OCT 27, 2017: CORPORATE NEWS FROM NIGERIA AND KENYA

NIGERIA:

MEDVIEW AIRLINES FLIES TO FRANCOPHONE ECOWAS

Med View Airlines, a company quoted on the Nigerian stock exchange this year, today October 27, 2017 started its first flight to Abidjan, Conakry and Dakar, all in Francophone ECOWAS.

According to Medview's chief executive officer, Muneer Bankole, from now on the route will be serviced on Mondays, Wednesdays and Fridays and through it, the airline finally enters the Francophone ECOWAS market.

It is intended to strengthen regional integration, promote free movement of persons and goods and generate more revenue.

FCMB TO ACQUIRE LEGACY PENSION MANAGERS.

First City Monument Bank (FCMB) has signed an agreement with shareholders of Legacy Pension Managers ltd to acquire additional 60% interest in the company.

According to a notice to the Nigerian stock exchange jointly signed by the Group chief executive, Ladi Balogun and Chief Finance officer, Kayode Adewuyi, the new deal will increase FCMB's stake in the pension company from 28.2% to 88.2% thus making it a full subsidiary.

The notice did not mention the amount to be paid for the acquisition but the deal is subject to the approval of the Central Bank of Nigeria; National Pension Commission and the Securities and Exchange Commission.

NEW CHAIRMAN FOR UNITY BANK

Unity Bank PLC has anbounced the appointment of a new chairman in the person of Alhaji Aminu Babangida, son of ex-military president, Ibrahim Babaginda.

He replaces Thomas A Etuh whose retirement, according to company secretary, Mohammed Shehu, was accepted as well at an emergency meeting of the board held on October 4, 2017.

Hitherto Alhaji Babangida was the vice chairman of the board until his appointment.

The appointment, adds Shehu, has been approved by the Central Bank of Nigeria.

NEW DIRECTOR FOR CONTINENTAL RE

Continental Reinsurance PLC has announced the appointment of a seasoned continental reinsurance expert, Steve Murphy as non executive director with effect from October 24, 2017.

According to the company secretary, Mrs Abimbola Falana, he replaces Mr Raymond Farhat on the board.

He brings to bear over 40 years in the insurance industry, most of which in the reinsurance sector.

He joined Munich Reinsurance, South Africa in 1973 and was chief executive officer of Hanover Reinsurance group, the world's 4th largest reinsurance, from 1983 to 2002.

His experience was across different aspects of the reinsurance business and was involved in initiatives on healthcare management; IT; premium refinancing and underwriting over the years.

He also acted as consultant to Sanlam, South Africa's largest reinsurance, on reinsurance business in South east Asia and as CEO of Hanover Africa, He led the company from being 2nd smallest in South Africa to becoming largest reinsurance in Africa.

He has served on the board of various companies including as nominee director for the International Finance Corporation in Bangladesh's Green Delta Insurance; and as Chairman of Chemunique, Johannesburg and of Direct Line Assurance company Ltd Kenya.

KENYA:

STANDARD CHARTERED BANK'S NEW DIRECTOR

Mr Richard Etemesi has been appointed non executive director of Standard Chartered Bank to replace Angarai Ganesh Dorairajan who resigned from the board October 9, 2017.

According to the notice from the company, Ganesh had to resign to concentrate on his group function as Regional head of commercial banking Africa and Middle East.

Etemesi the new non executive director is currently vice chairman, Africa for Standard Chartered Bank with responsibility for supporting the execution of the bank's strategy and intent within the region.

Before that he was CEO Standard Chartered Bank South Africa and Southern Africa and between 2001 and 2013, the CEO of Standard Chartered bank Kenya doubling as well as Area General manager, for East Africa.


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