CORPORATE NEWS: Transcorp Hotels PLC; Great Nigeria Insurance; Skye Bank and Redstar Express.

BOARD CHANGES AT TRANSCORP HOTELS

Following the acceptance of the resignation of Mr Omoniyi Fabemi from the Board of Transcorp Hotels PLC on October 7, two new directors have been appointed to the board.

They are Dr Bakari Wadinga and Hajia Saratu Umar.

According to the notice from the company both new directors are non-executive although Hajia Umar also comes in as independent director.

Dr Wadinga holds PhD economics from Ahmadu Bello University, Zaria; MSc economics from Bayero University Kano plus an MBA  from the same university and Bsc econs from University of Maiduguri.

He is also a member of two professional bodies: ACA and CTI.

His working career spans periods at Peak Marwick, Ani Ogunde & co (now KPMG); progress bank; Savanah Beverages ltd  and the Bureau of Public Enterprises.

On the other hand, Hajia Umar comes aboard with 24 years of working experience including years as the executive secretary/CEO of Nigerian Investment Promotion Council but most of it was spent at the Nigerian Import Export Bank in various senior levels.

She holds Bsc econs from Ahmadu Bello University and an MBA in finance and banking.

AT LAST, 75% STAKE IN GREAT NIGERIA INSURANCE SOLD

After five good Years, 75% stake in Great Nigeria Insurance hitherto held by Wema Bank PLC was sold to Insurance Consultancy Services Ltd (IRSC) on September 21, this year.

The bank had been compelled to offload the stake since the Central Bank of Nigeria asked banks to hands off non-banking subsidiaries.

According to a release by Great Nigeria company secretary, Abiola Mosuro esq, on September 28 2011 IRSC had submitted expression of interest to Wema Asset Management ltd and emerged winner with offer price of N1.13 per share .

The deal was finally crossed at the Nigerian stock exchange on September 21 this year to conclude the process and free the Board and management to focus on unlocking inherent values of the company.

Great Nigeria Insurance PLC is expected to remain quoted on the exchange.

SKYE BANK POSTPONES AGM

Skye Bank PLC has postponed its annual general meeting earlier scheduled for October 13 till further notice.

The postponement, says company secretary and general counsel, Babatunde Osibodu, became inevitable because more time was needed for the external auditors to conclude mandatory audit of the 2015 annual accounts.

The audit is in its final stages, he said, adding that a new date will be announced in future.

TNT BAHRAIN APPOINTS RED STAR EXPRESS ASSOCIATE.

Following the acquisition of TNT express by FedEx PLC, TNT Bahrain has appointed Red Star Express its associate in Nigeria.

According to a release from Red star express, under the arrangement, it will handle out bound and inbound cargo on behalf of TNT.

This is part of the expected synergy from the acquisition by FedEx of TNT.

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