JULY 25, 2017: CORPORATE NEWS FROM NIGERIA AND KENYA

NIGERIA:

NEW DIRECTORS FOR DIAMOND BANK

The Central Bank of Nigeria has approved the appointment of three new directors for Diamond Bank PLC. They are Mrs Juliet Anammah, Mrs Aisha Muhammed Oyebode and, Mr Dele Babade.

According to a notice to this effect signed by an Executive Director of the bank Chiugo Ndubisi, the new directors are all non executive.

Mrs Anammah holds a Bachelor of Pharmacy from the University of Nigeria Nsukka; and an MBA from ESUT Business school.

She has many years of consulting experience at Accenture and a member of Corona schools trust council governing board, once director in American business school; Idea incubator and Nigerian chapter, WEconnect international.

In 2015, she was appointed chief executive officer of Jumia Nigeria.

Mrs Oyebode holds Masters in law from Kings College, University London, MBA finance from Imperial College London and a member of chartered institute of arbitrators.

She is the founder and CEO of Asset Management group ltd and of Murtala Muhammed Foundation.

On the other hand, Mr Babade holds Bachelor's and Master's in law and started his career with HSBC Investment bank, London  then in 1998 joined Nomura International as director of investment banking in Africa.

He was also at Citibank coming to Nigeria in 2001 as executive director covering Nigeria and West Africa.

BOARD CHANGES AT UNITYKAPITAL ASSURANCE

Following the successful completion of the take over of interests of Unity Bank PLC in UnityKapital Assurance PLC by Veritas Capital, major changes have been in the board of directors of the company.

According to company Secretary and legal adviser, Halima Wushishi, the board meeting held on June 6, this year formally accepted the resignation of three directors and the appointment of five new non executive directors.

Those who resigned were Mrs Aisha A Abraham, Mr Bonaventure Okhaimo and Mr Farouk L Yola.

Newly appointed were Mr Thomas A Etuh who also takes over as new chairman; Aminu Babangida, Dr Oluwafunsho A Obasanjo, Hajiya Yabawu Lawan Wabi and Mr Abe Ibraheem.

Mr Etuh is the current chairman of the board of Unity bank and pioneer vice chairman of the bank. He brings to bear years of top level experience in banking, corporate management and leadership.

Mr Babangida is the CEO and co founder of Phoenix Energy, and a member of the Institute of directors, and bank directors association of Nigeria.

He holds MA from Westminster Business school and a Bachelor's from Regents Business school and is currently the vice chairman of Unity bank PLC.

Dr Obasanjo is a member of the Institute of directors, chartered institute of bankers, royal society of chemistry and American chemical society.

She holds PhD Bioorganic chemistry from the school of chemistry, University of East Anglia, and MSci medicinal chemistry from University college London.

Hajiya Wabi was Finance Minister from 2010 to 2011; is a director of Unity bank and member of the Infrastructure concessions regulatory commission.

She is a graduate of Ahmadu Bello University Zaria and member Institute of directors, institute if certified public accountants of Nigeria and of association of national accountants of Nigeria.

Mr Ibraheem is a graduate of the University of Lagos and at different times served as country adviser Africa Merchant bank (Fortis bank) Paris, Executive director EURONET Nigeria ltd, ED/country representative VPEOPLE Energy ltd and as Chairman SPEM Erectors Nigeria.

NEW COMPANY SECRETARY FOR LIVESTOCK FEEDS

Mrs Bolanle M. Oyekan has been appointed company secretary of Livesty feeds PLC with effect from July 17, this year.

She holds law degree from Ogun state university, Ago iwoye,and Master's from the university of Lagos.

She was called to the bar in 2004 and in 2013 joined APT securities and funds ltd as company secretary before moving to UAC of Nigeria January this year as company secretary subsidiaries.

KENYA:

NEW CHAIRMAN FOR EAST AFRICAN CABLES LTD

Mr Michael Waweru has been appointed the chairman of the board of directors of East African Cables ltd, one of the companies quoted on the Nairobi securities exchange.

He takes over from Mr Zephaniah Mbugua who retired with effect from June 22 2017.

According to company secretary, Virginia Ndunge, Waweru has been a director since 2012 and at different times headed different committees of the board.

He has an MBA from Stratmore Business school,  and bachelor's of commerce from the university of Nairobi.

He is a fellow of Association of chartered accountants and institute of certified public accountants of Kenya.

He was once commissioner general Kenya Revenue Authority and also served as senior partner and managing partner Ernst & Young East Africa .



Comments

Post a Comment

Popular posts from this blog

2018: TWO BLOWS TO UNITED CAPITAL PLC.

When a child who in a previous examination scored 80%, comes home with a new report in which he now scores 67.2%, the parents have a right to sit him down and ask how come. So it must be between Nigeria's United Capital Plc and its discerning shareholders since the release of the company's 2018 audited figures. In 2018, all said and done, says the annual report, United Capital ended with 67.2 % profit margin compared to 80.2% in 2017. How come? What comes across from the figures was that the company received 2 blows to the jugular in 2018: Sharp drops in Investment income and fair value gain. Investment income dropped by 10.8% to N4422.8m from N4965.2m while fair value on financial assets plunged by 79.7% to N6.173m from 2017's N30.387m. In view of both drops, the group's gross earnings grew by only 33.9% to N9259.4m despite strong growths in net trading income, and net operating income leap to N757.5m from N143.5m  Other income streams ended with single digit increase....
Read more

KENYA AUCTIONS Ksh 13.84bn Treasury Bonds.

The Central Bank of Kenya (CBK) will from Tuesday December 18 to 27th 2018_ auction Ksh 13.84bn worth of fixed income Treasury Bonds with issue date December 17, 2018. According to official statement from the Director of Financial Markets Irene Njiru on Monday December 17, auction will continue throughout the stated period or close once the target money to be raised is reached, whichever comes first. Bid value will be paid for at most by 2pm December 31, 2018 while auction results will be made public on December 28, 2018 after the scheduled closing date. The bonds are being issued at 12.502% fixed interest at an adjusted average price of Ksh 100.468 for Ksh 100 bond. However, price payable after auction results publication will be average of successful bid prices based and allotment will be on first come first served basis. Meanwhile, the monetary operations and debt management department has released the interest payment schedule for 13 Treasury Bonds due January and February 2019. Th...
Read more

NAIROBI SE's HIGH PRICED EQUITIES.

In the wake of Nigeria's high priced quoted companies posted in this blog a while ago, Henates took a look to at Nairobi Securities Exchange June 23 official list to identify its high priced equities and the outcome was interesting too. Of the 66 companies quoted on the market by June 23, 15 or 22.7% were valued averagely at above 30 times nominal value. A word of caution though: There are two clear differences between the Nigerian stock market list and that of Nairobi: In the Nigerian one most listed companies have par or nominal value of N0.50 as is there is an implied agreement on this. On the other hand, at Nairobi most of the equities do not share common par value, they differ greatly. Then another thing, Nigerian equities are not valued below par, Nairobi ones can and many are so valued. Of the top 15 high priced equities at the Nairobi market, Safaricom topped with because by June 23, at 23.25 Ksh average price, it was valued 465 times its nominal value of just 0.0...
Read more