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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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South Africa Releases Fani-Kayode’s Speech After Protest Over Livestream Snub

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South Africa Releases Fani-Kayode’s Speech After Protest Over Livestream Snub
South Africa President Cyril Ramaphosa and Nigeria’s Ambassador to South Africa, Lesotho and Eswatini, Chief Femi Fani-Kayode
South Africa Releases Fani-Kayode’s Speech After Protest Over Livestream Snub

PRETORIA – The South African authorities have released the speech delivered by Nigeria’s Ambassador to South Africa, Lesotho and Eswatini, Chief Femi Fani-Kayode, after he protested the omission of his address from the official livestream of a diplomatic ceremony attended by President Cyril Ramaphosa.

The development followed complaints by Fani-Kayode that Nigeria was the only country among 15 participating diplomatic missions whose ambassador’s introduction and speech were excluded from the live broadcast of the presentation of Letters of Credence.

The ceremony, held on Friday, November 13, 2026, at the Sefako Makgatho Presidential Guest House in Pretoria, brought together ambassadors and heads of diplomatic missions from 15 countries, alongside the European Union, to formally present their credentials to President Ramaphosa.

Fani-Kayode had expressed displeasure after observing that the official livestream captured the introductions and speeches of other diplomats but was interrupted when it was Nigeria’s turn.

According to the Nigerian envoy, the transmission resumed immediately after he had completed his presentation to the South African President.

Describing the development as disturbing, Fani-Kayode said Nigeria was singled out in the broadcast, raising concerns about the treatment of the country and its diplomatic representation.

“The entire event was livestreamed, but of all the 15 introductions and speeches made that morning, only Nigeria’s was cut out,” he said.

The ambassador suggested that the omission might reflect the attitude of some individuals towards Nigeria, although no independent evidence has established that the country was deliberately censored.

“Clearly, some elements in South Africa do not want to hear what we have to say or see our faces, but we are here to stay as long as we are welcome and have the confidence of President Ramaphosa, which I am sure we do,” he added.

Fani-Kayode Raises Complaint With Ramaphosa

The Nigerian diplomat disclosed that he personally drew President Ramaphosa’s attention to the missing broadcast during the official photograph session that followed the presentation of credentials.

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According to Fani-Kayode, the South African leader reacted immediately, confronted officials responsible for the broadcast and questioned them about why Nigeria’s segment had been omitted.

He said Ramaphosa directed the relevant officials to address the situation.

However, the intervention came after the Nigerian ambassador’s presentation had already been excluded from the live transmission.

Fani-Kayode maintained that the omission did not mean his address was unavailable, as media organisations covering the ceremony, including Nigerian television crews, recorded the proceedings.

He also disclosed that he declined an interview request from the South African Broadcasting Corporation (SABC), advising its representatives to watch the speech that had been left out of the official livestream.

The subsequent release of the speech has brought the development into renewed focus, although the circumstances surrounding its initial exclusion from the broadcast have not been independently established.

Tinubu’s Message to Ramaphosa

Despite the controversy, Fani-Kayode used the diplomatic occasion to reaffirm Nigeria’s commitment to strengthening relations with South Africa.

He conveyed fraternal greetings from President Bola Ahmed Tinubu to Ramaphosa, emphasising the historical relationship between both countries and Nigeria’s contributions to South Africa’s struggle against apartheid.

The ambassador said his diplomatic assignment would focus on rebuilding confidence, addressing areas of disagreement and expanding cooperation between the two African nations.

He identified trade, industrial development, economic cooperation and regional stability as important areas requiring greater collaboration.

Fani-Kayode also stressed that Nigeria and South Africa must maintain mutual respect, given their historical contributions, strategic importance and influence across the African continent.

He acknowledged Ramaphosa’s personal intervention following his complaint but maintained that his respect for South Africa and its people would not prevent him from speaking against actions he considered disrespectful to Nigeria and its citizens.

The diplomatic incident comes amid heightened concerns over the treatment and safety of Nigerians living in South Africa, following reported xenophobic attacks and killings that have strained relations between the two countries.

Fani-Kayode has previously warned that Nigeria’s patience was wearing thin over attacks on its citizens but cautioned against calls for a complete breakdown of diplomatic and economic relations.

The ambassador has consistently advocated dialogue, mutual respect and stronger Pan-African cooperation, arguing that the historical sacrifices made by Nigeria and other African countries towards ending apartheid should remain a foundation for lasting friendship.

With the release of his speech following the protest, attention is now expected to focus on the circumstances surrounding the broadcast omission and the need to ensure that diplomatic engagements involving Nigeria receive appropriate representation.

 

South Africa Releases Fani-Kayode’s Speech After Protest Over Livestream Snub

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ICPC Recovers ₦5.3bn in Seven States, FCT as LG Financial Probe Uncovers Irregularities

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ICPC Recovers ₦5.3bn in Seven States, FCT as LG Financial Probe Uncovers Irregularities
ICPC Reovers ₦5.3bn in Seven States, FCT as LG Financial Probe Uncovers Irregularities

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recovered more than ₦5.3 billion following a review of local government accounts in seven states and the Federal Capital Territory (FCT).

