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Leading Ladies: Meet 10 Female CEOs Shaping Nigeria’s Banking Sector [PHOTOS]

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As the world celebrates women across the globe for their contributions in all spheres of life in March, it is pertinent to recognise some amazing female leaders in Nigeria’s banking sector.

In the banking sector, there are 10 female managing directors and chief executive officers, CEOs, calling the shots in the board rooms

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This article focuses on the amazing profiles of these women overseeing the affairs of commercial banks in Nigeria.

1. Tomi Somefun – Unity Bank

Tomi Somefun

Tomi Somefun has assumed the role of the MD/CEO of Unity Bank Plc since August 2015. She is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN).

She holds a Bachelor of Education in English Language in 1981 from the Obafemi Awolowo University, Ile-Ife. She is also an alumnus of Harvard Business School and the University of Columbia Business School, New York, USA.

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Somefun began her professional career with Peat Marwick and Co. and later moved to Arthur Andersen (now KPMG).

With a deep understanding of over 35 years post-qualification experience, 26 of which were in the banking sector spanning key segments such as treasury and investment banking, corporate banking, rural banking, and financial inclusion, Somefun is passionate about promoting financial literacy and economic empowerment across Nigeria.

2. Kafilat Araoye – Lotus Bank

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Kafilat Araoye

Kafilat Araoye emerged as the MD/CEO of Lotus Bank in 2020. She holds a first degree in History from the University of Ife, now Obafemi Awolowo University in 1985, and an M.Sc. in Industrial Relations & Personnel Management from the University of Lagos in 1987.

She has attended various executive management courses at the Cranfield School of Management (UK), Lagos Business School, Institute of Management Development (Switzerland) and INSEAD (France), Ross Business School, University of Michigan (USA).

READ ALSO: All You Need To Know About Zenith Bank’s First Female GMD

Araoye started her career in 1988 at National Oil and Chemicals Marketing Company Plc (now Conoil Nigeria Plc), and moved in 1990 to Guaranty Trust Bank Plc, as the pioneer head of Human Resources.

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Having put over 30 years into banking, Araoye has expertise in virtually all areas of core banking, with emphasis on international and domestic operations; Business Development, Risk Management, Human Resources and Strategy, ethical banking and social responsibility which she uses in championing her roles at Lotus Bank.

3. Dr Adaora Umeoji – Zenith Bank

Dr Adaora Umeoji

 

Dr Adaora Umeoji has been appointed as the new GMD/CEO of Zenith Bank according to a statement filed with the Nigerian Exchange Limited on Tuesday, 19 March 2024.

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Umeoji’s appointment will take effect from June 1, 2024, following the expiration of office of the current GMD, Dr Ebenezer Onyeagwu, on May 31, 2024.

Before this appointment, Umeoji was the Deputy Managing Director of the bank since October 28, 2016, and with nearly 30 years of banking experience of which 26 years has been with Zenith Bank.

Umeoji is an alumnus of Harvard Business School, where she attended the Advanced Management Programme. She is an alumnus of Columbia Business School with a Certificate in the Global Banking Program.

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She holds a bachelor’s degree in Sociology from the University of Jos, a Bachelor’s degree in accounting, and a first-class honours degree in law from Baze University, Abuja. She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA.

READ ALSO: N2.3bn Suit: Davido Settles With Pinnick

Umeoji also holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, USA, and has attended various management programmes in renowned Universities around the world including the strategic thinking and Management programme at Wharton Business School, USA.

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Umeoji boasts of close to 30 years of cognate banking experience of which 26 years have been with the Zenith Bank, to thrust the bank further into strategic innovations.

4. Ireti Samuel-Ogbu – CitiBank

Dr Adaora Umeoji

Ireti Samuel-Ogbu was named the MD/CEO of CitiBank in September 2020. She became the first female CEO of the bank in Nigeria.

Before her appointment in 2020, she was the Europe, Middle East and Africa (EMEA) Head, Payments and Receivables, Treasury and Trade Solutions (TTS) under Citi’s Institutional Clients Group (ICG) based in London, the United Kingdom.

