crisis may cost the bank about N2 billion being the six-month salaries of Khan at $175,000 per month.

Investigation showed that the new candidate, Khan (who is a foreigner) was offered a letter of appointment on August 3, 2020.

The Central Bank of Nigeria (CBN) also on 17th September 2020 confirmed that it has no objection to Khan’s choice.

A top source, who spoke in confidence, said: “We have a boardroom crisis at hand. The current MD/CEO, Mallam Hassan Usman, was doing well but some directors insisted on change. They asked him to proceed on retirement and set machinery in motion for the recruitment of a new MD/CEO.

“Along the line, some board members who wanted the MD to retire became ill. Some aggrieved shareholders and board members held an Emergency Board meeting to nullify the retirement notice of the current MD/CEO.

“This is the challenge at hand. We are expecting the intervention of the CBN and restoration of peace to the board.

“The new candidate has written the bank to demand N2 billion as salaries for six months at US$175,000 per month. We may be drawn into a prolonged legal battle.”

Another source in the bank said: “I think the problem at hand was borne out of mutual suspicion among board members.

“Some board members are nursing fears that they may be edged out by certain powerful shareholders. We are really in trouble. And this is the first Islamic bank in Nigeria. Business interest is overriding the fear of Allah.”

A letter to the Chairman of the board of Jaiz Bank, Alhaji (Dr) Umaru Mutallab and the CBN by Khan’s counsel, A. U. Mustapha (SAN) gave insights into how Jaiz ran into crisis.

The letter, dated 26th October, 2020, was also copied the President of the Chartered Institute of Bankers of Nigeria (CIBN) and the Secretary of Jaiz Bank.

The letter said: “Khan, who has a Fintech background, strong network and profile, was approached by Jaiz Bank because the current Managing Director was retiring, and the Bank needed transformation (both cultural and digital) to compete with other digital focused Islamic banks and incumbent banks.

”After rigorous and exhaustive interviews, Khan was offered a letter of appointment as managing Director/CEO of Jaiz Bank on the 3rd of August 2020 and the same letter was duly accepted. Thereafter, a Contract of Employment was drawn between Jaiz Bank and Khan.

”On the 7th of August 2020, Jaiz Bank wrote to the Central Bank of Nigeria (CBN) requesting for its approval to appoint Khan as its MD/CEO.

“The CBN replied by its letter dated 14th August requesting for further clarifications.

“On the 21st of August 2020, Jaiz Bank wrote another letter to CBN where it acknowledged CBN’s letter dated 14th august 2020, stating “we will strongly request your kind consideration and approval for the appointment of Muhammed Shaheed Khan as managing Director Designate.”

“In response to the passionate request, CBN, by its letter dated 17th September 2020 CBN formally confirmed that it “has no objection to the appointment of Mohammed Shaheed Khan as Managing Director/CEO for two years from the date of his appointment.

“Following his appointment as the MD/CEO of Jaiz Bank, Khan completed all formalities and resigned from his previous job and his resignation was duly accepted by the board of his former employers.

“He withdrew his children from their current school, donated/sold his furniture, secured a smaller accommodation for his close relations and thereafter, started working remotely for Jaiz Bank.

“On the 3rd and 11th of September, Khan attended to official electronic mail from the Company Secretary “Executive Directors would like to have your input on a proposal to secure some IT infrastructure, details of which will be shared with you shortly”;

”But the current outgoing Managing Director of Jaiz Bank, Mallam Hassan Usman, on the 25th of September 2020, after an emergency board meeting, informed Khan that Jaiz allegedly cannot proceed with the appointment.

“Khan replied by claiming that he had been in contact with the Chairman and Company Secretary as the Chairman had no knowledge of the alleged termination of his appointment and that as an outgoing Managing Director, he lacks the authority to send the correspondence.

“On 30th September 2020, Khan wrote the Chairman, Board of Directors of Jaiz Bank, Alhaji (Dr) Umaru Mutallab CON, FCA, and the Company Secretary that he has completed all the formalities and as per the offer letter and he will be joining Jaiz Bank on October 2nd 2020.

