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NOVA MERCHANT BANK TO HOST CHIEF AUDIT EXECUTIVES OF BANKS IN NIGERIA

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NOVA Merchant Bank, a leading merchant bank in Nigeria will be hosting the 52nd Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria on Thursday, 23 June 2022 at the Oriental Hotel in Lagos.

The meeting which is themed “The Future of Internal Audit in an Increasingly Digital World”, will bring together Auditors and other stakeholders in the banking industry including the Law Enforcement Agencies to deepen discussions on the need to create more innovative processes and formulate automation for Internal Auditors to succeed in the ever-evolving technology landscape.

The Managing Director/Chief Executive Officer of NOVA Merchant Bank Limited, Mr. Nath Ude, who is the chief host of the event, said the bank remains fully committed to supporting initiatives aimed at easing business solutions and promoting digitalisation.

He said, “I am particularly happy at the theme for the event as the topic is apt and in line with the global trend of revolutionalised thinking and the future demands that auditors, who are now dealing with more advanced and more technical business processes, require advanced technical IT and IS skills to bring increased value to their execution.”

He further emphasised that the vulnerability to financial loss and data compromise in the digital space has been a significant concern that requires auditors to understand the digital processes and exposures that businesses face.

Continuing, Mr. Ude noted that a new breed of Internal Auditors will be needed to move organisations forward in this digital world and that businesses must recognize and support this as auditors are an integral part of the workforce.

Also reiterating the need for auditors to understand the digital processes, the Chairman of ACAEBIN, Mr. Uduak Nelson Udoh, said that the banking industry is automating the delivery of its services in line with technological advancement as such, auditors need to reskill, up-skill and innovate to be able to face the challenges of the time.

Mr. Uduak said: “Globally, banking services has been digitized and the recent Covid-19 pandemic has exposed and changed a lot in the way certain types of work are carried out. Banks especially are embracing remote work too as such; the need to open physical branches is beginning to dwindle and is no longer cost-effective. This new development has posed a new challenge to the auditors with the attendant risks to businesses”.

He further stated that the topic couldn’t have come at a better time and it is important Auditors continue to review their methodology in line with emerging issues in the digital space to be able to carry out their functions effectively.

NOVA Merchant Bank continues to demonstrate dominance in the Nigerian merchant banking space with its integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management, and Digital Banking.

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An Icon of Service: NATCOM boss, Otunba Adejare Adegbenro’s Leadership Legacy

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In the intricate mosaic of Nigeria’s societal fabric, Otunba Adejare Adegbenro stands as a beacon of commitment, resilience, and service.

 

Born on March 6th, 1973, in Lagos, he draws from a lineage steeped in political legacy, being the grandson of the late Premier of Western Region, Alhaji Daudu Sooroye Adegbenro. Raised in a family that values service to the community, Otunba Adegbenro has carved his path as a distinguished figure in Nigerian society.

 

The culmination of his familial heritage and dedication to community service was marked by his installation as the first Otunba Laje of Owu Kingdom in Ogun State, Southwest Nigeria.

 

This historic event, which took place on January 20th, 2018, under the auspices of His Royal Majesty Oba Olusanya Dosunmu II, traditional ruler of Owu kingdom, reinforced Otunba Adegbenro’s deep-rooted ties to his cultural heritage and commitment to uplifting his people.

 

Beyond his traditional titles, his influence extends globally, with his appointment as High Commissioner by the International Human Rights Commission (IHRC), where he spearheads foreign special missions aimed at preventing illegal migration and human trafficking. This appointment is a testament of his reputation as a renowned security expert and industrialist, whose expertise transcends national borders.

 

In his role as the acting Director-General of the National Commission against the Proliferation of Arms, Light Weapons, and Pipeline Vandalism (NATCOM), Otunba Adegbenro has demonstrated a steadfast commitment to combating threats to national security. His vast experience in security consultancy and supply of security gadgets has positioned him as a pivotal figure in Nigeria’s security landscape.

 

However, Otunba Laje of Owu Kingdom’s contributions extend beyond the realm of security.

 

Through his foundation, the Otunba Adejare Adegbenro Foundation (OAAF), he channels his resources towards uplifting the less privileged in society. With initiatives ranging from the provision of boreholes to communities lacking access to clean water, to scholarships for deserving students, he exemplifies the spirit of philanthropy and communal solidarity.

 

Reflecting on his journey, Otunba Adegbenro once acknowledged the challenges he has faced, from navigating the complexities of entrepreneurship to confronting societal stereotypes.

 

Yet, through it all, he remains resolute in his commitment to service and upliftment. His philosophy, rooted in faith and compassion, drives him to make a tangible difference in the lives of others, regardless of obstacles encountered along the way.

