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Ministers Panic over Looming Cabinet Reshuffle

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Indications have emerged that several ministers in President Bola Tinubu’s cabinet are gripped by anxiety over a potential reshuffle, as speculation mounts regarding their performance and contributions to the Renewed Hope Agenda.

Ministers Panic over Looming Cabinet Reshuffle

This development follows recent comments from Bayo Onanuga, special adviser to the President on Information and Strategy, who hinted at an impending cabinet reshuffle aimed at evaluating the effectiveness of the ministers.

Those found lacking in activity and contribution could face removal from their positions.

Criticism of the current ministers has been growing, with detractors arguing that many were appointed based on political patronage rather than merit.

Prior to the announcement of Tinubu’s cabinet, there were high expectations for a team predominantly composed of technocrats, further fueling dissatisfaction among observers.

According to Vanguard, sources close to the presidency revealed that before the president’s two-week trip to the United Kingdom, a comprehensive performance review of the ministers was prepared by Mrs. Hadiza Bala Usman, special adviser to the President on Policy Coordination and head of the Central Delivery Coordination Unit.

It is understood that Mrs. Usman has taken on the challenging task of compiling this performance data, a job she has reportedly executed diligently.

According to the source, “some of the Ministers are jittery and have tried to lobby her but she is not the kind of person to be manipulated. She is a strict and thorough person right from the time she was the Managing Director of the Nigeria Ports Authority.

“The President is going to rejig his cabinet to bring fresh hands that will help to translate his Renewed Hope Agenda into a complete reality.”


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Ajeromi Ifelodun Local Government Partners Willis Capital, WMarket for ‘The Mindset’ Event to Empower Youths

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Ajeromi Ifelodun local government, is set to host the 8th annual “The Mindset with Vice Chairman Lucky Uduikhue”- a corporate social responsibility (CSR) initiative of the local government, aimed at empowering youths with digital skill on February 27, 2025.

This year, the Local Government is partnering with Willis Capital, WMarket and Willis University—Africa’s leading financial powerhouses under Western Sahara Worldwide Services (WSWS).

Hon. Fatai Adekunle Ayoola, executive chairman, Ajeromi Ifelodun Local Government, said: “We are excited to partner with Willis Capital and WMarket to empower our youths with digital skills and innovative thinking. This initiative is a testament to our commitment to promoting digital inclusion and bridging the technology gap in Ajegunle.”

Hon. Lucky Uduikhue, said ‘The Mindset’ is an annual event that aims to empower youths in the community, and this year’s theme is “Powering the Next Generation of Digital Leadership.”

“The event is organized to equip Ajegunle youths with digital skills and innovative thinking, fostering a culture of entrepreneurship and job creation among youths, and promoting digital inclusion and bridging the technology gap in Ajegunle.

Dapo Willis, founder, Willis Capital, said that ‘The Mindset’ – a digital transformation event is set to reshape the way young people think about financial freedom, and Willis Capital, WMarket, and Willis University, are bringing the blueprint for success.

“This event challenges the outdated belief that traditional jobs are the only path to success. Instead, it introduces forex trading, digital finance, and wealth-building strategies as the new way forward.

Willis Capital is Africa’s number one proprietary trading firm that gives traders access to funded accounts, allowing them to trade with company capital and share the profits.

WMarket, a top-tier brokerage, provides traders with cutting-edge tools, superior technology, and expert support to thrive in the global markets.

Key speakers at the event includes Hon. Fatai Adekunle Ayoola, executive chairman, Ajeromi Ifelodun Local Government, Hon. Samuel Egube, deputy chief of staff to the Governor of Lagos State, among others.

 


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Hewat, Kuda Ex-Employee Sues Firm over Alleged Sex Discrimination

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Babatunde Ogundeyi, chief executive officer, Kuda
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Rosemary Hewat, former group chief people officer (CPO), Kuda Technologies has dragged the company to a UK court over alleged sex discrimination, victimisation and unfair dismissal.

Hewat, Kuda Ex-Employee Sues Firm over Alleged Sex Discrimination

Babatunde Ogundeyi, chief executive officer, Kuda

Hewat filed a case in UK Employment Tribunal accusing the company of victimization and forced dismissal in April 2024.

Kuda provides digital banking services in Nigeria and UK. In Nigeria, the company owns Kuda Microfinance Bank licensed Bank of Nigeria.

Kuda hired Hewat in August 2021 where she managed global HR operations from Kuda’s UK office.

Based on the court filing, Hewat alleged that she faced discriminatory behavior that contradicted Kuda’s Diversity, Equity, and Inclusion (DEI) policy.

She also accused Babatunde Ogundeyi, chief executive officer, Kuda, of undermining her and fostering misogyny and intimidation.

