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Amangbo to Replace Emefiele as Zenith Bank Boss

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Zenith Bank Plc yesterday announced the appointment of Mr Peter Olisamedua Amangbo as Group Managing Director and Chief Executive designate of the bank.

His appointment is sequel to the approval of the nomination of Mr. Godwin Emefiele as the Governor Designate of the Central Bank of Nigeria (CBN) by the National Assembly last Thursday.

The bank made the announcement, which is subject to the approval of the CBN, in a letter which it sent to the Nigerian Stock Exchange yesterday.

According to the letter, the appointment will take effect from June 1, 2014.

The board of the bank had resolved to appoint Amangbo at a special meeting attended by eight directors including the CBN governor designate, Emefiele, which held at the Zenith Bank head office in Lagos, yesterday morning.

The letter which was signed by the Chairman of the bank, Sir Steve Omojafor, reads, “We write to inform you that following the appointment of Mr Godwin Emefiele, Managing Director and Chief Executive of Zenith Bank Plc as the Central Bank of Nigeria Governor Designate by His Excellency, President Goodluck Ebele Jonathan and his subsequent confirmation by the Senate of the Federal Republic of Nigeria, the Board of Directors has approved the appointment of Mr. Peter Olisamedua Amangbo as the GMD/CEO designate of Zenith Bank Plc, subject to Central Bank of Nigeria approval. The appointment is effective June 1, 2014.”

Amangbo has been an Executive Director of the bank since 2005 and has over 21 years cognate banking experience of all which has been with Zenith Bank. He is also member of Executive Committee and Member of Staff Matters, Finance & General Purpose Committee of the bank.

His sojourn through Zenith Bank saw him through the Zenith Securities, Zenith Insurance, Zenith Pensions and Zenith Capital. He was in charge of the United Kingdom operations of the bank before his appointment as the GMD/CEO designate.

He worked previously with PricewaterhouseCoopers as a Senior Consultant in the financial Services Group.

Amangbo, holds a Bachelors degree in Electrical/Electronics Engineering from the University of Benin (1988), a post-graduate diploma in Computer Science and a Master’s degree in Business Administration (1995) (MBA) from the University of Warwick, Coventry in the United Kingdom. He is a fellow of the Institute of Chartered Accountants of Nigeria (FCA)

He trained with PricewaterhouseCoopers and qualified as a Chartered Accountant before joining Zenith Bank in 1993.

He was the Head of Financial Control and Strategic Planning before reassignment as head the Corporate & Retail Banking Group and the Bank’s Group Zonal Head, Lagos. He currently also oversees the Power & Infrastructure Group as well as the Group’s Foreign Subsidiaries. He has attended the Advanced Management Programme at INSEAD, France.


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How Recycled SIM Card Linked to N50m Kidnapping Nearly Landed me in Jail – Businesswoman

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Titilayo Ibrahim, Nigerian businesswoman, has shared a harrowing experience of how she narrowly escaped imprisonment after a SIM card she purchased was linked to a N50 million kidnapping and murder case.

How Recycled SIM Card Linked to N50m Kidnapping Nearly Landed me in Jail - Businesswoman

In an interview with BBC Yoruba shared on Facebook, Ibrahim narrated how a routine business transaction quickly turned into a terrifying ordeal.

According to her, the nightmare began on October 16, 2025, when a purported customer contacted her business line to purchase nightwear.

The caller, a woman, claimed her own phone was faulty and that she was using her husband’s device.

After selecting two pieces, the woman asked for directions for pickup. Ibrahim shared the location of her estate junction, but upon arrival, she was met by two men who identified themselves as police officers and immediately arrested her.

The officers accused Ibrahim of being connected to a major kidnapping operation.

They alleged that the phone number she was using had been involved in a January 2024 incident where a N50 million ransom was collected before the victim was brutally murdered.

Ibrahim desperately tried to explain that the number was innocent, stating that she had only purchased the SIM card in April 2025—months after the crime took place—and used it strictly for her MiFi device.

The officers, reportedly led by Inspector Dauda Adamu of the Force Intelligence Department (FID) in Abuja, claimed that one of the phone numbers linked to her National Identification Number (NIN) was tied to the crime.

They took her to the State Criminal Investigation and Intelligence Department, and she faced intense harassment and the threat of being detained in Akure and transferred to Abuja.

In a bid to clear her name, Ibrahim and the officers visited an Airtel office.

On October 17, 2025, the telecommunications company officially confirmed from their records that the disputed SIM was indeed purchased and activated in April 2025.