 

Otunba Adejare Adegbenro stands as a testament to the power of leadership, resilience, and unwavering dedication to the common good. In him, Nigerians find not only a visionary leader but a compassionate steward of progress, whose impact reverberates far beyond the shores of his homeland.

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Real Reasons WPG, Parent Company Of Eko Electricity Distribution Company, EKEDC, Sacks Ex-MD/CEO, Tinuade Sanda With Immediate Effect

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West Power & Gas Limited, the parent company of Eko Electricity Distribution Plc (EKEDP) has sacked the immediate former MD/CEO of the electricity distribution company, Ms Tinuade Sanda.

Sanda’s appointment with WPG Ltd was terminated in a letter signed by the company chairman, Charles Momoh and dated April 17, 2024.

The letter titled, ‘Termination Of Contract Of Employment,’ said Ms Sanda’s termination of employment takes effect from the date on the letter.

It reads, “We refer to your contract of employment dated April 1, 2022, signed between you and WPG Limited [the “Contract”].

“We hereby advise you that your services are no longer required and accordingly your employment with WPG Ltd is hereby terminated effective April 17, 2024, in accordance with clause 10.2 of the Contract.

“WPG Ltd is obligated to pay you three months salary in lieu of notice and hereby advise you that the due amounts have been credited to your account.

“You are requested to kindly return all company’s properties (whether WPG or EKEDP) in your possession which will include but not limited to laptops, identity card, and status car upon your receipt of this letter.”

“We wish you all the best in your future endeavours,” it added.

On March 26, Society Reporters reported that Ms Sanda had been suspended by EKEDP and directed to return to WPG, from where she had been seconded to the electricity company.

The suspension was in line with a directive of the Nigerian Electricity Regulatory Commission (NERC) to the EKEDP board to suspend with immediate effect all the workers of WPG Limited working with the company.

WPG is a limited liability company incorporated under the laws of the Federal Republic of Nigeria, which has a stake in EKEDP. The consortium of local businesses acquired a 60% stake and controlling interest in EKEDP (Eko Disco).

We gathered that the directive might be connected with the recent petition by some concerned staff members of EKEDP to the Vice President, Senator Kashim Shettima; Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Economic and Financial Crimes Commission (EFCC) for intervention in the alleged endemic corruption in the management of the electricity distribution firm.

Although the company had dismissed the allegation, describing it as unfounded, the accusers continued to push for external investigation.

Society Reporters reported on March 18, that the Board of Directors and Management of the electricity distribution company had cleared all the staff members accused of corruption and other fraudulent practices.

The Board in a statement signed by its Chairman, Dere Otubu, titled “Eko Disco Management Cleared In ‘Ghost Worker’ Investigation,” said that the investigation into the ‘ghost workers’ allegations had been concluded and findings indicated that the allegations of fraud, negligence, or conspiracy against some members of staff were unfounded.

However, in compliance with the directive of NERC, the Board Chairman, Otubu, directed Ms Sanda to leave her position as MD/CEO of EKEDP, as she was also seconded from WPG.

But reacting to the report, Director and Chairman, Legal and Regulatory Committee, Mr. Babor Egeregor, faulted the Board Chairman’s letter suspending the MD/CEO and others on secondment, insisting that Ms Sanda remained the CEO of EKEDP.

Indeed, we learnt that following the directive, the MD/CEO, Chief Legal Officer, Chief Finance Officer, Chief Human Resources Officer, Chief Auditor and Compliance Officer and others on secondment at the company handed over their handover notes to their subordinates as directed.

A copy of the letter addressed to the MD/CEO signed by the board chairman, dated March 25, 2024 and obtained by us, is titled: ‘Implementation Of NERC Directive On Seconded Staff.’

The letter read, “We have received a NERC directive dated March 21, 2024, which instructed Eko Electricity Distribution Plc inter alia, as follows: ‘EKEDC is hereby directed to ensure that all staff working for the utility are employed by the utility directly, bound by applicable service conditions that are applicable to the employees of the utility and paid through the utilities payroll.’

“The Disco is obligated to obey these directives due to the powers of NERC as stipulated in the Electricity Act 2023. In compliance with the above directive, all seconded staff from WPG Ltd are being released by Eko Electricity Distribution Plc and returned to WPG Ltd.

“You are hereby relieved of your role, office, and position at Eko Electricity Distribution Plc effective immediately and returned to WPG Ltd your Employer.

“You are further directed to hand over to the highest ranking staff of Eko Electricity Distribution Plc under you.

“We hereby record our appreciation of your valuable services and contribution to the growth and successes achieved by Eko Electricity Distribution Plc over the years as a seconded staff from WPG.”

A source told this platform that those affected were discovered to have been operating with a ‘double standard’ on the job.