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She holds a Bachelor of Arts in Accounting and Finance from Middlesex University, UK, and an MBA from the University of Bradford, UK.

Samuel-Ogbu has vast experience in international banking, bringing a global perspective to the Nigerian market, as she has served the banking needs at local and global since 1984, focussing her leadership on providing innovative financial solutions and leveraging technology to enhance customer experience.

5. Bukola Smith – FSDH Merchant Bank

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Bukola Smith

Bukola Smith became the Managing Director/Chief Executive Officer of First Securities Discount House (Limited) Merchant Bank in April 2021.

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Smith holds an MBA from Alliance Manchester Business School, University of Manchester, UK, and a B.Sc. Economics from the University of Lagos. She is a Fellow of the Institute of Chartered Accounts of Nigeria (ICAN), Honourary Member of the Chartered Institute of Bankers and an Associate Member, Certified Institute of Pensions (Nigeria).

Before she was appointed Managing Director, she was the Executive Director, Business Development at First City Monument Bank and held several other leadership positions since joining in 2006.

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She was responsible for the banks’ over 200 branches across the country, with her leadership roles and contributions in the Public Sector, Business Banking, Agriculture and Transaction Banking Divisions.

Smith brings nearly 30 years of progressive experience in the banking industry with a track record of strategic execution and leadership, including investment banking and financial structuring that are instrumental in FSDH’s growth and success. She is an advocate for women in finance and actively mentors aspiring female leaders.

6. Miriam Olusanya – GTBank

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Miriam Olusanya

Miriam Olusanya assumed the office of the Managing Director of Guaranty Trust Bank, in July 2021 becoming the first woman to lead the bank in that position.

She is a graduate of Pharmacy from the University of Ibadan and a Master of Business Administration (majoring in finance and accounting) from the University of Liverpool, UK.

READ ALSO: JUST IN: Access Bank To Acquire National Bank Of Kenya

Olusanya joined GTB as an executive trainee in 1998. Until she was appointed MD, she was an executive director at the bank.

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She is the first female MD in the bank’s history. She holds a bachelor’s degree in Pharmacy from the University of Ibadan and a Master of Business Administration (MBA), majoring in finance and accounting, from the University of Liverpool.

Olusanya is a seasoned banker with 26 years of stellar experience, Olusanya is known for her strong leadership, strategic vision, and commitment to financial inclusion.

7. Nneka Onyeali-Ikpe – Fidelity Bank

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Dr. Nneka Onyeali-Ikpe

Dr. Nneka Onyeali-Ikpe became the GMD/CEO of Fidelity Bank Plc in January 2021, becoming the first female to assume the position in the bank’s history.

Nneka Onyeali-Ikpe holds a Bachelor of Law from the University of Nigeria, Nsukka, and a Master of Law from Kings College, London. She has attended executive training programs at various institutions including Harvard Business School, The Wharton School University of Pennsylvania, and London Business School, among other prestigious educational institutions.

She holds an honorary doctorate degree in Business Administration from the University of Nigeria, Nsukka (UNN).

Onyeali-Ikpe began working in banking industry as a legal officer for the now-defunct African Continental Bank in 1990, and subsequently worked as a treasury officer for the First African Trust Bank. She later joined Zenith Bank and Standard Chartered Bank respectively.

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She joined Fidelity Bank as an executive director in January 2015 and has been passionate about innovation and technology spearheading initiatives such as PayGate Plus, an online payment platform, and the Fidelity International Trade & Creative Connect (FITCC) aimed at supporting Small and Medium Enterprise.

Under her leadership, Fidelity Bank has continued to witness significant growth, increasing its Profit Before Tax (PBT) from N25.22bn in FY 2021 to N122bn in FY 2023.

8. Yemisi Edun – FCMB

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Yemisi Edun

Yemisi Edun was appointed the MD/CEO of First City Monument Bank in July 2021, and the first female to ever hold the position.

Edun graduated with a bachelor’s degree in Chemistry from the University of Ife (now Obafemi Awolowo University). She proceeded to the University of Liverpool, where she graduated with a master’s degree in international accounting and finance.