In the filing, she alleged that in a retreat in Lagos in December 2023, the CEO called two female employees “low class” and accused them of lacking “quality or luxury.”

She alleged that the comment left the two women in tears.

She further detailed how the company’s action induced financial hardship on her.

She sought compensation for unfair dismissal, sex discrimination, and emotional distress.

This case has led to debate over workplace leadership.

Jurgen Proschinger, CEO, Triangle Forces, said via his X handle @triangleforces, “These allegations highlight critical issues around workplace equality and leadership accountability. Companies need to uphold values that foster an inclusive environment for all employees.

Elaina McAdams, founder, CAUHEC, in her reaction said, “It’s important to address these serious allegations for the integrity of all involved.”

 

 


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FG Files Fresh $81.5Bn Suits against Binance for Economic Losses

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Federal government has asked an Abuja Federal High Court to compel Binance to pay N79.51 billion and N231 million, which is equivalent to $81.5 billion, as penalty for alleged economic losses caused by its operations in Nigeria.

FG Files Fresh $81.5Bn Suits against Binance for Economic Losses

Federal Inland Revenue Service (FIRS), the plaintiff, in a charge marked FHC/ABJ/CS/1444/2024, against Binance, is also seeking payment of $2.001 billion in income taxes for 2022 and 2023.

In the lawsuit, Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, are accused of contravening Nigerian laws, including failing to register with the country’s tax agency, FIRS, for tax compliance and allegedly causing economic losses to the country during the review period.

This lawsuit makes it the third lawsuit currently before the trial court against Binance.

The FIRS and the Economic and Financial Crimes Commission (EFCC) had charged the company with tax evasion, money laundering, and foreign exchange violations before Justice Emeka Nwite of the Federal High Court in Abuja.

The monetary claims in the lawsuit include a 10 percent penalty for non-payment of taxes for 2022 and 2023, a 26.75 percent interest rate (the prevailing Central Bank of Nigeria lending rate) per annum from January 1, 2023, and January 1, 2024, respectively, among other penalties.

In the latest lawsuit, FIRS alleged that Binance concealed its business activities in Nigeria, despite having a significant economic presence in the country.

The Federal Government also accused Binance of breaching Nigeria’s Companies Income Tax Act, the Federal Inland Revenue Service (Establishment) Act 2007, the CBN Regulatory Framework for Mobile Money Services, and the CIT Significant Economic Presence (SEP) Order.

The SEP Order, signed by Zainab Ahmed, former finance minister and gazetted in May 2020, defines significant economic presence as foreign companies deriving at least N25 million annually from digital services in Nigeria.

An affidavit deposed to by Jimada Yusuf, a member of the Special Investigation Team from the Office of the National Security Adviser, revealed that Binance had been operating in Nigeria for over six years without registration.

Yusuf stated that during a 2024 meeting with the Securities and Exchange Commission, Binance executives (Anjarwalla and Gambaryan) admitted to having 386,256 active Nigerian users on its platform, with a trading volume of $21.6 billion and net revenue of $35.4 million for 2023.

Accordingly, the affidavit also accused Binance of operating without required licences and permits, non-compliance with the Money Laundering Act, offering unauthorised financial services, and providing currency speculation services.

The NSA said that Binance unlawfully listed and traded the Nigerian Naira on its platform, even after claiming it had delisted the currency following investigations.

The affidavit also alleges that Binance refused to provide detailed business records spanning six years, despite a Federal High Court order mandating disclosure to FIRS via the EFCC.

The FIRS, represented by Kanu Agabi, SAN, lead counsel, was present in court on February 11, 2025, when the suit was called upon for a hearing before Justice Inyang Ekwo; however, Binance’s legal team was absent.

Agabi informed the court that attempts to serve Binance directly had been unsuccessful, and he had filed a motion for substituted service on them.

Justice Ekwo granted the motion and directed that substituted service be carried out within seven days. The case was adjourned to March 3, 2025.

FIRS is seeking the following reliefs in the suit: “A declaration that Binance is liable to pay annual corporate income tax for having a significant economic presence in Nigeria.

“A declaration that Binance and its executives must file income tax returns for 2022 and 2023. An order compelling Binance to pay $2.001 billion in taxes for 2022 and 2023.

“Penalties, including 10 percent annual interest and a 26.75 percent CBN lending rate, until the taxes are fully paid. Compensation of $79.51 billion and N231 million for economic losses.”

The fresh lawsuit came days after Tigran Gambaryan, executive of Binance Holdings Limited, in a statement through his X account, accused Nuhu Ribadu, Nigerian NSA, and some lawmakers in the House of Representatives of bribery and corruption.

However, the Nigerian government described Gambaryan’s allegations as misinformation and defamatory.


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