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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BREAKING: Many Feared Dead as Helicopter Crashes in Ondo Community

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BREAKING: Many Feared Dead as Helicopter Crashes in Ondo Community

BREAKING: Many Feared Dead as Helicopter Crashes in Ondo Community

Several people are feared dead after a helicopter crashed in Igbokoda, headquarters of Ilaje Local Government Area of Ondo State, on Monday.

The incident occurred in the riverine community, triggering panic among residents as efforts began to establish the circumstances surrounding the crash and the fate of those on board.

Early reports indicate that the aircraft came down in a swampy area opposite a naval base in Igbokoda. The helicopter was reportedly badly damaged, with one local official saying military equipment was found at the scene.

The Chairman of Ilaje Local Government Area, Maurice Oripelaye, confirmed the crash when contacted by journalists but said the number of people aboard the aircraft could not immediately be established.

He reportedly said the helicopter had been burnt extensively, making it difficult to determine the number of occupants or confirm their identities.

The circumstances surrounding the crash remained unclear as of Monday afternoon. It was also not immediately established whether the aircraft was operated by the military, a private company or another organisation.

Some reports described the aircraft as a suspected military helicopter, based on the military equipment reportedly recovered from the crash site. However, authorities had not officially confirmed the identity or operator of the aircraft.

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The Ondo State Police Command also had not immediately confirmed the incident. Police spokesperson Abayomi Jimoh was reported to have said he was unaware of the crash when contacted and would make inquiries.

Reports from the community indicated that residents moved towards the crash area following news of the incident, while efforts were reportedly underway to assess the wreckage and establish whether there were survivors.

The number of people on board remains unknown, and no official casualty figure had been released at the time of filing this report.

The crash occurred in Ilaje, one of Ondo State’s major riverine and oil-producing areas. Igbokoda serves as the headquarters of the local government and is surrounded by waterways and swampy terrain.

The location is also used for logistics and transportation activities connected to the coastal and oil and gas industry, where helicopters are sometimes deployed to transport personnel and equipment.

The reported crash has renewed attention on the safety challenges associated with helicopter operations in Nigeria’s coastal areas, although the cause of Monday’s incident remains unknown.

Authorities are expected to establish the identity of the aircraft, its operator, flight route, number of occupants and the circumstances that led to the crash.

The Nigerian Safety Investigation Bureau (NSIB) is responsible for investigating aviation accidents and incidents within its jurisdiction, and further official information is expected as authorities assess the crash site.

For now, residents and families awaiting information about possible occupants are left without confirmed casualty figures or details of those involved.

Further updates are expected from the relevant security, aviation and emergency-response authorities as the investigation and recovery efforts continue.

BREAKING: Many Feared Dead as Helicopter Crashes in Ondo Community

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Supreme Court Ruling: INEC Moves to Clarify Fate of 2027 Candidates

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Supreme Court Ruling: INEC Moves to Clarify Fate of 2027 Candidates

Supreme Court Ruling: INEC Moves to Clarify Fate of 2027 Candidates

The Independent National Electoral Commission (INEC) has said it will determine how the recent Supreme Court ruling on the Electoral Act 2026 affects candidates after reviewing the certified true copy of the judgment.

The development has heightened uncertainty among some political parties and 2027 election candidates, particularly those whose nominations could be scrutinised over party membership registers and the procedures used to conduct their primaries.

The Supreme Court, in its September 24 judgment, restored Sections 77(5), 77(6), 77(7) and 84(2) of the Electoral Act 2026, which had earlier been struck down by the Court of Appeal. The provisions deal principally with political party membership registers and candidate nomination procedures.

Under Section 77(5), only members whose names appear on a party’s membership register submitted to INEC at least 21 days before a primary, congress or convention are eligible to participate in the exercise.

Section 77(6) requires parties to use the membership register submitted to INEC for their primaries, congresses and conventions, while Section 77(7) provides consequences for a party that fails to submit its register within the prescribed period.

Section 84(2), meanwhile, provides for the nomination of candidates through direct primaries or consensus.

The Supreme Court’s decision did not name or automatically disqualify any individual candidate. Questions surrounding particular nominations are expected to depend on the facts of each case, including party membership records, the timing of registration or defection and how the relevant primary was conducted.

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INEC has therefore refrained from announcing a blanket decision on candidates whose nominations could be affected.

The commission is expected to engage political parties and other stakeholders on October 6, while also addressing the issue publicly as preparations continue for the 2027 general elections. INEC is also expected to publish the final list of governorship and State House of Assembly candidates on October 10.

Several candidates have already attracted attention because of circumstances surrounding their party membership or nomination.

Among those mentioned are Kingsley Chinda, the APC governorship candidate in Rivers State; Isa Pantami, the PDP governorship candidate in Gombe State; Donald Duke, the PRP presidential candidate; Ovie Omo-Agege, the NDC senatorial candidate in Delta Central; and Victor Ochei, the NDC candidate for Delta North.

