We all have secrets.

Something only you or maybe a few people know. I have a closely guarded secret; one that often elicits surprise whenever I share.

I don’t watch football. Yes. All ye football fans, please forgive me. I don’t watch because think football is over-rated and the margins of error are too many. Eleven men is a lot to control and harness their skills yet coaches make it work. But I try to follow the game. I follow the players, I know the scores, I take note of the stats and I often marvel when I see grown men become depressed when their favourite team loses.

And so, here I am borrowing a football metaphor to look at the work Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) is doing at the apex bank.

Football is, at its core, about strategy; about identifying your opponents’ strengths and weaknesses and aiming at the Achilles’ heel of the opposition. It is a game in which resilience and perseverance can make the difference because a team, which, for instance, is at the top of the league table in September, could tire out by February and be nowhere near the top by April.

My profound apologies to Manchester City fans!

Football is akin to an orchestra with the coach as the conductor whose every wave of the arm is like a talisman of hope and opportunity. That is something every leader comes to learn on the job or as they prepare for the job.

The coach can, in that sense, make or mar a team which is also why a coach is allowed wide latitude to buy and sell players to make his vision come true, the way a CEO is allowed to choose a team to make sure his strategy for his organization is realised.

When Yemi Cardoso was appointed CBN governor, there was a shuffling of the deck and this led to the appointment of new deputy governors as well as sundry advisers and consultants.

Who are they and what do they bring to the table? First, the head coach. What are his bonafides?

Yemi Cardoso spent over 29 years in commercial banking, culminating in his tenure as Chairman of Citibank Nigeria Ltd, from 2010 to 2022. He had previously served as Executive Director at the Citizens International Bank Limited and Principal Partner at FBC Associates Limited from 1997 to 1999.

His public service credentials are no less stellar. Olayemi Cardoso was Commissioner for Economic Planning and Budget in Lagos State from 1999 to 2005. Reform minded, he implemented the blueprint which catalysed economic development in the state with Lagos emerging as the leader in IGR.

He graduated in 1980 with a Bachelor of Science degree in Managerial and Administrative Studies (with concentration in Finance and Accounting) from the Aston University in Birmingham, United Kingdom and subsequently obtained a Master’s degree in public administration and Management from Harvard University, Massachusetts in 2005 with (Concentration in Economics and Finance).

A Fellow of the Chartered Institute of Stockbrokers, he was conferred with a Doctorate in Business Administration (DBA) (Honoris Causa) by the Aston University in 2017 in recognition of his outstanding achievements in the private and public sectors.

Dr. Bala M. Bello is Deputy Governor, Operations Directorate. Bello was the Executive Director (Corporate Services) of Nigerian Export – Import Bank. A certified strategic management performance system professional, Bala holds a Stanford Graduate School of Management Certificate in Leading Change and Organizational Renewal (LCOR).

Bala who holds a Bachelor of Science Degree in Accounting and an MBA from the Ahmadu Bello University, Zaria, commenced his banking career with Guaranty Trust Bank Plc before joining the Securities and Exchange Commission (SEC). He received commendations for outstanding performance at both organisations.

Conferred with a Doctor of Business Administration (Honoris Causa) by Commonwealth University in conjunction with London Graduate School and Doctor of Philosophy (Honoris Causa) in Leadership and Management by ESAE University, Republic of Benin, Bala was the first indigenous Executive Director/Chief Operating Officer of Sigma Pensions and Executive Director (Operations). In that capacity, he had direct administrative oversight and managerial responsibility of over $1.5 billion of pension funds/assets under management (A-U-M), Budget preparations and other financial activities of the Company.

