President Muhammadu Buhari has nominated a member of the Presidential Committee on Audit of Recovered Stolen Assets, Muhammad M. Nami, as the new Executive Chairman of the Federal Inland Revenue Service (FIRS). He will replace Babatunde Fowler, who became FIRS boss on August 20, 2015, after leading the tax reform in Lagos.
Nairametrics had previously reported that Fowler was expected to hand over to the most senior director at FIRS, Abiodun Aina, after the expiration of his tenure ended on December 8, 2019. The director will take charge, pending the confirmation of Nami and the new board by the senate.
According to the FIRS Establishment Act, the executive chairman shall be appointed by the President subject to the confirmation of the Senate. The chairman and other members of the board, other than ex-officio members, shall each hold office for a term of four years, renewable only once.
Who is Muhammad M. Nami: The appointment of Nami was announced by Spokesperson to the President, Garba Shehu, on his official Twitter account, @GarShehu. According to Shehu, Nami is:
- A well-trained Tax, Accounting & Management professional with highly rated qualifications and professional practice and licenses from relevant professional bodies.
- Nami has almost three decades of practical working experience in Auditing, Tax Management and Advisory and Management services to clients in the banking, manufacturing, services and public sectors as well as non- profit organizations.
- He is an expert in rendering advisory support services to investors in respect of new business start-ups and management of existing businesses. He has also continuously rendered outsourced services to clients in trading, service and manufacturing sectors of the nation’s economy.
- Nami attended Bayero University Kano and Ahmadu Bello University, Zaria where he obtained a Bachelor’s Degree in Sociology (1991) and a Masters of Business degree (2004) respectively.
- He is a fellow of Chartered Institute of Taxation of Nigeria, Institute of Debt Recovery Practitioners of Nigeria and Associate Member of Nigerian Institute of Management (Chartered) and Association of National Accountants of Nigeria.
- Nami started his career with PFK in 1993 and rose to the position of a Senior Consultant in charge of Tax management and advisory services.
- He is currently the managing consultant of Manam Professional Services (Chartered Tax Practitioners and Business Advisers) based in Kaduna, Abuja, Niger State. Nami has served and is still serving, on many companies’ Board and Statutory Board Audit Committees.
- Nami was appointed a member, Presidential Committee on Audit of Recovered Stolen Assets in November 2017 by President Buhari.
Before Fowler’s appointment, he was the Chief Executive Officer of the Lagos Inland Revenue Service (LIRS) where he served under the then governor of the state, Babatunde Fashola. The tax administrator spearheaded the Lagos tax reform agenda. He expanded the Lagos tax base, which resulted in an increase in Internally Generated Revenue (IGR) from an average of N3.6 billion per month in January 2006 to an average of over N20.5 billion per month in 2014.
Shehu further stated that “President Muhammadu Buhari has approved the composition of a new board for the Federal Inland Revenue Service, FIRS, subject to Senate confirmation. The board is composed of a member representing each of the six geographical zones and statutory representatives from a select number of ministries and government agencies.”
Buhari appoints 2 new deputy commissioners for NAICOM
This was disclosed in a statement by NAICOM’s Commissioner for Insurance Directorate.
President Muhammadu Buhari on Monday appointed Alhaji Sabiu Abubakar and Mr. Oba Oluniyi as two new Deputy Commissioners of the National Insurance Commission (NAICOM). This was disclosed in a statement by NAICOM’s Commissioner for Insurance Directorate, Mr. Rasaaq Salami.
READ MORE: Nigeria to build 142 agro-processing centres
Salami disclosed that Abubakar would be Deputy Commissioner for the Technical, while Oluniyi would assist with the running of the Finance and Administration (F&A) also Department.
NAICOM said that the appointments of the 2 new Deputy Commissioners would be effective from the 17th of July, and they will both serve as Deputy Commissioners for five years.
More details shortly…
Dangote Cement Plc. appoints Ms. Berlina Moroole as non-Executive Director
Ms. Moroole was previously CRO and Chief Audit Executive for Liberty Holding Group.
Dangote Cement Plc has announced the appointment of Ms. Berlina Moroole to its Board as a Non-Executive Director, subject to approval at the next Annual General Meeting.
In a statement issued by the company and sent to the Nigerian Stock Exchange, stated that “Ms. Moroole is the Chief Internal Audit, Risk and Sustainability Officer for Motus Holding, in the Board of Assupol (Audit Committee – Chair, Risk Committee and Social & Ethnic Committee – Chair) and M-sure.”
Ms. Moroole was previously CRO and Chief Audit Executive for Liberty Holding Group, Board member of a schedule 3 public entity in South Africa (Legal Aids South Africa) and an Audit Advisory Committee member for one of the United Nation agencies (UNFPA). “She is also a former Group CRO and CAE of a listed entity, Partner at Deloitte, Senior Manager for SARS internal audit department and internal auditor at CSIR Corporate Audit Services,” the disclosure revealed.
Recall that just late last year in November, Asue Ighodalo, Thabo Mabe, Halima Aliko Dangote, Olakunle Alake, Arnold Ekpe, and Yabawa Lawan Wabi (MNI) all stepped down from the board causing a massive shakeup. Four new directors had, however, been swiftly appointed.
The company recently released H1 2020 unaudited result for the period revealing a profit of N126.14 billion, against N119.24 billion recorded H1 of 2019. Its revenue had revealed a marginal 2% increase as it earned N476.85 billion for the period ended June 2020 while in 2019, its revenue stood at N467.73billion.
The company’s most recent share price as at today is N134.20. Its price-to-earnings ratio stood at 10.97 while its price-to-book ratio stood at 3.1347.
Cadbury Nigeria Plc appoints Adedotun Sulaiman as new board chairman
Mr. Sulaiman, has almost 40-years experience in strategic plan development.
Cadbury Nigeria Plc on Thursday announced the appointment of Mr. Adedotun Sulaiman (MFR), as the new Chairman of its Board of Directors, effective immediately.
Sulaimon replaces Mr Atedo Peterside who stepped down as Board chairman on 30th June 2020.
This announcement was contained in a statement issued by Mr. Frederick Mordi, the Company’s Corporate Communications and Government Affairs Manager for West Africa.
Mr. Sulaiman, has almost 40-years experience in strategic plan development, organisation design, human resource management, technology planning and process re-engineering.
READ ALSO: Union Bank announces death of its Chairman
The renowned management and strategy consultant was first appointed into the Board of Cadbury Nigeria Plc as a Non-Executive Director in August 2009.
He had served as a Country Managing Director and Chairman of Accenture Nigeria, and he currently sits on and/or chairs the board of several companies and not-for-profit organisations such as ABSA Nigeria Plc, Interswitch Limited, Cornerstone Insurance Plc, The Corona Schools Trust, and Greensprings Schools.
He is also Vice-Chairman of the University of Lagos Advancement Board, and Chairman of the Financial Reporting Council of Nigeria (FRCN).
Speaking on his appointment, Managing Director, Cadbury Nigeria Mrs. Oyeyimika Adeboye said, “Mr. Sulaiman’s professional track record of excellence in the private sector and strong commitment to corporate governance principles, make him a natural fit for the role.
“He brings on board, his integrity, wealth of experience, and exemplary leadership style that have made him one of the most respected business leaders in Nigeria today. We are delighted to have Mr. Sulaiman as our new Chairman.”
As Nairametrics previously reported, Mr. Atedo Peterside stepped down from his position as Chairman of the board effective 30th June 2020, in order to concentrate on other interests. He joined the board in 2009 as a Director, and had served on the board as chairman for a decade.