READ ALSO: JUST IN: Zenith Bank Appoints First Female GMD

Prior to her appointment as Managing Director, she was the chief financial officer of the bank and the acting chief executive officer. Edun is a fellow of the Institute of Chartered Accountants of Nigeria and a CFA holder.

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She is also an associate member of the Chartered Institute of Stock Brokers, an Associate Member of the Chartered Institute of Taxation of Nigeria, and a member of the Information Systems Audit and Control.

Edun has sterling years of banking experience with an impressive track record in risk management and corporate governance. She is also the first woman to lead the financial institution FCMB.

Under her leadership, FCMB has witnessed significant growth and diversification, solidifying its position as a leading player in the Nigerian banking sector.

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9. Halima Buba – SunTrust Bank

Yemisi Edun

Halima Buba is a businesswoman and astute female banker, who also became the MD/CEO of Sun Trust Bank in January 2021 after serving as the deputy general manager of Ecobank Nigeria.

Buba graduated with a Bachelor’s degree in Business Management and MBA from the University of Maiduguri. She is an alumnus of the Lagos Business School and Honorary member of the Chartered Institute of Bankers and a Fellow of the Institute of Management Consultants.

She has a passion for entrepreneurship and SME development shines through in her work at SunTrust Bank. She champions financial support for small businesses ’SME Flash’, recognising their crucial role in driving Nigeria’s economic growth.

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10. Yetunde Oni – Union Bank

Yetunde Oni

Yetunde Oni was appointed as the first female MD/CEO of Union Bank in January 2024.

She holds a degree in Economics from the University of Ibadan, Executive Training at Oxford University, and an MBA in Business Administration from Bangor University.

Before her recent appointment at the Union Bank, Oni was also the MD/CEO of the Standard Chartered Bank, Sierra Leone, from January 2021, spearheading leadership, strategy setting and performance management.

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Her appointment by the Central Bank of Nigeria as the Union Bank’s CEO marked a significant development in the bank’s leadership, merging her extensive experience with quality qualifications to play a crucial role in the bank’s strategic direction.
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Trump Administration Proposes New Rule Limiting Nigerians, Others

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The Trump administration has unveiled a proposal that would restrict the length of time international students can remain in the United States for their studies.

According to the Department of Homeland Security (DHS), the regulation, which is expected to be published on Thursday, would impose a four-year cap on student visas and other categories of temporary admissions.

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According to Fox News, the DHS said the proposal is part of efforts to curb “visa abuse” and strengthen the government’s ability to “properly vet and oversee these individuals.”

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It added that some students have “taken advantage of U.S. generosity” and become “forever” students by staying enrolled in colleges to prolong their residence.

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“For too long, past Administrations have allowed foreign students and other visa holders to remain in the U.S. virtually indefinitely, posing safety risks, costing untold amount of taxpayer dollars, and disadvantaging U.S. citizens,” a DHS spokesperson stated.

This new proposed rule would end that abuse once and for all by limiting the amount of time certain visa holders are allowed to remain in the U.S., easing the burden on the federal government to properly oversee foreign students and their history,” the spokesperson continued.

Currently, F visa holders may stay in the U.S. for the “duration of status,” meaning the period they are enrolled full-time. The new proposal would allow stays for the length of a programme but would not permit them to exceed four years, generally less than the time needed for postgraduate studies.

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READ ALSO:Trump, Putin Make No Breakthrough On Ukraine Deal, End Summit

Foreign journalists would also be affected. Under the plan, they would receive an initial admission period of 240 days, with the possibility of a single extension for another 240 days, but not longer than their assignment.

The DHS said regular assessments would provide “proper oversight” and help reduce the number of people residing in the U.S. on temporary visas.

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But education experts warned the measure could hurt universities financially. International students typically pay higher tuition and have fewer opportunities for scholarships, which contributes significantly to the financial support of American colleges.

It will certainly act as an additional deterrent to international students choosing to study in the United States, to the detriment of American economies, innovation, and global competitiveness,” Fanta Aw, executive director and CEO of NAFSA: Association of International Educators, said in a statement to Politico.