Mr. Muhammad Sani Abdullahi is Deputy Governor Economic Policy Directorate. A former Commissioner for Economic Planning and Budget for over five years, Abdullahi is a development economist versed in economic policy formulation. He was a member of the World Bank Expert Advisory Council, a Policy Adviser at the Executive Office of former UN Secretary-General Ban Ki-Moon in New York, and Senior Economist at the Office of the Senior Special Assistant to the President on Millennium Development Goals (MDGs) – United Nations Development Programme (UNDP) where he assisted in the management of the Conditional Grants Scheme.

Sani Abduallhi graduated from Ahmadu Bello University, Zaria, in 2002 with a Bachelor of Science (BSc.) Honours degree in Economics. He obtained a Master of Science (M.Sc) in Development Economics and Policy from the University of Manchester, United Kingdom, and a Master’s Degree in International Relations from Ahmadu Bello University, Zaria, in 2009 and 2007 respectively.

Mr. Philip Ikeazo is Deputy Governor, Financial System Stability Directorate. A banker and chartered accountant, his 33 years banking career has seen him lead as the Managing Director/CEO of Keystone Bank Limited; Managing Director/CEO, Ecobank Kenya Limited; Executive Director, Union Bank Nigeria Plc; Director, Union Bank, United Kingdom; and Director Orient Bank, Uganda. He also served at various times at the United Bank for Africa Plc, as the General Manager, in charge of Corporate Investment Banking and the Director of Wholesale Banking

A Fellow of the Institute of Chartered Accountants of Nigeria, the Chartered Institute of Bankers of Nigeria and the Chartered Institute of Taxation of Nigeria, Ikeazor holds a degree in Economics from the University of Buckingham, United Kingdom and is also an alumnus of the Wharton CEIBS-IESE Business School Global CEO programme.

Ms. Emem Usoro is Deputy Governor, Corporate Services Directorate. Emem is a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN).

In her over two decades banking career she led in roles as Executive Director, North Bank, in the United Bank for Africa (UBA) where she championed sales strategies and executive management initiatives in seven regional banks and 151 branches across the Northern directorate and as regional executive at Bank PHB Plc (now Keystone Bank), in charge of developing commercial businesses and overseeing 32 branches.

An alumna of the Harvard Business School and Lagos Business School, Usoro holds a Bachelor of Science (B.Sc.) in Biochemistry from the University of Uyo, and a Masters in Business Administration (MBA) from Obafemi Awolowo University, Ile-Ife, in 2000.

And now we return again to football.

At the height of Ruben Amorim’s recent falling out with Marcus Rashford at Manchester United, the gaffer was so incensed he said he would rather play a 63 year old assistant coach than play the center-forward. An extreme case, I know but sometimes, a coach has to look outside the core team for the help he needs and that is where advisers and consultants come into the picture.

Ms. Shola Phillips is the Special Adviser to the Governor on Compliance & Risk. A compliance expert with over 25 years’ experience across the wholesale and retail sectors of the financial service industry, Ms. Phillip’s regulatory knowledge spans multiple jurisdictions, including the United Kingdom, Europe, United Arab Emirates, Hong-Kong, Singapore, Japan, United States of America, and Africa

Shola Phillips who has a degree in Economics from the University of Reading in England and an M.B.A. from Cardiff Business School in Wales was most recently the Global Head of Compliance for Risk Management at Citigroup, Inc and is currently leading the design and implementation of a new department with the mandate to improve compliance within the CBN and across the Nigerian Banking industry by fostering good governance and ethical conduct via the introduction of accountability measures.

Mr. Mayokun Ajibade is Special Adviser (Financial Markets and Economic Policy). A former Managing Director for Standard Chartered Bank in West and Southern Africa, he led the treasury and financial markets business across 14 countries.

Mayo has over 25 years of experience in building and leading businesses with a thorough understanding of markets across Africa, having been involved in policy advisory and the execution of transactions that cut across origination, structured solutions, and market infrastructure development. He is a key part of the regulatory reform efforts of the Nigeria financial markets and advises on policy and operational changes required for the transition to an orthodox monetary policy environment.

