News
Jaiz Bank in succession crisis as two MDs emerge
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
News
World Bank Deletes Nigeria Development Update Report Days After Release
World Bank Deletes Nigeria Development Update Report Days After Release
The World Bank has removed its latest Nigeria Development Update (NDU) report from its official website, just three days after its publication, raising concerns over the reasons behind the sudden action.
The report, titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” was released on April 7, 2026, but the document link is no longer accessible, returning a “page not found” error when users attempt to download it.
Despite the removal, the accompanying press statement remains available, outlining key findings on Nigeria’s economic performance and policy outlook.
In the now-withdrawn report, the World Bank said Nigeria’s economy recorded 4 percent growth in 2025, with inflation dropping significantly to 15.1 percent in February 2026 from 26.3 percent recorded in the same period a year earlier. The improvement was attributed to tighter monetary policies and better food supply conditions.
The report also highlighted that Nigeria’s macroeconomic environment has strengthened following recent stabilisation reforms, noting improvements in key indicators and steady expansion across major sectors of the economy.
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Early data for 2026, according to the report, suggested that growth momentum had been sustained, although global tensions posed a mild drag on economic activity.
A major focus of the publication was early childhood development, which the World Bank described as critical to Nigeria’s long-term growth. It stressed that stronger investment in human capital is essential for translating macroeconomic gains into job creation, poverty reduction, and improved living standards.
The report painted a worrying picture of child welfare in the country, revealing that more than 110 out of every 1,000 children die before the age of five, while many others fail to meet basic developmental milestones due to poor nutrition, limited access to healthcare, and inadequate early education.
It warned that without urgent intervention, Nigeria risks missing out on the demographic dividend expected from its young population.
In addition, the report reportedly addressed ongoing structural reforms, including exchange rate unification, fiscal adjustments, and subsidy removals, noting that while these measures have helped stabilise the economy, their full benefits will depend on sustained implementation and targeted social support for vulnerable households.
However, parts of the report—particularly policy recommendations around the downstream petroleum sector—have drawn attention. The World Bank was said to have advised that Nigeria may need to continue importing petrol (PMS) in the short term to ensure supply stability while transitioning to a fully liberalised and competitive market.
The recommendation comes amid ongoing reforms in Nigeria’s oil and gas sector and has been viewed by some analysts as sensitive, given the country’s push for domestic refining capacity.
In a subsequent clarification following reactions, the World Bank emphasised that its recommendations should be seen within the broader context of energy security, market stability, and global supply uncertainties, rather than as a fixed policy directive.
The NDU is a bi-annual flagship report that evaluates Nigeria’s economic and social developments and provides policy guidance for sustainable growth.
As of the time of filing this report, the World Bank has not issued an official explanation for the removal of the April 2026 edition, fuelling speculation that the document may be undergoing revisions or internal review.
Economists say the development highlights the sensitivity of reform-related recommendations in Nigeria’s current economic climate, particularly those touching on fuel policy and social welfare, as the country navigates a delicate recovery path.
World Bank Deletes Nigeria Development Update Report Days After Release
News
Tinubu Promises Stable Electricity as Bayelsa Unveils 60MW Power Project
Tinubu Promises Stable Electricity as Bayelsa Unveils 60MW Power Project
President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to delivering stable electricity capable of driving economic growth, industrialisation, and national development, saying ongoing reforms in the power sector will soon yield tangible results.
Tinubu made the remarks in Bayelsa State during the commissioning of major infrastructure projects executed by the state government, including a 60-megawatt Independent Power Project (IPP) located at Elebele in Ogbia Local Government Area.
He described the power project as a “significant step” toward strengthening energy security and subnational electricity generation, noting that no meaningful industrialisation or job creation can happen without reliable power supply.
“There can be no industrialisation, skill development and empowerment without power. I assure Nigerians that we will have electricity to power our growth,” the President said.
The IPP, powered by gas turbines, is expected to supply electricity to Yenagoa and surrounding communities, reducing dependence on the national grid and improving power reliability for households and businesses.
Alongside the power project, Tinubu also commissioned several key infrastructure projects, including the 27-kilometre dualised New Yenagoa City Road 1, the 630-metre Angiama–Oporoma Bridge, and the Sagbama/Ekeremor Road, all aimed at improving connectivity and boosting economic activity across Bayelsa State.
