Appointments
Ellah Lakes confirms MD’s appointment months after Nairametrics queried management discrepancy
Ellah Lakes Plc has confirmed the appointment of a ‘new’ Managing Director who is replacing the former Managing Director, Frank Ellah.
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.
Appointments
Meet Dr. Lamido Yuguda, the new SEC DG
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a CFA charter holder, and also holds a Certificate in Financial Asset Management and Engineering from the Swiss Finance Institute, Geneva, Switzerland.
President Muhammadu Buhari, on Tuesday, brought an end to the 2-year long controversy surrounding the office of the Director-General of the Securities and Exchange Commission (SEC). He did this when he sent a letter to the Senate requesting the house to ratify the appointment of Dr Lamido Yuguda as Commission’s new DG.
Yuguda is an economist, banker and investment manager, with over 30 years’ experience in financial services. Let us take a closer look at Yuguda’s pedigree.
He began his career with Central Bank of Nigeria back in 1984, just shortly after he graduated from the Ahmadu Bello University, Zaria. He was employed as a Senior Supervisor of the Foreign operations department, which manages Nigeria’s external debt records.
READ ALSO: Nigeria’s External Reserves plunge to $40.3 billion as devaluation concerns brew
In 1985, he moved to the Banking Supervision Department and had the task of handling bank licensing and prudential regulations.
In 1988, another in-house reshuffling exercise took him to the Debt Conversion Committee Secretariat to manage the Nigerian Debt Conversion Programme together with the pioneer staff in the secretariat.
He moved back to the Foreign Operations Department in 1992, and soon after became the Senior Manager of the Investment Office. Again, his responsibilities included managing Nigeria’s external debt service, as well as managing the investment of the CBN’s external reserves in a liquid portfolio of cash, fixed-term deposits, and foreign government treasury bills.
READ ALSO: Nigeria spends $1.31 billion to service external debt in 2019
Following a secondment, he joined the International Monetary Fund (IMF) in Washington DC, the USA in 1997, as an economist in the Africa Department. In this position, Yuguda assessed the economic policies and management of balance of payment support programmes in IMF member countries.
In 2001, he returned to the CBN to lead a team of staff to restructure and diversify the CBN’s growing FOREX reserve portfolio. Together with this team, a new investment policy was adopted with the introduction of new asset classes, the appointment of a reputable global custodian and asset managers.
Yuguda successfully upgraded the CBN’s in-house fixed-income trading and settlement capabilities and left a state-of-the-art portfolio management system as his legacy.
By 2010, he became Director of the Reserve Management Department. He is credited with the strong risk-aware investment culture in the department, and also instilled a disciplined approach to investment evaluation.
READ MORE: UPDATE: Fitch downgrades Nigeria’s IDR to “B”, says CBN’s remedial policy not enough
After 32 years at the apex bank, he voluntarily retired in 2016. He has been a member of the Board of the Securities and Exchange Commission, and will now resume as its DG.
Yuguda has a Bachelor of Science in Accounting from Ahmadu Bello University, Zaria, having graduated in 1983. He later obtained a Master’s degree in Money, Banking, and Finance from the University of Birmingham, UK, in 1991.
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He has attended leadership training at notable business schools like Harvard, INSEAD, IMD, Saïd, Wharton, Haas, and London.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a CFA charter holder, and also holds a Certificate in Financial Asset Management and Engineering from the Swiss Finance Institute, Geneva, Switzerland.
President Muhammadu Buhari has approved the appointment of Sunday Thomas as the substantive Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM).
This was disclosed by the Personal Assistant on Media to President Buhari via his Twitter handle on Sunday afternoon.
Thomas, who replaced the immediate past acting-commissioner for Insurance Mohammed Kari, has over 30 experience in the industry as an operator and regulator.
READ MORE: FG to disburse N97.3 billion to tech innovators, agric enterprises
He was appointed Deputy Commissioner in charge of technical matters by Buhari in April 2017.
The new NAICOM boss was formerly Director-General of the Nigerian Insurers Association in 2010.
The President also approved the appointments of two board members for Nigeria Deposit Insurance Corporation.
They are Mrs. Ya’ana Talib Yaro who was appointed as the Non-Executive Director representing the North East, and Mrs. Diana Okonta as Non-Executive Director, to fill the slot for the South-South.
READ MORE: Why Senate accelerated approval for President Buhari’s N850 billion loan request
President @MBuhari approves the appointment of Sunday Thomas as the substantive Commissioner for Insurance/CEO, National Insurance Commission (NAICOM).
Mr. Sunday Thomas replaced Mallam Mohammed Kari, the immediate past acting commissioner for the Commission.