Fatai Karim is Special Adviser to the Governor with a focus on promoting growth, introducing international best practices, and providing guidance through evidence-based recommendations.

Karim’s extensive international experience is critical to driving growth, offering expert guidance on operational, technological, and risk policy matters while supporting effective monetary policy and regulation, ultimately fostering economic and financial stability.

His 32 years of experience has seen him hold leadership and management positions at Citibank Nigeria Limited, Citibank Niamey, Citibank Tanzania, Citibank Uganda, Citibank South Africa, and Citibank London.

Tony Ogufere is a Special Adviser to the Governor with a focus on ensuring the Bank’s alignment with its core mandates: monetary policies, price stability, and advisory services.

A finance and strategy expert, Ogufere is adept at formulating policies and programs to support fiscal investments and economic growth and in this role ensures that the CBN does not directly intervene in financing economic activity.

A Fellow of the Institute of Chartered Accountants of Nigeria, Tony holds an MBA from Columbia University, New York (Uris Hall) and is a member of the Bank’s Monetary Policy Technical Committee. He has executed transactions across several industry verticals, including Fintech, Oil & Gas, Renewable Energy, and Real Estate development.

Dr. Daphne Oterie Dafinone is a Consultant/Adviser to the CBN Governor on development finance and governance matters and her over 35 years of experience spans corporate governance, due diligence, corporate restructuring, mergers and acquisitions, reverse-takeovers, debt restructuring etc. She was formerly audit committee chair on the board of CitiBank Nigeria.

A Fellow of the Institute of Chartered Accountants in England & Wales and the Institute of Chartered Accountants of Nigeria, she started her career at KPMG Peat Marwic MCClintock Chartered Accountants in United Kingdom and began consulting for the CBN from her role as Chief Operating Officer of Crowe Dafinone.

Terri Dafinone graduated with a BA (Hons) Economics degree from the University of Manchester in 1987 and obtained an MSc Internal Audit & Management Finance from City University, London in 1996 before bagging a PhD Internal Audit & Corporate Governance in 2001 from the same institution.

Dr. Nkiru Balonwu is a Consultant/Adviser to the CBN Governor with a focus on Stakeholder Engagement, Strategic Communications, Legal and high impact projects. A former CEO of Spinlet, Africa’s pioneer music streaming app, Balonwu is Founder of The Africa Soft Power Group, which includes the Africa Soft Power Project, ASP Global, and African Women on Board.

A globally recognized strategist and consultant, Dr. Balonwu has over 25 years cognate experience and holds a doctorate from the University of California, Berkeley; a Master’s degree from University College London; a law degree from the University of Manchester; and has been called to the bar in England, Nigeria, and New York. She was the inaugural Lecturer of Gender & Law at the University of Lagos, a Senior Fellow from 2022-2023 at the Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School, and in 2019, she received the Powerlist UK Black Excellence International award in recognition of her innovative work with African Women on Board before being listed in 2022 among New African magazine’s Top 100 Most Influential Africans.

And there we have it; the coach, Yemi Cardoso and his “first eleven” who are assisting him with implementing the reform agenda at the CBN.

Toni Kan is a PR expert, financial analyst and biographer.

Air Peace, Nigeria’s foremost airline and West Africa’s largest carrier, proudly announces the elevation of Senior First Officer Chibuzo Mbanefo to the rank of Captain on its Boeing 777 fleet.

Captain Mbanefo has consistently demonstrated exceptional skill, leadership, and commitment to upholding Air Peace’s high operational standards. After undergoing rigorous training and meeting all regulatory requirements, he has now officially assumed the esteemed position of Captain, reinforcing Air Peace’s legacy of nurturing top-tier aviation professionals.

