• Contact Us
  • About Us
Sunday, June 1, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home News

Intrigues as Ambode awaits nod for next CFO to manage Lagos N662bn budget

metro by metro
November 8, 2016
in News
0
Ambode
0
SHARES
0
VIEWS
Ambode
Ambode

Almost three weeks after firing his commissioner for finance, and two others in the ministries of transportation, as well as tourism and culture, Governor Akinwunmi Ambode is said to be awaiting the nod of the powers in the ruling All Progress Congress (APC) to name replacement for the sacked cabinet members.  Lagos runs a 42-member cabinet.

A source told Metrobusinessnews that there are high-powered intrigues surrounding the appointment of commissioner for finance in Lagos, as certain interests must be satisfied in order not to draw the ire of the powers in the state.
 
The source said Ambode is painstakingly consulting with the powers to pick a replacement for Mustapha Akinkunmi, his erstwhile commissioner for finance. According to the source, to be named the commissioner for finance, the candidate must be endorsed by powers beyond the governor.
 “Certain interests must be satisfied,” said the source, who, however, added that Ambode is closing in on the preferred candidate.
 
 It was learnt that the governor is sourcing for a person with a pedigree in finance, who must also have a fair knowledge of the working of the public sector, to oversee the finances of Nigeria’s biggest economy state with a GDP of $131 billion dollars and an annual budget of N662.588 billion for 2016.
 
Although a member of the state’s executive council is said to be eyeing the position, it was learnt that Ambode is interested in an expert from outside his existing cabinet to fill the vacant position, which is being occupied by the permanent secretary in the ministry of finance in acting capacity.
 
Finance commissioners play pivotal role in formulating and shaping the fiscal policies of their states. They also define high-level goals and long-range outcomes for government, and choose the ways and the means to achieve those outcomes and to guide the decision-making process leading to them. They are usually close confidants of their governors, and influential among their fellow cabinet members.
 
 In Lagos, the finance ministry has had more commissioners than the other 22 ministries. A check list shows that while other ministries have had three to four commissioners at most since 1999, the ministry of finance has had seven, and expecting the appointment of the eighth within the next few weeks.
  
Among past commissioners for finance in the state between 1999 and date, are Wale Edun, Ismail Adewusi, Akin Doherty, Rotimi Oyekan, Adetokunbo Aburi, Ayodeji Gbeleyi and Mustapha Akinkunmi.  Of these seven, only Wale Edun served full term of four years (1999 -2003), and began a new term into 2004 before he was replaced. The next to have served his four-term was Rotimi Oyekan (2007-2011), while all others served fragmented terms.
 
Lagos, Nigeria’s economic hub is rated the fifth largest economy in Africa with a GDP in excess of $131 billion. Aside its populous, estimated at 20 million, Lagos stands ahead of other 35 states of the federation, with incremental internal revenue generation, from a mere N600 million in 1999 to between N23 and N24 billion monthly, by date.
 
Akinkunmi was removed on October 19, 2016 alongside Dayo Mobereola, commissioner for transport, and Folunronsho Folarin-Coker, commissioner for tourism and culture. The governor was said not to be satisfied with their performance.
Ambode had asked the special adviser in the ministry of transportation, Olarenwaju Elegushi and his counterpart in the ministry of tourism and culture, Adebimpe Akinsola, as well as permanent secretary, ministry of finance to step in acting capacity as commissioners. It was, however, learnt that Elegushi is favoured to be confirmed as substantive commissioner for transportation.
 

Read Also

20 Kano Athletes, Officials Die In Road Accident While Returning From Sports Festival In Ogun

Forfeiture Order; EFCC Sues Emefiele In Fresh Eight-Count Charges

Crypto Duo Face Kinapping Charges In Alleged Bitcoin Theft Attempt

Previous Post

Ajinomoto buys into Africa with $532 million Promasidor stake

Next Post

Labour endorses concession of railway assets, insist FG pays severance package to workers

Related Posts

20 Kano Athletes, Officials Die In Road Accident While Returning From Sports Festival In Ogun
News

20 Kano Athletes, Officials Die In Road Accident While Returning From Sports Festival In Ogun

May 31, 2025
Ex-CBN Governor Emefiele Arrives Lagos Court For Arraignment
News

Forfeiture Order; EFCC Sues Emefiele In Fresh Eight-Count Charges

May 31, 2025
Asian Markets Track Wall Street Gains, Bitcoin Closes On $100,000
News

Crypto Duo Face Kinapping Charges In Alleged Bitcoin Theft Attempt

May 31, 2025
Federal High Court Reverses Ratification Of Joyce Oduah’s Suspension As NBA Secretary General
News

Appeal Court Reverses Judgment Voiding Kano LG Election, KANSIEC’s Composition

May 30, 2025
Next Post
FG seeks $29.960bn foreign loan for power, rail, road projects

Labour endorses concession of railway assets, insist FG pays severance package to workers

Naira

Anxiety Over Naira As OPEC+ Increases Production Quota By 411,000 Bpd

June 1, 2025
OPEC

OPEC+ Oil Producers Stick To Guns With Another Big Hike For July

June 1, 2025
20 Kano Athletes, Officials Die In Road Accident While Returning From Sports Festival In Ogun

20 Kano Athletes, Officials Die In Road Accident While Returning From Sports Festival In Ogun

May 31, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version