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He praised the state government led by Governor Douye Diri for what he described as “purposeful and progressive leadership,” adding that collaboration between federal and state governments remains essential for sustainable development.
“Development advances further and faster when the federal and state governments work in partnership toward a shared purpose,” Tinubu said.
The President also used the occasion to observe a minute’s silence in honour of soldiers killed in a recent terrorist attack on a military base in Borno State, reaffirming his administration’s commitment to defeating terrorism and banditry across the country.
“We will continue to equip and train our armed forces. We will defeat terrorism and banditry, regardless of their shenanigans,” he assured.
Tinubu further acknowledged the economic challenges facing Nigerians, including rising living costs linked to global energy disruptions, but insisted that government interventions are being implemented to ease hardship and support vulnerable citizens.
“We will continue to find ways to ameliorate the suffering of the vulnerable. This is a government that cares,” he said.
At the event, Tinubu also commended former President Goodluck Jonathan, describing him as “one of the most humble and reliable democrats on the continent,” while praising ongoing development efforts in Bayelsa State.
Governor Diri, in his remarks, appealed for federal refunds on projects executed on federal roads by the state government and highlighted ongoing infrastructure efforts under his “Assured Prosperity” agenda, including roads, bridges, civic buildings, and sports facilities.
He described the newly commissioned Yenagoa–Oporoma–Ukubie road as a transformative project that has ended years of isolation for several riverine communities in Southern Ijaw.
The Bayelsa IPP is expected to enhance power supply stability, attract investment, support SMEs, and stimulate economic diversification in the oil-rich state.
The commissioning ceremony was attended by several top political figures, including Senate President Godswill Akpabio, governors from multiple states, senior federal officials, and traditional leaders, reflecting the national significance of the projects.
Residents reportedly thronged the project sites in celebration, cheering and dancing as the President arrived at the Bayelsa International Airport aboard the presidential jet.
Tinubu concluded by expressing optimism about Nigeria’s future, saying: “Nigeria will be great, and we will succeed.”
Tinubu Promises Stable Electricity as Bayelsa Unveils 60MW Power Project
News
US Embassy Suspends Abuja Visa Appointments Over Security Concerns
US Embassy Suspends Abuja Visa Appointments Over Security Concerns
The United States Embassy in Nigeria has suspended visa appointments in Abuja following heightened security concerns, a move that has disrupted travel plans for hundreds of applicants in Abuja.
In an official notice released via its communication channels, the embassy confirmed that all visa interviews in Abuja have been cancelled until further notice, urging affected applicants to check their emails for updates on rescheduled appointments.
“U.S. Embassy Abuja is closed for visa appointments. Applicants should check their email for details on rescheduled appointments,” the statement read. It added that visa services in Lagos remain operational at the United States Consulate General Lagos, providing an alternative for applicants who can access the facility.
The embassy further clarified that American citizen services in Abuja will continue only in emergency situations and strictly by appointment, indicating a temporary scale-down of operations in the capital.
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The suspension follows a recent directive by the United States Department of State authorising the departure of non-essential staff and their families from Abuja, citing a deteriorating security situation in Nigeria.
An updated U.S. travel advisory has also placed Nigeria under a “Level 3: Reconsider Travel” status, warning of persistent threats including terrorism, kidnapping, crime, and civil unrest. Several states have been categorised under the stricter “Level 4: Do Not Travel” advisory due to high-risk security conditions.
States listed include Borno State, Yobe State, Taraba State, Niger State, Plateau State, and parts of Adamawa State, where threats linked to terrorism and kidnapping remain high. Other states such as Kaduna State, Katsina State, Zamfara State, and Sokoto State were also flagged over insecurity concerns.
The advisory has triggered reactions from the Federal Government of Nigeria, which described the assessment as “unbalanced” and not fully reflective of ongoing efforts to address insecurity nationwide. Authorities warned that such reports could negatively impact Nigeria’s global image and economic activities.
Despite the disruption in Abuja, visa processing and consular services continue in Lagos, offering a temporary alternative for applicants. However, the development is expected to cause delays in visa processing, particularly for students, business travellers, and individuals with urgent travel needs.
The US Embassy visa suspension in Abuja highlights the broader impact of security challenges on diplomatic operations and international travel, as uncertainty remains over when normal services will resume in the capital.
US Embassy Suspends Abuja Visa Appointments Over Security Concerns
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