While introducing SFO Mbanefo to the Chairman/CEO Air Peace Limited, Dr. Allen Onyema and Chief Operating Officer, Mrs. Oluwatoyin Olajide, Capt. Gerald Udaya extolled his exceptional qualities. Specifically, he noted that SFO Mbanefo had completed over 4,800 flight hours on the right-hand side of the B777 and acknowledged his exceptional performance in the rigorous command upgrade training program. He expressed immense pride in Mbanefo’s elevation to the left seat as Captain, a testament to his knowledge, competence, and proficiency.

The pivotal moment of the ceremony was marked by the epaulette change, ceremoniously conferred by Dr. Onyema and Mrs. Olajide, symbolizing Mbanefo’s new status as Captain. Reflecting on Mbanefo’s journey, Capt. Iwo-Brown urged him to maintain a disciplined approach, adhere strictly to aviation protocols, and never compromise safety—a cornerstone for sustained success in the industry.

In an emotion-laden speech, Captain Mbanefo expressed deep gratitude to the Chairman, his wife, family, and the flight operations management, acknowledging their unwavering support. He fondly recalled his early days in aviation before joining Air Peace as a flight dispatcher. With the Chairman’s support, Capt. Mbanefo said he transitioned from Cadet to First Officer, undergoing intensive training on the Boeing 737. Although he could have progressed to Captain on the B737, his passion for the B777 guided his career path—a decision celebrated in this elevation ceremony.

In his remark, Dr. Onyema congratulated the newly promoted Captain, and reaffirmed Air Peace’s commitment to empowering Nigerian pilots: “At Air Peace, we believe in recognizing and rewarding excellence. Captain Mbanefo has exhibited outstanding professionalism and dedication, and we are incredibly proud to see him take this next step in his career. This promotion aligns with our mission to build local capacity and ensure our flight operations remain world-class.”

While emphasizing the importance of humility, continuous learning, and prioritizing safety, Dr. Onyema encouraged Capt. Mbanefo to embrace his new role with responsibility. Pointedly he said, “it is only your character that determines your altitude in life.” He expressed confidence in Mbanefo’s ability to lead and uphold Air Peace’s commitment to excellence and safety.

The ceremony which took place at the corporate head office of Air peace had in attendance the Chairman/CEO, Dr. Allen Onyema, Chief Operating Officer, Mrs. Oluwatoyin Olajide, along with the airline’s Flight Operations Management team, Captain Mbanefo’s wife, family members, and well-wishers.

As Air Peace continues to expand its fleet and route network, recently adding new destinations and reinforcing its long-haul capabilities with its Boeing 777 aircraft, this promotion aligns with the airline’s vision to provide safe, world-class air travel while empowering Nigerian aviators.

Bala Muhammad, a political ally of former Governor Abdullahi Ganduje, is fighting a relentless battle to recover properties the state government claimed were illegally removed from the Kano State Agricultural Supply Company (KASCO) when Mr Mujammed was its managing director.

In October 2023, the state’s Public Complaint and Anti-Corruption Commission (PCACC) obtained an order from a chief magistrate, Umma Kurawa, to seize the properties, pending the conclusion of an investigation of alleged sleaze at the commission.

A document seen by PREMIUM TIMES listed the items as 14 full trucks with bodies, six truck bodies, four new truck heads, one Mahindra 6005 tractor, one Sino truck Homan and one Maikano van. Also listed are 1,200 bags of raw material Hijeck Chukura, one Mahindra loader, 19 truck tyres without rims, 48 truck tyres with rims, one 300 KVA transformer, two mini tractors with bodies, and one plant generator JMG.

Others are two Howo, one Tata, one Hijet, one mini tractor body, one block moulding machine, one Lister generator and one rigger.

The state high court granted the order to seize the items after the state government arraigned Mr Muhammad and others before the court for the alleged theft of more than N4 billion at KASCO.

However, on 27 November 2024 in another suit Mr Muhammed filed, Justice Aisha Ya’u of Kano State High Court No. 10 ordered the police and the anti-corruption agency to withdraw from the warehouse premises.

