The International Monetary Fund (IMF) has selected a new managing director following the stepping down of Christine Lagarde.
Bulgarian economist, Kristalina Georgieva will replace Lagarde who is leaving to become head of the European Central Bank (ECB). Georgieva’s five-year term as Managing Director of the IMF is to take effect on October 1.
In a statement made available on IMF’s website, Georgieva said her immediate priority would be to help countries minimise the risk of crises to enable them to be ready to cope with economic downturns.
“As I noted in my statement to the Executive Board, our immediate priority is to help countries minimize the risk of crises and be ready to cope with downturns. Yet, we should not lose sight of our long-term objective – to support sound monetary, fiscal and structural policies to build stronger economies and improve people’s lives. This means also dealing with issues like inequalities, climate risks and rapid technological change.
“For our readiness to act, safeguarding the Fund’s financial strength is essential, and so are enhancing its surveillance and capacity development efforts. Working with my team, my goal is to further strengthen the Fund by making it even more forward-looking and attentive to the needs of our members.”
Georgieva’s profile: Prior to her appointment, Georgieva was on a leave of absence from her post as the Chief Executive Officer at the World Bank and the European Commission. She has held numerous senior European Commission posts, including budget commissioner, and has deep knowledge of emerging market countries.
Georgieva joined the World Bank as an environmental economist in 1993. She held various positions in the Bank, including the World Bank Country Director for the Russian Federation between 2004 till 2007, Director for Sustainable Development from 2007 till 2008 and Vice President & Corporate Secretary, 2008 till 2010.
The new IMF boss worked with the European Union between February 2010 and December 2018. She was also the Vice President for Budget and Human Resources between 2014 till 2017.
Georgieva has extensive leadership and managerial experience, stemming from an influential array of senior public service posts in the World Bank. At the European Commission, she has been at the forefront of promoting sound economic policies, sustainable development, gender equality and poverty reduction.
From February to April 2019, she served as Interim President of the World Bank Group. Between February 2010 and December 2016, Georgieva served in the European Commission and helped shape the agenda of the European Union.
Georgieva is the 12th Chief Executive since IMF’s inception in 1944.
Buhari appoints 2 new deputy commissioners for NAICOM
This was disclosed in a statement by NAICOM’s Commissioner for Insurance Directorate.
President Muhammadu Buhari on Monday appointed Alhaji Sabiu Abubakar and Mr. Oba Oluniyi as two new Deputy Commissioners of the National Insurance Commission (NAICOM). This was disclosed in a statement by NAICOM’s Commissioner for Insurance Directorate, Mr. Rasaaq Salami.
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Salami disclosed that Abubakar would be Deputy Commissioner for the Technical, while Oluniyi would assist with the running of the Finance and Administration (F&A) also Department.
NAICOM said that the appointments of the 2 new Deputy Commissioners would be effective from the 17th of July, and they will both serve as Deputy Commissioners for five years.
More details shortly…
Dangote Cement Plc. appoints Ms. Berlina Moroole as non-Executive Director
Ms. Moroole was previously CRO and Chief Audit Executive for Liberty Holding Group.
Dangote Cement Plc has announced the appointment of Ms. Berlina Moroole to its Board as a Non-Executive Director, subject to approval at the next Annual General Meeting.
In a statement issued by the company and sent to the Nigerian Stock Exchange, stated that “Ms. Moroole is the Chief Internal Audit, Risk and Sustainability Officer for Motus Holding, in the Board of Assupol (Audit Committee – Chair, Risk Committee and Social & Ethnic Committee – Chair) and M-sure.”
Ms. Moroole was previously CRO and Chief Audit Executive for Liberty Holding Group, Board member of a schedule 3 public entity in South Africa (Legal Aids South Africa) and an Audit Advisory Committee member for one of the United Nation agencies (UNFPA). “She is also a former Group CRO and CAE of a listed entity, Partner at Deloitte, Senior Manager for SARS internal audit department and internal auditor at CSIR Corporate Audit Services,” the disclosure revealed.
Recall that just late last year in November, Asue Ighodalo, Thabo Mabe, Halima Aliko Dangote, Olakunle Alake, Arnold Ekpe, and Yabawa Lawan Wabi (MNI) all stepped down from the board causing a massive shakeup. Four new directors had, however, been swiftly appointed.
The company recently released H1 2020 unaudited result for the period revealing a profit of N126.14 billion, against N119.24 billion recorded H1 of 2019. Its revenue had revealed a marginal 2% increase as it earned N476.85 billion for the period ended June 2020 while in 2019, its revenue stood at N467.73billion.
The company’s most recent share price as at today is N134.20. Its price-to-earnings ratio stood at 10.97 while its price-to-book ratio stood at 3.1347.
Cadbury Nigeria Plc appoints Adedotun Sulaiman as new board chairman
Mr. Sulaiman, has almost 40-years experience in strategic plan development.
Cadbury Nigeria Plc on Thursday announced the appointment of Mr. Adedotun Sulaiman (MFR), as the new Chairman of its Board of Directors, effective immediately.
Sulaimon replaces Mr Atedo Peterside who stepped down as Board chairman on 30th June 2020.
This announcement was contained in a statement issued by Mr. Frederick Mordi, the Company’s Corporate Communications and Government Affairs Manager for West Africa.
Mr. Sulaiman, has almost 40-years experience in strategic plan development, organisation design, human resource management, technology planning and process re-engineering.
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The renowned management and strategy consultant was first appointed into the Board of Cadbury Nigeria Plc as a Non-Executive Director in August 2009.
He had served as a Country Managing Director and Chairman of Accenture Nigeria, and he currently sits on and/or chairs the board of several companies and not-for-profit organisations such as ABSA Nigeria Plc, Interswitch Limited, Cornerstone Insurance Plc, The Corona Schools Trust, and Greensprings Schools.
He is also Vice-Chairman of the University of Lagos Advancement Board, and Chairman of the Financial Reporting Council of Nigeria (FRCN).
Speaking on his appointment, Managing Director, Cadbury Nigeria Mrs. Oyeyimika Adeboye said, “Mr. Sulaiman’s professional track record of excellence in the private sector and strong commitment to corporate governance principles, make him a natural fit for the role.
“He brings on board, his integrity, wealth of experience, and exemplary leadership style that have made him one of the most respected business leaders in Nigeria today. We are delighted to have Mr. Sulaiman as our new Chairman.”
As Nairametrics previously reported, Mr. Atedo Peterside stepped down from his position as Chairman of the board effective 30th June 2020, in order to concentrate on other interests. He joined the board in 2009 as a Director, and had served on the board as chairman for a decade.