JUNE 25, 2018: CORPORATE NEWS FROM GHANA, KENYA, NIGERIA

GHANA:

GHANA PARLIAMENT GIVES NOD FOR OBUASI GOLD MINE

The Ghanaian Parliament has finally approved fiscal agreements for the redevelopment of Obuasi gold mine into a modern one.

This paves the way for Anglogold Ashanti Ltd to go ahead with the project which is expected to cost between $450m and 500m.

The approval covers agreements for development; tax concession, security and reclamation security.

In February $31m had been approved for front end engineering and other preparatory work on the project and it is hoped that it will be completed late in 2019.

Says Anglogold CEO, Srinivasan Venkatakrishnan on the mine: "Obuasi is a high grade long life ore body that will provide production for at least 20 years at very competitive cost"

The development will be implemented in 2 phases and production at the end of the first year on stream was expected to be 2000 tonnes per day

The mine has been in limited operating phase since 2014 and modernisation is expected to lead to modernised operations.

KENYA:

TWO DIRECTORS UNELECTED AT KENYA RE

At the end of the 20th Annual General Meeting of Kenya Reinsurance held June 22 2018 at Bomas of Kenya, Nairobi, two directors could not gather enough votes to continue as directors of the company.

According to company secretary, Charles Kariuki, the directors were Mrs Mary Wacuka Ngatia and Mrs Christine N Mweteeli who ended with less that 100,00 votes in election conducted by Image registrars Ltd at the event.

However, three other directors got elected. They were Mrs Jennifer Kabura Karina; Mr Henry Rotich  and Mr Felix OKatch,

CROWN PAINTS PLC CAN NOW LEND MONEY OR GUARANTEE

The shareholders of Crown Paints Plc have approved a new clause in the articles and memorandum of association of the company that allows the company to come to the financial aid of any person or company through financial support.

The special resolution was passed at the annual general meeting held June 22, 2018 at Sarova Panafric Hotel, Nairobi.

It allows the company to lend or advance money or give credit to any person with or without security and guarantee or other wise support or secure with or without receiving any consideration or advantage for doing so.

It was also auhtorised to charge mortgage against assets not only to companies or subsidiaries declaring that "giving or creation of any such guarantee or security is hereby constituted one of the main objects of the company"

WPPSCAN GROUP CHAIRMAN RETIRES

The chairman of the board of directors of WPP Scan group plc Mr David Hutchison has retired from the company.

According to company secretary, Reuben Mwangi, he was appointed independent director in 2005 and became chairman of the board in 2006.

He thus retires after 12 years as chairman.

NIGERIA;

NEW EXECUTIVE DIRECTOR FOR TRANSCORP PLC

A new executive director has been appointed for Transcorp Plc in the person of Mrs Owen Omogiafo with effect from July 1, 2018.

Until her appointment she was chief operating officer of Tony Elumelu Foundation and had worked earlier director of human resources; chief of staff and human resource adviser to group managing director and CEO of UBA plc.

According to company secretary Helen Iwuchukwu, Mrs Omogiafo holds bachelors in sociology and anthropology from the University of Benin and and Masters in HR management from London School of Economics and Political science.

CHANGES AT THE BOARD OF JA PAUL OIL& MARITIMESERVICES PLC

Three new directors have been appointed to the board of Ja Paul Oil & Maritime services plc; 2 in acting executive capacity and one as non-executive director.

The new non executive director is Honourable Abdulkadir M Nasir who is a graduate of Ahmadu Bello University and also holds postgraduate degree from Bayero University Kano

He is a politician and is the chairman of APC in Katsina state.

The two acting executive directors are Kingsley Uyokpeyi in charge of operations and Mrs Funmi Omodamori who is in charge of finance and planning.

The new operations director joined Ja Paul in 2014 as project manager  and brings to bear almost 20 years of experience in handling various projects including dredging and marine ones.

He holds Bachelors of Engineering in civil engineering; an MBA and a masters in management and is a member of the Nigerian society of engineers and Council of registered Engineers of Nigeria {COREN).

The new ED Finance and planning was acting chief finance officer before her elevation and joined Ja paul in 2012.

She hold Bsc in accounting from the University of Lagos and MBA from Obafemi Awolowo University Ile Ife.

She is a fellow of the Institute of Chartered Accountants of Nigeria and an associate member of Institue of Taxation of Nigeria.

CUTIX PLC GETS NEW COMPANY SECRETARY

Cutix Plc has appointed Mrs Chinwendu Nwokporo as its new company secretary since April 26, 2018.

According to CEO Ifeanyi Uzodike, she joine Cutix in 2010 and was deputy company secretary before her elevation.

  



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