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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
Tinubu Urges Senate to Amend Constitution for State Police Amid Rising Insecurity
Tinubu Urges Senate to Amend Constitution for State Police Amid Rising Insecurity
President Bola Ahmed Tinubu has called on the National Assembly to begin the process of amending the constitution to allow the creation of State Police, describing it as a crucial step to tackle Nigeria’s worsening security crisis.
The appeal was made on Wednesday night during an interfaith breakfast with senators at the Presidential Villa in Abuja, where Tinubu emphasised that the current federal policing system alone cannot effectively combat crime across all regions.
Highlighting the escalating threats of terrorism, banditry, kidnapping, and insurgency, the President said a decentralised policing system would empower state governments to respond quickly to local crimes. “We are facing terrorism, banditry, and insurgency … What I will ask for tonight is for you (Senators) to start thinking how best to amend the constitution to incorporate the State Police for us to secure our country, take over our forests from marauders, and free our children from fear,” he said.
Tinubu explained that State Police would complement federal security agencies, improve intelligence gathering at the community level, and enhance rapid response to security threats, while strengthening local governance and citizen protection.
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The President also praised the collaboration between the executive and legislative branches, describing unity as essential for fighting insecurity and boosting public confidence. He commended lawmakers for supporting key economic reforms, including fuel subsidy removal and tax reforms, which he said are necessary to curb corruption and stabilise the economy.
“You don’t have to chase me for dollars; you could see what Nigeria is today. We are enjoying a stable economy, and prosperity is beckoning us,” Tinubu stated, urging continued legislative support for policies promoting long-term economic growth.
Responding to the President, Senate President Godswill Akpabio thanked Tinubu for the interfaith event, calling it a gesture of mutual respect. Akpabio praised the administration’s reforms, noting that they have increased revenue available to state governments and facilitated the development of critical infrastructure. He also prayed for peace, stability, and continued progress in Nigeria.
The call for State Police has been a long-standing debate in Nigerian politics, with supporters citing improved local security and accountability, while critics warn of possible politicisation and the need for strong oversight mechanisms. A constitutional amendment would require legislative deliberation and ratification by a majority of state assemblies, making it a complex but potentially transformative reform.
President Tinubu’s renewed appeal underscores the administration’s commitment to structural security reforms as a key strategy to address Nigeria’s persistent insecurity and protect citizens across the country.
Tinubu Urges Senate to Amend Constitution for State Police Amid Rising Insecurity
News
Bill Gates Apologises for Epstein Ties, Admits Two Extramarital Affairs
Bill Gates Apologises for Epstein Ties, Admits Two Extramarital Affairs
Bill Gates, the Bill Gates and co-chair of the Bill & Melinda Gates Foundation, has publicly apologised for his past association with convicted sex offender Jeffrey Epstein, calling it a “huge mistake” during a recent town hall meeting with foundation staff.
Gates admitted that he regrets meeting and spending time with Epstein, who had pleaded guilty in 2008 to soliciting a minor. He acknowledged that he had taken foundation executives to some meetings with Epstein, a decision he now considers an error in judgment. Gates stressed that, despite interactions through 2014, he never stayed overnight at Epstein’s properties or visited his private island, and had no involvement in Epstein’s criminal activities.
The apology comes amid renewed scrutiny following the release of U.S. Justice Department documents connected to Epstein, who died in custody in 2019. Some documents included draft emails and redacted communications, one of which falsely alleged Gates contracted a sexually transmitted infection and sought medication for his then-wife, Melinda French Gates. Gates has categorically denied the claims.
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In addition to addressing the Epstein connection, Gates revealed that he had two extramarital affairs during his marriage, stressing that these relationships were not related to Epstein. He said one affair involved a Russian bridge player he met at events, and the other a Russian nuclear physicist. He admitted these affairs caused personal fallout and acknowledged the pain they caused Melinda, who has said that the recent document releases brought back “painful times” in their marriage.
Gates told staff, “I apologise to other people who are drawn into this because of the mistake that I made,” highlighting his responsibility for involving foundation employees and the public perception that followed. He also emphasised that his interactions with Epstein were motivated by philanthropic discussions on global health and innovation, and that he saw nothing illicit during those meetings.
The Gates Foundation has confirmed that Epstein was never employed or paid by the organisation and that Gates’ remarks were intended to address staff concerns and clarify his personal and professional history.
While Gates remains focused on the foundation’s global health, innovation, and philanthropic work, the renewed revelations have reignited public debate over his judgment and past associations.
Bill Gates Apologises for Epstein Ties, Admits Two Extramarital Affairs
News
Why Tottenham’s Decision to Ignore Ademola Lookman Is Backfiring Badly
Why Tottenham’s Decision to Ignore Ademola Lookman Is Backfiring Badly
New revelations have clarified why Tottenham Hotspur and Galatasaray failed to secure Super Eagles star Ademola Lookman during the winter transfer window, a decision now widely viewed as costly as Spurs battle a deepening relegation crisis.
Despite Lookman being offered to Tottenham twice—in the summer and again in January—the North London club opted for caution. Spurs’ hierarchy, then operating under Thomas Frank, chose not to proceed, even as injuries ravaged the squad.
At the time, Tottenham were without key attackers including Richarlison, Mohammed Kudus, and Dominic Solanke. Yet Sporting Director Johan Lange defended the club’s inactivity, insisting Spurs would not pursue “quick fixes” in the transfer market.
That stance has since drawn criticism, especially given what followed.
Instead of signing the CAF Player of the Year, Spurs spent nearly €40 million on Conor Gallagher from Atlético Madrid—a move that inadvertently gave the Spanish giants the financial flexibility and squad space to sign Lookman on February 1.
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Since arriving in Spain, Lookman has flourished under Diego Simeone, quickly becoming a driving force in Atlético’s attack. In just seven appearances, the Nigerian forward has recorded four goals and two assists, including a Man of the Match display in a crushing 4–0 Copa del Rey victory over Barcelona.
While Tottenham continue to struggle for goals and consistency, Lookman’s impact has underlined what Spurs may have missed.
Galatasaray also came close but ultimately failed in their pursuit. Super-agent George Gardi, the architect of Victor Osimhen’s move to Istanbul, confirmed attempts to replicate the same loan-plus-option formula for Lookman.
According to Gardi, the deal collapsed twice—first because Lookman preferred to remain in Italy during the summer, and later because Atalanta’s valuation skyrocketed in January, placing the transfer beyond Galatasaray’s reach.
With daunting fixtures against Liverpool, Chelsea, and Aston Villa on the horizon, Spurs now face a defining stretch of the season.
For many supporters, what was presented as market discipline now feels like a surrender—one that could threaten Tottenham’s 48-year stay in the top flight.
As Ademola Lookman continues to shine on Europe’s biggest stages, both Tottenham and Galatasaray are left confronting a harsh reality: passing on a proven match-winner may prove impossible to undo.
Why Tottenham’s Decision to Ignore Ademola Lookman Is Backfiring Badly
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