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Tag: Board

  • Transcorp Makes New Appointments to its Board, Announces New Subsidiary Chief Executive Officers

    Transcorp Makes New Appointments to its Board, Announces New Subsidiary Chief Executive Officers

    The Board of Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s largest listed conglomerate a leading investor in the Nigerian energy sector, through the ownership of Transcorp Power Ltd, Trans-Afam Power Ltd, Transcorp Energy and owners of the iconic Transcorp Hilton Abuja has announced the appointments of Mr. Victor Famuyibo and Mallam Ahmadu Hamman Sambo to its Board of Directors, effective Thursday, April 22, 2021. The Group also formally announced the appointments of two new members of its executive management team, Engr. Vincent Ozoude, as MD/CEO of Trans-Afam Power Ltd and Mr. Peter Ikenga, as MD/CEO of Transcorp Energy Ltd.

    Famuyibo is joining the Board with deep experience and knowledge in Human Resources and Personnel Management. He worked with multinational companies such as UAC Nigeria, Heineken International and Nigerian Breweries Plc, where he led numerous teams to drive strong employee engagement.

    He retired from Nigerian Breweries as Director of Human Resources and a Member of the Board after a distinguished career of 32 years in the company.

    Mallam Sambo has over 30 years’ work experience in the Private and Public Sectors in Nigeria and the United States of America. He retired as Group General Manager in charge of Group Finance for the Nigerian National Petroleum Corporation (NNPC). Prior to this, he was the Managing Director of NNPC Oilfield Services Limited, NIDAS Marine Limited and NNPC Pension Fund Limited between 2011 and 2016. In recognition of his meritorious service, he received numerous awards, including the First Place Ministerial Award for outstanding Staff Performance from the Honorable Minister of State for Petroleum Resources.

    He is a Member of the Commonwealth of Massachusetts Board of Accountancy, and State of New Hampshire Board of Accountancy. He is also a Member of the Massachusetts Society of Certified Public Accountants and National Association of Black Accountants.

    Vincent Ozoude is the MD/CEO of Trans-Afam Power Ltd. He joined Transcorp Group from General Electric (GE) Inc-Sub Sahara Africa, where he was Sales Director, covering the entire Sub-Saharan Africa for General Electric Power Generation Services portfolio. A graduate of Chemical Engineering with Masters in the same field from Enugu state University of Science and Technology, Vincent is leading Transcorp’s recently acquired 966MW power plant asset, Afam Genco, which comprises of Afam Power Plc and Afam Three Fast Power Ltd.

    Engr. Ozoude has over 20 years’ work experience in the Power Generation services sector, was at some time a member of GE Field Engineers advisory board for Africa and Middle East region, a greenbelt lean six sigma qualified and won numerous awards such as Everyday Excellence Expertise Award from GE Global leadership, Clear Thinker Award amongst others.

    Peter Ikenga is the MD/CEO Transcorp Energy to lead the Conglomerate’s integrated energy strategy, with particular focus on Gas, Renewables and Alternative Energy. He brings with him, a wealth of global professional experience, having directly developed and managed major Oil, Gas and power assets and operations in multiple regions including Nigeria, Brazil and the United States of America for Shell Nigeria and Shell International. Prior to joining the group, Peter was Refining Director for an Indigenous Oil and Gas operator in Nigeria.

    Commenting on the appointments, the Chairman of Transcorp Group, Mr. Tony O. Elumelu, CON stated, “Transcorp has made a succession of important recent business acquisitions, consolidating our position in the power, oil and gas sectors, demonstrating our commitment to Nigeria’s economy and the rapid advance in our integrated power strategy. We are delighted to complement these with further investment in human capital. These announcements illustrate the depth, diversity and quality of experience of our leaders, both executive and non-executive. Our Board and management team, led by the President/Group CEO, Mrs. Owen Omogiafo, are further capacitised to deliver our vision. Mr. Famuyibo, with his considerable experience in human resources, will be invaluable in working with management to deliver cutting edge employee management practices. Mallam Sambo brings crucial knowledge of the energy sector, further accelerating our integrated energy strategy”.