On the same 30th September 2020, Alhaji (Dr) Umaru Mutallab CON, FCA, Chairman; Board of Directors of Jaiz Bank replied back “We look forward to your resumption on the 2nd of October officially as MD designate while the visa formalities are being finalized. On behalf of the Board, we look forward to seeing you soonest in person in Nigeria.”

Source: The Nation

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Tinubu Appoints Ex-UNILAG VC Ogundipe as New NUC Chairman

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Tinubu Appoints Ex-UNILAG VC Ogundipe as New NUC Chairman
Professor Oluwatoyin Temitayo Ogundipe

Tinubu Appoints Ex-UNILAG VC Ogundipe as NUC Chairman

  • President charges former University of Lagos Vice-Chancellor with restoring credibility and advancing quality assurance in Nigeria’s university regulatory body.

President Bola Ahmed Tinubu has appointed former Vice-Chancellor of the University of Lagos (UNILAG), Professor Oluwatoyin Temitayo Ogundipe, as Chairman of the Governing Board of the National Universities Commission (NUC) . The appointment was announced on Monday, June 22, 2026, in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga .

Ogundipe succeeds Emeritus Professor Olufemi Raphael Aina, who resigned from the position less than a year after his appointment . Aina was appointed by President Tinubu in July 2025, and members of the NUC Governing Board were inaugurated in November of the same year . The appointment ushers in new leadership for Nigeria’s university regulatory body, with Ogundipe now taking over the commission responsible for regulating and coordinating university education across Nigeria .

The National Universities Commission (NUC) plays a key role in accreditation of academic programmesquality assuranceuniversity funding oversight, and maintaining standards in the country’s higher education system . His appointment is expected to strengthen governance and policy direction within Nigeria’s tertiary education sector .

Professor Ogundipe served as Vice-Chancellor of the University of Lagos from 2017 to 2022, where he was widely recognised for his administrative leadership and academic contributions . He is a professor of Botany with expertise in molecular plant taxonomy, biosystematics, ethnobotany, cytogenetics, forensic botany, and ecological conservation . He obtained his PhD in Botany from Obafemi Awolowo University and later earned a Master of Business Administration from the University of Lagos .

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At 66 years old, Professor Ogundipe currently serves as Pro-Chancellor of Redeemer’s University, Ede, Osun State, where he continues to contribute to institutional governance in higher education . He is a fellow of several prestigious professional bodies, including the Nigerian Academy of Science, the Linnaean Society of London, and the Royal Society of Biology, London . He has also held leadership positions such as President of the Botanical Society of Nigeria and Chairman of the Lagos State Science, Research and Innovation Council (LASRIC) . Over the years, he has contributed to scientific research, policy development, and capacity building within Nigeria’s education and research ecosystem, earning him recognition as one of the country’s leading scholars in plant sciences and university administration .

The presidency said Ogundipe is expected to provide strategic leadership for the NUC and strengthen confidence in Nigeria’s university system . According to presidential spokesperson Bayo Onanuga, the new chairman will focus on improving funding mechanisms, academic stability, quality assurance, and global competitiveness of Nigerian universities . President Tinubu expressed confidence that Ogundipe would help sustain credibility within the tertiary education sector in line with the administration’s Renewed Hope Agenda . The appointment is also seen as part of broader efforts to improve access to quality education and enhance the performance of Nigeria’s higher institutions .

As Chairman of the NUC Governing Board, Ogundipe will oversee the regulatory body of the Nigerian university system, focusing on funding, global competitiveness, and academic stability . The President expects him to provide visionary leadership and sustain the credibility of the Nigerian university system in alignment with the administration’s Renewed Hope Agenda by advancing quality, access, and integrity in the education sector .

Tinubu Appoints Ex-UNILAG VC Ogundipe as New NUC Chairman

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“Childish and Hollow” – Presidency Fires Back at Obi Over Tinubu Resignation Demand

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"Childish and Hollow" – Presidency Fires Back at Obi Over Tinubu Resignation Demand
Bayo Onanuga and Peter Obi

“Childish and Hollow” – Presidency Fires Back at Obi Over Tinubu Resignation Demand

  • Presidential spokesman Bayo Onanuga says Obi’s comparison with UK political system is “simplistic” and “misplaced,” points to recent APC electoral victories as proof of public support.

