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President Bola Ahmed Tinubu signed a new national minimum wage of N70,000 into law on Monday, July 29, 2024, from the initial N30,000.

This decision followed a series of negotiations where the Tripartite Committee, which includes representatives from Organised Labour, the private sector, and the federal government, failed to reach a consensus.

The new minimum wage is seen as a significant step towards addressing the rising cost of living and enhancing the welfare of Nigerian civil servants.

 

However, the move has garnered mixed reactions from state governors. While some have expressed their readiness to implement the new minimum wage, others have raised concerns about their financial capacity to do so.

Here are some state governors who have announced their readiness to implement the new N70,000 minimum wage:

1. Babajide Sanwo-Olu (Lagos State):

During Workers’ Day on May 1, 2024, Governor Babajide Sanwo-Olu assured Lagos State civil servants that his administration would implement the new minimum wage. Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, confirmed on August 10, 2024, that the state had been paying above the minimum wage even before it was officially approved.

 

2. Ademola Adeleke (Osun State):

Governor Ademola Adeleke of Osun State has affirmed his readiness to implement the new minimum wage. On July 19, 2024, Osun State’s Commissioner for Information, Kolapo Alimi, stated that Adeleke’s administration is committed to workers’ welfare and will adhere to the new wage law.

3. Godwin Obaseki (Edo State):

Governor Godwin Obaseki of Edo State has already started paying the new minimum wage of N70,000, even before President Tinubu signed the bill into law.

 

4. Hyacinth Alia (Benue State):

Governor Hyacinth Alia of Benue State confirmed on July 19, 2024, that his administration is prepared to pay the new N70,000 minimum wage. He also noted that measures have been implemented to block financial leakages and ensure proper payment.

5. Babagana Umara Zulum (Borno State):

Governor Babagana Zulum of Borno State has expressed his commitment to paying the new N70,000 minimum wage. This was reported by Borno State’s Nigeria Labour Congress chairman, Inuwa Yusuf, on July 21, 2024.

6. Seyi Makinde (Oyo State):

Governor Seyi Makinde of Oyo State, through Chief Press Secretary Sulaimon Olanrewaju, stated on July 29, 2024, that implementing the N70,000 minimum wage would be manageable. Olanrewaju highlighted that the governor’s commitment to meeting the new wage requirement remains firm.

7. Abdullahi Sule (Nasarawa State):

Governor Abdullahi Sule of Nasarawa State has indicated readiness to pay the new minimum wage. On August 6, 2024, his Senior Special Assistant on Public Affairs, Comrade Peter Ahemba, confirmed the administration’s commitment to worker welfare and stated that payments would begin soon.

8. Lucky Aiyedatiwa (Ondo State):

Governor Lucky Aiyedatiwa of Ondo State has shown his willingness to implement the new minimum wage. This was announced on August 6, 2024, in a statement from the Ondo State Head of Service, Mr. Bayo Philip.

9. Ahmadu Umaru Fintiri (Adamawa State):

Governor Ahmadu Umaru Fintiri of Adamawa State announced on August 19, 2024, that the new N70,000 minimum wage has been approved for civil servants. He described this as a reaffirmation of his administration’s commitment to workers’ welfare.

[TheNation]

Thursday, 22 August 2024 17:50

Police apprehend 123 suspects in Enugu

The Enugu State Police Command announced on Thursday that it had apprehended a total of 123 suspects between July and August of this year.

The arrests were made in connection with various crimes, including murder, armed robbery, kidnapping, rape, vandalism, theft, illegal possession of firearms and ammunition, and cultism.

During a press conference at the Command’s Headquarters, State Commissioner of Police Kanayo Uzuegbu revealed that numerous incriminating exhibits were seized during the operations that took place across the state.

Uzuegbu further stated that many of the suspects have been charged and remanded in custody at the Nigerian Correctional Custodial Centres.

 

While commending the residents of the state for providing the command information, he still appealed they shouldn’t relent timely and actionable information will help the command to provide better security for all in the state.

A breakdown of the arrests shows that 123 suspects were apprehended and 19 victims of kidnapping and abduction were rescued during the period in question.

