CORPORATE NEWS: FBN HOlDINGS, CAVERTON OFFSHORE SUPPORT GROUP.

BOARDROOM DOORS SWING AT FBN HOLDINGS.

On July 19, 2016, as the Board of directors of FBN Holdings PLC met, the doors revolved letting out and in, old and new members.

Out were two directors, Alhaji Abdullahi Mahmoud and Mr M K Ahmed as they retired from the board as per corporate governance rules. Mr Ahmed was recently appointed to the board of Skye Bank as chairman by the Central bank.

In were two ladies, Mrs Cecilia Akintomide and Mrs Oluwande Muoyo as two new independent non executive directors.

Also at the same meeting, changes were approved for boards of some subsidiaries as well.

Nominated to serve on the board of FBN Merchant bank were the duo of Mrs Akinlolu Osinbajo and Folaranmi B Odunayo.

In the case of FBN General Insurance, Mr Olugbenga Shobo, the deputy managing director of First Bank, was nominated to chair the board with Bode Opadokun as nominee chief executive.

Also nominated to this board but as independent directors were Mrs Titilayo Adebiyi and Alhaji Yusufu Modibbo.

Finally, Mr Folarin Alayande, head of strategy, FBN Holdings was nominated to serve as non executive director on the board of FBN Insurance brokers.

ALERT FROM CAVERTON OFFSHORE GROUP.

Caverton Offshore group PLC has alerted stakeholders through the stock exchange of the likely negative impact of the Naira value drop on its profitability so far to June.

In a letter to the exchange dated July 27, the company declared:

"We expect to report lower earnings for the period to June 2016 due to unavoidable impact of Naira devaluation".

It explained that the anticipated loss was coming " the group's dollar denominated borrowings used to finance core assets " for " both helicopter and marine" support businesses.

Caverton  provides offshore support services especially logistics and environmental support services primarily for the oil and gas industry with fleet of aircraft and vessels operating from Nine locations in the country.