Ellah Lakes Plc has confirmed the appointment of a ‘new’ Managing Director who will be replacing Frank Ellah. The announcement comes five months after Nairametrics discovered a discrepancy in Ellah Lakes‘ management team after a new Executive Director took charge without prior information to the Nigerian Stock Exchange.
While the company disclosed that the ‘new’ appointment took effect on June 12, 2019, Chuka Mordi, the supposed ‘new’ Managing Director, had been playing the role of an Executive Director since December 2018.
Nairametrics discovered that Mordi had been operating as an Executive Director for Ellah Lake with his signature appended on the company’s Unaudited Financial Statements for the period ended October 31, 2018. In the result under review, his name was followed with the position of an Executive Director. The company had reported a loss in its Gross Profit and Operating Profit in the result.
The grey area here is that as a listed company on the Nigerian Stock Exchange, it is mandatory for Ellah Lakes Plc to announce/inform the public of any changes made in the company’s management. The official information centre for all listed companies to make public announcements is on the NSE‘s website. This, therefore, shows that the company abused a major requirement by officially publishing the information five months after the fact.
Also note that while the company addressed Mordi’s as the Executive Director, the company’s website only identified him as just a director.
Prior to joining Ellah Lakes, Mordi was formerly the Director in Telluria Limited before Ellah Lakes acquired Telluria. While the full details of the agreement are not known, the appointment of Mordi to replace Ellah (who has been heading the company since 2008) is pictured as one of the requirements in sealing the deal.
Ellah Lakes agreed to a joint business to strengthen the company’s balance sheet, restore customer confidence, provide access to new markets while enhancing operations that will ultimately drive profitability and deliver value to shareholders.
Reacting to his appointment, Mordi said the plan is to put Ellah Lakes back on the path of growth, adding that the combination of Ellah Lakes and Telluria establishes a platform with a significant existing land portfolio.
“I am very excited to be taking up the position of Ellah Lakes Managing Director. The combination of Ellah Lakes and Telluria establishes a platform with a significant existing land portfolio, access to finance and investments in the domestic production of oil palm, & a variety of cash crops. I look forward to an exciting future as we put Ellah Lakes back on a path to growth.”
Mordi’s portfolio is outstanding and satisfactory to Ellah Lakes;
Mordi is Managing Partner of CBO Investment Management, a private equity arm of CBO Capital Partners Limited, specialising in growth, turnaround, and Brownfield investments.
- Mordi has been responsible for oversight of the CBO’s management and investment activities and currently sits on the boards of CBO portfolio companies.
- He led the firm’s efforts in publishing and distributing proprietary Africa macro and sector research, producing investment conferences, and developing active CSR programs.
- Mordi began his career as an Equities Analyst at SBC Warburg, before moving to Hardman & Co. Ltd. where he focused on UK AIM stocks.
- At InterSec Research Corp. he led the Global Investment Management Research Team for Europe (UK) & the Far East (Japan &Singapore).
- At Societe Generale Asset Management (SGAM) UK, he covered European Emerging Market Equities and worked on Asset Allocation and Economic analysis.
- Prior to launching CBO Investment Management in 2009, Mordi was Head of Infrastructure Financing at First City Monument Bank. Mordi holds a Philosophy degree from King’s College, University of London.
About Ellah Lakes Plc: The company was one of Nigeria’s foremost agriculture businesses, specialising in Fish Farming. It was incorporated on July 2nd, 1980 and was listed on the Nigerian Stock Exchange (NSE) on January 14th, 1993. Ellah Lakes acquired Telluria in order to diversify its product offerings in the AgriBusiness sector.
Flour Mills appoints Juliet Anammah to the Board of Directors
Juliet Anammah has been appointed to the Board of Directors of Flour Mills of Nigeria Plc.
Nigeria’s leading integrated food business and Agro-allied group, Flour mills of Nigeria Plc has announced the appointment of Juliet Anammah, to the board of Directors.
The appointment was announced in a disclosure sent to the Nigeria Stock Exchange today, which was seen by Nairametrics.
This disclosure which was signed by the Company’s Secretary, Umolu Joseph, confirmed the appointment of Anammah, to the board of Directors effective from 10th September.
Juliet, who is the current Chair of the Board, Jumia Nigeria, and Head of Institutional Affairs across Africa brings a vast experience in the consumer product industry, along with excellent skills in product creation and high-profile brand building.
It is noteworthy that Mrs Anammah, while the CEO of Jumia led the company through a period of impressive growth, and subsequently to become the first African tech company to be listed on the New York Stock Exchange in 2019.
Speaking about the appointment, Mr John Coumantaros, Chairman of the Board says the appointment is of tremendous value to FMN, as it will help to position the group to take advantage of the changing consumer landscape in the foods and Agro-allied sectors.
“I am truly excited to welcome Juliet to the Board of Directors. Her over 28 years of executive leadership experience in business consulting and e-commerce in Africa will be of tremendous value to FMN, as we continue to position the group to take advantage of the changing consumer landscape in the foods and agro-allied sectors,” Coumantaros said.
Coumantaros emphasized that the appointment represents the Boards’ determination to ensure a diverse mix of skills and viewpoints on the FMN Board in a bid to fulfil the purpose of feeding the nation, every day.