He said, “AK-47 and assault rifles recovered -15, Pump action guns recovered – 25, other firearms recovered – 35, live ammunition of different calibres recovered – 710, live cartridges recovered – 187, motor vehicles recovered – 17, tricycles recovered – 11, motorcycles recovered – 8,” the crime summary report indicated.

While confirming the attack on the police checkpoint where four policemen were killed by hoodlums, he, however, refuted the purported kidnapping of some persons around the Enugu State College of Health Technology, Oji-River.

He stated, “Rather, the four persons, three of whom were not students of the school, allegedly kidnapped around the College on August 14, 2024, have all been rescued and reunited with their families.

 

“Meanwhile, be informed that the suspects involved have been arrested and are undergoing interrogation.

“Also, the peddler of the unwarranted panic news on the incident has been traced and he has been apologizing for the mischievous act.

“Similarly, the sinister plans of the IPOB/ESN secessionist renegades to attack the police operatives and cause collateral damage at 4-Corner, along the Enugu/Port-Harcourt Expressway, on August 18, 2024, were squarely thwarted by the operatives.

“The militants, dressed in security forces uniforms and operating in a snatched Lexus 350 Jeep, suddenly opened fire on the patrol team on approaching the operatives.”

Uzuegbu commended the Enugu State Government, under the leadership of His Excellency, Dr. Peter Mbah, “for taking the bold and pragmatic steps of demolishing houses and facilities used in harbouring and perpetrating acts of abduction and kidnapping in the State.

“Therefore, I call on citizens of Enugu State, particularly landlords, hoteliers, and owners of uncompleted buildings to be mindful of who they accommodate in such structures.”

“This is to ensure that they do not harbour criminals whose activities could bring about the demolition of their building facilities.”

While providing further details on the arrests made within the period, the Police Commissioner said, “Yesterday, August 21, 2024, at about 5 p.m., Police Operatives serving in the Anti-Cultism Tactical Squad recovered an AK-47 rifle at New Artisan, Enugu.”

[Punch]

No fewer than 2,111 protesters were arrested in connection with the 10-day #Endbadgovernance action across the country that was held from August 1st to 10th.

Also, 1,403 have been surreptitiously arraigned in various courts. However, the suspects were ordered to be remanded in prison custody due to a lack of legal representation, whereas the Nigerian Bar Association, NBA, had publicly announced its intention to provide lawyers to defend them.

 

Femi Falana, SAN, human rights activist, and The Chair, Alliance on Surviving Covid-19 and Beyond, ASCAB, made the revelations in a fiery statement that also included an ultimatum for the government to charge them to court.

In the statement, entitled ‘HALT THE CLAMPDOWN ON PROTESTERS’, Falana also said: “Seven Polish students, who were taking part in an exchange programme in Bayero University, Kano, were arrested for taking photographs during the protest.

“They may be charged with espionage to give the impression that the protests were instigated by foreign interest groups.”

On the arrested and detained protesters, Falana demanded that “Whenever the suspects are going to be arraigned, they must be given adequate notice to be able to contact the Nigerian Bar Association, NBA, and their family members to make arrangements for their defence.”

Arrest across Nigeria

Falana also gave a breakdown of the distribution of protesters arrested across the states and the Federal Capital Territory, FCT, Abuja.

1. Kano — 873

2. Jigawa — 403

3. Katsina–120;

4. Gombe — 111

5. Sokoto — 110

6. Borno — 99

7. Yobe — 90

8. Bauchi-60

9. Plateau — 51

10. Kaduna — 50

11. FCT — 50

12. Nasarawa — 40

13. Niger — 25

14. Zamfara — 19

15. Cross Rivers — 10

‘Suspected looters are treated better’

According to the fiery activist, “We have also confirmed that individual lawyers who had applied for the bail of the detained suspects in police stations were not informed that they were going to be arraigned in the courts.

“We submit that the decision of the authorities to deny the suspects legal representation constitutes a violent breach of their fundamental right to fair hearing guaranteed by section 36 of the Constitution and article 7 of the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act.

“This is highly discriminatory and illegal on the ground that politically exposed persons who are arrested for looting the treasury to the tune of several billions of Naira are usually informed in advance of the dates and of their arraignment in the courts.

