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
Tinubu rejects bill on National Assembly Library Trust Fund

Tinubu rejects bill on National Assembly Library Trust Fund
President Bola Ahmed Tinubu has declined assent to the National Assembly Library Trust Fund (Establishment) Amendment Bill, 2025, citing conflicts with existing federal laws and policies.
In a letter addressed to the Speaker of the House of Representatives and read by the Speaker on Tuesday, Tinubu said while he acknowledged the laudable objectives of the proposed legislation, several provisions in the bill were inconsistent with settled laws and policies of the federal government.
According to the President, the bill contained clauses relating to funding mechanisms for agencies under the National Assembly, taxation of national entities, public service remuneration, as well as age and years of service, which he said could establish a dangerous and unsustainable precedent.
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“Notwithstanding the laudable objectives of the legislation, certain provisions contained therein go against the settled law and policies of the federal government of Nigeria as it relates to funding of agencies under the National Assembly, taxation of national entities, public service remuneration, as well as age and year of service, among others,” Tinubu stated.
He warned that enacting the bill into law in its current form would not only contradict existing governance frameworks but also work against the public interest.
“If this bill becomes law, these provisions will establish an unsustainable precedent against the public interest,” the President added.
Consequently, President Tinubu formally informed the House that he would not be granting presidential assent to the legislation and urged lawmakers to review and address the identified issues.
“I hope that the House of Representatives will take necessary steps to fix the identified issues with the legislation,” the letter read.
Daily Trust reports that the National Assembly Library Trust Fund Amendment Bill, 2025, is among others, designed to strengthen the operations and financing of the legislative library system.
Tinubu rejects bill on National Assembly Library Trust Fund
News
FG fails to meet Q1 revenue target, records N6.9tn

FG fails to meet Q1 revenue target, records N6.9tn
The Federal Government has reported a revenue performance of ₦6.9 trillion in the first quarter of 2025, reflecting a 33% increase compared to the ₦5.2 trillion generated in Q1 2024.
Despite this impressive year-on-year growth, the figure falls short of the pro-rata revenue target of ₦10 trillion, representing a ₦3.1 trillion shortfall, or 31% below expectations.
This gap raises concerns about the government’s ability to meet its fiscal obligations, with debt financing likely to be explored as a stop-gap measure. As of December 31, 2024, Nigeria’s total public debt had already reached ₦144.67 trillion, according to data from the Debt Management Office (DMO).
President Bola Tinubu, in late May, requested the National Assembly’s approval to secure fresh $24.14 billion. The new loan might have pushed the nation’s total debt to N183 trillion.
Wale Edun, minister of finance and coordinating minister of the economy, stated this during the Q2 2025 Citizens and Stakeholders’ Engagement Session in Abuja, where he outlined the administration’s efforts to stabilise the economy, curb inflation, boost investment, and rebuild confidence in Nigeria’s fiscal outlook.
He noted that the jump in revenue reflects the early gains of ongoing economic and institutional reforms.
He noted that the administration is now targeting a seven percent gross domestic product (GDP) growth rate, leveraging improved revenue collection, fiscal discipline, and private sector-led growth to achieve broader economic stability.
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Edun also noted that recent indicators, including rising external reserves, improved revenue performance and inflation reduction point to a positive trajectory, with reforms already laying the groundwork for sustained and inclusive growth.
Edun described Nigeria’s current economic phase as one of stabilisation and recovery following bold structural reforms initiated at the beginning of the Tinubu administration.
He said reforms such as the adoption of market-based pricing for foreign exchange and petroleum products have restored investor confidence and created a more transparent environment for economic activity.
The minister stated that those early measures, though challenging, were critical in attracting domestic and foreign investment, as they created a predictable and rules-based system that entrepreneurs, businesses, and even startups could rely on.
He noted that the economy has now entered a third phase, which focuses on deepening investments to drive productivity in sectors such as agriculture, manufacturing, and services, with the ultimate goal of reducing multidimensional poverty.
Citing a recent visit by Shell executives, Edun revealed that the oil giant plans to invest $5.5 billion in Nigeria this year, countering perceptions that major players are pulling out of the country.
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According to him, the current economic environment has become more attractive and stable, encouraging further investments across key sectors.
The minister emphasised that while Nigeria’s real GDP growth is currently between 3.4 and 3.8 percent, this is still below the government’s target.
Recent data from the National Bureau of Statistics (NBS) show that inflation has begun easing, with the latest figure at 22.97 percent.
Edun said this downward trend signals that the country is moving in the right direction, commending the Central Bank of Nigeria (CBN)’s market-based forex policy for helping to eliminate the black-market premium, which previously allowed individuals to exploit exchange rate arbitrage.
“With that gap narrowed, speculative activity has reduced, and investor confidence has grown,” he added.
Nigeria’s external reserves have also improved significantly, rising from a low of about $3 billion to over $23 billion in two years.
On the fiscal side, Edun disclosed that revenues increased from N12.5 trillion in 2023 to nearly N21 trillion in 2024, driven by aggressive reforms, digital systems, and tighter control of leakages.
He said the government holds daily fiscal review meetings to ensure consistency in data from the DMO, Budget Office, and the Office of the Accountant General.
Edun explained that revenue from the federation account has grown, translating to increased allocations to states and local governments.
“Nigeria’s macroeconomic progress has not gone unnoticed. International credit rating agencies Fitch and Moody’s have upgraded the country’s ratings.
FG fails to meet Q1 revenue target, records N6.9tn
News
Int’l Widows’ Day: Foundation calls for legal, economic support for widows