The anti-corruption agency has also announced plans to make all 774 local government areas in Nigeria publish their financial records online, in a move aimed at strengthening transparency and accountability in the management of public funds.

ICPC Chairman, Dr Musa Adamu Aliyu, disclosed the recoveries on Thursday, November 12, 2026, in Lafia, Nasarawa State, during the launch of the ICPC-National Information Technology Development Agency (NITDA) Local Government Websites Pilot.

According to the commission, the review of local government accounts exposed financial risks at the grassroots level and demonstrated the importance of monitoring how public allocations and other revenues are managed.

Aliyu said the recovery of more than ₦5.3 billion showed what scrutiny could achieve, adding that the proposed digital disclosure initiative would help prevent further financial abuses.

He explained that the programme was designed to ensure that local governments made information about their finances and activities accessible to residents, journalists and relevant oversight institutions.

The initiative comes against the backdrop of the Supreme Court’s July 2024 judgment on local government financial autonomy, which affirmed that statutory allocations due to democratically elected councils should be paid directly to them rather than being controlled by state governments.

Aliyu said the judgment had increased the responsibility of local government authorities to account for funds received and ensure that public resources were used for the benefit of residents.

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“Autonomy brings responsibility. Funds that now flow directly to the councils must be spent openly and for the benefit of the people,” he said.

Under the new arrangement, local government councils will be required to publish information in five major areas, including financial records, public procurement, human resources, citizen engagement and anti-corruption measures.

The financial disclosures will cover budgets, statutory allocations, internally generated revenue, expenditure, audit reports and debts.

The platforms will also provide information on procurement processes, staffing and opportunities for residents to submit feedback, complaints and whistleblowing reports.

Aliyu said regular publication of these records would enable citizens to monitor how public funds were spent, while journalists and oversight agencies would have better access to information needed to identify possible irregularities.

He urged local government chairpersons to appoint dedicated officers to manage the websites and ensure that the information published was accurate, current and regularly updated.

The ICPC chairman warned that launching the websites without maintaining them would undermine the purpose of the initiative.

He added that the commission intended to approach the programme as a partnership for preventing corruption rather than an instrument for witch-hunting local government officials.

The National Information Technology Development Agency, led by its Director-General, Kashifu Inuwa Abdullahi, is providing the technological support for the project.

Abdullahi disclosed that NITDA would register domain names, develop the websites and provide hosting services for at least one year for all 774 local government areas.

While NITDA will provide the digital infrastructure, the ICPC will establish the content standards and accountability framework to guide the information councils are expected to publish.

He said the initiative was designed to improve governance, strengthen citizen engagement and create economic opportunities by making government information easier to access.

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Abdullahi also said the project would reduce the difficulties residents face when trying to obtain information about community projects or lodge complaints with their local councils.

The pilot programme commenced in Nasarawa State, making it the first state to begin implementing the ICPC-NITDA local government website initiative.

Governor Abdullahi Sule, who formally flagged off the programme in Lafia, designated the Nasarawa State Information Technology and Digital Economy Agency as the state’s technical partner.

Sule directed local government councils to take responsibility for the accuracy of information published on their platforms and appoint officers to verify records before uploading them.

He said the success of the initiative would depend on whether residents could easily access useful and up-to-date information, rather than merely on the launch of the websites.

The governor also challenged the ICPC and NITDA to extend the financial disclosure initiative to state governments, offering Nasarawa as the first state willing to participate.

He said publishing information about funds meant for local governments would help citizens establish where such allocations were held up and improve accountability across the different levels of government.

The Speaker of the Nasarawa State House of Assembly, Danladi Jatau, pledged the legislature’s support for the programme, noting that the Constitution empowers state assemblies to oversee local government finances.

The Emir of Lafia, Justice Sidi Bage Muhammad I (retd.), also commended the ICPC, NITDA and the Nasarawa State Government for the initiative.

The nationwide rollout is expected to extend the digital disclosure system to all 774 local government areas, giving residents a more direct way to scrutinise council budgets, allocations, spending and development projects.

For the ICPC, the initiative represents an effort to complement the recovery of public funds with preventive measures designed to make financial information accessible and strengthen accountability at the grassroots.

However, the commission’s disclosure did not identify the seven states or provide a breakdown of the amounts recovered from each state and the FCT. The ₦5.3 billion figure therefore represents the aggregate recovery announced by the agency.

ICPC Recovers ₦5.3bn in Seven States, FCT as LG Financial Probe Uncovers Irregularities

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FG Moves to Scrap 269 Obsolete Laws, Prepares 663 Others for NASS Review After 22 Years

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FG Moves to Scrap 269 Obsolete Laws, Prepares 663 Others for NASS Review After 22 Years
Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi SAN
FG Moves to Scrap 269 Obsolete Laws, Prepares 663 Others for NASS Review After 22 Years

The Federal Government has concluded a comprehensive review of Nigeria’s federal laws, identifying 269 obsolete, archaic or spent enactments for removal from the statute books while recommending 663 others for inclusion in the proposed 2025 edition of the Laws of the Federation of Nigeria (LFN).

