Connect with us
nairametrics
UBA ads

Appointments

Embattled Director, Fidelis Madavo steps down from Dangote Cement Board 

Fidelis Madavo has stepped down from the Board of Directors of Dangote Cement Plc (DCP) as a Non-Executive Director. 

Published

on

Embattled Director, Fidelis Madavo steps down from Dangote Cement Board 

Fidelis Madavo has stepped down from the Board of Directors of Dangote Cement Plc (DCP) as a Non-Executive Director.

The Details: In a notification signed by Deputy Company Secretary, Edward Imoedemhe and sent to the Nigerian Stock Exchange (NSE), the resignation is effective Friday 1 November 2019.

UBA ADS

The Board and Management of DCP appreciated the Director for his contributions towards the firm’s success and wished him well in his future endeavours.

Fidelis Madavo

Fidelis Madavo

Possible reasons for Madavo’s resignation: Madavo’s resignation could be linked to a function of bad press which might have damaged his reputation with the Dangote Cement Board. In January, Madavo was suspended by the Public Investment Corporation (PIC) in South Africa with regards to the Ayo transaction, a R4.3 billion payment to fund the technology company which was flagged as controversial.

GTBank 728 x 90

Madavo’s suspension followed an internal audit and ongoing investigation by the Public Investment Corporation (PIC) which President Cyril Ramaphosa signed off on last year after reports of alleged impropriety and dubious investments at the PIC. Fidelis Madavo was suspended with immediate effect even before giving his testimony.

[READ MORE: Access Bank gets a new Chairman as Mosun Belo-Olusoga steps down]

Madavo’s Profile: Fidelis is the Head of Resources and Portfolio Manager for Strategic and African Listed Investments at the Public Investment Corporation of South Africa (PIC), which is South Africa’s state pension fund and the largest fund in Sub-Saharan Africa. He represents the interests of shareholder PIC on the Board of Dangote Cement.

Deal book 300 x 250
onebank728 x 90

Prior to joining PIC, he was Vice President at Citigroup and Investec Securities, both roles being based in Johannesburg. Before returning to South Africa, Fidelis spent ten years with CRU International, a mining consultancy firm, and also worked as a metallurgist for Anglo American.

About Dangote Cement: The company is the leading cement manufacturer in Nigeria and Africa. It operates through two segments, Nigeria and Pan Africa. The company also engages in bagging and distribution of cement, limestone mining, coal production, and property investment activities.

 

app
GTBank 728 x 90

Patricia

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Appointments

Seplat appoints Emeka Onwuka as CFO

Onwuka has over 30 years’ experience in financial services across Sub-Saharan Africa. 

Published

on

Seplat appoints Emeka Onwuka as CFO

Seplat Petroleum Development Company Plc. has appointed Mr. Emeka Onwuka as Chief Financial Officer and Executive Director, Lagos, and London.

The appointment takes effect from August 1, 2020.

UBA ADS

The appointment was announced in a notice sent to the Nigeria Stock Exchange on Friday and has been ratified by the company’s board of directors.

According to the notice which was signed by the company secretary and chief governance compliance officer, Mrs. Edith Onwuchekwa, the Board of Seplat is confident that “the wealth of knowledge and experience Onwuka brings will be a great addition to the Company”.

Mr. Onwuka has over 30 years’ experience in financial services across Sub-Saharan Africa. Mr Onwuka is a Partner at Andersen Tax Nigeria and holds various Board positions as Chairman; FMDQ Securities Exchange Limited; Director FMDQ Holdings Limited; Director, Ecobank Nigeria Limited; and Director, Bharti Airtel Nigeria.

GTBank 728 x 90

He was also the former Group Managing Director /CEO of Diamond Bank Plc and former Chairman of Enterprise Bank Limited.

READ MORE: This is what Ngozi Okonjo-Iweala is up against

He is a Chartered Accountant, a Fellow of the Institute of Chartered Accountants of Nigeria, and a Fellow of Chartered Institute of Taxation of Nigeria.

onebank728 x 90

Mr. Onwuka received his B.SC. in Political Science from the University of Nigeria, Nsukka, and holds an MBA from the University of Benin.

He is an alumnus of the Lagos Business School, Wharton Business School and Harvard Business School.

Onwuka also holds the Nigerian National Honor, Officer of the Order of the Niger (OON).

app
GTBank 728 x 90

 

Patricia
Continue Reading

Appointments

Segun Agbaje elected into PepsiCo Board of directors

Mr. Agbaje will join the Board and the Audit Committee effective July 15, 2020.

