Keystone Bank Limited has announced the appointment of Mr. Olaniran Olayinka as the Bank’s Acting Managing Director/CEO, subject to approval by the Central Bank of Nigeria (CBN).
According to the lender, the new appointment is in line with its strategic intent to constantly align its corporate structures and processes to support its sustained push for growth.
In a statement by the Company Secretary & General Counsel of the Bank, Dr. Michael Agamah on Friday, Mr. Olayinka will lead the Bank’s Executive Management to drive its strategic business and corporate goals leveraging on the robust banking experience garnered over several years across various sectors of the economy.
Commenting on the development, the Chairman of Keystone Bank, Alhaji Umaru H. Modibbo disclosed that the appointment of Mr. Olayinka as Acting MD/CEO is based on the Bank’s corporate philosophy and culture of optimising her human capital through sustained leadership development. He stated further that the Bank will continue to proactively nurture and harness its existing talents to assume leadership roles in the financial institution.
Mr. Olayinka, who is currently an Executive Director, holds a First-Class Bachelor’s Degree and a Master’s Degree in Economics from the prestigious University of Lagos. He has attended several executive courses and programmes in Banking Operations, Credit, Risk Management, Business Process Re-engineering, and Change Management, amongst others.
He had a four-year stint with PricewaterhouseCoopers and over 25 years banking experience covering Operations, Human Resources Management, Corporate Banking, Commercial Banking, Retail Banking and Institutional Banking.
Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.
The EFCC arraigned one of Bukola Saraki’s cousins over an alleged 220 Million Naira contract scam.
The Ilorin Zonal Office of the Economic and Financial Crimes Commission, EFCC, on Thursday, March 19, arraigned one Ope Saraki, a cousin of the immediate past President of the Nigerian Senate, Dr Bukola Saraki on two count charges bordering on contract scam to the tune of Two Hundred and Twenty Million Naira (N220, 000, 000), EFCC announced in an official statement.
Ope Saraki was arraigned before Justice Adenike Akinpelu of the Kwara State High Court sitting in Ilorin.
“The EFCC alleged that the defendant, while serving as Special Adviser to the Kwara State Government, knowingly acquired a contract of the supply of 13 Ambulances to General Hospitals into a company which he had interest,” the statement from the Commission reads.
The wife of a former Senator representing Bayelsa East Senatorial District, Ben Murray-Bruce, has passed on.
It was gathered that he lost his 43-years-old wife to cancer.
Confirming this, Murray-Bruce took to his twitter page to announce the sad news.
“Our children are devastated, I am too. But I have to be strong for them. Please put our family in your prayers. Like the sun, my wife was a blessing and touched the lives of everyone she met.
“Though she’s gone, she’d remain alive in our hearts forever. (The Nation)
The ad hoc committee of the national economic council (NEC) says distribution companies (DisCos) owe the electricity market N230 billion as a result of inefficient collection system and under remittance.
This is contained in the committee’s report submitted to the NEC presided over by Vice-President Yemi Osinbajo in Abuja on Thursday.
The NEC had appointed Nasir el-Rufai, governor of Kaduna state, as head of the ad hoc committee that will review the ownership of the DisCos.
The report said the DisCos made underinvestment of N164 billion (67 percent) into their network between 2015 and 2018, which is below their performance agreement target.
Speaking with journalists at the end of the meeting, Abdullahi Sule, governor of Nasarrawa state, said the DisCos made N147 billion from investments on their networks by the Niger Delta Power Holding Company (NDPHC) and the Rural Electrification Agency (REA).
“Excluding tariff shortfall (responsibility of federal government), DisCos’ indebtedness to the electricity market amounts to 230bn. This includes 48bn of MDAs indebtedness to DisCos. DisCos indebtedness is driven by collection shortfall and low remittance,” he said.
“Between 2015-2018, Discos under-invested relative to their performance agreement target by 164bn (67 per cent) and benefit from investments by NDPHC/REA in their networks to the tune 147bn.
“Board composition across Discos is disproportionately skewed towards private investors while states and LGAs have no representation. While on reform revitalization, the presentation stated that the EPSRA established a good framework for driving the reform, through a multi-stage competitive approach, the establishment of an independent regulator, and mechanism to protect the poor.
“The sector has underperformed due to critical challenges which include non-implementation of cost relative tariffs, misalignment between the investors and BPE on required investment in DisCos, underinvestment in infrastructure and poor implementation of rules/ contracts.
“Urgent measures needed to turn the sector around include recapitalization of DisCos, firm implementation of industry rules/ contracts and the insistence on sound governance principles that improve performance. (The Cable)
Prudential Zenith Life Insurance has launched a payment service which allows mobile phone customers in Nigeria to buy protection policies wherever they are.
Customers who dial *5966# on their mobile phones will be able to purchase a life insurance or hospital cash plan policy in a matter of minutes.
Speaking at the launch of the product at the Civic Centre, Victoria Island, Lagos on Wednesday, March 18, 2020, the Chairman of Prudential Zenith Life, Mr. Jim Ovia (CON), said “We are pleased to announce this exciting and innovative initiative that will democratize access to insurance for all Nigerians. We are strongly committed to deepening financial inclusion”.
On his part, the Chief Executive Officer of Prudential Africa, Matt Lilley said: “We launched Prudential Zenith Life in 2017 to help minimize uncertainty from the lives of Nigerians. I believe that this service will make it easier for people to access life insurance cover that gives them and their families financial peace of mind, if an accident or the worst were to happen.”
Research shows that Nigerians are significantly underinsured despite the adoption of mobile phones for insurance purchase in several parts of the world. Only one per cent of Nigerians have insurance whilst more than 95 per cent of the population have mobile phones. Prudential Zenith Life seeks to increase the number of families that have financial protection by making it convenient to purchase insurance on their mobile phones.
Prudential Zenith Life Insurance Limited is part of Prudential Plc, one of the oldest and most strongly capitalised life insurance companies in the world. It provides a range of insurance and investment-linked savings products designed to suit corporate and individual customers’ budgets.
Prudential Zenith Life seeks to remove uncertainty from life’s big events, providing customers with the freedom to confront the future with greater confidence. It is equally committed to meeting the long-term savings and protection needs of families and businesses in Nigeria. Whether someone is starting a family, saving for a child’s education or planning for old age, Prudential Zenith Life provides customers with financial peace of mind.