The Presidency has fired back at Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC) for the 2027 elections, over his call for President Bola Ahmed Tinubu to resign, dismissing the demand as “childish,” “hollow,” and an unwarranted distraction from governance. In a strongly worded statement issued on Monday, June 22, 2026, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, faulted Obi’s comparison of Nigeria’s political system with that of the United Kingdom, where Prime Minister Keir Starmer recently announced plans to leave office.

According to Onanuga, Obi’s argument ignored the differences between Nigeria’s presidential system and Britain’s parliamentary structure, stressing that President Tinubu was elected for a fixed four-year tenure. The statement further noted that Obi’s view was “simplistic” and reflected a “selective and distorted view of Nigeria’s realities since 2023.” Onanuga emphasised that Nigeria does not operate a parliamentary system like the UK but a presidential system, with the president elected to a fixed four-year term. “Moving to use X to harangue the President out of office is off the mark and anti-democratic,” the statement read.

The Presidency also pointed to the recent victories recorded by the ruling All Progressives Congress (APC) in elections held in Ekiti State and parts of Nasarawa, Enugu, Ondo and Rivers states, saying the outcomes reflected continued public support for the President and his party. “The election results, some early referendum of sorts, show that President Tinubu and his party are popular with Nigerians,” Onanuga said. He argued that Obi should await the 2027 presidential election if he wished to test public opinion on Tinubu’s administration rather than using social media to pressure the President to leave office.

Responding to criticisms of the government’s handling of insecurity, the Presidency maintained that the security challenges confronting the country predated Tinubu’s administration and had deep roots. The statement highlighted what it described as gains recorded under the current administration, including the rescue of kidnap victims, intensified military operations and the elimination of terrorist leaders in different parts of the country. “Over 15,000 terrorists have been taken off the streets and forests, and security operations have intensified nationwide. President Tinubu has not only sustained but also expanded investments in security by deploying advanced technologies and drones,” Onanuga stated. The Presidency further criticised Obi’s record as governor of Anambra State, questioning his credentials to comment on security matters. “It is laughable that Obi, who, as governor, was a colossal failure, unable to secure lives and property in his small state of Anambra, as documented by his successor, Willie Obiano, is now the one calling for President Tinubu’s resignation over security breaches in some parts of the country,” the statement read.

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On the economic front, Onanuga rejected Obi’s claim that Nigeria was in its worst condition, insisting that economic indicators showed improvements since Tinubu assumed office in May 2023. The statement said the administration’s reforms had produced consistent economic growth, increased foreign reserves, higher oil production and improved government revenue. Key figures cited included GDP growth recorded every quarter, foreign reserves hitting over $50 billion, oil production rising from less than one million barrels per day to about 1.8 million, and federation revenue projected to hit over N30 trillion this year, far above the 2022 level of N7.7 trillion. “By May this year, N15.7 trillion has already been collected, more than twice the entire revenue collected in 2022,” the statement added. It also cited gains in the stock market, with the All-Share Index rising from 50,000 to over 250,000, creating wealth for about 6 million Nigerian investors.

On infrastructure, the Presidency credited Tinubu with advancing major road projects across the country, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Superhighway, describing them as “roads dreamt of for decades.” It further highlighted the government’s compressed natural gas (CNG) initiative and the student loan scheme, which provides interest-free loans to tertiary institution students. The statement also argued that the absence of prolonged strikes by university unions such as ASUU and NASU under the current administration demonstrated progress in the education sector. “That is one of President Tinubu’s campaign promises to our students: a four-year programme will be a four-year programme. It has been a promise well kept,” Onanuga said.

Addressing criticism over electricity supply, the Presidency accused Obi of misrepresenting comments Tinubu made during the 2023 election campaign. It quoted the President’s campaign remarks: “Whichever way, by all means necessary, you will have electricity, and you will not pay for estimated bills anymore. A promise made will be a promise kept. If I don’t keep the promise and I come for a second term, don’t vote for me—unless I give you adequate reasons why I couldn’t deliver.” The statement added that Tinubu’s administration moved quickly to reform the power sector by signing the Electricity Act, which grants states greater authority over electricity generation, transmission and distribution. It added that millions of prepaid meters had already been deployed, with plans for millions more, while investments in off-grid solar power projects continued across schools, hospitals and markets.