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Russia Hits Ukraine With ‘Massive’ Deadly Overnight Strikes

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Russian forces launched a “massive” attack on Kyiv on Thursday, hitting the Ukrainian capital with strikes that killed at least four people and wounded around 30 others, Ukrainian officials said.

The attack came as Moscow and Kyiv traded blame over an impasse in diplomatic efforts towards a peace deal spearheaded by US President Donald Trump.

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AFP journalists in Kyiv witnessed powerful explosions that illuminated the night sky and left behind a column of smoke.

Ukraine’s Interior Minister Igor Klymenko said the strikes killed four people and wounded “about 30 people.”

READ ALSO:Russia Claims More Ukraine Land As Hopes For Summit Fade

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Those killed included a 14-year-old girl, while five children aged seven to 17 were among those who sustained “injuries of varying severity,” Tymur Tkachenko, the head of the city’s military administration, said.

Mayor Vitali Klitschko described the strikes as a “massive attack” that caused damage in several districts of the capital.

Tkachenko said Moscow had fired ballistic and cruise missiles as well as Iranian-designed Shahed drones from different directions to “systematically” target residential buildings.

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Red tracer bullets sailed through the night sky in an effort to intercept drones above the city centre, an AFP journalist saw. At least one missile appeared to be shot down.

READ ALSO:Again, Russia Claims Another Village In Ukraine’s Region

Around 100 people took refuge in a subway station, with some lying in sleeping bags and others holding their pets.

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A five-story building in the Darnytsky district had collapsed, and a shopping mall was hit in the city centre, Klitschko reported.

– Ukrainian attacks on Russia –
Kyiv suffered one of its worst attacks of the over three-year war on July 31, leaving more than 30 people dead including five children.

Ukrainian officials also reported a Russian strike in the southeastern Zaporizhzhia region on Thursday.

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READ ALSO:Russia, Ukraine Exchange Prisoners Of War, Civilians

Russian authorities said they destroyed over 100 Ukrainian drones overnight. A Ukrainian attack sparked a fire at an oil refinery in the Krasnodar region but caused no casualties, according to local officials.

Russian forces have been slowly but steadily gaining ground in Ukraine in recent months, as diplomatic efforts have accelerated.

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Trump held a high-profile summit with Russian President Vladimir Putin in Alaska this month, followed by a meeting with his Ukrainian counterpart Volodymyr Zelensky and European allies.

But there has been little progress since then.

Before concluding any peace agreement, Ukraine wants security guarantees from the West to deter any future Russian attacks.

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READ ALSO:Russian Politicians Mock European Leaders After White House, Ukraine Talks

Moscow has cast Kyiv’s demands as unrealistic and has raised particular objection to the notion of stationing Western peacekeeping troops in Ukraine.

Zelensky said on Wednesday that members of his administration would meet with US officials in New York on Friday.

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The Ukrainian leader said he saw “very arrogant and negative signals from Moscow regarding the negotiations”, urging extra “pressure” to “force Russia to take real steps”.

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Two US Pastors Arrested In $50m Human Trafficking, Fraud Case

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Two church leaders in the United States have been arrested in an alleged multi-million-dollar conspiracy after multiple Federal Bureau of Investigation raids across the country on Wednesday, including one in Hillsborough County’s exclusive Avila neighborhood.

In a statement issued via its website on Wednesday, the U.S. Department of Justice said Michelle Brannon, 56, was arrested at a mansion near Tampa, while David Taylor, 53, was arrested in North Carolina over allegations of multi-million dollar money laundering, forced labour and human trafficking.

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According to the DOJ, Taylor and Brannon are the leaders of Kingdom of God Global Church, formerly known as Joshua Media Ministries International.

The Justice Department said Taylor referred to himself as “Apostle” and to Brannon as his Executive Director.

FBI officials said law enforcement arrested Brannon early Wednesday at 706 Guisando De Avila in Hillsborough County, which is owned by the church, according to property records.

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Investigators arrested Taylor on Wednesday morning in North Carolina, while SWAT and FBI agents also raided a hotel owned by the church in Houston.