— Bashir Ahmad (@BashirAhmaad) May 3, 2020
Appointments
Lafarge Africa Plc announces retirement of two directors, appoints new ones
Lafarge Africa Plc has announced the retirement of two of its Non-Executive Directors, as well as the appointment of three new Directors.
Lafarge Africa Plc has announced the retirement of two of its Non-Executive Directors, as well as the appointment of three new Directors. This was disclosed by the company in a notification signed by the Company Secretary, Adewunmi Alode and sent to the Nigerian Stock Exchange (NSE).
The retirements of Non-Executive Directors – Mr. Christof Hassig and Mr Rossen Papazov, was said to have taken effect from April 7, 2020.
Lafarge Africa also announced the appointment of Mr. Gbenga Oyebode as a new Independent Non-Executive Director, Mr. Olivier Guitton as a Non-Executive Director, and Mr. Lolu Alade-Akinyemi as the new Finance Director. All three appointments took effect today, April 8, 2020.
Speaking on the appointment, Chairman of Lafarge Africa Plc, Bolaji Balogun said:
“I wish to thank Christof Hassig and Rossen Papazov for their service and contributions to the Board over the last two years and wish them well in the future.
“I am delighted to welcome Gbenga Oyebode, MFR, Olivier Guitton and Lolu Alade-Akinyemi to the Board of Lafarge Africa. I consider them strong additions with rich and diverse experience and we look forward to working with them on the Board and wish them a successful tenure.”
(READ MORE: Lafarge Africa Plc posts N213 billion revenue, profit up by N17 billion in 2019)
Oyebode’s profile: Oyebode is a lawyer with over 35 years of experience in corporate and commercial practice. He has served in various capacities and companies since he began his career, some of which include being the Chairman of Access Bank. He has also worked as a Director at MTN Nigeria Plc, as well as the Chairman of Okomu Oil Palm Company.
Lafarge Africa Plc
Oyebode currently serves on the Boards of Nestle Nigeria Plc, and Socfinaf S.A. He is the Chairman of CFAO Nigeria Plc. Other positions include Member of the Global Advisory Council of the Africa Leadership Academy Johannesburg, Director Jazz at the Lincoln Centre New York and Director African Philanthropy Forum, Member Board of Trustees Carnegie Hall New York, Member Board of Trustees Ford Foundation New York and Director International Lawyers for Africa (ILFA), London.
He holds an LL.M from the University of Pennsylvania, Philadelphia and an LL.B from the University of Ife. Oyebode is also a fellow of the Chartered Institute of Arbitrators (UK) (FCIArb) and the Nigerian Leadership Initiative, as well as a member of the Nigeria Bar Association, the American Bar Association, and the International Bar Association (IBA), amongst others.
He is the founder and Chairman of the management board of Aluko & Oyebode (one of the largest integrated law firms in Nigeria).
(READ MORE: Lafarge Africa Plc said it is sorry for helping bring Coronavirus into Nigeria)
Guitton’s profile: Guitton has over 22 years work experience in the transportation industry and currently holds the position of Head of Finance, Middle East & Africa at Lafargeholcim.
Prior to this, he held various positions within the Bombardier Group as Vice President, Finance, Asia, Bombardier Transportation, Singapore, Vice President, Finance Shared Service, Bombardier Transportation, France, Head of Finance, South Europe, Director, Cash Management, Bombardier Capital, France, General Manager and Division Controller, Europe. He was also the Group Deputy CFO & Group Controller Louis Dreyfus Company, France.
Guitton holds a Bachelors degree in Business Administration at the EDHEC Business School, French Instit des techniques de Marches (ITM).
Alade-Akinyemi’s profile: Alade-Akinyemi is a certified accountant with 20 years of experience leading and transforming Finance & Supply Chain teams in complex, multinational companies in the United Kingdom, Ghana and Nigeria.
(READ MORE: Jean-Philippe Benard resigns from Lafarge Africa Plc board )
He holds a Master’s degree in Business Administration from the Edinburgh Business School, Scotland, UK, and is currently the Chief Financial Officer and Supply Chain Director of Lafarge Africa Plc.
Prior to joining Lafarge in 2014, he was Finance Director, PZ Cussons Nigeria Plc, Head of Business Operations & Development Strategy, New Business and Head of Supply Chain & Operations, Coca-Cola Bottling Company, Accra-Ghana, Finance Manager (Group Office), Coca-Cola Europe, Eurasia & Middle East Group, London, Finance Manager (Africa Group), Coca-Cola Africa, Windsor, UK and Assistant Budget & Planning Manager at Coca-Cola Nigeria Limited.
