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APPOINTMENTS

President Buhari appoints 9 Chief Executives for government agencies

The appointment of heads of nine federal agencies was today approved by President Buhari.

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President Muhammadu Buhari has approved the appointment of nine (9) Chief Executive Officers for agencies under the Federal Ministry of Information and Culture.

According to a tweet from the Presidency on Wednesday, all of the appointments take effect from Sept. 1, 2020.

Mr Francis Ndubuisi Nwosu was appointed the Executive Secretary, Nigerian Press Council; Mr. Ebeten William Ivara, Director General, National Gallery of Arts; Mr. Olalekan Fadolapo, Registrar/CEO of Advertising Practitioners Council of Nigeria, and Prof. Sunday Enessi Ododo, General Manager/CEO, National Theatre.

Mr. Buki Ponle was appointed Managing Director of the News Agency of Nigeria while Mr. Nura Sani Kangiwa was named the Director-General, National Institute for Hospitality and Tourism.

Others appointed include Mr. Ado Mohammed Yahuza, Executive Secretary/CEO, National Institute for Cultural Orientation; Prof. Aba Isa Tijjani, Director General, National Commission for Museums and Monuments and Mrs Oluwabunmi Ayobami Amao, Director General, Centre For Black And African Arts and Civilization.

The Backstory

Over the last four months, the President has approved several appointments including; AVM Muhammadu Alhaji Muhammed (Rtd) who was appointed as the Director-General of the National Emergency Management Agency (NEMA), and Sunday Thomas, Commissioner for Insurance and Chief Executive Officer (CEO) of the National Insurance Commission (NAICOM).

The President, in May, also reconstituted the board of the Nigeria Bulk Electricity Trading Company (NBET) after five years and moved the agency to the Ministry of Finance, with the minister being the board chairperson.

Dr. Nnaemeka Ewelukwa was also appointed as the Managing Director/CEO of NBET; Alwan Hassan as the acting Managing Director for the Bank of Agriculture (BOA), and retired IGP Suleiman Abba, as the Chairman of the Board of Trustees (BoT) of the Nigeria Police Trust Fund (NPTF).

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APPOINTMENTS

Cornerstone Insurance Plc appoints Ogechi Adeola as Director

Dr Ogechi Adeola has been appointed as an Independent Non-Executive Director at Cornerstone Insurance Plc

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Cornerstone Insurance Plc has appointed Dr Ogechi Adeola as its new Independent Non-Executive Director, subject to ratification by members at general meeting.

This is according to a notification sent to the Nigerian Stock Exchange platform, dated 24th of February, 2021, as seen by Themoneymetrics.

Dr. Adeola’s profile

Dr. Adeola has over two decades of work and consulting experience in the Nigerian Financial services sectors. She is an Associate Professor of Marketing at the Lagos Business School and an alumna of the Manchester Business School, United Kingdom.

On the other hand, Cornerstone Insurance closed trading today (24th of February, 2021) at the floor of the Nigerian Stock Exchange with a share price of N0.59.

Results from the recently released FY 2020 financials posted by the firm showed that gross premium written increased from N13.06 billion in 2019 to N17.6 billion. However, profit for the period declined to N1.6 billion, from N4.11 billion recorded in 2019.

What you should know:

Cornerstone Insurance Company Plc is a Nigerian-based insurance company offering services in the life and non-life categories.

It was incorporated on the 26th of July, 2021, initially as a private limited liability and subsequently became a public limited liability after its listing on the Nigerian Stock Exchange in 1997.

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APPOINTMENTS

DEAP Capital Plc announces appointment of Interim Management Team

DEAPCAP has announced the interim appointment of three persons into its IMT.

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DEAP Capital Management and Trust Plc (DEAPCAP) have announced the appointment of Mrs. Anastasia Braimoh, and two (2) others into its Interim Management Team (IMT).

This is according to a notification signed by the firm’s secretary, Yetunde Hashesin-Souza and sent to the Nigerian Stock Exchange, as seen by Themoneymetrics.

The appointment is sequel to the resignation of the company’s Board of Directors on 31st of December, 2020. In lieu of this, the Securities and Exchange Commission (SEC) appointed an Interim Management Team on the 29th of January 2021, to oversee the affairs of DEAPCAP Plc.

The IMT comprises of the following persons;

• Mrs Anastasia Braimoh- Chairperson
• Mr Alhassan Sidi
• Mrs Gbemi Adekola

It is also pertinent to note that the newly inaugurated IMT would schedule an emergency general meeting, in a bid to constitute a new Board of Directors for Deap Capital Plc.

What you should know

  • DEAP Capital Management and Trust Plc is a financial services company established in 2002. It offers an array of services such as to its diversified clientele, such as; funds management, capital market operations, financial advisory services, portfolio management, etc.
  • The Erstwhile Board comprises of Murtala Aliyu who served as Chairman, Jacob Esan (Managing Director) and William Odudu (Director).
  • As at the time of reporting this, DEAPCAP currently trades at N0.20k at the floor of the Nigerian Stock Exchange. It has a market capitalization of N300 million.
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APPOINTMENTS

UPDC appoints new Directors and acting CEO, as Chairman, CEO, Directors resign

UPDC has announced the resignation of its Chairman, three Non-Executive Directors and the CEO of the Company.

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UACN Property Development Company has announced the resignation of its Chairman, three Non-Executive Directors, and Chief Executive Officer.

The Company also confirmed the appointment of a new Acting Chief Executive Officer and also Non-Executive Directors to its Board, to respectively fill the position of the outgoing CEO and Directors.

This information was uncovered by Themoneymetrics in a recent notification sent to the floor of the Nigerian Stock Exchange on the 4th of January 2021, by the Company Secretary, Mrs Folake Kalaro.

According to Mrs. Kalaro, the Board of Directors of UPDC announced the resignation of its Chairman, Mr. Babatunde Kasali, other Non-Executive Directors namely; Mr Adekunle Awojobi, Professor Okon Ansa and Mrs. Awuneba Ajumogobia, and the Chief Executive Officer of the Company Mr Folasope Aiyesimoju with effect from 4th January 2021.

However, the board also confirmed the appointment of Mrs. Deborah Nicol-Omeruah as Acting Chief Executive Officer of the Company, as well as the appointment of Mr. Wole Oshin and Mr. Adeniyi Falade as Non-Executive Directors to the Company with effect from 5th January 2021.

What to expect: Sequel to the acceptance of the outgoing CEO’s resignation after completing his tenure, the Board revealed that Mr. Aiyesimoju will continue to serve as a Non-Executive Director of the Company.

What you should know about UPDC

  • UPDC has been a leader in property acquisition, development, sales and management of quality and affordable residential, commercial, and retail properties in Nigeria for over 20 years.
  • The Company remains the largest real estate platform listed on The Nigerian Stock Exchange.
  • Custodian Investment PLC acquired 51% of UPDC’s issued share capital from UAC of Nigeria PLC and is now the Company’s largest shareholder.
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