The Board of Directors of the United Bank for Africa is pleased to announce the appointment of four new members to its board, subject to the approval of the Central Bank of Nigeria(CBN).
The new board members are Mrs. Erelu Angela Adebayo, Ms. Angela Aneke, Alhaji Abdulqadir Jeli Bello and Mr. Isaac Olukayode Fasola.
These appointments follow the retirement of Mrs. Rose Okwechime, Mr. Adekunle Olumide, OON, Alhaji Ja’afaru Paki and Mr Yahaya Zekeri, with effect from August 30, 2018.
“I am pleased to welcome Erelu Adebayo, Angela Aneke, Abdulqadir Bello and Kayode Fasola to the Group Board” said Tony O. Elumelu, the Group Chairman of the Bank.
“These men and women bring a wealth of experience in their fields and will be tremendous assets, as we deliver on our mission to become the leading Pan-African financial institution in all our countries of operation.”
‘I am particularly pleased that two of the newly appointed Non-Executive Directors are women, bringing the total number of women to four, a further demonstration of our commitment to ensuring equality for both men and women,’ added the Group Chairman.
Mr. Elumelu thanked the retiring directors for their contribution, hard work and commitment to UBA, “I would like to express my appreciation to our retiring Directors for their leadership and dedication to UBA and for their contribution to an already impressive 2018. I wish them the very best in their future endeavours”.
This announcement comes on the heels of the Bank’s strong H1 2018 performance with a PBT of $58.1billion. With the successful expansion of its retail operations, UBA now operates in 20 countries in Africa, following its recent acquisition of a licence in Mali and the United Kingdom. The bank also has offices in New York City and in Paris.
About the new Directors
Erelu Angela Adebayo who graduated with an M.Phil in Land Economy from Cambridge University, is the former First Lady of Ekiti State in Nigeria. Mrs Adebayo previously served on the boards of several organisations, including the Dangote Foundation, DN Meyer Plc, Wemabod Estates. Mrs. Adebayo is a council member of the Nigerian Stock Exchange and has worked extensively on real estate development and She is the Chairman of the Erelu Adebayo Foundation for the underpriviledged.
Ms. Angela Aneke is a board advisor, banker and a strategic thinker with over 30 years’ experience in financial services, in the areas of financial control, strategy, transaction banking, corporate banking, retail banking and governance. Ms. Aneke has held executive management and board positions in several international and regional institutions, including Ecobank Transnational Incorporated and the United Bank for Africa.
Mr. Isaac Olukayode Fasola is a consummate professional with over 30 years’ cognate experience obtained from Management and Board positions covering banking operations, risk management, credit analysis, insurance, asset management, business strategy/development, performance management and corporate governance. Mr. Fasola previously served as an Executive Director of a commercial Bank in Nigeria. Mr. Fasola holds 2 MBAs and is pursuing a Ph.D. in Business Administration.
Mr. Abdulqadir J. Bello, a Chartered Accountant, has over 30 years’ corporate experience in the banking sector, during which period he held several senior Management positions in various Banks. He also previously served as the Group Chief Credit Officer of UBA and thereafter as the Executive Director in charge of Risk Management for UBA Group.
PZ Cusson announces retirement of Chairman, Kola Jamodu
PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.
According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.
What you should know
Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.
He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.
He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.
Naira devaluation, FX scarcity caused increase in cost of goods – Nigerian Breweries
Nigerian Breweries has revealed that Naira devaluation, FX scarcity caused increase in the cost of its goods in 2020.
The Finance Director of Nigerian Breweries Plc, Rob Kleinjan, has revealed that the increase in the brewer’s costs of goods was due to the devaluation in naira and FX scarcity, which led to the increase in the cost of inputs such as sorghum and sugar, as they are not fully produced locally.
This disclosure was made during the Nigerian Breweries’ Fact Behind Figures results presentation today.
However, Kleinjan explained that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity, which exerts pressure on imported input materials.
He said the increase in Nigerian Breweries’ costs of goods sold, as reported in its unaudited financial results, could also be linked to the volume of goods sold, as the company’s sales volume in Q3 increased by almost the same percentage as the cost of goods sold.
However, Mr. Kleinijan reiterated that to mitigate further losses, it was important for the company to focus on the supply chain and seek ways to mitigate price increases.
What they are saying
The Managing Director of Nigerian Breweries, Mr. Jordi Borrut, while speaking at the virtual event said:
“In 2020, the results of Nigerian Breweries were adversely impacted by COVID, VAT increase, FX devaluation and scarcity of foreign exchange. The year started with a promising 1st quarter, which was heavily impacted in Q2. The Nigerian market, however, rebounded in Q3.”
Mr. Rob Kleinjan, while explaining the factors behind the increase in Nigerian Breweries’ cost of goods sold in the first nine months of 2020, said:
“It is also clear that the increase in cost is due to the devaluation and the FX scarcity which has put pressure on our input cost. If you look into the main elements we use, which are sorghum and sugar – they are not fully produced locally, so when the currency is devalued, the prices of these inputs will soar.
“That’s why it’s important that we are focused on the supply chain, and seek for ways we can mitigate any of the price increases, because the increase in cost comes from the input prices, which come from FX scarcity.”
United Securities Limited changes name to Coronation Registrars Limited
United Securities Limited formally notifies its numerous customers and stakeholders of a change of name to Coronation Registrars Limited.
In line with section 30(3) of the Companies and Allied Matters Act 2020 (CAMA), United Securities Limited has formally notified its numerous customers and stakeholders that it has obtained regulatory approval from the Corporate Affairs Commission to change its name to Coronation Registrars Limited.
The disclosure is contained in a verified post on Linkedln, signed by the firm’s Secretary, Omotoyosi Kola-Ojo, and seen by Nairametrics.
What this means
In line with the recent corporate action and according to section 30(5) of the Companies and Allied Matters Act, the company has been issued a new Certificate of Incorporation by the Registrar General of the commission, evidencing the change of name.
What they are saying
A verified post by the Firm read thus: “The Public is hereby informed that United Securities Limited having passed the necessary Special Resolutions in line with Section 30(3) of Companies and Allied Matters Act 2020 (CAMA) and obtained the necessary regulatory approval of the Corporate Affairs Commission, has changed its name to CORONATION REGISTRARS LIMITED.
“The public is further informed that pursuant to Section 30(5) of the Companies and Allied Matters Act, the company has been issued a new certificate of incorporation by the Registrar General of the Commission evidencing the change of name. All stakeholders are requested to take note of the above information.”