CORPORATE NEWS: Wema, Eco bank & Tiger Brand.

WEMA BANK PLC: LICENSE UPGRADE.

We understand that the operating license of Wema Bank has been upgraded back to full national coverage.
According to an official letter from Wema's Chief Finance Officer Mr Tunde Mabawonku to the Nigerian stock exchange, the Central Bank Of Nigeria has approved the upgrade thus returning Wema to national operations as a commercial bank.
Wema bank had opted for regional license years earlier during the restructuring of the industry. With this upgrade it can now reopen branches outside its former regional territory and operate across the country as a full fledged deposits taking commercial bank.

ECOBANK: NEW MD SOON.

A new managing director for Ecobank Nigeria PLC will be appointed soon to replace the current MD Mr Jibril Aku.
According to a notice to the Nigerian stock exchange by the Board of directors of the parent body of the bank, Ecobank Transnational. Mr Aku will move on to a new assignment next year after completing his five year tenor as chief executive officer of Ecobank Nigeria.
Mr Aku was appointed the MD in 2010 after joining Ecobank in 2006 as executive director Treasury and Financial Institutions Business.
Prior to joining Ecobank, he was an executive director with Afribank PLC between 2003 and 2005.
Earlier, he had cut his teeth in banking at Citibank International .

TIGER BRAND: Aliko Dangote, three others resign.

According to information pasted at the web site of the Nigerian stock exchange, Alhaji Aliko Dangote, and three other directors have resigned from the board of Tiger Brand Consumer Goods PLC.
According to the notice, the three other directors are Mr Olakunle Alake, mr Asue Ighodalo and mr Arnold Ekpe.
At the same time, the notice informed that the parent body of the company. Tiger Brand Limited has decided to discontinue financial support to the company.
The notice also informed shareholders that Tiger brand ltd is exploring alternatives to its investment in Tiger Brand Consumer Goods PLC.

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