Breaking News
BREAKING NEWS: Zenith Bank Appoints New Chairman at Annual General Meeting
Zenith Bank Plc has announced the appointment of Engr. Mustafa Bello as the Chairman of its Board of Directors. The appointment, which takes immediate effect, has been approved by the Central Bank of Nigeria (CBN) and ratified by shareholders at the Annual General Meeting held on May 5, 2026.
Engr. Bello’s appointment represents a strategic step to ensure the continuity, stability, and sustained effectiveness of the Board, while reinforcing the high standards of corporate governance, regulatory compliance, and strategic oversight for which Zenith Bank is widely respected. He joined the Board of Zenith Bank Plc on 29 December 2017 and has served on several Board committees, including the Board Audit and Compliance Committee, Board Governance, Nomination and Renumeration Committee and as Chairman of the Board Risk Management Committee until his appointment as Chairman of the Board of Directors.
He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations, and a proven track record in strategic oversight and organisational growth. He has consistently demonstrated integrity, independence and sound judgement, qualities that distinguished him as the natural choice to lead the Board into its next chapter.
Engr. Mustafa Bello is a distinguished engineer, statesman and corporate leader. His career spans more than four decades across the public and private sectors of the Nigerian economy. He served as Minister of Commerce of the Federal Republic of Nigeria from 1999 to 2002 under President Olusegun Obasanjo, GCFR, where he led the development of Nigeria’s WTO-consistent Trade Policy. He also oversaw the Corporate Affairs Commission (CAC) online project of 2002, which modernised the way businesses register and operate in the country. From November 2003 to February 2014, he served as Executive Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC), where he was instrumental in attracting foreign direct investment into Nigeria, building multilateral and bilateral partnerships, and representing the Federal Government at international conferences and missions.
He graduated from Ahmadu Bello University (ABU), Zaria, in 1978 with a B.Engr. in Civil Engineering (Second Class Upper Division), winning the Shell Prize for the best project and thesis in the Faculty of Engineering. He began his career with the Nigerian Army’s Directorate of Quartering and Engineering Service from 1978 to 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer from 1980 to 1983.
He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian economy, and has previously served on the boards of Eskom Holdings Limited of the Republic of South Africa (2004 to 2008) and FrieslandCampina WAMCO Nigeria Plc as an Independent Non-Executive Director. He is a Fellow of the Nigerian Society of Engineers and a Registered Member of Council for the Regulation of Engineering in Nigeria (COREN) as well as Fellow of the Academy of Natural Sciences & Engineering in Nigeria (ANSEN).
Zenith Bank stands among Africa’s leading financial institutions, with a strong capital base and operations across Nigeria, the United Kingdom, the United Arab Emirates, Ghana, Sierra Leone, The Gambia and Côte d’Ivoire.
Breaking News
BUNKERING: Troops Uncover Suspected Illegal Refinery In Rivers, Recover Crude Oil Processing Equipment
Troops have uncovered suspected illegal crude oil refining equipment during a patrol operation in the Orashi National Forest, Ahoada West Local Government Area of Rivers State.
The development was disclosed in a report by Zagazola Makama, a counter-insurgency and security expert covering the Lake Chad region.
According to the report, the discovery was made at about 12:00pm on Saturday by troops of the 16 Brigade Garrison at Abissa in collaboration with personnel of the 5 Battalion while carrying out anti-crude oil theft operations.
Makama reported that the troops discovered equipment believed to have been used for suspected illegal crude oil refining activities during the patrol.
Items recovered from the site included one large oven drum, one large coolant, two small oven drums, one small coolant, one long galvanised pipe and two sacks containing crude oil.
Makama said the recovered items were handled in line with the operational procedures guiding the ongoing anti-crude oil theft operations.
“The operation forms part of sustained efforts by security forces to dismantle illegal refining camps, curb crude oil theft and protect critical national assets in the Niger Delta region,” the report stated. …For more, Complete your reading.
You may like
Breaking News
US-Based Nigerian Seek Court To Set Aside Judgment
A Nigerian-American engineer, Anthony Ehiedu Ugbebor, has asked the Court of Appeal to overturn the judgment of the Lagos High Court which declared that his property purchase agreement with a developer, Mr Olukayode Olusanya and Oak Homes Multinational Services Limited had been extinguished by the doctrine of novation.
The Lagos High Court had in the judgment ordered the refund of the N152 million Ugbebor paid for two luxury apartments in Victoria Island, Lagos.
