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Home Business News

CBN appoints interim management for Fortis Microfinance Bank

Onome Ohwovoriole by Onome Ohwovoriole
March 22, 2018
in Business News, Company News
CBN appoints interim management for Fortis Microfinance Bank

Bunmi-Lawson Interim MD Fortis MFB

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In a notice to the Nigerian Stock Exchange, (NSE), Fortis Microfinance Bank has announced the appointment of an Interim Management Committee by the Central Bank of Nigeria (CBN) to pilot the affairs of the bank.

Members of the committee include Bunmi Lawson who will serve as Managing Director/Chief Executive Officer, Tiko Okoye as Deputy Managing Director, and Adewale Aderounmu ED, Development Finance. Others include Oluwasaola Ajewole, ED Finance and Administration, Rebecca Sheyin ED Banking Operations and Chika Okey-Nwangwu ED Enterprise and Risk Management. Okoye and Aderounmu were executives on the previous board.

The committee has been mandated to maintain current operations and conclude negotiations regarding the bank’s restructuring. The bank last month disclosed it had embarked on a housecleaning exercise following some accounting irregularities.

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Greenwich NSE, Dangote lauds Buhari over Economic Advisory Council Africa’s richest man and President of Dangote Industries Limited, Alhaji Aliko Dangote, has lauded the President Muhammadu Buhari over the formation of the Economic Advisory Council (EAC). Dangote commended the president for constituting a council that will advise him on the nation’s economic growth and overall development. He said the move was a proactive one capable of elevating Nigeria’s economy to greater heights. Speaking during the inauguration of the new secretariat of the Chemical and Non-Metallic Products Employers Federation, the billionaire urged the Federal Government to take advantage of the rare opportunity to strengthen the economy and put the country on the path of growth, job creation and competitiveness. https://punchng.com/dangote-hails-buharis-economic-advisory-council/ Dangote also hailed the members of the council calling them tested and respected patriots. According to him, they were independent and ever willing to put the country’s interest first and ahead of themselves. Recall that Nairametrics reported that President Muhammadu Buhari constituted an Economic Advisory Council (EAC) that was disclosed in a press release signed by the Special Adviser to the President on Media and publicity, Femi Adesina. https://nairametrics.com/2019/09/16/breaking-buhari-constitutes-new-economic-advisory-council-as-soludo-rewane-make-list/ Those who made the list are Prof Doyin Salami as the chairman, Dr Mohammed Sagagi as Vice-Chairman of the Council and Dr Mohammed Adaya Salisu as the Secretary. Other members are Prof Ode Ojowu, Dr Shehu Yahaya, Dr Iyabo Masha, Prof Chukwuma Soludo, and Mr Bismark Rewane. What you should know: The advisory council will replace the current Economic Management Team (EMT) and will be reporting directly to the President. The Economic Advisory Council will be tasked to advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies. Similarly, the team will have monthly technical sessions as well as scheduled quarterly meetings with the President. However, the Chairman may request unscheduled meetings if the need arises.

Stock Market: 52.5% of firms failed to pay dividend in 2019 

September 20, 2019
NSE delists Skye Bank and Skye Bank and Fortis Microfinance Bank

2 banks delisted from NSE

August 22, 2019

Fortis Microfinance Bank also stated that news of its suspension by the Nigerian Stock Exchange had led many depositors to make panic withdrawals, believing this to be a suspension of its operating licence.

Fortis Microfinance Bank Plc was incorporated as a Private Limited Company on the 18th of June 2007 and commenced operations as a unit Microfinance Bank on October 4, 2007.

The Company converted to a Public limited company in October 2011 and its shares were subsequently listed on the Nigerian Stock Exchange on the 20th of June 2012. In August 2015, Fortis obtained a licence from the CBN to operate as a National Microfinance Bank.

Here is a copy of  the statement.


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Tags: Fortis Microfinance Bank
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Related Posts

Greenwich NSE, Dangote lauds Buhari over Economic Advisory Council Africa’s richest man and President of Dangote Industries Limited, Alhaji Aliko Dangote, has lauded the President Muhammadu Buhari over the formation of the Economic Advisory Council (EAC). Dangote commended the president for constituting a council that will advise him on the nation’s economic growth and overall development. He said the move was a proactive one capable of elevating Nigeria’s economy to greater heights. Speaking during the inauguration of the new secretariat of the Chemical and Non-Metallic Products Employers Federation, the billionaire urged the Federal Government to take advantage of the rare opportunity to strengthen the economy and put the country on the path of growth, job creation and competitiveness. https://punchng.com/dangote-hails-buharis-economic-advisory-council/ Dangote also hailed the members of the council calling them tested and respected patriots. According to him, they were independent and ever willing to put the country’s interest first and ahead of themselves. Recall that Nairametrics reported that President Muhammadu Buhari constituted an Economic Advisory Council (EAC) that was disclosed in a press release signed by the Special Adviser to the President on Media and publicity, Femi Adesina. https://nairametrics.com/2019/09/16/breaking-buhari-constitutes-new-economic-advisory-council-as-soludo-rewane-make-list/ Those who made the list are Prof Doyin Salami as the chairman, Dr Mohammed Sagagi as Vice-Chairman of the Council and Dr Mohammed Adaya Salisu as the Secretary. Other members are Prof Ode Ojowu, Dr Shehu Yahaya, Dr Iyabo Masha, Prof Chukwuma Soludo, and Mr Bismark Rewane. What you should know: The advisory council will replace the current Economic Management Team (EMT) and will be reporting directly to the President. The Economic Advisory Council will be tasked to advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies. Similarly, the team will have monthly technical sessions as well as scheduled quarterly meetings with the President. However, the Chairman may request unscheduled meetings if the need arises.
Markets

Stock Market: 52.5% of firms failed to pay dividend in 2019 

September 20, 2019
NSE delists Skye Bank and Skye Bank and Fortis Microfinance Bank
Business News

2 banks delisted from NSE

August 22, 2019
Fortis Microfinance Bank, Nigeria Deposit Insurance Corporation, Liquidation, Shutdown, NDIC
Business News

Fortis Microfinance Bank liquidates

February 4, 2019
Fortis Microfinance Bank, Nigeria Deposit Insurance Corporation, Liquidation, Shutdown, NDIC
Blurb

Fortis Microfinance Bank confirms it has a big problem

February 7, 2018
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