JUNE 23 2017: CORPORATE NEWS FROM UGANDA, KENYA AND NIGERIA

UGANDA:

BOARD CHANGES AT UMEME LTD

Uganda's Umeme ltd which is quoted on the Nairobi securities exchange, has announced major changes on its board of directors with effect from June 20, 2017.

According to the company secretary. Messrs Shonubi, Musoke &co, two new directors were appointed to the board and one retired as per corporate governance code  dictates.

The new directors are: Mr Andrew Buglass and Mr Anthony  Narsh, both appointed as non executive directors.

Mr Buglass, says the secretary of the company, has wide experience in global energy development particularly funding and development of global energy since 1992 with activities spanning over 30 countries all over the world.

He also has complimentary and extensive experience in oil and gas investment .

On the other hand, Mr Narsh has over 30 years experience in financing infrastructure, especially power assets.  Recently, he was the CEO of Frontier Markets Fund Managers providing funding and guarantees for infrastructure in sub Saharan Africa  and South East Asia.

He also, on behalf of the UK government helped set up Green Investment Bank of Uk to invest equity and debt in green infrastructure in the UK.

Finally, Mr Stuart David M Grylls has retired from the board in line with corporate governance code.. He has been involved with Umeme ltd since 2005 when the company was privatised and helped see it through the public offer of 2012.

KENYA;

MUMIAS SUGAR GETS NEW CEO

A new Chief executive officer has been appointed for Mumias Sugar ltd, according to the chairman of the company, Dr Kennedy N Mulwa in a notice he signed recently.

Mr Nashon Aseka, the new CEO has taken over since June 15 2017 and comes aboard with well focussed credentials on sugar management and technology.

With over 35 years in sugar business, he was until his appointed the Interim Manager Technical and advisory services department of Sugar Directorate of Kenya's Agriculture and Food Authority.

He was also at a time lecturer in the sugar technology department of the Masinde Muliro University of Science and technology and also had an earlier stint with Umeme rising from management trainee to head of project and business development.

He holds two masters degrees: an Msc in B/Services engineering  and an MBA from Brunel University in the UK.  He also holds a Bsc in chemistry from Nairobi University; a diploma in company direction Institute of Directors, UK and a gold medal award in sugar technology from Mauritius.

NIGERIA:

ACCESS BANK DIRECTOR RETIRES.

Mr Emmanuel Chiejina has retired as non- executive director of Access bank plc with effect from today, June 23 2017.

According to the company secretary, Sunday Ekwochi, his retirement comes after spending maximum of 12 years allowed by the code of corporate governance issued by the Central Bank of Nigeria for banks in Nigeria.

With his retirement, Access bank now has 14 directors: 6 executive and 8 non-executive including 4 independent directors.

REGENCY EXECUTIVE DIRECTOR RETIRES

The executive director of Regency Alliance Insurance PLC Mr Akin Adelakun, will on the last working day of this month retire from the board of the company.

According to the company secretary, he has been with the company since 1994 serving in various capacities and became an executive director in 2003.

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