MAY 16 2017: CORPORATE NEWS FROM NIGERIA AND KENYA
NIGERIA:
AXA MANSARD NIGERIA GETS NEW CEO
From July 7, 2017, Mr Kunle Ahmed will take over from Mrs Yetunde Ilori as the managing director/ CEO of AXA Mansard Insurance plc; according to company secretary, Mrs Omowunmi Adewusi.
According to Mrs Adewusi, Mrs Ilori retires formally from that date and the new CEO is currently the executive director Technical of the company.
Mr Ahmed was appointed an executive director in February 2012 and is a member of the board's risk and technical committee and also non executive director of AXA Mansard subsidiary, AxA Mansard Health ltd.
He is an insurance professional with over 24 years experience since graduating from the University of Ilorin in 1993.
He started his career insurance in 1993 when he joined IGI Insurance staying there until 2004 when he moved to AXA Mansard insurance.
He pioneered the energy group of the company and the regional office in Port Harcourt.
NEW CHAIRMAN FOR STANBIC IBTC
A new chairman of the board of directors has finally been appointed to replace Atedo Peterside who resigned effectively from March 31, 2017. He is Mr Basil Omiyi who has been a non-executive director since 2015.
Mr Omiyi brings to bear wide experience at top level in Nigerian oil industry in particular and Royal Dutch Shell business in general. Most of his active employment years were spent with Royal Dutch Shell featuring as head of production; chief petroleum engineer and then, managing director Shell Petroleum Nigeria for years before becoming chairman of the board of the company.
he is also on the board of Seplat Petroleum plc and other organisations.
KENYA;
NO PLAN TO TAKE OVER SAFARICOM, SAYS VODACOM
Vodafone International Holdings BV, on behalf of the Vodacom group, has notified the investing public across Africa that it has no plans to make a take over bid for Kenya's leading telecommunications company, Safari com ltd.
According to the statement jointly signed by company secretary L. R M Kraan and a director, M Buckers, VIHBV explained that all it is arranging is the transfer of its 87.5% shareholding in Vodacom Kenya Ltd (VKL) to Vodacom SouthAfrica under a sale arrangement that will only involve issuance of 226.8m new ordinary shares to VIHBV plus cash payment of 87.5% of the amount of cash in the till of VKL on transfer date.
Presently, VKL controls 16m shares or 39.93% of the issued shares of Safari com ltd and so, with the arrangement, Vodacom South African will end up controlling Safari com that indirectly.
If it were an outright sale and not a transfer within the same group, the new ownership status, by Kenyan rules, would have conferred on Vodacom the right to bid to take over the company from other share holders who might be interested in opting out.
But this is technical a transfer within the same group, says VIHBV and so, it will in fact seek to be exempted from this regulatory requirement because it does not intend to bid for Safari com. Instead, the aim is to aim for greater group coherence and synergy.
Meanwhile, even the decision to go ahead with the arrangement still needs to be approved by shareholders of Vodacom and VIHBV to be effective and by regulatory authorities in South Africa, London and Kenya to sail through.
Besides, all these bridges must be crossed at most by October 31, 2017 or no deal.
KAKUZI LTD TO CHANGE NAME
Kakuzi Ltd, one of the companies quoted on the Nairobi securities exchange, got the shareholders approval at the last annual general meeting held yesterday May 15, to change its name to Kakuzi Plc.
According to company secretary, J L G Maonga, shareholders ed also consider and approved a new articles of association for the company under another special resolution.
A third special resolution converted the company's current 5 ksh issued per stock into ordinary shares of the same value.
All these are in addition to normal consideration and adoption of 2016 annual reports; approval of recommended 6 Ksh per stock dividend and re-election of three directors: Messrs Ketan Rameschandra Shah; Graham Harold Mclean and Andrew Ngegwa Njoroge.
AXA MANSARD NIGERIA GETS NEW CEO
From July 7, 2017, Mr Kunle Ahmed will take over from Mrs Yetunde Ilori as the managing director/ CEO of AXA Mansard Insurance plc; according to company secretary, Mrs Omowunmi Adewusi.
According to Mrs Adewusi, Mrs Ilori retires formally from that date and the new CEO is currently the executive director Technical of the company.
Mr Ahmed was appointed an executive director in February 2012 and is a member of the board's risk and technical committee and also non executive director of AXA Mansard subsidiary, AxA Mansard Health ltd.
He is an insurance professional with over 24 years experience since graduating from the University of Ilorin in 1993.
He started his career insurance in 1993 when he joined IGI Insurance staying there until 2004 when he moved to AXA Mansard insurance.
He pioneered the energy group of the company and the regional office in Port Harcourt.
NEW CHAIRMAN FOR STANBIC IBTC
A new chairman of the board of directors has finally been appointed to replace Atedo Peterside who resigned effectively from March 31, 2017. He is Mr Basil Omiyi who has been a non-executive director since 2015.
Mr Omiyi brings to bear wide experience at top level in Nigerian oil industry in particular and Royal Dutch Shell business in general. Most of his active employment years were spent with Royal Dutch Shell featuring as head of production; chief petroleum engineer and then, managing director Shell Petroleum Nigeria for years before becoming chairman of the board of the company.
he is also on the board of Seplat Petroleum plc and other organisations.
KENYA;
NO PLAN TO TAKE OVER SAFARICOM, SAYS VODACOM
Vodafone International Holdings BV, on behalf of the Vodacom group, has notified the investing public across Africa that it has no plans to make a take over bid for Kenya's leading telecommunications company, Safari com ltd.
According to the statement jointly signed by company secretary L. R M Kraan and a director, M Buckers, VIHBV explained that all it is arranging is the transfer of its 87.5% shareholding in Vodacom Kenya Ltd (VKL) to Vodacom SouthAfrica under a sale arrangement that will only involve issuance of 226.8m new ordinary shares to VIHBV plus cash payment of 87.5% of the amount of cash in the till of VKL on transfer date.
Presently, VKL controls 16m shares or 39.93% of the issued shares of Safari com ltd and so, with the arrangement, Vodacom South African will end up controlling Safari com that indirectly.
If it were an outright sale and not a transfer within the same group, the new ownership status, by Kenyan rules, would have conferred on Vodacom the right to bid to take over the company from other share holders who might be interested in opting out.
But this is technical a transfer within the same group, says VIHBV and so, it will in fact seek to be exempted from this regulatory requirement because it does not intend to bid for Safari com. Instead, the aim is to aim for greater group coherence and synergy.
Meanwhile, even the decision to go ahead with the arrangement still needs to be approved by shareholders of Vodacom and VIHBV to be effective and by regulatory authorities in South Africa, London and Kenya to sail through.
Besides, all these bridges must be crossed at most by October 31, 2017 or no deal.
KAKUZI LTD TO CHANGE NAME
Kakuzi Ltd, one of the companies quoted on the Nairobi securities exchange, got the shareholders approval at the last annual general meeting held yesterday May 15, to change its name to Kakuzi Plc.
According to company secretary, J L G Maonga, shareholders ed also consider and approved a new articles of association for the company under another special resolution.
A third special resolution converted the company's current 5 ksh issued per stock into ordinary shares of the same value.
All these are in addition to normal consideration and adoption of 2016 annual reports; approval of recommended 6 Ksh per stock dividend and re-election of three directors: Messrs Ketan Rameschandra Shah; Graham Harold Mclean and Andrew Ngegwa Njoroge.
What's the way out of this drain? It's insane for an oil rich country to import refined petroleum products.
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