Published

on

GTB releases FY result for 2019, grows PBT by 7.5%

Segun Agbaje, the Managing Director of Guaranty Trust Bank of Nigeria has been elected as an independent member of the Board of Directors of PepsiCo, the American owners of popular beverage, Pepsi and Moutain Dew.

According to the press release seen by Nairametrics, the Board of Directors elected Segun Agbaje as an independent member of the Board. Mr. Agbaje, 56, will join the Board and the Audit Committee effective July 15, 2020.

UBA ADS

In his remark, PepsiCo Chairman and CEO Ramon Laguarta expressed delight in welcoming Mr. Agbaje to the PepsiCo Board.

READ ALSO: BankTech War: Segun Agbaje says GTBank not afraid of Fintech

“Segun is a well-respected and proven business leader with a deep understanding of complex businesses and fast-growing markets, particularly Sub-Saharan Africa where we recently acquired Pioneer Foods as part of our strategy to expand in the region. His experience in business transformation and passion for delivering consumer value will serve PepsiCo well as we continue our journey to be the global leader in convenient foods and beverages by winning with purpose,” Laguarta said.

GTBank 728 x 90

PepsiCo recently acquired Pioneer Foods, makers of Butterfield Bread. Pioneer Foods also acquired a major stake in Food ConceptPioneer, a leading baked goods company. Food Concepts are also the owners of the popular Chicken Republic quick-service restaurant chain in Nigeria.

The Chair of PepsiCo’s Board’s Nominating and Corporate Governance Committee, Daniel Vasells remarked,

“We look forward to Segun joining the PepsiCo Board and to the valued global perspective he will add to our team..His knowledge and experience of embracing and scaling new technologies and critical capabilities will be valuable as we continue to invest in opportunities that create shareholder value and deliver long-term sustainable growth.”

onebank728 x 90

Segun Agbaje also currently serves as a director of MasterCard Advisory Board Middle East and Africa. He holds a Bachelor of Science in Accounting and a Masters in Business Administration from the University of San Francisco.

Patricia
Continue Reading

Appointments

Lamido Yuguda assumes duty as new DG of SEC

Yuguda says his management promises no respite for anyone who defrauds investors. 

Published

on

Lamido Yuguda assumes duty as new DG of Security and Exchange Commission

Mr. Lamido Yuguda, the new Director-General of the Securities and Exchange Commission (SEC), has started work at the capital markets regulatory agency. He assumed duty alongside three new SEC commissioners, namely – Mr Reginald Karawusa, Ibrahim Boyi, and Dayo Obisan.

Mr Yuguda announced that the SEC’s capital market master plan of 2014 will enable Nigeria’s capital markets to accelerate the development of the country’s economy. He added that the SEC in the past 20 years has worked with industry stakeholders to implement initiatives that have improved the regulation and development of Nigeria’s capital markets.

UBA ADS

“Many of the initiatives have been successfully implemented while many others are work in progress in line with its objectives. Therefore, the continued implementation of the plan will be one of the major focus of the incoming management, while we also seek possible ways of strengthening it for enhanced impact. We would equally work towards improved market regulation, surveillance and general development,” Yuguda said.

He added that the SEC would make investor protection the focus of the initiatives that will be implemented by the new management. Assuring the public that the new management would do its best to improve capital market regulation for the benefit of all stakeholders and warned defaulting operators would be punished.

READ MORE: Why Nigerians, NCDC DG are opposed to the new NCDC bill

GTBank 728 x 90

“We want to assure investors that this market is for them and we are ready to do everything to ensure that we increase investor enlightenment through education, robust regulation and fair dealing. For those that want to defraud investors, there would be no respite,” he added.

The outgoing Acting Director-General, Ms Mary Uduk said she was confident in the new management would improve on the achievement the SEC has built so far. Adding that the SEC has introduced reforms in the past few years that have led to regulatory milestones.

Mr. Lamido Yuguda is a holder of the CFA Charter and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), with a B.Sc. degree in Accounting from Ahmadu Bello University, Zaria and an M.Sc. in Money, Banking and Finance from the University of Birmingham.

onebank728 x 90

He is holds a Certificate in Financial Asset Management and Engineering from the Swiss Finance Institute, Geneva and a Certificate in Investment Performance Management from the CFA Institute, Charlottesville, Virginia, USA. 

 

 

app
GTBank 728 x 90

 

Patricia
Continue Reading