About Mrs Juliet Anammah
Mrs Juliet Anammah has over twenty-five years of professional experience in Consumer Goods, Sales and Marketing Management Consulting and E –commerce. She started her career with Sanofi Aventis in 1991 and worked in key sales/marketing capacities until 1999, when she joined Accenture’s Strategy service line as a senior consultant.
In 2004 she launched Accenture’s Products Operating Group which covers Accenture’s consulting services for Fast Moving Consumer Goods, Retail and Transport Industries in West Africa. Juliet became a Partner in Accenture in 2013.
She is presently the Managing Director/Chief Executive Officer of Jumia Nigeria, a position she undertook in 2015 and oversaw Jumia’s transition from online Retail to a Marketplace. Jumia is an online marketplace operating in 15 African countries. Jumia’s scope covers E–commerce, Travel booking, Food ordering and Classifieds.
UBA’s Sola Yomi-Ajayi appointed to US EXIM’s Sub-Saharan Africa Advisory committee
Committee comprises of notable individuals of the US business community.
Sola Yomi-Ajayi, the Chief Executive Officer, (CEO) of UBA’s operations in the USA, has been appointed to the Export-Import Bank of the United States (US EXIM) committee on Sub-Saharan Africa for 2020/2021.
This is contained in a statement on UBA’s website, as seen by Nairametrics.
Established by the US congress, the Sub-Saharan Africa Advisory Committee provides guidance and advice regarding US EXIM policies and programs, that are designed to support the expansion of financing for US manufactured goods and services in Sub-Saharan Africa.
The committee comprises of notable individuals of the US business community, and Yomi- Ajayi is the sole representative of African institution. UBA USA is the only Sub-Saharan African deposit taking institution regulated in the United States, and provides a unique portfolio of banking solutions to corporates, governments, multilaterals, and development organizations transacting with Africa.
It can also assist in trade finance, treasury, foreign exchange, transaction management, and lending, drawing on UBA’s 70-year-old heritage and unique Pan-African network.
UBA’s Group Chairman, Tony O. Elumelu, stated that the appointment is a recognition of the role UBA has played over decades in promoting, and supporting large and small businesses in all its 20 countries of operations in Africa.
“The appointment of Sola, as a member of the US EXIM Advisory Committee for Sub-Saharan Africa is a welcomed news. UBA’s global network of offices in New York, London, and Paris permits us to be the preferred financial intermediary between Africa and the rest of the world. Our mission at UBA is fully aligned with the objectives of the US EXIM.”
The US EXIM President and Chairman, Kimberly A. Reed, who congratulated Yomi-Ajayi and the other appointees said, “With six of the 10 fastest-growing economies in the world and more than one billion consumers, Africa is poised to play a pivotal role in the global economy.
“Supporting US exports to sub-Saharan Africa is one of our top priorities at EXIM, and my deepest congratulations goes to the new members of the EXIM Sub-Saharan Africa Advisory Committee.”
Other new appointees into the committee are,
- Daniel Runde, as Chairman of the committee
- C. Derek Campbell, CEO, Energy and Natural Resource Security Inc
- Scott Eisner, Senior VP, African Affairs, U.S. Chamber of Commerce
- Rebecca Enonchong, Founder and CEO, AppsTech
- Lori Helmers, Executive Director/Americas Export Finance Head, JPMorgan Chase Bank
- Florizelle Liser, President and CEO, Corporate Council on Africa
- Mima Nedelcovych, Chairman, Africa Global Schaffer
- EE Okpa, Principal, The OKPA Co
- Marise Duff Stewart, Director, Customer and Industry Relations, Progress Rail – a Caterpillar company
- Paul Sullivan, President, International Business, Acrow Bridge.
Explore the Nairametrics Research Website for Economic and Financial Data
EXIM, is an independent federal agency that promotes and supports American jobs, by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers.
United Bank for Africa Plc, is a leading Pan-African financial institution, offering banking services to more than 21 million customers, with over 1,000 business offices and customer touch points in 20 African countries.
It has presence in the USA, UK, and France. UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance, and ancillary banking services.
ROAM Africa Jobs appoints Hilda Kragha as Managing Director
Hilda Kragha has been appointed as new Managing Director of ROAM Africa Jobs.
The Board of Directors of Ringier One Africa Media (ROAM), has announced the appointment of Jobberman Nigeria CEO, Hilda Kabushenga Kragha, as its new Managing Director. ROAM, whose purpose is to connect Africans to opportunities is the parent company of Jobberman.
Hilda, a Strategy and Human Capital expert, who joined Jobberman Nigeria as CEO in June 2019, will now lead ROAM Africa’s jobs brands, including Jobberman (Nigeria and Ghana), and BrighterMonday (Kenya, Tanzania, Uganda). She will also join ROAM’s ExCo Team, making her the fourth woman on the seven-person team.
This was disclosed in a mail sent to Nairametrics by the PR Account Manager, Chanelle Rintari.
Hilda, who takes over from Kwaku Agbesi, the former MD, expressed excitement at her new role within the ROAM family.
The alumnus of IESE Business school used her wealth of experience to strengthen Jobberman’s position, as Nigeria’s largest jobs platform, with over 2.5 million job seekers, and 100,000 employers on their database. With an impressive CV that includes roles at KPMG East Africa, McKinsey Spain and Jobberman Nigeria; one thing is certain, ROAM is in competent hands.