    Mr. Elumelu said: “Peter and Vincent, working with our existing CEOs, Mr. Chris Ezeafulukwe, MD/CEO Transcorp Power Ughelli and Mrs. Dupe Olusola, MD/CEO Transcorp Hotels Plc, will contribute to the Group’s mission of “Improving Lives and Transforming Nigeria”. With the acceleration in our integrated energy strategy and the expansion of our hospitality business, notably the recently launched digital hospitality platform, Aura by Transcorp, we are closer to our goal of powering one in every four homes in Nigeria and redefining the standards of hospitality in Africa. This investment in human capital demonstrates, once again, our commitment to bring together the best, to ensure the execution and value creation that our stakeholders expect”.

  • I don’t need apology from board – Guardiola

    I don’t need apology from board – Guardiola

    Manchester City manager Pep Guardiola says he doesn’t need an apology from the club’s hierarchy over the failed European Super League.

    The Catalan said the saga was now a ‘closed chapter’ after all six English teams withdrew from the competition.

    Chief executive Ferran Soriano did apologise to fans on Wednesday, but Guardiola says such expressions aren’t necessary.

    “I know the guys and they don’t need to apologise,” said Guardiola of Manchester City leadership after the 2-1 win over Aston Villa on Wednesday.

    “My chairman and CEO, I know who they are, this is most important. … It’s a closed chapter, it’s over.”

  • Omo–Agege commends Buhari on Dafinone’s NEXIM Bank board appointment

    Omo–Agege commends Buhari on Dafinone’s NEXIM Bank board appointment

    The Deputy President of the Senate, Senator Ovie Omo-Agege has commended President Muhammadu Buhari on appointment of Mr. Ede O. Dafinone as a Board member of the Nigerian Export – Import Bank (NEXIM Bank).

    TheNewsGuru.com, TNG reports that President Buhari last week appointed Mr. Ede O. Dafinone and Mr. Kabiru Hassan as members of the Board of the Nigeria Export-Import (NEXIM) Bank .

    They are to replace Mr. Adesina Adegbenro and Hajiya Ramatu Ahmad whose tenure of appointments expired on 28th December, 2020, after spending the stipulated and non-renewable three-year term on the NEXIM Board.

    Reacting to the appointment, Omo–Agege in a statement issued in Abuja, Wednesday, said the appointment signifies President Muhammadu Buhari’s belief in professionalism.

    He described the appointment as an honour to the Urhobo Nation in particular and Delta State in general.

    The celebrated accountant is the son of famous accountant, Late Senator David Dafinone.

    According to him, the appointee has been using the Dafinone Foundation to provide scholarships for post graduate education, distributing micro-credit loans to women and supporting the development of vocational skills within his community.

    The appointment, he added, will enrich the Board as well as contribute immensely to the realization of NEXIM’s overall set goals, adding that it signals greater things to come for the Urhobo people and the Niger Delta region.

    “Judging by Dafinone’s pedigree as an astute economist, chartered accountant, member of several indigenous and international professional bodies, he is coming to NEXIM with wealth of experience that will add value to the Bank and extend its frontiers”, he stressed.

    He urged him to see his appointment as a clarion call to serve humanity and promote the Buhari-led administration’s policy thrust and development agenda.

  • Fidelity Bank announces changes to its Board

    Fidelity Bank announces changes to its Board

    Fidelity Bank Plc has announced that two of its Board members: Mr. Ernest Ebi (MFR) who has been serving as Chairman, Board of Directors and Mr. Seni Adetu who has been serving as an Independent Non-Executive Director, having successfully completed their tenure in accordance with the Bank’s internal governance policy, will be stepping down from the Board.

    Under the Chairmanship of Mr. Ernest Ebi, the Bank recorded significant growth across key financial metrics with both Messrs. Ebi and Adetu playing significant roles, complementing management effort in the delivery of these milestones; in service of the long term vision of the Bank. The Bank’s market share position has also been materially strengthened over this period.

    The Board is also pleased to announce that the retiring Chairman will be succeeded by Mr. Mustafa Chike-Obi who is currently the Executive Vice Chairman at Alpha African Advisory. He has over 40 years of experience in investment banking and the financial services sector, working with reputable global investment banking and asset management firms. He provides overall leadership at Alpha African Advisory and has direct oversight over the capital raising division.

    Prior to joining Alpha African Advisory, he was the inaugural CEO, Asset Management Corporation of Nigeria (AMCON), a Federal Government backed institution, established to resolve the problem of non-performing loan assets of Nigerian Banks after the 2008 global financial crisis. Mr Chike-Obi was Founding President at Madison Advisors, a financial services advisory and consulting firm in New Jersey, specializing in hedge funds and private equity investment advice. He holds a Bachelor’s degree in Mathematics from the University of Lagos (First Class Honors) and an MBA from Stanford University Graduate School of Business.

