CORPORATE NEWS: LA FARGE; CONTINENTAL RE, FIDELITY BANK.

La  FARGE AFRICA PLC ACQUIRES UNICHEM.

La  Farge  Africa PLC has decided to acquire full controlling interests in United Cement Company of Nigeria.
According to a notice  to the Nigerian stock exchange signed by company secretary, Ms Uzoma-Uja, the Board of directors of La Farge  passed a formal resolution to that effect at a meeting held on May 12 2016 thus taking final action on shareholders decision at the 55th Annual general meeting held on April 9, 2014.
Under the arrangement La  Farge will acquire 50% interest in the company hitherto held by the Egyptian company, Egyptian Cement Holdings BV which is jointly owned by La  Farge Holcim Group and La Farge Africa.
On its part, the La Farge Holcim interest in the Egyptian company is through Holcibel SA from whom La Farge Africa will acquire the 50% in United Cement.
As consideration for the purchase La Farge Africa is to issue 413,175,709 ordinary shares of its own shares and end up owning Unichem 100%.

NEW DIRECTOR FOR CONTINENTAL RE

Veteran continental insurer expert, Mr Ian Alvan Tofield has been appointed independent non- executive director of Continental Reinsurance PLC with effect from April 27, 2016.
According to Continental Re company secretary, Mrs Abimbola Falana, in a notice to the Nigerian stock exchange, Tofield is an insurance veteran with over sixty years of continental involvement.
He is an associate of the Chartered Insurance Institute and started his career way back in 1955 with Legal and General Assurance Society.
From then on till he retired in 2002 criss crossed the African continent as top executive serving in Ghana, Cote D'Ivoire, Angola, Cameropn , Mozambique before taking charge of the Continental desk at Munich Re headquarters.
Since retirement he has also been consulting on insurance for various companies apart from sitting on the board of many.

FIDELITY BANK APPOINTS ACTING CEO.

In the absence of its substantive managing director, Mr Nnamdi Okonkwo, the Board of Fidelity Bank PLC has appointed Mr Mohammed Lawal Balarabe in acting capacity.
According to a notice signed by the Executive director, Shared Services and Products, Mr Chijioke Ugochukwu, the new acting CEO was the Executive director. North in charge all of the bank's operations on the North, including Abuja.
He holds a Bachelor's degree in accountancy and finance from Nottingham Trent University and an Msc in Finance from the University of Lagos.
In his over 25 years in the finance industry, he has held various senior positions including as executive director in erstwhile Oceanic Bank, and as general manager at United Bank For Africa.
He has also been a dealing member of the Nigerian stock exchange since 1992.

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