“Such highly placed suspected looters are always granted bail in liberal terms and even authorised by trial judges to travel abroad for medical treatment.

“The offence allegedly committed by the 783 suspects arrested in Kano is that they displayed the Russian flag during the protest.

“A tailor who was sowing the flag was also arrested by the police. It may be difficult to press charges against the suspects in a country where the flags of the United States, United Kingdom, France, Germany and other European countries are hoisted by the majority of hotels in Nigeria while Churches hoist the flag of Israel based on the erroneous belief that it is a Christian country.”

Vanguard News

 

Agora Policy, an Abuja-based think tank, says petrol subsidy will reach an all-time high in 2024 after gulping N4.2 trillion from January to August.

In a post on Thursday, the organisation said petrol subsidy, which was supposedly ended in mid-2023, “is not only back but bigger than prior era”.

Agora Policy said petrol subsidy stood at N5.10 trillion in 2023 — almost double the record set in 2022. 

“With 4.2t incurred in just seven months, 2024 is set for an all-time record,” the think tank said.

 

According to data shared by Agora Policy, Nigeria spent N220 billion in 2006 on subsidy, N236 billion in 2007, and N360 billion in 2008.

In 2009, petrol subsidy payments dropped to N198 billion, increasing to N416 billion in 2010, and N1.9 trillion in 2011.

The year after, the petrol subsidy culminated in N690 billion, but dropped to N495 billion in 2013, N482 billion in 2014, N317 billion in 2015, and N99 billion in 2016.

 

However, in 2017, Agora Policy said the amount spent on petrol subsidy rose to N142 billion, N722 billion in 2018, before declining to N578 billion in 2019, and N135 billion in 2020.

The decline halted in 2021, as the petrol subsidy rose to N1.16 trillion, N2.91 trillion in 2022, and N5.10 trillion in 2023. 

Out of N20.37t incurred on petrol subsidy from January 2006 to July 2024, the year 2023 accounted for 25.04% of the total while seven months in 2024 alone is responsible for 20.67% of the total,” Agora Policy said.

By contrast, the organisation said 16 years accounted for just 40 percent of the total subsidy.

 

“Petrol subsidy as a percentage of gross oil revenues in 18 years and seven months: from 21% in 2011 to 126% in 2023, then to 113% between January and July 2024,” Agora Policy said.

“Another dimension: petrol subsidy as a percentage of FAAC net revenues, ranging from 1.9% in 2020 to 50% in seven months of 2024.

“Here’s what petrol subsidy as a percentage of GDP looks like. Petrol subsidy was 2.2% of GDP in 2023, when it was supposedly gone by mid-year.”

Agora Policy said the percentage for 2023 was only surpassed by that of 2011 (3 percent), “regarded as a tipping point”.

 

TheCable had reported that President Bola Tinubu approved a request by the Nigerian National Petroleum Company (NNPC) Limited to utilise the 2023 final dividends due to the federation to pay for the petrol subsidy.

However, on August 19, the national oil company said the federal government owes it N7.8 trillion for petrol subsidy — despite denying the existence of petrol subsidy 

 

On August 20, the NNPC said it is selling petrol at only half the landing cost.

[TheCable]

The Federal Government has unveiled the new Presidential Jet -Airbus A330 which it acquired against widespread criticism Many Nigerians had argued that the acquisition would be insensitive given the country’s economic challenges; hence suggested that existing aircraft should be overhauled while others maintained that the purchase was a necessity rather than a luxury. The Government as an act of being transparent and accountable should make public the cost of the Jet.

The current presidential fleet consists of old aircraft that have become unreliable and consume high maintenance costs. The President was forced to use chartered flights to Saudi Arabia and from South Africa; the Vice President also had to cancel an official visit to the United States due to faulty presidential aircraft. It is more cost-effective, safer, and convenient to have a functional presidential fleet than frequently chartering flights.  New planes consume less fuel, require less maintenance, and are more reliable than older ones.

The President and the Vice President require a functional and reliable presidential fleet to perform their duties optimally. They are often required to travel to attend summits, and meetings, engage in foreign missions, respond to emergencies, etc. Lest we forget, Presidential Jets are also a symbol of National Pride and the Status of Office. Also recently a good number of high-profile persons including the former President of Iran have died in air mishaps; a call for more caution. New planes have better visibility, navigation systems and are more resilient.