In a Notice of Appeal filed by his counsel, Barrister Nasir Salau of Nasir Salau & Co., challenging the June 15, 2026 judgment delivered by Justice Akingbola George, Ugbebor argued that the trial judge misapplied settled principles of contract law, ignored material evidence, wrongly dismissed his counterclaim, and erroneously refused his claim for specific performance of the property sale agreement.
The appeal arose from Suit No. LD/4471LM/2023, instituted by property developer Olukayode Olusanya and Oak Homes against Ugbebor and the Economic and Financial Crimes Commission, EFCC, over alleged trespass on two second-floor three-bedroom apartments located at 14A Musa Yar’Adua Street, Victoria Island, Lagos.
Although the Lagos High Court dismissed most of the developer’s claims, it held that the parties’ conduct had effectively terminated their original agreement through novation.
The court also ordered Olukayode and Oak Homes to refund the N152 million previously paid by Ugbebor, while dismissing the engineer’s counterclaim seeking completion and delivery of the apartments or, alternatively, damages.
Dissatisfied with those findings, Ugbebor asked the Court of Appeal to overturn the judgment, restore the validity of the original contract and compel Oak Homes to honour its obligations under the agreement
Ugbebor also urged the appellate court to set aside the judgment in its entirety, arguing that the Lagos High Court’s findings were contrary to the evidence and established legal principles governing contracts.
He maintained that the original agreement remained valid and enforceable and asked the Court of Appeal to compel Oak Homes to honour its contractual obligations.
One of his principal complaints is that the trial judge wrongly placed the burden of proving payment on him instead of the claimant.
According to the Notice of Appeal, the judge erred in holding that he failed to make payments within contractual timelines despite evidence that the payment structure under the agreement was tied to construction milestones rather than fixed dates.
The appellant argued that under the payment schedule contained in Exhibit CW1, 35 percent of the purchase price became payable upon completion of the roofing stage, while the final 20 per cent became payable only upon completion of the apartments.
He maintained that the agreement never required payment on fixed calendar dates and that he had already paid about 80 per cent of the agreed purchase price even though the developer allegedly failed to attain the contractual milestones.
According to him, the trial judge misconstrued the payment clauses and ignored the unchallenged testimony of the defence witness that substantial payments had been made despite the developer’s inability to complete the project as agreed.
He further argued that under the Evidence Act, the burden of proving non-payment rested on Oak Homes, which alleged breach of contract, and not on him.
A major plank of the appeal is the trial court’s reliance on the doctrine of novation.
Justice George had held that the conduct of both parties created a new contractual relationship which effectively extinguished the original agreement.
However, Ugbebor argued that the finding was contrary to established principles of Nigerian contract law.
Relying on the Supreme Court’s decision in Heritage Bank Ltd v. Ajugwo, he contended that novation cannot be presumed merely from the conduct of parties.
According to him, for novation to arise there must be a clear agreement by all parties to substitute the original contract with a new one, coupled with an intention to extinguish the previous contractual obligations.
He argued that no witness testified that such a new agreement existed and no documentary evidence established one.
Rather, he maintained that the conduct relied upon by the trial court was consistent only with issues of delayed performance and alleged breach, not the creation of an entirely new contract.
He therefore urged the Court of Appeal to hold that the original agreement remained valid and binding. …For more, Complete your reading.
You may like
-
Breaking News7 months agoTerrorists Want ₦2m ‘levy’ in Katsina Community Despite Peaceful Agreement
-
Breaking News8 months agoEx-EFCC Exhibit Keeper Kaduna Zonal Directorate, Allegedly Steals ₦22m
-
Breaking News9 months agoNiger Delta Group hails Tinubu, NUPRC for ₦373bn host community fund and 536 life-changing projects
-
Breaking News6 months agoBreaking News: Nigerian Air Force Reportedly Kills 750 Terrorists in Borno State
-
Business9 months agoHouse of Representatives probes $35m modular refinery project
-
Breaking News9 months agoUCL: Osimhen Statement after Galatasaray’s 3-1 Win over Bodo/Glimt
-
Breaking News6 months agoNasarawa Insecurity: Suspects Apprehended, Man Hunt Ongoing – Gov Sule
-
Business2 months agoBREAKING NEWS: Zenith Bank Rewards Investors with ₦410.69bn Dividend at AGM