In Chinda’s case, questions have centred on the timing of his movement from the PDP to the APC and whether his membership status complied with the restored provisions before the party’s governorship primary.

The Rivers APC has maintained that Chinda registered with the party on April 27, ahead of the May 21 primary, and therefore met the relevant 21-day requirement.

Pantami’s case is also subject to separate legal proceedings. He left the APC for the PDP after withdrawing from the APC governorship primary and subsequently emerged as the PDP’s candidate in Gombe. A Federal High Court ruling in Gombe had already nullified his nomination and ordered a fresh primary, meaning his situation involves issues beyond the Supreme Court judgment alone.

For Omo-Agege and Ochei, attention has focused on their movement from the APC to the NDC and the waivers granted to enable them to contest the NDC nomination exercises. Their cases raise questions about the interaction between party membership, waivers and the restored provisions of the Electoral Act.

Former Inspector-General of Police Mohammed Abubakar Adamu, the SDP governorship candidate in Nasarawa State, has also insisted that his candidacy remains valid. The SDP has said he had been a member of the party for about three months before its governorship primary.

The key issue for INEC is whether nominations conducted while the disputed provisions were temporarily invalidated will be assessed under the provisions subsequently restored by the Supreme Court.

For now, the Supreme Court judgment should not be interpreted as an automatic cancellation of the affected candidates’ tickets.

The final position will depend on INEC’s review of the judgment, the relevant party records and the specific circumstances surrounding each nomination, as well as any separate court proceedings that may arise.

With the 2027 elections approaching, the commission’s forthcoming clarification is expected to provide greater certainty for political parties, candidates and other stakeholders over the status of nominations affected by the ruling.

Supreme Court Ruling: INEC Moves to Clarify Fate of 2027 Candidates

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Omokri Defends Tinubu Over Pension Record, Faults Linking President to 89-Year-Old’s Death

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Omokri Defends Tinubu Over Pension Record, Faults Linking President to 89-Year-Old’s Death

Omokri Defends Tinubu Over Pension Record, Faults Linking President to 89-Year-Old’s Death

Former presidential aide and political commentator Reno Omokri has defended President Bola Ahmed Tinubu’s administration over its record on pension payments, while criticising attempts to link the President to the death of an 89-year-old woman.

Omokri spoke while mourning the death of Dame Ezinne Mary Oduah Amaechi, who died on July 16, 2026, at the age of 89.

He argued that the Tinubu administration had made progress in addressing outstanding pension liabilities and ensuring that retirees receive their entitlements more regularly.

Omokri cited his personal experience, saying his mother recently celebrated her 90th birthday and received a video call from Lagos State Governor Babajide Sanwo-Olu, who reportedly asked whether she had been receiving her pension. According to him, she answered in the affirmative.

The former presidential aide said regular pension payments had improved the financial independence of many retirees, allowing them to meet essential needs such as food and medication without relying entirely on their children.

He attributed the development to measures introduced by the Tinubu administration, particularly efforts to settle outstanding pension liabilities.

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“Under His Excellency, Bola Ahmed Tinubu, Nigerians at both the Federal and Local Government levels, including military and paramilitary retirees, have been receiving their upgraded pensions as and when due,” Omokri said.

He maintained that the President inherited rather than created many of the outstanding pension obligations.

According to Omokri, President Tinubu approved a N758 billion Federal Government bond to address outstanding pension liabilities and arrears under the Contributory Pension Scheme.

He said the measure reflected the administration’s commitment to ensuring that retirees who served the country could live with greater dignity after leaving active service.

Omokri also referred to comments attributed to Godwin Abumusi, President of the Nigeria Union of Pensioners, who reportedly commended the administration over the regular payment of monthly pensions and efforts to address historical pension debts.

Against this background, Omokri criticised claims seeking to associate Tinubu with the death of Amaechi.

He described such claims as unfortunate, particularly because the deceased was 89 years old.

“Thus, I find it most sad that anybody would, in the face of the above facts, accuse the President of being responsible for their mother’s death at 89,” Omokri said.

He also referred to Nigeria’s relatively low average life expectancy, arguing that reaching 89 represented a significant milestone.

“In a country where the average life expectancy is still below 60, though rising, for one to attain the ripe old age of 89 is a thing of joy to be celebrated,” he said.

Despite his criticism of the allegation against Tinubu, Omokri expressed sympathy to Amaechi’s family and described her as a dearly beloved mother.

He prayed for the peaceful repose of her soul and for strength for her surviving relatives and friends.

“May God bless the memory of Dame Ezinne Mary Oduah Amaechi, who passed away peacefully on July 16, 2026, at the age of 89,” he said.

“May God also grant her surviving family and friends the fortitude to bear the loss of a dearly beloved mother.”

Omokri Defends Tinubu Over Pension Record, Faults Linking President to 89-Year-Old’s Death

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