 

It is important to note that three aging presidential aircraft were put up for sale in June 2024 and that the  Presidential Jet is an asset, not an expense which is expected to be used beyond this administration.  It is an investment that will facilitate effective governance. While wastage in governance should be minimized, cost containment should not be over-emphasized. A leader can save a lot of money during his tenure whilst leaving important things undone; sometimes as a result of lack of initiative. More important is tackling corruption and ensuring that government expenditures pass the cost-benefit assessment before they are incurred.

The outcry over the purchase of the President Jet is understandable considering the current economic hardship in the country, the government should therefore sensitize people on the benefits of the purchase and reassure people that it is working on improving their welfare. The government should also fast-track the implementation of policies that will reduce economic hardship in the country. The cost of the new Presidential Jet should be made public.

Kenechukwu Aguolu FCA,CBAP,PMP
This email address is being protected from spambots. You need JavaScript enabled to view it.

In the bustling neighborhood of Ogba, Lagos, I recently encountered a mechanic whose words have since lingered in my mind. As we talked about the challenges of daily life and the state of the nation, he remarked in pidgin, “Na my turn to chop nor good for politics.” This simple, yet profound statement encapsulates a critical issue plaguing Nigerian politics today; the dangerous mentality of self-enrichment at the expense of the public good.

The phrase “Na my turn to chop” has become a common and tacit refrain in Nigeria’s political discourse, symbolizing the entitlement mentality that drives many politicians to seek office. For too many, political office is seen not as an opportunity to serve the people, but as a means to personal enrichment. This mentality is often justified by the argument that it is “my turn” to benefit from the spoils of power, as if governance were a relay race in which the baton of corruption is passed from one politician to the next.

However, the mechanic’s statement, “Na my turn to chop nor good for politics,” challenges this notion. It is a reminder that this mindset is not only morally wrong but also fundamentally destructive to the nation’s progress. When politics is reduced to a feeding frenzy, the very purpose of governance, to improve the lives of the people is lost. The result is a cycle of poverty, underdevelopment, and social unrest.

 

This culture of “chop” politics manifests in various forms, from the embezzlement of public funds to the awarding of contracts to cronies without regard for competence or public interest. It is a culture that prioritizes personal gain over public service, and it is deeply ingrained in the fabric of Nigerian politics.

The consequences of this mentality are all too evident. Infrastructure projects are abandoned halfway, public institutions are underfunded, and basic services like healthcare and education are neglected. Virtually all Nigerians, who depend on these services, are left to bear the brunt of this mismanagement, while those in power live in opulence.

Yet, the irony is that this culture of self-enrichment ultimately harms everyone, including those who engage in it. When roads are left in disrepair, even the politician with the latest luxury car cannot drive comfortably. When hospitals are poorly equipped, even those in power must seek medical care abroad, at great expense. In essence, the selfishness that drives “chop” politics creates a society in which no one, not even the politicians themselves, can truly thrive.

 

It is time for a shift in mindset, both among the political class and the electorate. Politics should be about service, not self-enrichment. Leaders should be chosen based on their ability to deliver on their promises and improve the lives of the people, not on their capacity to “chop” the most. The electorate, too, must reject candidates who campaign on the basis of patronage and instead demand accountability and transparency.

The mechanic in Ogba was right, “Na my turn to chop nor good for politics.” It is a mentality that has held Nigeria back for far too long. If the nation is to move forward, this culture must be rejected in favor of one that prioritizes the common good over personal gain. Only then can Nigeria truly fulfill its potential and provide a better future for all its citizens.

Partisan politics, often referred to as “paddy-paddy politics” and “chop-I-chop politics,” has become a significant obstacle to good governance in Nigeria. This form of politics, where alliances are formed based on personal gain rather than the public good, prioritizes the interests of a few over the needs of the many. It fosters an environment where loyalty to political benefactors takes precedence over accountability to the electorate, leading to decisions that serve the elite rather than addressing the pressing issues facing the nation.

