NOV 6, 2017: CORPORATE NEWS FROM NIGERIA AND KENYA
KENYA:
PROFIT WARNING FROM STANDARD GROUP.
Kenya's communications company, Standard group, has indicated that its earnings this year to December 2017 will be at least 25% lower that the 2016 level.
According to Olando Lyomu, the Acting CEO, this was because the business environment "since August has been adversely affected by the prolonged and disruptive election period"
In a notice to the Nairobi securities exchange, He explained that this disruption in business led to less volume and less cash in circulation developments that had negative effects on the company's revenue and cash flow.
By half year, he added, performance had been positive and well ahead of 2016 corresponding levels but the uncertainties and climate created by the still hazy presidential election wiped away gains.
However, Mr Lyomu added, the roll out of the medium term strategy of the company soon, will insulate it from sudden changes at the market place.
The Standard group is into newspaper publishing, radio broadcasting and a host of other mass communication endeavours.
NEW CEO FOR KEN GEN.
Kenya's major power generating company, Ken Gen has got a new managing director and chief executive officer, in the person of a Lady, Mrs Rebecca Miano.
According to a notice to the Nairobi stock market, the appointment took effect from October 30, this year.
NIGERIA;
DIAMOND BANK DIVESTS
Diamond Bank plc is putting finishing touches to plans to divest from its subsidiary, Diamond Bank S. A. and deploy the proceeds in strengthening its operations in Nigeria.
According to official notice sent to the Nigerian stock exchange by company secretary Uzoma Uja, the bank has already signed a share sale and purchase agreement with Manzi Finances S. A, a financial services company based in Cote de Voire to sell off all of its 97.07% or 1.955m shares in the subsidiary to Manzi Finances for 61m Euros.
The deal has been approved by all regulatory bodies in all the jurisdictions of the transaction.
Diamond bank explained that this is part of its new strategy to focus mainly on the Nigerian retail banking market where opportunities continue to knock.
With over 15m customers many of whom opened bank accounts for the first time, says Diamond bank, there are potentials for deepening this some more and bringing more people into banking in Nigeria.
NEW CEO FOR NAHCO
NAHCO, the quoted Nigerian aviation handling company, has finally got a substantive managing director and chief executive officer in the person of Mr Idris Yakubu with effect from last Friday, November 3, 2017.
According to company secretary, Bello Abdullahi, he replaces Mrs Folashade Ode who acted in the position awaiting substantive appointment.
Yakubu was until his new appointment executive director with Skye bank and brings to bear on his new job 28 years of experience many of which were spent in the employ of Fidelity ban k; UBA and Continental Merchant bank.
He holds a masters in business administration from Ahmadu Bello University; another masters in banking and finance from the University of Lagos and Bsc in accounting from the University of Jos.
He is an honorary senior member of the Chartered institute of bankers of Nigeria, a member of the Nigerian institute of management and member of the governing council of the University of Jos.
ACCESS BANK: MRS OLAGHERE RESIGNS
The executive director, operations and information technology of Access bank plc has given notice of her resignation from the bank with effect from June next year.
According to company secretary, Sunday Ekwochi, no outstanding issues with the bank led to the resignation which is purely voluntary.
As ED operations and IT she was in charge of related activities in the bank's 350 branches and outlets in Nigeria, sub Saharan Africa and the United Kingdom.
PROFIT WARNING FROM STANDARD GROUP.
Kenya's communications company, Standard group, has indicated that its earnings this year to December 2017 will be at least 25% lower that the 2016 level.
According to Olando Lyomu, the Acting CEO, this was because the business environment "since August has been adversely affected by the prolonged and disruptive election period"
In a notice to the Nairobi securities exchange, He explained that this disruption in business led to less volume and less cash in circulation developments that had negative effects on the company's revenue and cash flow.
By half year, he added, performance had been positive and well ahead of 2016 corresponding levels but the uncertainties and climate created by the still hazy presidential election wiped away gains.
However, Mr Lyomu added, the roll out of the medium term strategy of the company soon, will insulate it from sudden changes at the market place.
The Standard group is into newspaper publishing, radio broadcasting and a host of other mass communication endeavours.
NEW CEO FOR KEN GEN.
Kenya's major power generating company, Ken Gen has got a new managing director and chief executive officer, in the person of a Lady, Mrs Rebecca Miano.
According to a notice to the Nairobi stock market, the appointment took effect from October 30, this year.
NIGERIA;
DIAMOND BANK DIVESTS
Diamond Bank plc is putting finishing touches to plans to divest from its subsidiary, Diamond Bank S. A. and deploy the proceeds in strengthening its operations in Nigeria.
According to official notice sent to the Nigerian stock exchange by company secretary Uzoma Uja, the bank has already signed a share sale and purchase agreement with Manzi Finances S. A, a financial services company based in Cote de Voire to sell off all of its 97.07% or 1.955m shares in the subsidiary to Manzi Finances for 61m Euros.
The deal has been approved by all regulatory bodies in all the jurisdictions of the transaction.
Diamond bank explained that this is part of its new strategy to focus mainly on the Nigerian retail banking market where opportunities continue to knock.
With over 15m customers many of whom opened bank accounts for the first time, says Diamond bank, there are potentials for deepening this some more and bringing more people into banking in Nigeria.
NEW CEO FOR NAHCO
NAHCO, the quoted Nigerian aviation handling company, has finally got a substantive managing director and chief executive officer in the person of Mr Idris Yakubu with effect from last Friday, November 3, 2017.
According to company secretary, Bello Abdullahi, he replaces Mrs Folashade Ode who acted in the position awaiting substantive appointment.
Yakubu was until his new appointment executive director with Skye bank and brings to bear on his new job 28 years of experience many of which were spent in the employ of Fidelity ban k; UBA and Continental Merchant bank.
He holds a masters in business administration from Ahmadu Bello University; another masters in banking and finance from the University of Lagos and Bsc in accounting from the University of Jos.
He is an honorary senior member of the Chartered institute of bankers of Nigeria, a member of the Nigerian institute of management and member of the governing council of the University of Jos.
ACCESS BANK: MRS OLAGHERE RESIGNS
The executive director, operations and information technology of Access bank plc has given notice of her resignation from the bank with effect from June next year.
According to company secretary, Sunday Ekwochi, no outstanding issues with the bank led to the resignation which is purely voluntary.
As ED operations and IT she was in charge of related activities in the bank's 350 branches and outlets in Nigeria, sub Saharan Africa and the United Kingdom.
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