“Even after confirming it at the network office, they still didn’t believe me. They harassed me and almost sent me to prison for what I know nothing about,” Ibrahim recounted.

Despite the undeniable evidence from the network provider clearing her of any involvement, the police still confiscated her phones, took them to Abuja, and instructed her to report there.

Her revelation has sparked widespread outrage and concern online.

Many Nigerians expressed shock at the incident, pointing out the growing dangers and security risks associated with telecommunication companies recycling inactive phone numbers or the hazards of inadvertently purchasing pre-registered SIM cards.

The incident highlights the terrifying reality of how easily innocent citizens can become entangled in complex criminal investigations.


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Senate Gives Tinubu Nod to Borrow Fresh $6Bn

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Senate on Tuesday approved the fresh $6 billion loan request forwarded to the lawmakers by President Bola Tinubu.

Senate Gives Tinubu Nod to Borrow Fresh $6Bn

Lawmakers approved the fresh loan on the same date the request letter was read by Godswill Akpabio, senate president.

The Senate approved the loans following the presentation and consideration of the report by Senator Aliyu Wamakko, chairman, Senate Committee on Local and Foreign Debts.

President Tinubu had written to the Senate seeking approval to borrow a total of $6 billion to finance key government projects and address budgetary gaps.

The requests were contained in two separate letters addressed to Godswill Akpabio, president of the Senate, and read during Tuesday’s plenary.

In the first letter, the President requested approval to obtain a $5 billion loan from Abu Dhabi Bank.

According to the President, the facility will be used to cover the nation’s budget deficit and support debt financing, among other fiscal obligations.

The request forms part of the Federal Government’s efforts to stabilise public finances and sustain ongoing government programmes.

In a separate communication, Tinubu also sought approval to secure a $1 billion UK Export Finance loan facility from London Citi Bank.

The loan is intended for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.

The President said the project aims to address critical infrastructure deficiencies in the country’s maritime sector

According to him, the rehabilitation will help improve efficiency, enhance safety standards, and support Nigeria’s efforts to diversify its economy beyond oil.

He added that the initiative would also strengthen Nigeria’s position as a regional trade hub.

Both requests have now been considered and approved by the Upper Legislative Chamber.


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FG Earmarks $2Bn to Launch 2 Satellites in 2028, 2029

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Federal government has fixed 2028 and 2029 for the launch of two communication satellites, NIGCOMSAT-2A and NIGCOMSAT-2B, as part of efforts to strengthen security and expand digital connectivity.

FG Earmarks $2Bn to Launch 2 Satellites in 2028, 2029

The government will be committing over $22 billion on the ambitious space-led growth agenda focused on new satellite launches, increased industry revenue and expanded broadband access in underserved communities.

At the opening of the 2026 Nigerian Satellite Week in Abuja, Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, confirmed the government’s approval for the acquisition of two new satellites—NigComSat 2A and 2B, describing the move as a “defining commitment” to national development, digital sovereignty and economic competitiveness.

Also, Mrs Jane Nkechi Egerton-Idehen, managing director of Nigerian Communications Satellite Limited (NigComSat), noted that the projects have moved beyond procurement to the execution stage.

She said the satellites are designed to enhance intelligence gathering, surveillance, and connectivity across Nigeria and neighbouring countries, particularly in support of security operations.

“For 2A and 2B, we have started the process. We have closed the tender and are now back into the financing and implementation stage. 2A is built to come up in 2028, and 2B for 2029.

“When they are up and running, they are expected to provide security within the borders and neighbouring countries. They will support the security agencies because data collection and intelligence in real time is important. Satellites like communication satellites allow that, irrespective of where they are,” she said.

On his part, Tijani, said the satellite programme forms part of a broader government strategy to deepen digital infrastructure nationwide.

According to him, the initiative complements ongoing investments in fibre-optic expansion and telecommunications infrastructure, while extending connectivity beyond Nigeria’s borders.

“The President’s approval of NIGCOMSAT-2A and 2B demonstrates a clear commitment to building the future. These satellites will enhance security, connect remote communities, and extend our fibre-optic network into neighbouring countries.

“Some of these neighbouring countries pay up to ten times more for internet capacity than Lagos. Extending our fibre network will not only improve connectivity but also enhance border security and regional collaboration.

“Satellite technology affects everything, from how a child in a rural community accesses the internet to how farmers make critical decisions and how businesses operate across distance,” he said.

 


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