 

The consequences of such politics are evident in the stagnation of critical sectors like healthcare, education, and infrastructure. Instead of implementing policies that would benefit the masses, politicians are more concerned with securing their positions and enriching themselves and their allies. This “chop-I-chop” mentality has led to widespread corruption, with public funds being siphoned off to fund lavish lifestyles while ordinary Nigerians continue to struggle with poverty and lack of basic amenities.

Ultimately, partisan politics undermines the very essence of democracy, which is meant to be a government of the people, by the people, and for the people. When politicians engage in “paddy-paddy” alliances, they betray the trust of those who elected them, and the result is a cycle of bad governance that perpetuates inequality and hinders national development. For Nigeria to progress there needs to be a shift away from this destructive brand of politics towards a system that prioritizes the common good and holds leaders accountable to the people.

The Peoples Redemption Party (PRP) condemns and opposes the attempt by the state governments to impose a plutocracy on the nations fledgling democracy through fees charged by the States Independent Electoral Commissions (SIEC's) for nomination forms to contest local government elections nationwide. The party views these charges, such as N10,000,000.00 for chairmanship and N5,000,000.00 for councillorship candidates in Kano or even the N2,000,000.00 levied for chairmanship and N600,000.00 for councillorship candidates in neighbouring Kaduna State, as deliberate attempts to disenfranchise ordinary Nigerians from contesting for elections in the local governments of their states. The Constitution of Nigeria, in spirit and words, has not intended that Nigeria should be governed only by the rich.
 
The PRP is shocked that the SIECs of these states have chosen to ignore the principle of equity and fairness, which is at the heart of democratic governance. The party believes that the right to participate in the electoral process is a fundamental human right that should not be denied to anyone based on their financial status. Charging these exorbitant fees by the state for nomination forms to contest elections at local government levels amounts to denying the poor, which are about 98% of the population, participation in their governance. This practice will deny many good people with conpetence and integrity participation in their governance, leaving the horizon for only rich persons or those backed by money bags or state governments who would control and continue mismanaging the resources of the local governments.
 
The PRP demands that state governments such as Kano and Kaduna reverse these exorbitant fees and charge reasonable fees or zero fees for nomination forms. After all, the Independent National Electoral Commission (INEC) that conducts national and state assembly elections for the president, vice president, governors, senators, and members of the federal and state legislatures does not charge these contestants for their nominations. We cannot and should not continue to condone a system that favours only the rich and powerful at the expense of the teeming Nigerian masses. Furthermore, the PRP urges all states that have not yet announced their fees for nomination forms to emulate INEC by charging no fees at all. It is most unfair to subject aspiring candidates to arbitrary fees, which will lead to situations where only the rich with deep pockets can participate in the electoral process.
 
The PRP believes that every Nigerian, rich or poor, has the right to participate in the democratic process without being hindered by financial constraints. We believe that democracy should be about inclusivity, not exclusivity. We warn that if the ruling class continues with this practice, ordinary Nigerians, inclusive of the Nigerian youth that constitute over 60% of the registered voters, may rebel against the system, and if and when they do, we should blame these plutocrats preventing ordinary Nigerians from participating in elections.
 
It is our duty as a responsible political party to speak out against this injustice and demand better from our leaders, and should we not be listened to, we will have no options as an interested party but to go to court to ask as to whether or not the practice of using financial strength to exclude ordinary Nigerians from participating in the electoral process is not a breach of the fundamental human right of these ordinary Nigerians from participating in their governance in a plural democracy.
 
We call on all Nigerians to join us in this struggle for democratic rights and demand that our leaders prioritise the interests of the people over personal gain. We will not tolerate any action that seeks to disenfranchise ordinary Nigerians and undermine the very fabric of our democracy.
 
Falalu Bello, OFR
National Chairman 
Peoples Redemption Party (PRP).
 
 
 
 

Students of Moshood Abiola Polytechnic (MAPOLY) and some community leaders of the town have alleged the Chairman, Governing Council of Mapoly, Prof. Kamaldeen Balogun of conniving with the institution's Registrar, Mrs. Olubunmi Elewedalu to install new micro finance Managing Director, Mr. Ayodeji Adeolu Jibodun.

