CORPORATE NEWS: FORTE OIL; ECOBANK TRANSNATIONAL, GTB. TRANEX PLC.

FORTE OIL RAISES N9BN

Forte Oil PLC has successfully raised N9bn through a 5 year fixed rate bond to refinance existing debt and fund retail outlet expansion.

According to a notice by the Company's head of Investor relations, Doyin Ogun, the bond will be quoted on the Nigerian stock exchange and FMDQ over the counter market till it matures in 2021.

According to Doyin, Forte oil group chief executive officer Mr Akin Akinfemiwa said at the completion board meeting that the success of the bond "shows the confidence of the investing public in Forte oil"

The bond is the first tranche of an ambitious N50bn bond issuance programme of Forte oil PLC and it is expected to boost the company's liquidity position.

ECOBANK TRANSNATIONAL APPOINTS NEW COMPANY SECRETARY

Ecobank Transnational PLC, the holding company of Ecobank Nigeria and other subsidiaries across west Africa, has appointed veteran international counsel. Mr Madibinet Cisse as its company secretary.

According to a release signed by Richard Uku, Head Corporate communications, Cisse, a Guinean, replaces Samuel Ayim from January 9, next year.

Ayim had left the group in July and Cisse will report both to the Group chief executive officer and the board of directors.

He brings to bear years of experience in English law. French law and a member of the organization for harmonisation of business law in Africa (OHADA).

He is currently senior vice president and lead counsel at African Finance Corporation.

Before perching there, he held very senior positions in African Capacity Building Foundation in Harare, Zimbabwe; in two Paris law firms. and as associate in the legal and tax department of Ernst & Young in Conakry, Guinea.

He is also versed in bilateral borrowing, bond issues, equity investment and debt financing.

He holds three masters degrees in law from Harvard law school; in banking and finance from University Paris Descartes and in Business law from University Quest Nanterre La Defense in Paris from where he also obtained a bachelor of arts degree.

SOYOYE IS NEW GTB DIRECTOR

Mr Babatunde T. Soyoye has been appointed non executive director of Guaranty Trust Bank PLC to replace Andrew Alli who retired recently.

According to Olutola Omotola, executive director of GTB, Soyoye brings aboard over 24 years experience out of which 21 was in investment and advisory services.

He is the co-Founder and managing partner of UK based Helios Investment Partners LLP.

Earlier he held very responsible positions in TPG capital; British Telecommunications and Singapore Telecommunication International.

EJIKE OKOLI JOINS TRANEX BOARD

Mr Ejike U Okoli has been appointed to the board of Trans-nationwide Express (TRANEX) PLC as a non executive director.

He is currently the vice president special projects and administration for Hudson Consulting group.

Before then he was head, corporate services and administration at Transnational Corporation of Nigeria, Country Finance Offset manager for Turkey F16. Fighter jet programme for Lockheed Martin Aeronautics company in Turkey and later Greece.

Also before his top level service at Lockheed, he was chief operating officer, Exports division of Emerging Markets Group after  stints at Ford Motor company and First USA bank (now JP Morgan chase).

He has over 21 years of experience and holds MBA in finance.

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