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President Tinubu Appoints Nigeria’s Renowned Banker, Jim Ovia as Chairman of Nigerian Education Loan Fund

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President Bola Tinubu has approved the appointment of the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND).

This was announced in a State House Press Release by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale on April 26, 2024.

According to the statement, ‘‘the President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds and of ensuring that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.’’

Jim Ovia, CFR, is the Founder and Chairman of Zenith Bank Plc, one of Africa’s largest banks with over $21.4 billion in assets and shareholders’ funds of over US$2.4 billion as at December 2023.  Zenith Bank is a global brand listed on the London Stock Exchange and the Nigerian Stock Exchange.

In addition to major operations in Nigeria and other West African countries, the Bank has sizeable operations in London and Dubai.

Jim Ovia is the Founder and Chancellor of James Hope University, Lekki, Lagos which was recently approved by the National Universities Commission (NUC) to offer postgraduate degrees in business courses.

James Hope University commenced activities in September 2023.

Through his philanthropy – the Jim Ovia Foundation – he has shown the importance he accords good education.  In support of the Nigerian youth, Jim Ovia Foundation offers scholarships to indigent students through the Mankind United to Support Total Education (MUSTE) initiative.

Most of the beneficiaries of Jim Ovia Foundation scholarship are now accountants, business administrators, lawyers, engineers, doctors etc.

He is the author of “Africa Rise and Shine”, published by ForbesBooks. The book which encapsulates Zenith Bank’s meteoric rise, details the secrets of success in doing business in Africa. He is an alumnus of the Harvard Business School (OPM), University of Louisiana (MBA), and Southern University, Louisiana, (B.Sc. Business Administration). Jim Ovia is a member of the World Economic Forum (WEF) Community of Chairpersons, and a champion of the Forum’s EDISON Alliance.

In recognition of Jim Ovia’s contributions to the economic development of Nigeria, in 2022, the Federal Government of Nigeria honoured him with Commander of the Federal Republic, CFR. Also, in May 2022, Jim Ovia was conferred with the National Productivity Order of Merit (NPOM) Award by the Federal Government of Nigeria.

Earlier, he has been conferred with the national awards of Member of the Order of the Federal Republic, MFR, and Commander of the Order of the Niger, CON, in 2000 and 2011, respectively, as a testament to his visionary leadership and contributions to Nigeria’s financial services sector.

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Appointments

CBN Replaces Nigerian Security Printing and Minting Plc Management Team

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The Central Bank of Nigeria (CBN) has dismissed the top management team of the Nigerian Security Printing and Minting Plc (NSPM), appointing Abubakar Sule Minjibir as the acting Managing Director.

This development was disclosed in an internal memo titled “House Notice No. 2083 – Executive Management Changes,” signed by Soji Ogungbesan, General Manager of Corporate Services at NSPM.

The newly appointed interim executive management includes Abubakar Sule Minjibir as the Acting Managing Director, Mohammed Mustapha as General Manager of Finance and Strategy, and Adesoji Ogungbesan as General Manager of Corporate Services.

Minjibir succeeds Ahmed Halilu, the former MD and CEO of NSPM, who had been appointed by the former President Muhammadu Buhari in 2022.

Halilu’s appointment had sparked controversy due to his reported familial ties with Aisha Buhari, the former President’s wife.

The memo, dated July 10, 2024, stated: “The board has announced the immediate dissolution of the present executive management team of the NSPM and has approved the immediate constitution of an interim executive management team.”

The memo also assured staff of the new management’s commitment to their welfare and the strategic initiatives and organizational transformation developed by the board.

Staff members were encouraged to cooperate with the new management team to achieve the board’s strategic vision for the company.

Alongside Halilu, the other executives dismissed include Ado Danjuma, Executive Director of Corporate Services; Tunji Kazeem, Executive Director of Security Documents; Chris Orewa, Executive Director of the Lagos factory; and Victoria Lucky Irabor, Company Secretary and Legal Adviser.

The dismissal and appointment of new management come amid concerns raised by various groups about the previous leadership’s connections and the potential implications for the security and integrity of sensitive materials produced by the NSPM.

The Gravitas Group, an international advocacy organization, had previously condemned Halilu’s appointment, calling it a “family affair” and expressing concerns about the concentration of such sensitive responsibilities within a familial relationship to the President.

As the CBN moves forward with the new interim leadership, it aims to steer NSPM towards achieving its strategic goals and ensuring the integrity and efficiency of its operations.

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Nigerian Exchange Group Announces Jude Chiemeka as Chief Executive Officer of Nigerian Exchange Limited

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Nigerian Exchange Group Plc (NGX Group) is proud to announce the appointment of Mr. Jude Chiemeka as the Chief Executive Officer of Nigerian Exchange Limited (NGX or The Exchange), effective July 1, 2024.

