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4 Morrison Industries Plc’ Board Members resign

Morrison Industries Plc announced the resignation of members of its Board of Directors.



Corporate Actions, NSE

Morrison Industries Plc announced today that four members of its Board of Directors have resigned from their respective positions, effective July 17, 2018.

The former Board Members are Mr Godwin O. Oteri, Mr Tayo Odeyemi, Senator Muhammed A. Muhammed (OFR), and Professor Dew Tuan Wleh Mayson.

In a press statement issued to the Nigerian Stock Exchange (NSE), the company expressed gratitude to the former Board Members for their dedication and contributions towards the company’s growth. They were also wished the best of luck in their future endeavours.

The company, however, gave no further details about the circumstances surrounding this obviously mass and seeming ‘protest’ resignations from its Board.

“The Board has accepted their resignations and expressed its appreciation to them for their dedication and positive contributions to the growth of the company over the years and wished them well in their future endeavours.” – Morrison Industries

In the meantime, Morrison Industries Plc has appointed  Mrs Afolake Lawal as a Non-Executive Director. Her appointment took effect yesterday August 27, 2018.

Mrs Lawal is the Co-Founder and current Group Executive Director of GTI Group. She has over 15-years cognate experience in Investment Banking, Corporate Governance and Business Strategy.

She is also an Associate Member of the National Institute of Marketing of Nigeria (NIMN) and a certified pension practitioner. She is also a Member of the Nigerian Bar Association.

Prior to her latest appointment, she served as the Chairman of Morrison Industries’  Governance and remuneration committee. Asides serving on the board of Morrison Industries Plc, she also sits on the Board of Eterna Plc.

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Incorporated in 1955, Morrison Industries Plc operates in Nigeria’s healthcare sector; manufacturing and marketing pharmaceutical products. It is a public limited company (listed on the Nigerian Stock Exchange), and its shares closed at 0.55 kobo.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Branch International appoints Dayo Ademola as Managing Director in Nigeria

Branch International has appointed Dayo Ademola as Managing Director in Nigeria.



Branch International, the leading digital finance app with over 20 million users, has announced the appointment of Dayo Ademola as Managing Director in Nigeria, effective immediately.

Ademola, a leader with over fifteen years of experience in global, consumer-centric companies such as MainOne, Rosetta Stone (USA) as well as Union Bank amongst others, will lead the Branch team with the key focus to provide Nigerians with great value through quality modern financial services

In her new role in Branch, she is expected to leverage her experience as a financial services and technology leader, drawing from her established operational excellence in innovation, business strategy, customer segmentation, strategic marketing, product positioning, product development and business performance management.

What they are saying

While commenting on the announcement of her new role, the new MD talked about the nice offers of Branch and how impressive the services of the company are, Dayo Ademola said:

“I’m excited to join Branch because I love how the Branch app offers Nigerians a great deal. No other finance app offers a 20% investment yield (highest in Nigeria), zero-fee unlimited money transfers and instant loans with no paperwork, collateral or late fees.

“Branch’s all-in-one finance app can help everyday Nigerians simplify their financial life and get ahead. I’m excited to do my all to help everyone in the country become aware that there’s a better deal when it comes to your money.”

About Dayo Ademola

  • Ademola earned a bachelor’s degree in International Business and Economics from Temple University, USA and a Global Executive MBA from INSEAD.
  • Prior to joining Branch International, Dayo served as the Head of Innovation at EFInA, in this role she was responsible for the administration of EFInA’s multi-million-dollar Innovation Fund, funding licenced financial services providers as well as start-up and growth-stage fintechs, with an aim to boost financial inclusion in Nigeria.

About Branch International

  • Branch International is a leading digital finance app with over 20 million users and offices across Nigeria, Kenya, Tanzania and India.
  • Branch continues to redefine digital finance as the platform with product features such as instant loans, free money transfers, bill payment and investment.
  • Branch in the past three years of operation in Nigeria has processed over 40bn Naira in over 3 million loan transactions.

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Conoil’s 30,000 bpd facility forced to shut down by host community

Conoil Producing Limited has had its crude oil production flow station at Ango field Bayelsa that it is operating shut down.



Conoil Plc releases FY financial result for 2019, profit up by 11% 

Indigenous oil exploration and production company, Conoil Producing Limited, has had a crude oil production flow station at Ango field in Koluama, Southern Ijaw Local Government Area of Bayelsa State shut down by the host community.

This follows the protest by aggrieved members of the community over the oil firm’s insensitivity to its social obligations towards the people.

According to a report from the News Agency of Nigeria (NAN), the protesting members of the community had besieged the facility and told the oil workers to shut the facility and leave the site of the 30,000 barrels per day capacity flow station.

The oil workers at the onshore facility connecting oil wells within the swamps and creeks at Koluama were escorted out of the area by speedboats by armed security men.

What a community leader in Koluama is saying

A community leader in Koluama 1, Chief Young Fabby, on Tuesday, said that the facility was shut to protest the oil firm’s insensitivity to its social obligations to the people.

He said the aggrieved community shut operations at the flow station on Monday and sacked oil workers deployed to run the oil facility following Conoil’s failure to renew the Memorandum of Understanding (MOU) which expired in 2020.

Chief Fabby said, “The Koluama clan was compelled to take the action following the refusal of the oil company to dialogue on several outstanding issues amongst which is the MoU which expired for more than one year.

“All entreaties through established channels have been rebuffed. Secretary of Koluama kingdom Oil/Gas Committee, Jonathan Amabebe, had drawn attention to the refusal of Conoil and this is regrettable,” he said.

Although officials of Conoil have yet to react to the incident, the Commandant of Nigeria Security and Civil Defence Corps (NSCDC) in the state, Mrs Christiana Abiakam-Omanu, confirmed the development.

She said that members of Conoil’s host communities were at the oilfield to protest, but that only the operator of the field (Conoil) could confirm if it was shut or not.

What you should know

  • Conflicts between the oil-producing communities in the Niger Delta region of the country and the oil-producing firms have become quite regular and is a huge challenge to uninterrupted oil production in that area.
  • The complaints by the host communities against these oil firms include environmental degradation, incessant oil spillages, neglect of their corporate social responsibilities and so on.
  • This has often led to disruption/ stoppage of operations, closure of flow stations and rigs, vandalism/destruction of facilities, molestation/abduction of oil company staffs, temporary seizure of oil company assets like vehicles and boats and so on.

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