However, the agency said it had filed a motion at the court protesting that it was not joined in the suit. The agency’s refusal to comply with the court order led to the police temporarily detaining its chairman, Muhuyi Magagi, last month.

The case against Muhammed

The office of the state’s attorney general had filed a nine-count charge accusing Mr Muhammad and his associates of diverting more than N4 billion from KASCO’s account into various bank accounts between August 2022 and April 2023.

The charge was based on a report by the anti-graft agency alleging that Mr Muhammad, who led KASCO under Mr Ganduje’s administration, conspired with others, including his son, to divert public funds.

“Sometime in August 2022 to 3rd April 2023 or thereabout, the sum of N4,67,290,742.00 (four billion, sixty-seven million, seven hundred and forty-two Naira) only were (was) credited into Kano State Agricultural Supply Company Ltd’s ( KASCO) Account No. 1014477161 domiciled in Zenith Bank Plc and Unity Bank Account No. 0005195864 from Kano State Federal Allocation Account No. 4968083012 domiciled in FCMB within Kano Judicial Division all in the name of grant, but the former managing director dishonestly misappropriated and converted the whole sum belonging to Kano State Government meant as a grant to the state-owned company (KASCO) to other accounts, including his accounts, the act which is an offence under section 308 punishable under section 309 of the Penal Code Law,” the PCACC said in the charges filed on 3 August 2023.

The report further stated that Mr Muhammad unlawfully transferred N20 million from a KASCO account domiciled with Zenith Bank into an FCMB personal account of Mu’azu Ahmad.

He was also accused of diverting N78 million into a business account belonging to Abubakar Bawuro under the pretence of supplying materials, which were never supplied, and another N30 million meant for fertiliser subsidy into a corporate account of the Ganduje Foundation.

Mr Muhammad denied the charges and contested the PCACC’s power to investigate corruption cases, saying only federal anti-corruption bodies have this power.

However, on 18 October 2023, the court ruled that PCACC could investigate, arrest, and refer a matter to the state’s attorney general for prosecution.

“Under section 15 (1) (a) and (b) of the state Anti-Corruption Enabling law, it shall have the power to receive and investigate any allegation of corrupt practices against any person and refer the matter to the attorney general of the state for necessary action”, the court had ruled.

The case is ongoing as the court has fixed 26 February for the presentation of witnesses in the case against Mr Muhammad and others.

Fight over properties

Meanwhile, Mr Muhammad, through his lawyer, Tahir Ibrahim, wrote to the police and PCACC, asking them to unseal the warehouse in compliance with Justice Ya’u’s order of November 2024.

The police complied and withdrew their officers from the property but the state’s anti-corruption agency did not, saying it was not joined in the suit from which the order emanated.

On 24 January, police officers from Abuja arrested the chairman of the anti-corruption agency, Mr Magagi, over his agency’s refusal to unseal the warehouse.

However, Mr Magagi was released the following day.

The commission’s lawyer, Zaharaddeen Kofar-Mata, told PREMIUM TIMES that the police accused Mr Magaji of illegally sealing off a private warehouse.

Mr Kofar-mata questioned the validity of the court order for the unsealing of the property.

“They lied to the court that they had resolved their differences with the anti-corruption commission and had the name of the agency struck out of the case. That was a deliberate act of obtaining default judgement. This Commission suspected that they connived with the legal section of the police, who refused to file any defence. When the default judgment was awarded, the Commission quickly filed a motion to re-join the matter and have the judgement set aside.

“Generally, the legal implication is that they cannot impose the judgement until that motion has been decided in one way or the other. The Commission, which is not a party to the judgement and which in law is the custodian and the current possessor of the seized properties, is not bound by the judgement,” Mr Kofar-Mata stated.

As of Friday, the anti-graft agency was still restricting access to the warehouse.

Mr Muhammad could not be reached by phone or through other contacts to comment on the issue.

Source: Premium Times