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First Aluminium Appoints New MD as Igbinakenzua Resigns

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By Dipo Olowookere

Managing Director of First Aluminium Nigeria Plc, Mr Elias Igbinakenzua, has resigned from the company.

Mr Igbinakenzua, who left Access Bank as an Executive Director few years ago to take up the plum job at the aluminium company, resigned from his new position after over two years.

A statement from the company said the resignation of Mr Igbinakenzua was accepted by the board on Tuesday, April 30, 2019.

Though no reason was given for the exit of the former banker, there are indications that Mr Igbinakenzua is planning to return to the financial services sector.

Already, the board of First Aluminium Nigeria Plc has announced a new Managing Director of the company.

He is Mr Callistus Udalor, who served the company prior to his appointment as Deputy Managing Director of the company.

He will be expected to pilot affairs of the firm and make it viable again possibly on the Nigerian Stock Exchange (NSE).

“Notice is hereby given to the Nigerian Stock Exchange that at the meeting of the board of directors of First Aluminium Nigeria Plc which held on Tuesday, April 30, 2019 at 177, Moshood Olugbani Street, Victoria Island, Lagos, at which a quorum was present, the board accepted the resignation of Elias Igbinakenzua as the Managing Director of the company and approved the appointment of Callistus Udalor, the former Deputy MD of the company as the new MD,” the statement issued on Friday by the firm said.

Business Post reports that the board of First Aluminium Nigeria Plc had before now consider delisting shares of the company from NSE due to low level of activity.

But in the past days, the company has had improvements in the sale of its shares by investors.

On April 24, 2019, a total of 2.3 million units of the stocks were traded on the NSE, closing at 47 kobo per unit.

The next day, the share price rose to 48 kobo each, but dropped to 47 kobo on the day the board accepted the resignation of Mr Igbinakenzua.

As at the close of business yesterday, shares of the company settled at 42 kobo per unit with a total of 100,000 units sold.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Jobs/Appointments

Goyal, Pule Join Advisory Board of Sabi

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By Modupe Gbadeyanka

The founder of Africa Lighthouse Capital, Bame Pule; and the Head of M&A at Udaan, India, Sapna Goyal have been appointed to the advisory board of Sabi, a leading B2B marketplace serving Africa’s informal economy.

The duo will work with the company and bolster its network and knowledge to help improve the infrastructure for informal business.

According to the co-founder/CEO of Sabi, Anu Adasolum, the two highly talented and strategic business leaders will bring fresh insights and perspectives to the board.

“Their expertise and track record in driving value will be critical for Sabi in our quest to serve the informal economy. We look forward to working together as we maintain our exceptional growth,” Adasolum stated.

Bame Pule established an independent Mauritius-based private equity firm founded in 2012 to invest in and nurture businesses into African champions.

The firm has a particular focus on helping investee companies adopt global best practices regardless of sector, attain benchmarks equivalent to those of global peers, and expand into multiple key African markets.

Prior to founding Africa Lighthouse Capital, Mr Pule worked at Actis Capital, ShoreView Capital, Goldman Sachs in New York, Credit Suisse in New York and Salomon Brothers/Citigroup in Los Angeles.

He pursued bachelor’s degrees in Economics and Political Science (double major) from Pomona College in Claremont, California and was awarded the Pomona Scholar prize for superior academic achievement in 1997 and 1999. Mr Pule also pursued a master’s in business administration (MBA) degree from Harvard Business School in Boston, Massachusetts.

On her part, Sapna has investing experience in early and growth stage internet start-ups in India. Before joining udaan, she worked with Goldman Sachs Investment Partners (GSIP) VC & Growth Equity Fund by being responsible for investments in the Indian internet space.

She also has investing experience in Indian Public Markets as part of a hedge fund at GS. She is passionate about the change internet can bring to India and how it is a great leveller. She is an active angel investor.

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Economy

Stockbrokers Elect Oluwole Adeosun as New CIS President

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By Adedapo Adesanya

The Chartered Institute of Stockbrokers (CIS) has elected Mr Oluwole Adeosun as its new President and Chairman of its governing council.

With his emergence, Mr Adeosun, who was the institute’s former 1st Vice President, succeeds the erstwhile President, Mr Olatunde Amolegbe, at an election held during the institute’s hybrid annual general meeting on Thursday, May 5 in Lagos.

Mr Adeosun will be formally decorated with the paraphernalia of office in a high profile event known as an investiture at a later date this year.

Mr Adeosun, a fellow of the institute and multinational professional, brings on board over two decades of robust experience in the financial market.

A product of the Loyola College, Ibadan, he holds a B.Sc. (Hons) in Business Administration from the University of Ilorin in 1986 and capped it with a Master’s Degree in Business Administration (MBA) and specialises in Finance and Banking from the University of Lagos in 1993.

Mr Adeosun trained at Coopers at Lybrand (Chartered Accountants), now PricewaterhouseCoopers and qualified as a Chartered Accountant in May 1991. He later qualified as a chartered stockbroker and banker.

He has been a long-standing member of the Governing Council of the Chartered Institute of Stockbrokers since April 2013 and has served as the institute’s first Vice President from 2020 to 2022 and second Vice President from 2018 to 2020.

The stockbroker also served as a member of the Finance and General-Purpose Committee of the Chartered Institute of Bankers of Nigeria (CIBN) and its Investment Subcommittee.

The new CIS President is the Managing Director and Chief Executive Officer of Chartwell Securities Ltd., and a fellow of many major professional institutes in Nigeria’s financial services sector, including, the Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Bankers of Nigeria (CIBN) and Chartered Institute of Taxation of Nigeria (CITN) amongst others.

Thursday’s AGM witnessed the re-election of Mrs Fiona Ehimie and Mr Adeyemi Aina to the institute’s Governing Council and the election of Mr Ayodeji Ebo and Mrs Elile Olutimayin to the board as well as the election of the 2nd Vice President, Mr Oluropo Dada, as the 1st Vice President.

In his remarks, Mr Amolegbe, the immediate past president of CIS, expressed optimism that he had left behind a team of top-notch professionals that would further advance the growth and development of the institute.

“My priority has always been to enhance the institute’s brand positioning by increasing its visibility via advocacy while putting the members’ welfare on the front burner,” he said.

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Jobs/Appointments

Access Bank Promotes 800 Employees

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By Modupe Gbadeyanka

No fewer than 800 employees of Access Bank Plc have been promoted by the management of the financial institution as it transitions into a holding company (Holdco) structure.

The elevation of the members of staff followed a transparent and robust performance management review in line with global best practices.

According to a statement from the lenders, the beneficiaries were drawn from the senior, middle and junior management levels even as the management strives to continuously put employees in the best position to grow and be successful in today’s highly competitive work environment.

Over the years, Access Bank has demonstrated that employee performance and rewards remain a critical pillar of its business operations and has consistently provided adequate resources to deepen core job skills while entrenching a culture of high performance amongst employees.

The company’s penchant for rewarding high performance is particularly highlighted by the annual CEO Awards, one of the programs under its We Clap Initiative which is designed to support the development of a culture of excellence as well as motivate employees and teams for superior performance.

Recently, Access Bank was named the best institution to work in Nigeria by the global professional network company, LinkedIn, having assessed data across seven pillars that serve as identifiers of career progression, namely: the ability to advance, skills growth, company stability, external opportunity, company affinity, gender diversity and spread of educational backgrounds.

The bank’s consistent growth over the years has been due to the immeasurable effort and sacrifice of its employees.

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