Although it acknowledged the high cost of living, the Presidency argued that rising prices were not unique to Nigeria and had been influenced by global developments, including tensions in the Middle East and disruptions to international supply chains. “Just recently, as inflation was receding in Nigeria, a disruption to the global economy occurred when America and Israel attacked Iran, and Iran responded by closing the Strait of Hormuz, creating disruption in the global supply system and high prices of many commodities, including crude oil,” the statement said.

The statement maintained that Obi’s call for Tinubu’s resignation was politically motivated and lacked substance. It said the President remained focused on economic reforms, infrastructure development and security improvements rather than political rhetoric. “Leadership is about determination to confront the challenges facing our country and the economy. President Tinubu focuses on solutions, not rhetoric—investing in reforms, stabilising the economy, improving security, and laying the groundwork for a more prosperous Nigeria,” Onanuga stated. The Presidency also insisted that Nigeria was making steady progress under Tinubu’s leadership and accused Obi of presenting a distorted picture of conditions in the country. “With his puerile tweet on X, we are now convinced that Peter Obi lives in his self-constructed echo chambers, where he reels off lie after lie to himself and believes his self-created reality about the situation in Nigeria. We sympathise with him. That reality he fantasises about is mostly a figment of his imagination,” the statement concluded.

Obi had earlier called on President Tinubu to resign, citing Starmer’s decision to step down as an example of political accountability that Nigerian leaders should emulate. In a statement shared on X, the former Anambra governor argued that both leaders came to power on major campaign promises that had not been fulfilled. He said Starmer’s decision followed public dissatisfaction over economic challenges, rising living costs and unmet promises. Drawing parallels with Nigeria, Obi recalled Tinubu’s criticisms of former President Goodluck Jonathan before the 2015 election, particularly following the abduction of the Chibok schoolgirls. According to Obi, Tinubu had then argued that a government that could not protect lives had failed in its primary responsibility. He said the current administration had also fallen short in critical areas, including electricity supply, security, infrastructure and anti-corruption efforts.

“Childish and Hollow” – Presidency Fires Back at Obi Over Tinubu Resignation Demand

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Natasha Suspension: Senate Set for Showdown Over Oshiomhole’s Signature Claim

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Natasha Suspension: Senate Set for Showdown Over Oshiomhole’s Signature Claim
Senate President Godswill Akpabio, Kogi Central Senator Natasha Akpoti-Uduaghan and Edo North Senator Adams Oshiomhole

Natasha Suspension: Senate Set for Showdown Over Oshiomhole’s Signature Claim

  • Emergency plenary convened as lawmakers weigh probe into allegations questioning Senate integrity

The Nigerian Senate is bracing for a potentially explosive emergency session on Tuesday, June 23, 2026, as lawmakers prepare to address allegations made by Senator Adams Oshiomhole regarding the controversial suspension of Kogi Central Senator Natasha Akpoti-Uduaghan. Multiple sources within the National Assembly have confirmed that the issue is expected to dominate proceedings when senators reconvene for the emergency plenary summoned by Senate President Godswill Akpabio. While the session was officially called to address rising insecurity across the country, political attention has increasingly shifted to the implications of the growing tension between Akpabio and one of the most influential members of the ruling All Progressives Congress (APC).

The crisis erupted after Oshiomhole, representing Edo North, alleged during a television interview that the signatures of at least three senators were either improperly attached to or appeared on the committee report that recommended Akpoti-Uduaghan’s six-month suspension. The former Edo State governor claimed that some lawmakers whose names appeared on the document had privately informed him that they neither signed nor endorsed the recommendations contained in the report, and he specifically referenced Senator Ireti Kingibe, who represents the Federal Capital Territory, as one of the lawmakers who allegedly raised concerns about the document. Oshiomhole further suggested that attendance registers may have been attached to the final report in place of actual endorsements.