It was revealed that the new MD is younger brother to the institution's Registrar, Elewedalu, alleging that it was against the rules and regulations guiding the Polytechnic and Mapoly Microfinance board. 

Speaking on anonymous with the journalists, they were calling on the state government to raise a panel of enquiry to look into the Mapoly Microfinance, so as to ensure sanity and justice, noting the act may destroy the foremost and great citadel of learning in the state.

"Indeed, the registrar with full support of the Chairman, Governing Board screened-out best contenders for the pposition of Managing-Director of MAPOLY Microfinance Bank and installed his unqualified brother, Mr. Ayodeji Adeolu Jibodu, even with PASS from the Federal Polytechnic, Ilaro, which against financial regulations of the banking sector and negates the banking rules." they said

Also, a senior staff of institution, pleaded on anonymity said that the CBN is yet to recognised the new MD, as the Chairman and Registrar failed to provide reason for untimely resignation and termination of a well recognised Director of the bank.

"We thereby call on the NDIC, CBN and Ogun State government to look into the selection process of MAPOLY MFB. The government must also stop the Chairman, Governing Council of the Institution, Prof. Kamaldeen Balogun from abuse of power and do the right thing to save the bank and indeed, the Polytechnic from mediocrity and destruction," a saff said

According to the information gathered from the institution, if the anomalies and unrighteousness continue in chosen unqualified person as the MD of the institution's bank, they would have power to undermines embesslement, misappropriation of money, saying that they will mismanage fund.

"In fact, the bank has been in shamble dues to mismanagement of fund and they had already depleted the bank finances and Central Bank of Nigeria may revoke the bank licence which in turn will have adverse effect on both majority of the institution and minority shareholders; like students, communities and others," finding revealed 

It was observed that the Chairman of Mapoly board, Registrar and his brother are the three running the Microfinance bank, instead of the recognised and registered Directors who are; the Rector, Dr. Adeoye Odedeji, the Bursar, Mr. Fatai Adisa Yekini, who are not in their good record.

It added that Dr. (Mrs) Olasunbo Oyebolu who was sent away during the interview of the selection Managing Directors of the Microfinance bank in April, 2024 and she was later forced to resign as Director of the Board of the bank.

In her response, Elewedalu agreed that the new Microfinance Bank was her brother but refused to response to other questions, claiming that she is a public servant, saying that she was in better position to response to some issues. 

While the calls to the Chairman Governing Council didn't go for further clarification, as messages sent to him didn't no go.

It should be recalled that around April 2024, one of the Governing Council Board Member, Alhaji (Dr) Rasheed Adenusi complained about some decisions of the Microfinance Bank Board which was not followed by Prof. Kamaldeen Balogun, saying that Chairman and the Registrar decided to take over the functions of the Board of the Bank.

 
 
 

The Chairman of DAAR Communications Plc, owners of AIT, Raypower and Faaji FM, Raymond Dokpesi (Jnr), has offered explanations on why he had to ease 10 Directors, including Dr. Oluwatosin Dokpesi, the wife of his late father, Dr. Raymond Dokpesi, out of the company.

Dokpesi offered the explanation in an interview with Daily Sun on Wednesday, days after the sack was confirmed by the firm.

 

He said: “I think the first thing to recognise is that it is not a personal decision to ask anyone to go. 

“If I had it left to me and to myself, I would definitely want to harness the experiences, the relationships and the skills that the existing management has for a little bit longer. 

“But the reality of the matter is that we are a publicly listed company. 

“We are the only publicly listed media company on the Nigerian Stock Exchange and that means we are also bound by the Securities and Exchange Commission rules and the code of corporate governance is mandatory for all publicly listed companies. 

“So, that means our responsibilities to our shareholders transcend personal choices or personal opinions.

“We have persons who are leaving the organisation after 27 years; we have people who are leaving after 22 years. 

“The vast majority of this time, they have spent in executive management positions and yet, the code of corporate governance and our internal documents state we should only do a maximum of two terms of five years.

“So, their retirement is, in fact, long overdue. 

“It was a decision which ought to have been made, even as far back as five, six, seven years ago. 

“But as of that time, my dad was still alive, very present and very active and also, we were going through different political turbulence as far as our organisation is concerned.

