MAY 14, 2018: CORPORATE NEWS FROM NIGERIA AND KENYA.

NIGERIA:

GREIF NIGERIA RESTRUCTURES

Greif Nigeria PLC, makers of steel drums and other related products, is to restructure its operations to ensure continued profitability in not too favourable times.

According to executive director, Olakunle Obadina, the restructuring plan is to be carried in consultation with Greif Sub saharan Africa and EMEA management team.

It involves producing only from its Apapa Lagos factiryy; closing down of manufacturing operations in Koko and Kaduna and immediate improvement of the Apapa facility.

JAPAUL OIL & MARITIME SERVICES TURNS DOWN FUND INJECTION

The  Directors of Japaul Oil & Maritime Services PLC have resolved to turn down plans by Milost Global Inc to inject funds into the company.

Earlier in the year, the company had announced the expressed interest of Milost but on March 29, the board resolved to take prompt steps to pull out of the transaction forthwith.

According to an official statement to this effect, this was " in view of the numerous red flags associated with the proposed equity injection ".

ZENITH BANK GETS NEW CFO

A new Chief Finance Officer ( CFO) has been appointed for Zenith Bank PLC in the person of Dr Mukhtar Adamu.

According to company secretary, Michael Osilama Otu, Adamu holds PhD in finance from Leeds Beckett University, UK; Msc finance from University of London, an MBA from University of Leicester and first degree from University of Cape Coast, Ghana.

He is also a member of the Institute of Chartered Accountants of Nigeria, Chartered Institute of Taxation of Nigeria and the Institute of Chartered Accountants of Ghana.

He has been Deputy CFO since September 2014 and before that headed financial reporting and management and strategic planning groups.

BOARD CHANGES AT NEIMETH INTERNTIONAL PHARMACEUTICALS.

Mr Adekola Olugbenga Balogun  has resigned as non executive director and Mrs Bashirat Odunewu appointed as an independent non executive director of Neimeth International Pharmaceuticals PLC.

According to company secretary, Mrs F I Onyenekwe, BALOGUN was appointed to the board on February 2014 and signified his intention to retire through a letter dated May 5, 2017 which was accepted by the board on April 25, this year.

The new independent director, is currently the Group executive, International banking group First Bank of Nigeria.

She holds Bsc Chemistry from University of Manchester, Institute of Science and Technology; MSc & DIC from University of London Imperial college of science and technology.

She is also a fellow of the Institute of Chartered Accountants; member Chartered Institute of Arbitrators and affiliate of Chartered Institute of Bankers of Nigeriaet and the Institute of Directors.

NEW COMPANY SECRETARY FOR A G LEVENTIS  PLC.

Ms Adebola Ayobanmi  Adebisi has been appointed the company secretary of A G Leventis PLC to replace Ms Y Titi Talabi who retired her appointment recently.

According to notice signed by Group HR and Administration director, Dr Bolanle Mustapha, she bad been deputy company secretary since 2011.

KENYA:

NAIROBI SECURITIES EXCHANGE ADMITS NEW DEALER

Standard Chartered Bank of Kenya has been authorised to deal in securities at the Nairobi Securities Exchange.

According to a notice signed by Chief Executive Officer of the Exchange, Mr Godfrey O Odundo, SCB has been admitted adding;

"We take this opportunity to congratulate the bank for this achievement.."

NEW COMPANY SECRETARIES FOR:

BRITISH AMERICAN TOBACCO PLC:

With effect from May 13, 2018, Ms Waeni Ngea replaced Ms Ruth Ngobi as the company secretary of British American Tobacco PLC who retired from May 12.

The new company secretary joined BAT as legal counsel in 2014 after working also as legal counsel with Unilever Kenya for 5 years. 

On April 4 this year she was appointed   head legal for BAT's East and Central African operations and will now combine both functions.

She is an advocate of High Court of Kenya, and certified public secretary.

ARM. CEMENT PLC COMPANY SECRETARY RESIGNS

ARM Cement Plc 's long serving company secretary Mr Reck Ashley has resigned voluntarily.

According to the Managing Director Pradeep Paurama, he left May 5 this year after 10 years on the board of directors and 24 years as company secretary 




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