Exactly 25 days after the burial of former Chief of Staff, Mallam Abba Kyari who died of complications from COVID-19, President Muhammadu Buhari has appointed his replacement – Professor Ibrahim Agboola Gambari.
The formal announcement was made Wednesday afternoon during the Federal Executive Council Meeting. This is according to a Personal Assistant to President Muhammadu Buhari, Bashir Ahmad, who announced the development on Twitter.
President @MBuhari has appointed Professor Ibrahim Gambari, as his Chief of Staff, Boss Mustapha, Secretary to the Government of the Federation, announced the appointment today at the virtual Federal Executive Council (FEC) Meeting.
— Bashir Ahmad (@BashirAhmaad) May 13, 2020
While the flurry of encomiums and congratulatory messages continue to pour in, it is expedient to briefly look at Gambari’s pedigree. He has held numerous leadership positions (both national and international) and garnered experiences that validate his competencies. He was appointed Chairman of the United Nations Special Committee Against Apartheid in 1990, a position he held till 1994. He became Ambassador and Permanent Representative of Nigeria to the United Nations in 1990 and served there for 9 years.
Between 1999 and 2005, he served with the United Nations as the first Under-Secretary-General and Special Adviser to the Secretary-General in Africa. At about the same time, he was the Resident Special Representative of the Secretary-General and Head of the United Nations Mission to Angola. He was also the head of the UN Department of Political Affairs between 2005 and 2007. The professor is also a one-time Minister for External Affairs (1984-1985), joining the African Union at the time as a national delegate.
He once served as the Joint African Union-United Nations Special Representative for Darfur. He also served as the Special Adviser on the International Compact with Iraq and Other Issues for the Secretary-General of the United Nations.
Ambassador Gambari was also a Research Fellow at the Brookings Institution, Washington, D.C., as well as a Resident Scholar with the Rockefeller Foundation Centre in Bellagio, Italy. He was also a visiting Professor at the School of Advanced International Studies (SAIS) of the Johns Hopkins University, Georgetown University, and Howard University in Washington, D.C. for three years, starting from 1986.
A man of the letters, Gambari has earned and been decorated with several honours and awards, including the third-highest honour in Nigeria, the Commander of the Federal Republic (CFR). He has also received South Africa’s highest national honour, the Order of the Companions of O. R. Tambo, which was conferred on him personally by President Jacob Zuma in October 2012.
He was awarded a Doctor of Humane Letters (honoris causa) from The University of Bridgeport, Connecticut (2002) and Farleigh Dickinson University, New Jersey (2006). Also in 2002, Professor Gambari was elected to the Johns Hopkins University Society of Scholars. In 2005, he was appointed to serve as a member of the International Advisory Board of the Institute of Peace, Leadership, and Governance at Africa University, Zimbabwe. In 2013, he was appointed pioneer Chancellor of the Kwara State University.
An indigene of Kwara state Nigeria. Gambari bagged his first degree from the London School of Economics, specialising in International Relations. He obtained his Masters and Doctoral degree in Political Science/International Relations from Columbia University, New York, USA.
Nigerian Real Estate and COVID in 19 Slides
Validate investment cases and focus energies on property sectors that are more resistant to shocks.
Nigeria is rapidly approaching an economic crisis as the COVID-19 global pandemic has put the world on lockdown and sent Brent crude oil prices to a 20-year low. Spurred by lower global demand and reliance on oil exports for 90% of its foreign exchange income, Nigeria’s economy and her fragile currency are being pushed to their breaking point.
In this report, we will focus on the impact this pandemic will have on the real estate market in Nigeria. So far, key themes include mass concessions, re-negotiation and restructuring activity, slowed decision making, stretched out project deliveries due to the lockdown and more. After outlining the potential property sector losers, hospitality and retail most especially, alongside potential winners (industrial and healthcare), we discuss the impact of the COVID-19 pandemic on individual property sectors and the direction of rentals, capital markets and more.
Within this uncertain environment, we recommend that market participants including asset owners, real estate service providers and others stress test their businesses at varying levels of reduced income, use the downtime for market research to validate investment cases and focus energies on property sectors that are more resistant to shocks.
Download the report through the link in the header.
IMF appoints Ceda Ogada as new director and secretary of the fund
Before joining the IMF, Ogada worked at the United Nations Conference on Trade and Development.
The International Monetary fund (IMF) has announced the appointment of Mr. Ceda Ogada as the Secretary of the Fund and Director of the Secretary’s Department with effect from September 1, 2020, following the retirement of the former Secretary, Mr Jianhai Lin.
This was disclosed in a press statement by IMF on Wednesday, July 15, 2020.
While making the announcement, Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said, “Ceda has outstanding institutional knowledge, strategic and intellectual heft, and people leadership. His unparalleled ability to bring people together, combined with his profound appreciation of the Fund’s institutional history and legal principles, as well as a strong service orientation, will help the Fund to even more effectively serve our member countries in a very challenging economic environment.”
Mr. Ogada joined the IMF’s Legal Department in 1999 and rose through the ranks to become Deputy General Counsel in 2014. During this time, he has worked on virtually all aspects of the Fund’s work, including advising on the governance of the Fund, on country operations, helping to develop Fund policies and implementation guidance, and providing technical assistance to member countries.
According to the statement, ‘’Some of the key projects that he has worked on include the Fund’s enhanced policy to address governance and corruption issues, ensuring the adequacy of the Fund’s lending resources, reforms in lending policy such as the establishment of the Flexible Credit Line (FCL) and the Catastrophe Containment and Relief Trust (CCRT), reviews on surveillance policy and capacity development strategy and transparency, archives and communications policies.’’
The new Secretary of the fund was heavily involved in the work on euro area crisis countries during the global financial crisis. Recently, he has led the Legal Department in promoting good governance and transparency in several countries, together with the use of emergency financing for the COVID-19 crisis.
Before he joined IMF, Mr. Ogada worked at the United Nations Conference on Trade and Development as a legal expert and also before that he was in private legal practice in the United States. He holds a Juris Doctor from Harvard Law School and a B.A. in history from Dartmouth College. Mr. Ogada is a citizen of Kenya.
Just in: Suspended EFCC boss, Ibrahim Magu, finally released from detention
Magu’s lawyer confirmed his release from the custody of the DSS.
The suspended acting Chairman of the Economic and Financial Crime Commission (EFCC) has been released from police custody after about 10 days in detention.
According to a monitored report, this was confirmed by his lawyer, Tosin Ojaomo, who said that the EFCC boss is no longer under custody.
The suspended EFCC boss was invited by the presidential probe panel headed by Ayo Salami, a retired President of the Appeal Court to the Presidential Villa in Abuja on July 6 over allegations bordering on corruption and financial misconduct.
He was later moved to Area 10 Force Criminal Investigation Department (FCID) of the police in Abuja where he has since been detained.
Just earlier today, the Inspector-General of Police, Mohammed Adamu, asked Magu, to direct his bail application to the presidential probe panel.
This was in response to a request by Mr Oluwatosin Ojaomo, Magu’s legal representative, who asked the IGP to grant bail to his client on self-recognisance after the suspended EFCC chief had spent four days in custody.
But in a letter dated July 14, 2020, and addressed to Mr Ojaomo, the IGP said the police force is not investigating and detaining Magu, so, it cannot grant the bail request.
It also advised the lawyer to redirect his request to the chairman of the presidential probe panel for appropriate action.