The exercise, which covers more than two decades of legislative developments, represents the first comprehensive review and consolidation of the country’s federal laws since 2004.

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), disclosed the development on Thursday, November 12, 2026, in Abuja while receiving the final report of the Committee on the Review, Update and Consolidation of the Laws of the Federation.

Fagbemi explained that the committee examined 932 federal enactments and 731 pieces of subsidiary legislation as part of efforts to modernise Nigeria’s legal framework and eliminate outdated provisions.

Of the 932 enactments reviewed, 663 were identified for inclusion in the proposed Laws of the Federation of Nigeria 2025, while 269 were classified as obsolete, spent or repealed.

The Attorney-General said the reviewed legislation, together with relevant subsidiary laws, would provide a more reliable and accessible legal reference for courts, legal practitioners, government institutions, investors and members of the public.

He explained that the next step would be to present the committee’s report to President Bola Ahmed Tinubu for onward transmission to the National Assembly for the necessary legislative consideration and action.

Fagbemi urged lawmakers to cooperate with the executive arm of government to ensure the timely consideration of the proposed legislative measures.

He described the exercise as a significant milestone in the Federal Government’s efforts to strengthen the justice sector, improve the administration of justice and bring Nigeria’s legal system in line with contemporary realities and international best practices.

According to him, more than 20 years have passed since the last official consolidation of the Laws of the Federation in 2004, during which Nigeria experienced substantial legislative, constitutional, institutional and technological changes.

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He noted that several new laws and amendments had accumulated over the period, making a comprehensive review necessary to ensure that federal legislation remained coherent, current, accessible and responsive to the country’s needs.

Fagbemi warned that Nigeria must avoid another prolonged gap between comprehensive reviews, stressing the importance of establishing a sustainable system for regularly updating the country’s laws.

He said the quality, accuracy and practical usefulness of the revised legal framework must remain priorities, adding that the laws should promote the rule of law, protect citizens’ rights, strengthen governance and support national development and security.

Why the Federal Government is removing obsolete laws

Earlier, the chairman of the review committee, Olawale Fapohunda (SAN), disclosed that the assignment took more than two years and involved extensive legal research, legislative analysis, harmonisation and consolidation of existing federal legislation.

He explained that the committee’s responsibility went beyond compiling existing laws, as it also examined their continuing relevance, identified conflicting provisions and recommended the removal of redundant legislation.

According to Fapohunda, the exercise was designed to eliminate obsolete statutes, resolve inconsistencies and incorporate contemporary social, economic and technological developments into Nigeria’s legal framework.

The committee discovered several weaknesses in existing legislation, including archaic statutory language, cumbersome cross-references, outdated chapter numbers and inconsistencies in the sequencing of some Acts.

It also identified statutory fines and fees that no longer reflect current economic realities.

Some of the penalties prescribed under existing laws were as low as ₦10 and ₦50, despite significant changes in the country’s economic conditions over the years.

Fapohunda said such outdated provisions required further legislative attention to ensure that penalties and statutory charges remained relevant and effective.

How the review was conducted

The committee adopted a structured approach involving 14 thematic working groups supported by technical teams responsible for research, collation, drafting, quality assurance and editorial review.

The groups also participated in retreats and technical engagements across different locations to harmonise their findings, examine international best practices and improve the accuracy of the revised legislation.

The exercise involved consultations with several institutions, including the National Assembly, the Nigerian Law Reform Commission, the National Institute for Advanced Legal Studies and the Lagos State Law Reform Commission.

International and technical partners, including the Law Commission of England and Wales, LexisNexis South Africa and Law Pavilion, also contributed to the process.

Fapohunda further disclosed that the committee recommended the establishment of a centralised national repository of federal legislation to make existing laws easier to access and facilitate regular updates.

He explained that the absence of a comprehensive and easily accessible database of federal laws had made the committee’s assignment more difficult.

The committee also recommended that the Attorney-General issue an advisory note to ministries, departments and agencies (MDAs) outlining established procedures for reviewing their enabling laws and subsidiary legislation.

The recommendation followed recurring deficiencies in legal drafting by some government institutions, which could result in ambiguities, conflicting provisions and difficulties in implementing laws.

What happens next?

With the submission of the final report and draft 20-volume edition of the Laws of the Federation of Nigeria 2025, the Federal Government is expected to forward the proposed measures to President Tinubu.

The President will subsequently transmit the relevant proposals to the National Assembly for consideration and necessary legislative action.

The proposed changes are expected to improve access to federal legislation, remove redundant provisions and provide a more organised legal framework for governance, business, investment and the administration of justice.

However, the proposed removal of the 269 obsolete enactments and the legislative measures arising from the review will require the appropriate legal and legislative processes before they can take effect.

Fagbemi said the government would work towards establishing a continuous review mechanism to ensure that future laws, amendments and subsidiary legislation are properly tracked and incorporated without another prolonged delay.

 

FG Moves to Scrap 269 Obsolete Laws, Prepares 663 Others for NASS Review After 22 Years

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