    Mr. Ebi will however continue in the role until the in-coming Chairman assumes office, as part of the process of ensuring a smooth and successful transition. The changes being announced further attest to Fidelity Bank’s high governance standards and best practices in compliance with internal succession policies.

    The outgoing Chairman expressed pride in the results that the Bank achieved during his time as Chairman. ‘I feel that the management team has consolidated on our plans to become one of the fastest-growing Banks in the country strongly rooted in technology only comparable with the best in the world. I am confident that my successor will continue on that path to take the Bank to its next stage of growth and advancement. I wish my successor, the management team, and the entire staff of Fidelity Bank the very best for continued success”, he said.

    Adetu, the outgoing Independent Non-Executive Director, said, “It has been an honor to be part of the Board over the last few years. Throughout this time, I have been humbled by the commitment and hard work of the Board and Management, and their passion for creating a truly global bank. I am very grateful to them, as I am to Fidelity Bank’s many other stakeholders, with whom we have worked to build a long-term, sustainable business”.

    The Managing Director/CEO, Fidelity Bank, Mr. Nnamdi John Okonkwo, commended the contributions of the outgoing Board members, saying that the Board and indeed the bank has benefited immensely from their experiences and looks forward to continuing the Bank’s upward growth trajectory with the incoming Chairman Designate.

  • FG to inaugurate SEC board Monday

    FG to inaugurate SEC board Monday

    The Federal Government will on Monday inaugurate the board of the Securities and Exchange Commission (SEC) to be chaired by Mr Olufemi Lijadu.

    The News Agency of Nigeria (NAN) reports that the board’s constitution is coming four years after President Muhammadu Buhari sacked the former SEC board headed by Mr Peter Obi.

    A senior management source who pleaded anonymity confirmed the constitution and inauguration to NAN in Lagos.

    The source said that the inauguration would take place at the Ministry of Finance Headquarters, Abuja, and would be conducted by the permanent secretary.

    The source said that Lijadu, who hails from from Ogun, had been announced as the commission’s chairman.

    According to him, other members of rhe board include Mr Lamido Yuguda from Gombe State (Non-executive Commissioner), Mrs Rekiya Ladi (Kaduna) Non-executive Commissioner and Mr Okokon Ekanem, representing Ministry of Finance.

    The others include Dr Alvan Ikoku, representing the Central Bank of Nigeria, Ms Mary Uduk, SEC’s Acting Director-General, and Mr Henry Rowlands, SEC’s Acting Executive Commissioner, Corporate Services.

    The other members of the board from SEC are Mr Isyaku Tilde, Acting Executive Commissioner (Operations), and Mr Reginald Karawusa, SEC’s Acting Executive Commissioner (Legal and Enforcement).

    The board will have a four-year tenure, according to the source.

    NAN reports that President Muhammadu Buhari dissolved the previous board on July 16, 2015, and set up an eight-man panel headed by a former Secretary to the Government of the Federation, Mr Babachir Lawal, two months later, to reconstitute it.

    Market operators had been calling for the reconstitution of the board to strengthen SEC’s operations.

    The Chief Operating Officer, InvestData, Mr Ambrose Omordion, told the News Agency of Nigeria that non-reconstitution of the board for over three years had implications for operational efficiency of the apex capital market regulator.

    He said that the situation was affecting some operational activities of the commission, thereby dampening investor confidence.

    Omordion told NAN that SEC needed to be strengthened with appointment of board of directors for its growth and the development of the capital market.

    Omordion, who commended Uduk for achievements recorded so far in the commission in spite of being in acting capacity, called for her confirmation.

    He said that the management team of the commission should be confirmed by the government with immediate effect to avoid excesses in the market.

  • Board seeks shareholders’ approval to sell Dangote Flour

    The board of directors of Dangote Flour Mills Plc has indicated their intention to secure the approval of shareholders to effect the sale of the company to a foreign investor.

    Few days ago, the flour milling firm announced that Olam International Limited was offering to buy the company for the sum of N130 billion.

    Olam, according to the board of Dangote Flour, wants to acquire about 5 billion units of the company for N130 billion, representing about N26 per share, over 100 percent higher than the market value of the company’s stock on the Nigerian Stock Exchange (NSE).