This follows the approval by the Securities and Exchange Commission (SEC).

Mr. Chiemeka has been serving as the acting CEO of NGX since January 1, 2024, succeeding Mr. Temi Popoola, who transitioned to the role of Group Managing Director and Chief Executive Officer of NGX Group.

Mr. Chiemeka brings nearly three decades of experience in African securities trading and asset management to his new role.

His distinguished career includes serving as Executive Director of Capital Markets at NGX and MD/CEO at United Capital Securities Limited.

He has also held significant positions at leading investment banking firms in Nigeria, such as Chapel Hill Denham Securities and Rencap Securities (Nigeria).

A Fellow of the Chartered Institute of Stockbrokers, Mr. Chiemeka is an alumnus of the University of Lagos, Lagos Business School, and the University of Oxford, UK.

Alhaji (Dr) Umaru Kwairanga, Group Chairman of NGX Group, stated, “This strategic appointment aligns perfectly with our succession plan and reinforces the synergy we continuously foster across our group operations. Mr. Chiemeka’s extensive experience and proven leadership qualities are invaluable assets that will propel NGX towards long-term success. Under his leadership, I am confident that NGX will play an even more pivotal role in contributing to the sustainable growth for both Nigeria’s and Africa’s economies.”

Mr. Ahonsi Unuigbe, Chairman of Nigerian Exchange Limited, added, “The Board of NGX is pleased to confirm Mr. Chiemeka’s appointment as CEO of The Exchange. It is our hope and expectation that he will drive growth and innovation, enhance our operational perspectives, democratize investment in the capital market, and unlock opportunities for investors.”

Mr. Temi Popoola, GMD/CEO of NGX Group, commented, “I am delighted to see Mr. Chiemeka step into the role of CEO of NGX. His extensive experience and deep understanding of our markets will be crucial in driving NGX’s growth while aligning with our broader group strategy. I look forward to working closely with him to unlock value and to create new opportunities for stakeholders across the entire NGX Group ecosystem.”

Expressing his gratitude, Mr. Chiemeka remarked, “I am honored to be appointed as CEO of NGX at this critical period of The Exchange’s history and my sincere appreciation goes to the Boards of NGX Group and NGX. As we aim to build on our achievements and maximize value for all stakeholders, I look forward to forging strong collaborations with NGX’s exceptional team and the broader capital market community. We are committed to creating a more dynamic and inclusive exchange that fuels Nigeria’s economic growth and competes on the global stage.”

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United Bank for Africa Welcomes Emmanuel Nnorom to Board

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Emmanuel Nnorom

The United Bank for Africa Plc (UBA), Africa’s leading global bank, has announced the appointment of Emmanuel Nnorom as its new non-executive director, effective April 30, 2024.

This strategic appointment has received the approval of the Central Bank of Nigeria (CBN) as of May 13, 2024.

In an official statement, UBA highlighted the significance of Nnorom’s addition to the board. “Africa’s Global Bank, United Bank for Africa Plc (UBA), hereby announces the appointment of Emmanuel Nnorom as a non-executive director effective April 30, 2024.

The Central Bank of Nigeria (CBN) granted approval for this appointment on May 13, 2024.”

Tony Elumelu, Group Chairman at UBA, expressed his enthusiasm about the appointment.

“The appointment of Emmanuel Nnorom, a professional with considerable experience in the sector, emphasizes our Group’s commitment to strong governance and excellence. Nnorom brings a track record of working in critical sectors of the Nigerian economy, including power, and a pan-African perspective that complements our existing Board.”

With over 40 years of experience in financial services and audit, Nnorom’s extensive background includes significant board roles with listed companies.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN).

Also, he is an alumnus of Templeton College, Oxford, further underscoring his vast expertise and qualifications.

UBA, which provides retail, commercial, and institutional banking services across several countries, including the United Kingdom, the United States of America, France, and the United Arab Emirates, continues to lead in financial inclusion and the implementation of cutting-edge technology.

This appointment comes at a time when UBA is celebrating record-breaking financial achievements. The bank recently reported over N2 trillion in revenue and a profit of N607.69 billion, the highest in its banking history.

Nnorom’s appointment is expected to bolster UBA’s board, bringing a wealth of knowledge and a fresh perspective to the bank’s operations. His experience in both financial services and critical sectors of the economy will be invaluable as UBA continues to expand its footprint and reinforce its commitment to excellence and strong governance.

As UBA continues to navigate the complexities of the global financial landscape, the addition of a seasoned professional like Emmanuel Nnorom signals the bank’s dedication to sustaining its growth trajectory and maintaining its position as a leading financial institution in Africa and beyond.

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