CORPORATE NEWS: FROM NIGERIA & KENYA.

NIGERIA:

UNITY KAPITAL ASSURANCE: MD RESIGNS

Unity Capital Assurance PLC has announced the resignation of its managing director/CEO Mr Olatunji Patrick Oluyemi.

According to a notice signed by the company secretary, Halima Wushishi the resignation took effect from March 23. 2017.

In his place, the Executive director Operations, Mr Babatunde Oshadiya has been appointed acting managing director/CEO until a substantive one is appointed.

No reasons were given for the resignation.

INTERNATIONAL BREWERIES: NEW CHAIRMAN AND COO.

Following the retirement of Otunba Michael Daramola as the chairman of the board of directors of International Breweries PLC with effect from March 21, a new chairman and Chief operating officer have been appointed

The new chairman is Mr Sunday Akubtoye, so says company secretary/general counsel, Muyiwa Ayojimi.

He holds Bsc sociology from the University of Ibadan, is a member of association of certified and chartered accountants (ACCA) UK and has an MBA from Everest University, USA.

His working history spans accounting, auditing, restructuring of food & beverages, commodities, futures market, financial services and human resources management.

The new COO is Mr Michael Oerlemans. 

He was appointed with effect from March 22 2017 and brings to the job about 30 years of international experience in the brewering industry which started with a stint at South African Breweries.

He holds a Bachelor's in Business and finance.

CORNERSTONE INSURANCE: NEW CHAIRMAN

Mr Adedotun Sulaiman has resigned as the chairman of the board of directors of Cornerstone Insurance PLC.

According to company secretary, PAC Solicitors, he has been replaced by Mr Paul Kokoricha.

Mr Kokoricha brings to bear several years if experience and is currently the executive partner, African Capital Alliance.

STANBIC IBTC HOLDINGS: FINALLY, ATEDO PETERSIDE BOWS OUT.

Finally, Atedo Peterside,the man founded Investment & Trust Company ltd that merged with fellow bank, Stanbic, to produce Stanbic IBTC, will soon take a deserved bow from the company.

According to company secretary, Chidi Okezie, Mr Peterside will finally resign as the chairman of Stanbic IBTC from the end of this month.

He was the pioneer CEO of then IBTC from February 1989 when it was set till 2007 when the merger with Stanbic bank took place.

Following the merger, he quit as CEO and became the chairman of the board of directors.

However, Peterside  remains a non executive director of Standard Bank group Ltd and Standard Bank of South Africa.

A new chairman is to be appointed in April subject to approval regulatory agencies 

KENYA:

KURAMO CAPITAL BUYS INTO TRANSCENTURY LTD

According to formal notice to the Nairobi stock exchange, Kuramo Africa Opportunity Kenyan Vehicle ltd (Kuramo capital) has bought 24.99% of Trans century ltd 

All procedures for the deal have been perfected and the new 93.776m shares to reflect the stake, is to be issued to Kuramo capital by April 3, this year.

Already the reflect the stake three new directors have been appointed to the board of TCL: Messrs Shaka Kariuki, Wale Adeosun and Jamal Pallan 

Kariuki is currently co-CEO and Chief investment officer of Kuramo capital; Adeosun was a member of US President Barack Obama's council on doing business in Africa and Pallan is partner and COO of Kuramo capital.

WILLIAMSON TEA LTD ALERT ON PROFIT DROP

Williamson Tea ltd has alerted the investing public and shareholders about the likely drop of about 25% in the profit of the company for the financial year to March 30.

According to the alert signed by board chairman, E N K Wanjama, the decrease was due to a number of factors but "more the primary cause is an inability to control aggressive and rising labour costs"

Apparently the company has Union and collective bargaining dispute dragging in court and so can do little to control labour costs until issues are resolved.

The other major factor, says the chairman, is uneven and unpredictable weather.

A similar alert signed by the same chairman was also issued on Kapchorua Tea Company Ltd.

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