    In a notice to the NSE on Friday (today), the board said it would want to get the approval of shareholders to go ahead with this deal. However, this authorisation would be sought for at a meeting order by the court in Nigeria.

    In the notice, the board said it has “considered and agreed to recommend to its shareholders, Olam International Limited’s offer for the acquisition of 99.90 percent of the issued share capital of the company” subject to obtaining regulatory approvals.

    Olam had submitted an offer to acquire all the outstanding and issued shares of Dangote Flour not currently owned through its subsidiary, Crown Flour Mills.

    Dangote Flour board said, “The principal terms of the offer will be set out in the scheme document that will be circulated to the shareholders at the relevant time.

    “Further details will be communicated to the market upon obtaining relevant approvals from shareholders and regulators.

    “Shareholders and potential investors are advised to exercise caution when dealing in DFM’s shares until a further announcement is made,” the notice said.

    Olam is a leading food and agri-business supplying food, ingredients, feed and fibre to over 19,800 customers worldwide. Its value chain spans over 60 countries and includes farming, processing and distribution operations, as well as a sourcing network of an estimated 4.8 million farmers.

    Through its purpose to ‘Re-imagine Global Agriculture and Food Systems’, Olam aims to address the many challenges involved in meeting the needs of a growing global population, while achieving positive impact for farming communities, the planet and all its stakeholders.

    Headquartered and listed in Singapore, Olam currently ranks among the top 30 largest primary listed companies in terms of market capitalisation on SGX-ST.

  • FG appoints Acting D-G to oversee technology incubation board

    The Federal Government has appointed, Mr Akinwumi Somefun, as the Acting Director- General to oversee the National Board for Technology Incubation (NBTI).

    A statement by NBTI’s Head of Media and Publicity, Mr Reuben Shagu on Thursday in Abuja announced the appointment.

    Shagu said Somefun’s appointment followed the expiration of the tenure of the immediate past Director-General of NBTI, Dr Mohammed Jibrin.

    He said that Jubrin assumed office in 2014 and completed his four years tenure on April 8.

    He said Somefun’s appointment, which took effect from April 30, was approved by Dr Ogbonnaya Onu, the Minister of Science and Technology.

    Shagu said the letter of appointment had been communicated to Somefun via a circular letter issued by the Office of the Secretary to the Government of the Federation (SGF).

    Somefun, until appointment was the director in charge of the commercial department at the headquarters of NBTI.

    He was at a time, NBTI’s centre manager in charge of the Technology Incubation Centre, Lagos, where he contributed to the commercialisation of research and development, inventions and other innovative efforts.

    He was instrumental to the increased number of Small and Medium Scale Enterprises in Lagos State and contributed to the economic development of Lagos State and Nigeria at large.

    Somefun was born on Dec. 15, 1964 and hails from Agege in Lagos State.

    He holds a BL, LLB, PGD (Technology Management), MBA and BSc in Finance from the University of Nigeria, Nsukka.

    He is an associate of the Chartered Institute of Bankers of Nigeria among other professional qualifications.

     

  • UN appoints another Nigerian into Global Compact Board

    The Secretary-General of the United Nations, Antonio Guterres, has confirmed the appointment of Bola Adesola of Nigeria to the Board of the United Nations Global Compact, the world’s largest corporate sustainability initiative.

    The appointment was announced in a statement issued in New York by the UN on Friday.

    A former Nigerian minister, Amina Mohammed, is currently the UN Deputy Secretary-General.

    Ms Adesola, who is the Chief Executive Officer and Managing Director of Standard Chartered Nigeria and Paul Polman, of the Netherlands and Chief Executive Officer of Unilever, were appointed to serve as the two Vice-Chairs of the Board, the statement announced.

    “Ms. Adesola and Mr. Polman succeed out-going United Nations Global Compact Board Vice-Chair, Sir Mark Moody-Stuart, Former Chairman of Royal Dutch/Shell Group of Companies and of Anglo American plc.

    “The Secretary-General extends his great appreciation to Sir Mark for serving in the position for the past ten years and shepherding the United Nations Global Compact into a new era.”

    It said both Ms. Adesola and Mr. Polman have served on the Board of the United Nations Global Compact previously, “and will bring to the position a wealth of experience in the private sector, in the corporate sustainability space and specifically with the United Nations Global Compact itself.