The Director of IT department, JP Attueyi, a WPG staff member also seconded to EKEDC, swiftly handed over to the most senior person in his department.

In his handover note, addressed to the IT Department and Temitope Odufuwa, dated March 25, Attueyi said it was in compliance with the directive of the chairman.

It partly read: “As you may be aware, I am a WPG staff seconded to EKEDC – WPG owns EKEDC. Today I got an email from the EKEDC Chairman saying that all WPG staff have been recalled back to the parent company effective immediately. As such, I will be handing over to Tope to run the IT department.”

“Please give him the necessary support as we navigate this period,” he wrote.

 

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Just In: EFCC Arrests Former Aviation Minister Hadi Sirika Over Alleged N8bn Nigeria Air Fraud

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The Economic and Financial Crimes Commission has arrested former Minister of Aviation, Hadi Sirika, over an ongoing N8,069,176,864.00 money laundering probe.

The indicted former Minister of Aviation arrived at the Federal Capital Territory Command of the EFCC at about 1:00 pm on Tuesday, The PUNCH is reporting.

Our correspondent, who was at the Wuse office of the EFCC, observed the embattled former minister’s arrival at the anti-graft agency’s Abuja office.

Following his arrival at the command, Sirika is currently meeting with EFCC investigators to answer questions on alleged fraudulent contracts awarded by him to a company known as Engirios Nigeria Limited, owned by his younger sibling, Abubakar Sirika.

Impeccable anti-graft sources who spoke on the condition of anonymity, because they were not authorized to speak, confirmed the development to our correspondent on Tuesday.

“Yes, that was Hadi Sirika who was taken into our FCT custody. He is currently meeting with EFCC investigators over the alleged N8,069,176,864.00 aviation ministry contract fraud,” a source revealed.

Another source noted, “The N8,069,176,864.00 aviation ministry contract fraud was carried out in connivance with his younger brother, Abubakar Sirika, through the latter’s company.”

In February, It was exclusively reported that the EFCC was investigating the activities of the Aviation Ministry under former Minister Sirika for conspiracy, abuse of office, diversion of public funds, and contract inflation.

A credible source who spoke with our correspondent on Tuesday revealed that the anti-graft commission is investigating the activities of the Aviation Ministry for conspiracy, abuse of office, diversion of public funds, and contract inflation.

Others are criminal breaches of trust and money laundering amounting to N8,069,176,864.00 during Sirika’s tenure in office.

 

The sum is said to be for four aviation contracts from the former minister to a company known as Engirios Nigeria Limited, owned by his younger sibling, Abubakar Sirika.

Apart from being listed as the company’s Managing Director and Chief Executive Officer, Abubakar is said to be the sole signatory to the company’s two accounts, domiciled in Zenith and Union Banksy.

It was further revealed that the ex-minister’s younger brother, Abubakar Sirika, has been arrested and detained by the commission in connection with N3,212,258,930.18 paid to his company, Engirios Nigerian Limited’s, bank account by the former minister.

It was noted that there is no trace of work done on any of the contract items to date.

The source said Abubakar Sirika, who was arrested on Sunday, February 4, has since been assisting the commission in its probe of the Aviation Ministry’s financial expenditures during Mr Sirika’s tenure.

The EFCC investigator said, “We’re investigating an N8,069,176,864.00 money laundering case linked to former Aviation Minister Hadi Sirika.

“Hadi awarded contracts to his brother Abubakar, knowing that the latter is a civil servant, a deputy director on Level 16 in the Federal Ministry of Water Resources, where he has been working since 2000 till date.

“The first of the contracts from the former minister to Engirios Nigeria Limited was on August 18, 2022, for the construction of the Terminal Building in Katsina Airport, at a cost of N1,345,586,500.00. The second was awarded on November 3, 2022, for the establishment of the Fire Truck Maintenance and Refurbishment Center in Katsina Airport, valued at N3, 811,497,685.00.

“The third contract was on February 3, 2023, for the procurement and installation of lifts, air conditioners, and a power generator’s house in Aviation House, Abuja, at the cost of N615,195,275.000, while the fourth was awarded on May 5, 2023, for the procurement of Magnus aircraft and a simulator for the Nigerian College of Aviation Technology, Zaria, at the cost of N2, 296,897,404.00.

“Out of the total contract sum, the ex-minister paid out N3,212,258,930.18 to his younger brother’s Engirios Nigerian Limited, who, upon receipt of the payment, transferred it to different companies and individuals. There is no trace of work done on any of the contract items to date.

“Abubakar Sirika is currently in our custody at the Headquarters, and he is providing us with more useful information on the financial activities of the Aviation Ministry under the supervision of his older brother, Hadi Sirika.”

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