“Nobody needs to be reminded of the history of the former President Muhammadu Buhari administration with reference to the treatment of AIT and our founder in particular.

“Notwithstanding, whatever you want to say about the incumbent administration, I think, to some large extent, they have shown their capacity for accommodation of all shades of opinions from public broadcasters.

“We don’t feel the heat and the intimidation of governments as we did a couple of years ago and the time is opportune and right as well for us to review where exactly we want to go, going forward from here.

“For me, and I think also for the vast majority of members of our board, the decision comes down to simply determining: Do we want to continue on our existing trajectory or do we want to do something differently? 

“And if we are looking at doing something differently, it means we have to subject ourselves to abide by the terms and conditions of extant laws and regulations to give the investing public confidence into our organisation and the administration and also to be able to attract the kinds of funds and investments we need to grow and expand beyond our existing programmes.”

DAAR Communications PLC announced the retirement of members of its Executive Management with effect from October 31, 2024 in compliance with Code of Corporate Governance as well as Company’s Internal Control Policies and Procedures Manual.

A statement signed by the Company Secretary, Miji Jonah, said the affected officials have spent over 10 years in such capacity. 

Those affected were Senior High Chief Tony Akiotu, Dr. Oluwatosin Dokpesi, Dr. Ambrose Somide, Anthony Uyah, Paulyn Ugbodaga, Mary Lawrence-Dokpesi, Faith Ikems, Imoni Amarere, John Iwarue and Johnson Onime.

The Board of DAAR Communications PLC expressed gratitude to all the retiring Executive Board members for their invaluable contributions to the company during their tenure and wished them the very best in their future endeavours.

The statement added that the media conglomerate is working on major restructuring of its leadership and once this is concluded, the Nigerian Exchange Limited and other regulatory authorities, its shareholders and the general public would be notified.

 [EagleOnline]

Key Points


  • Arrie Rautenbach announces early retirement as Absa Group CEO, effective April 2025, after 27 years with the bank.
  • Charles Russon will serve as interim CEO starting Oct. 2024, pending regulatory approval, amid Absa’s ongoing market challenges.
  • Yasmin Masithela takes on the role of Interim CEO for Absa’s Corporate and Investment Bank, supporting the leadership transition.

Absa Group has announced the early retirement of its Group Chief Executive Officer, Arrie Rautenbach, effective from 15 April 2025.

Following discussions with the Board, Rautenbach will step down as CEO and executive director of Absa Group and Absa Bank on 15 October 2024. He will then serve a six-month garden leave period until his official retirement.

Rautenbach, who became CEO in 2022, is the sixth leader to head the bank in the past six years. His 27-year career with Absa includes significant contributions to the organization’s growth.

The Absa Board expressed its gratitude for Rautenbach’s dedicated service and the impact he made during his tenure.

Absa group under Arrie Rautenbach

Under the leadership of Arrie Rautenbach, Absa Group has demonstrated robust financial performance, surpassing $5 billion in revenue for fiscal 2023.

Notable moves include a multi-million dollar vehicle finance partnership with Renault South Africa, a subsidiary of the French multinational automobile manufacturer Renault, and a $60 million trade finance facility provided to Volcafe, a leading green coffee merchant, in collaboration with the International Finance Corporation (IFC).

Charles Russon takes the helm as interim CEO

Charles Russon, currently the Chief Executive of Absa’s Corporate and Investment Bank, will step in as the interim Group Chief Executive Officer on 15th, Oct. 2024. His appointment is pending regulatory approval, and he will also join the boards of Absa Group and Absa Bank as an executive director.

Russon’s experience at Absa dates back to 2006. He has held several key positions, including Chief Financial Officer of Absa Capital, Regional Head of Finance, Chief Operating Officer, and Chief Executive of Engineering Services.

A chartered accountant and Rhodes University graduate, Russon also gained international experience at Merrill Lynch and Deutsche Bank in London and Frankfurt.

Absa has struggled to maintain market share in recent years. The Board believes that Russon’s leadership will provide the stability needed during this transition. They plan to conduct a thorough search for a permanent Group Chief Executive.

[Billionaire Africa]