A 10-count indictment alleged that Taylor and Brannon ran call centres in Florida, Texas, Missouri, and Michigan to solicit donations to the church.

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The pair convinced their victims to work at the call centres and work for Taylor as personal servants – referred to as “armour bearers” – for long hours without pay, according to the indictment.

Federal investigators said Taylor and Brannon “controlled every aspect of the daily living of their victims,” who slept at the call centre or in a “ministry” house and were not allowed to leave without permission.

The indictment also says the suspects forced the victims to transport women to Taylor and ensure that those women took Plan B emergency contraceptives.

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The church received about $50 million in donations through its call centres dating back to 2014, according to the DOJ.

Taylor and Brannon are accused of using much of that money to buy luxury properties, luxury vehicles, and sporting equipment such as boats, jet skis, and ATVs.

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Taylor and Brannon face charges of forced labour, conspiracy to commit forced labour, and conspiracy to commit money laundering.

Each alleged crime carries a maximum sentence of 20 years in federal prison.

A federal grand jury in the Eastern District of Michigan returned a 10-count indictment against two defendants for their alleged roles in a forced labour and money laundering conspiracy that victimised individuals in Michigan, Florida, Texas, and Missouri.

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Assistant Attorney General Harmeet Dhillon of the Justice Department’s Civil Rights Division said the two defendants were arrested in North Carolina and Florida in a nationwide takedown of their forced labour organistion.

Combating human trafficking is a top priority for the Department of Justice.

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“We are committed to relentlessly pursuing and ending this scourge and obtaining justice for the victims,” he said.

Also speaking, U.S. Attorney Jerome Gorgon Jr. for the Eastern District of Michigan, said, “We will use every lawful tool against human traffickers and seek justice for their victims.

“A case like this is only possible through a concerted effort with our federal partners across the country and the non-governmental agencies who provide victim support. We thank them all.”

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The indictment of David Taylor and Michelle Brannon demonstrates the FBI’s steadfast efforts to protect the American people from human exploitation and financial crimes, including forced labour and money laundering.

“The alleged actions are deeply troubling. I want to thank the members of the FBI Detroit Field Office, with strong support from our federal and agency partners in the FBI Tampa Field Office, FBI Jacksonville Field Office, FBI St. Louis Field Office, FBI Charlotte Field Office, FBI Houston Field Office, and the Detroit IRS-CI Field Office, in addition to several local, county and state law enforcement partners, for their role in executing this multi-state operation.

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“The FBI in Michigan will continue to investigate those who violate federal law and remain focused on ensuring the protection and safety of our nation,” said Acting Special Agent in Charge Reuben Coleman of the FBI Detroit Field Office.

“Money laundering is tax evasion in progress, and in this case, the proceeds funded an alleged human trafficking ring and supported a luxury lifestyle under the guise of a religious ministry.

“IRS-CI stands committed to fighting human trafficking and labor exploitation, and pursuing those who hide their profits gained from the extreme victimization of the vulnerable,” said Special Agent in Charge Karen Wingerd of IRS Criminal Investigation, Detroit Field Office.

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According to the DOJ, conspiracy to commit forced labour carries up to 20 years’ imprisonment and a fine up to $250,000, while forced labour carries up to 20 years’ imprisonment and a fine up to $250,000.

It noted that conspiracy to commit money laundering carries up to 20 years’ imprisonment and a fine up to $500,000 or twice the value of the properties involved in the money laundering transactions.

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It was gathered that Brannon appeared in federal court in Tampa on Wednesday afternoon, but an attorney for Brannon wasn’t present.

A judge asked where her attorney was and whether she had representation.

Brannon told the judge that she had two private attorneys, out of St. Louis and Oklahoma, who were already working with them. However, she said she hadn’t heard from either of them.

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The judge said the attorneys were not able to be reached through the phone numbers provided to federal prosecutors. It’s not clear if Brannon has legal representation at this point.

The judge continued Brannon’s hearing to Thursday afternoon. He instructed Brannon to find an attorney in the Tampa area in the meantime.

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