Int’l Widows’ Day: Foundation calls for legal, economic support for widows
Lagos, June 23: A non-governmental organisation, Pa Philip Akintoye Development Foundation (PAPADEF), has called on the Federal Government to urgently review and amend laws that continue to harm widows across the country.
The Chief Executive Officer (CEO), PAPADEF, Mr Akintoye Festus, made the call in a statement on Monday in Lagos, to commemorate the International Widows’ Day.
The day, observed by the United Nations since 2011, is celebrated annually on June 23, to raise awareness about the challenges widows face and to push for their rights to be respected and protected.
Festus said that the theme for this year’s commemoration is, “Beyond Grief: Rebuilding Lives, Strengthening Communities, and Challenging Stigma.”
According to Festus, the theme calls for urgent attention to the many challenges widows face every day—especially in rural areas where harmful traditional practices remain common.
The PAPADEF CEO noted that many widows in Nigeria are suffering in silence due to outdated laws and cultural practices that deny them inheritance rights, economic opportunities, and protection.
Festus said that it was time to include widows in national development plans and policy-making processes.
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“Widows are part of our society — they are mothers, caregivers, and contributors to the economy. But many are treated unfairly and pushed aside.
“Many widows are treated unfairly after losing their husbands. Some are denied access to property, forced into harmful rituals, blamed for their husbands’ deaths, and pushed into poverty,” he said.
Festus noted that thousands of widows are left homeless, jobless, and in deep emotional distress after losing their husbands, with little or no legal support.
“Some widows are still being forced to undergo harmful traditional practices or blamed for their husbands’ deaths. These things must stop,” he said.
He described the situation as a hidden crisis, with millions of women suffering in silence.
Festus said that although there are between 15 and 21 million widows in Nigeria, many of them remain invisible in national planning, data collection, and public discourse.
He urged lawmakers to harmonise civil and customary laws, particularly around inheritance and property rights, to stop the cycle of abuse and neglect.
The PAPADEF CEO said that real change can only happen when widows are protected by law and empowered to rebuild their lives.
He stressed that widows are not weak or helpless—they are mothers, caregivers, farmers, teachers, and entrepreneurs who just need support to live in dignity.
“Widows are not looking for pity. They want the right to live freely, to earn a living, and to raise their children in peace,” Festus added.
Festus also encouraged the government to include widows in poverty alleviation programmes, job creation schemes, and health and social services.
He said: “No widow should be invisible in our development plans. Their voices matter, their lives matter.”
He explained that widows often face serious problems like loss of property, no access to healthcare or education, and are sometimes victims of violence or forced remarriage.
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Festus said that many widows are hardworking mothers, businesswomen, and caregivers but are often treated as if they do not exist.
“Widows are not invisible, and their pain should not be ignored. We must see them, hear them, and support them,” he added.
Festus advised that widows should be given economic help, such as business support and job training.
He called for the provision of mental health support, grief counseling and legal services, especially in rural areas.
He also recommended the inclusion of widows in leadership and policy-making roles.
The PAPADEF CEO also appealed to traditional and religious leaders to speak out against dehumanising widowhood practices and help build a more compassionate culture.
“Ending stigma starts with changing how we think and talk about widows. We need to listen to their stories and support their journeys,” Festus said.
He said that the foundation would continue to fight for widows and ensure no woman is left behind.
“Let this International Widows’ Day be more than a ceremony. Let it spark real change. We want a Nigeria where widows are not shamed or ignored, but respected and empowered,” he said.
PAPADEF, is an NGO working for women, children, and community development, and has supported over 500 widows in Nigeria through legal help, business training, health services, and mental health support.
Int’l Widows’ Day: Foundation calls for legal, economic support for widows
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