The allegations immediately triggered an uproar within the Senate, with leadership dismissing the claims as “spurious, bewildering, and unthinkable.” Senate spokesman, Senator Yemi Adaramodu, insisted that no senator had officially reported any signature forgery regarding the Natasha matter and stated that the Senate would review any statements made by Oshiomhole and take a cursory look at either extraneous, spontaneous or intentional comments from any senator appropriately. The Senate spokesperson maintained that the business of the Senate is conducted transparently “in the full glare of the media and willing Nigerians,” and that decisions are taken after exhaustive debates, including disciplinary issues, adding that no senator had at any time, either in Senator Natasha Akpoti-Uduaghan’s suspension or any other matter, forged the signature or misrepresented any senator.

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Amid growing backlash, Oshiomhole issued a public clarification, insisting he never accused anyone of forgery and stating in a personally signed statement that his comments had been misrepresented and taken out of context. He explained that his comments were based on a claim allegedly made by one committee member that attendance signatures of some senators were attached to the final report, and emphasised that no senator complained to him personally about forged signatures. Oshiomhole agreed absolutely with the spokesperson of the Senate that no signature of senators was forged in Natasha Akpoti’s suspension, because no senator complained to him that his or her signature was forged.

The controversy widened following Senator Ireti Kingibe’s comments, which appeared to support aspects of Oshiomhole’s claim, as she disclosed during a television interview that she never saw the committee report that formed the basis for Natasha’s suspension. According to her, she was attending a retreat on tax reform when the report was being considered and therefore had no opportunity to review the document before the matter was concluded, and she had earlier stated that she was there with three or four other senators who are members of the committee. Kingibe explained that she attended a session of the Senate Committee on Ethics, Privileges and Public Petitions, signed the attendance register, and later left to participate in the tax reform retreat, which she believed was more important to the people she represents, and she further disclosed that she complained to colleagues about not having access to the report, specifically mentioning Senator Enyinnaya Abaribe, and stated that she complained to him very bitterly that she had not seen that report and had not seen it till now.

A source familiar with developments told PUNCH that the emergency session called by the Senate President may provide an opportunity for the chamber to address the controversy and determine its next course of action, explaining that Akpabio called off the recess and summoned an emergency session under the guise of attending to the issue of rising insecurity across the country. Although the Senate leadership has not officially confirmed that Oshiomhole’s comments will be discussed during the plenary, Adaramodu indicated that the chamber would not ignore allegations that question the integrity of its proceedings, describing such an allegation as spurious, bewildering and unthinkable, and stating that the public should disregard and treat this as an ignoble outburst while the Senate would look into it and take a stand.

Natasha Akpoti-Uduaghan was suspended in March 2025 after the Senate adopted the committee’s recommendation, finding her guilty of alleged gross misconduct and unruly behaviour, following a highly publicised clash with Senate President Akpabio in which Natasha accused him of victimisation while the Senate insisted its decision was strictly based on violations of Senate rules. The sanctions imposed included the withdrawal of her salaries and allowances, closure of her National Assembly office, and restriction from accessing the legislative complex for six months, and the matter recently returned to public attention after Senate Leader Opeyemi Bamidele described the suspension episode as one of the lowest moments of the 10th Senate.

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Observers believe the dispute extends far beyond parliamentary procedure, representing an early manifestation of what could become a fierce struggle for influence ahead of the inauguration of the 11th Senate after the 2027 general election, as Oshiomhole has emerged as one of the strongest opponents of amendments to the Senate Standing Orders that sought to restrict eligibility for principal offices to lawmakers who had served at least two consecutive terms. In unusually direct remarks, Oshiomhole argued that Akpabio himself would not have qualified for the office he currently occupies under such requirements, and the emerging lineup for the next Senate includes former governors such as Ifeanyi Okowa and Hope Uzodinma, alongside several experienced lawmakers, suggesting the 11th Senate may be one of the most politically competitive assemblies since 1999.

Whether the Senate will launch a formal probe into the allegations or take disciplinary action against Oshiomhole remains to be seen, however, Senate leadership has made it clear that comments capable of undermining public confidence in Senate proceedings will not be ignored. Oshiomhole has expressed regret if his comments caused embarrassment to any senator or the 10th Senate as an institution, stating finally that he regrets if his comments may have caused embarrassment to any senator or the 10th Senate as an institution.

 

Natasha Suspension: Senate Set for Showdown Over Oshiomhole’s Signature Claim

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