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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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Buhari appoints Semiu Adeniran new stastician general

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President Muhammadu Buhari has approved the appointment of Mr Semiu Adeniran as the Statistician General of the Federation and Chief Executive Officer of the National Bureau of Statistics.

The appointment follows the demise of the former statistician general, Dr Simon Harry, on April 13, 2022, eight months into his five-year tenure.
A statement by Sufuyan Ojeifo, Special Assistant (Media) to the Minister of State, Budget and National Planning, Clem Agba, said, “Adeniran is a professional statistician of repute with bias for Demography and Social Statistics. He has over three decades of statistical hands-on experience garnered from various local and international institutions.”

“Until his appointment, Mr Semiu was the Director of Demographic and Household Statistics at the National Bureau of Statistics.”

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Cancel gospel crusade in Abia — IPOB warns Kumuyi

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Pastor William Kumuyi

The Indigenous People of Biafra, IPOB, has asked the General Superintendent of Deeper Christian Life Ministry, Pastor William Kumuyi, to take note of the ugly security in the South East zone and cancel the crusade he has scheduled to hold in Aba, Abia State.

Pastor Kumuyi is slated to hold a gospel crusade in Aba, from 24th to 29th May, 2022.

IPOB stated that it will not allow anybody to die because of this crusade as there are high chances of criminals operating as unknown gunmen to infiltrate the crusade and blame it on IPOB.

In a statement signed by the Media and Publicity Secretary, Comrade Emma Powerful, IPOB urged the cleric to pray for an end to the insecurity in Biafra land and tasked Christians to engage God in fervent prayers to expose all those behind the insecurity in the land.

“The Indigenous People of Biafra (IPOB), ably led by our great leader Mazi Nnamdi Kanu wish to advise Pastor Kumuyi of Deeper life Ministry to take note of the security situation in the South East as he comes to Aba for his gospel crusade. Let him and the organizers of the crusade make sure that nothing happens.

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“The security of this region is not good because of political and criminal activities. Therefore, we advise him to stop this crusade for security reasons. We equally want them to be united against the Islamic agenda against non Muslims in Nigeria. We had expected them to demand justice for the innocent Deborah Yakubu burnt alive by Muslim fanatics in Sokoto State. Her killers are walking freely today and 34 lawyers shamelessly volunteered to defend her killers but Christians are just watching them. The double faced Nigeria security agencies only managed to arrest two of her killers because they are Muslims. If it were to be in Biafra land, all the youths on the street will be in police cell by now while the unlucky ones would have been killed.

“How many Igbo or Christian lawyers came to defend our Leader fighting for the freedom of all Biafrans but 34 Muslim lawyers have come in defense of killers of Deborah Yakubu? Is it not time Christians and Men of God woke up to the realities in Nigeria? They should support Biafra and Oduduwa agitators in their bid to free Biafra and Oduduwa republics from the Islamic bondage in Nigeria so that they will enjoy freedom of worship in both republics.

“Leah Shuaibu is still in captivity today because she is a Christian but all the Muslims abducted along with her have since been freed. Christians must support IPOB to liberate them from bondage in Nigeria.”

The pro Biafra group further asked Kumuyi to pray against wicked leaders in Biafra land and Nigeria, stressing that they are the real problems of the people.

“Let him use the opportunity to pray against the powers holding people captive in Nigeria in his church in Lagos.”

Vanguard

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I’ve no apology for being ‘mad’ about Nigeria ― Obasanjo

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Former President Olusegun Obasanjo says he has a “mad passion” for Nigeria.

Obasanjo, who stated this when he played host to a presidential aspirant under the platform of the Peoples Democratic Party (PDP), Mohammed Hayatu-Deen at his Penthouse residence in the Olusegun Obasanjo Presidential in Abeokuta, the Ogun State capital, said he had no apology for being mad about Nigeria “because I have no other country I can call my own and I have no other country I can go to and say yes, I have come to live here.”

According to him, Nigeria needs a leader who is ‘mad’ and passionate about the country to address its myriad problems and put it on the right path.

He said, “Passion means being mad about Nigeria; having a touch of madness and I look at you (Hayatu-Deen) and say yes, you are mad about Nigeria too.”

Obasanjo lamented the deteriorating security situation in the country and insisted that Nigeria could overcome its security challenges within two years with the willingness to make tough decisions.

He said, “Some people say the human memories are short, maybe they are right because if human memories are not short, some of the mistakes that we are making, we will not be making them.

“I believe like you (Hayatu-Deen) have rightly said, that this period is not like any other period in the history of Nigeria and you used two words – decomposing and dissolving. I can’t find any better words to describe the situation we have found ourselves.

“It is an agonising situation for you obviously and also for me. I want to emphasise the point that the Nigerian situation, bad as it is, will only be put right by Nigerians at the forefront of our situation. So, Nigerians have to brace themselves to do what needs to be done to put Nigeria back on the right path.”

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Hayatu-Deen who came in the company with his team at 12.30pm went into a closed-door meeting with Obasanjo which lasted for about an hour before speaking with journalists.

The former Managing Director of FSB International Bank, described Obasanjo as a father of modern Nigeria whose administration recorded tremendous achievements.

Speaking at the state PDP secretariat, Hayatu-Deen said he possessed the capacity, experience and knowledge to govern Nigeria.

The aspirant, who said he had been to several parts of Nigeria, including South-West, stressed that he is a passionate and complete Nigerian.

He said, “My blood is Nigerian blood. I had seen Nigeria with the eyes of a Nigerian and not from the perspective of a tribal man. I am prepared to govern Nigeria from the first day of inauguration on May 29, 2023.

“We are suffering from self-inflicted wounds. As an economist, I know how to fix the economy. I will provide social security, I will provide Energy Security, I will deal with the issue of national insecurity.”

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