    “Ms. Adesola has served as Chief Executive Officer and Managing Director of Standard Chartered Bank Nigeria Ltd since 2011. She has over 25 years of banking experience, including at First Bank of Nigeria and at Citibank. Ms. Adesola holds degrees from Harvard Business School and Lagos Business School, as well as a law degree from the University of Buckingham.

    “Mr. Polman has served as Chief Executive Officer of Unilever since 2009. Prior to joining Unilever, he worked at Nestlé S.A., and at Proctor and Gamble, where he spent 26 years. Mr. Polman holds degrees from the University of Groningen and from the University of Cincinnati.

    “As Chair of the Board of the United Nations Global Compact, the Secretary-General looks forward to working closely with Ms. Adesola and Mr. Polman, along with United Nations Global Compact Executive Director, Lise Kingo, as they lead the United Nations Global Compact, the entry point for business within the broader United Nations system,” the statement concluded.

  • Senate confirms Buhari’s NDDC board nominees

    The Nigerian Senate on Thursday confirmed President Muhammadu Buhari’s three board nominees for the Niger Delta Development Commission (NDDC).

    They nominees are Chuka Ama Nwauwa (Imo State), Lucky Orimisan Aiyedatiwa (Ondo State) and Nwogu N. Nwogu (Abia State).

    The confirmation was based on the recommendation by the Committee on Niger Delta, whose report on the nominees was considered at the plenary on Thursday.

    The committee, in the report, recalled that it had disqualified three of the NDDC board members earlier nominated by President Muhammadu Buhari, which made the Senate to reject their appointment on October 6, 2017.

    The committee also recalled that Buhari replaced the nominees in a confirmation request read in the chamber on April 11, 2017.

    The report said, “The committee met and screened the nominees but put its report on hold in line with the resolution of the Senate regarding confirmation of nominations at that time.

    “After due consultation with the leadership of the Senate, given that Mr. President had forwarded the above-mentioned names before the resolution of the Senate on confirmation exercises, the committee wishes to present its report on the screening of the nominees.”

  • Minister inaugurates agencies’ boards, charges on synergy to facilitate ICT development

    The Minister of Communications, Mr Adebayo Shittu, on Tuesday urged agencies under the ministry to collaborate toward repositioning the Information Communication Technology (ICT) sector for better service delivery.

    The minister made the call during the inauguration of the boards of agencies under the ministry of communications in Abuja.

    The agencies are the National Information Technology Development Agency (NITDA), the Nigerian Postal Service (NIPOST) and the Nigerian Communication Satellite Limited (NIGCOMSAT).

    Shittu attributed the major problem besetting the ICT sector as inadequate synergy of government institutions.

    He therefore urged the members of the boards of the agencies to work together toward repositioning the sector for better service delivery.

    ‘’I urge you to make this synergy a core principle in your various spheres of authority to facilitate seamless development in the sector.

    ‘’I have no doubt that you are experienced and eminently qualified for the task ahead.

    ‘’I must remind you however that your new role confers on you both privileges and great responsibilities requiring high level of commitment and urgency,” he said.

    He briefed them on the ongoing reforms in the agencies and advised them to prepare their minds and work productively toward realising the set goals.

    The minister, who congratulated the boards’ members, charged them to immediately hit the ground running.

    Mr Abdulaziz Abdullahi, the Permanent Secretary in the ministry, said the inauguration would provide accelerated development in the ICT sector.

    He noted that access to ICT had become critical for participation in the economic, political and social life both at the national and global levels.

    ‘’New technologies such as internet of things, cloud computing, mobile money, etc, are also introducing new possibilities and therefore it is crucial that Nigeria harnesses the potential of these technologies to promote social and economic development in the country.

    ‘’While the ministry is leading in the overall coordination and oversight of the ICT sector, the agencies under it, which boards are being inaugurated today are established to provide special services to the populace.”

    Abdullahi, therefore, wished all members of the boards a very rewarding tenure.

    Responding on behalf of other boards’ members, the Chairman of NIGCOMSAT Board, Chief George Moghalu, said members were fully conscious of the enormity of the responsibility before them.

    Moghalu, who assured the minister of their unflinching support toward realising the ministry’s goal, thanked President Muhammadu Buhari for finding them worthy for the appointment.

    Prof. Adeolu Akande is the Chairman of NITDA and Mr Maimuna Yahaya Abubakar, the Chairman of NIPOST.