Nigerian Outdoor Media Giant, Afromedia Plc is finally taking a bold step in its quest to reverse its failing state of affairs. The company has announced new non-executive directors for the company, a list that includes some heavy weights. Afromedia has for the last three years posted dismal results recording back to back losses at least for the last three years. Last year they posted a loss after tax of N879million (2012: N4.4billion) essentially wiping out its Net Assets.
Here is an excerpt of the company’s announcements
PRESS RELEASE: – Afromedia Plc Repositions Its Board For Improved Performance
Afromedia Plc has notified The NSE that the company has appointed four (4) new Non-Executive Directors to its Board. The four new non-executive Directors comprises of visionary Nigerians from various walks of life who have enviable track records of achievements and professionalism. The company, as a forward-looking company, has repositioned its Board of Directors at this time as part of its strategies for a quantum leap in its corporate performance, and in full preparation for upturning setbacks it was faced with since 2011. It need be recalled that the businesses of Afromedia Plc witnessed significant adversity in its operating environment in the past few years.
In announcing the recent reconstitution of the board, according to Afromedia Plc, the Group Managing Director of Afromedia Plc, Akin Ire Olopade reported that the company’s new visionary and dynamic Board of Directors is based on the need for the company to reinvigorate its Board for enhanced corporate performance.
The four new Board members have been strategically selected and appointed to fill in the vacancies created by the former Non –Executive board members, who for unavoidable and urgent personal interest left the Board recently in pursuance of their other private endeavours. The new members of the Board are as follows:
Mr. Idowu O. Iluyomade. He is a distinguished lawyer and an entrepreneur, bringing his wealth of experience in corporate governance and entrepreneurship to bear on the strategic direction of Afromedia. He is the new Chairman of the Board; a position formerly occupied by Dr. Onaolapo Soleye who resigned late last year to pursue his other interests.
Engr. Patrick Osita Nwabunie, a longtime member of the company and its retired Deputy Group Managing Director, as non-executive director, He is now the Vice Chairman of the Board in the recently repositioned Board,
Ernest C. Ebi MFR, FCIB, a distinguished banker and former Deputy Governor of the Central Bank of Nigeria is among the new non-executive directors of Afromedia PLC.
Ibrahim Isiyaku (SAN), a distinguished legal luminary has also been appointed as a non-executive director of Afromedia PLC.
Victor Ogiemwonyi, a seasoned investment banker, stock-broker and entrepreneur has also come on the Board of Directors of Afromedia PLC in a non-executive capacity.
These non-executive board members working collaboratively with Mr Akinlola Irewunmi Olopade, the Group Managing Director of the Company and Mr S.O.S. Nwachukwu, the Group Finance Director on the board, are collectively committed to the company’s journey to becoming the most successful group of companies in media industry in Africa.
Apart from the Board repositioning, Afromedia PLC has also fine-tuned its corporate strategy to launch a new corporate structure, which its Board and Management strongly believe will more accurately reflect the company’s vision to harness abundant opportunities in its niche markets in the media industry. The essence of the strategy is to provide a more robust corporate performance structure for achieving and sustaining satisfactory growth in returns to all its stakeholders.