2019 has been an interesting year in corporate Nigeria. As expected, a lot of the companies on the Nigerian Stock Exchange released quarterly financial statements, some of which were impressive and others not so impressive. There were also a few mergers and acquisitions, typical examples being the acquisition of Forte Oil Plc and most recently, Dangote Flour Mills Plc.
As expected, each of these developments came with certain implications, both positive and negative. One of these implications is the fact that some CEOs lost their jobs. This is the focus of our corporate personalities profile today, as we take a closer look at all the top CEOs that lost their jobs in 2019.
Before we proceed, it should be noted that while it is obvious why some of these CEOs lost their jobs, it is not exactly clear why others did. However, one clear thing is that all of them are no longer occupying their positions. Now, let us look at them.
Akin Akinfemiwa, the former CEO of Forte Oil Plc
Akin Akinfemiwa was the Chief Executive Officer of Forte Oil Plc from February 2012 to June 2019. Following the complete acquisition of the company by Prudent Energy Services Ltd, Akinfemiwa announced his resignation and left the company. He was replaced by Olumide Adeosun.
In the meantime, it is unclear if Akin Akinfemiwa is working anywhere else. But he certainly can get any job he pleases, thanks to his impressive CV. As Nairametrics earlier profiled, Akinfemiwa is an alumnus of the University of Ibadan and Oxford University, where he bagged undergraduate and postgraduate degrees, respectively. He also has nearly two decades of professional experience under his belt.
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Thabo Mabe, the former CEO of Dangote Flour Mills Plc
Much like Akinfemiwa, Thabo Mabe had to resign after Dangote Flour and Olam Group finalised the terms of the acquisition agreement between them. In the corporate disclosure filed to the NSE on November 12th, it was announced that Mabe was leaving the company alongside other former top executives of the company.
The 56-year old South African national joined Dangote Flour Mills in the second half of 2014 as the CEO. He worked in the company since then until the company was acquired and he had to resign. It is not clear whether he is currently working somewhere else.
Thabo Mabe has had an impressive career, including many years in Unilever until he became the Chief Executive Officer of Unilever Nigeria Plc. He graduated with a degree in Chemistry from the University of Forte Hare, Eastern Cape, South Africa.
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Yaw Nsarkoh, the former MD of Unilever Nigeria Plc
To some people, Yaw Nsarkoh’s departure from Unilever Nigeria Plc came as a surprise. Recall that Nairametrics reported earlier this month that he was leaving the company after previously embarking on a leave of absence. The Ghanaian professional has had a really long career within the Unilever group. The good thing though is that he is not leaving completely, because he will be taking up other responsibilities within the Unilever group. Note that the company has operations across Africa and Europe.
Oluwakemi Ogunnubi, former MD of CAP Plc
Ogunnubi’s appointment took effect on January 1st, 2018. But barely one year afterward, she resigned. Interestingly, the 51-year old professional had been working in UAC of Nigeria (the parent company of CAP Plc) since the early 2000s.
Following Ogunnubi’s resignation, UAC of Nigeria sent a public disclosure to the NSE, announcing that she would be replaced by Omolara Elemide. Soon, we will be talking about Elemide because she too has left the UACN group.
Back to Ogunnubi, it is not exactly clear what she is doing right now. She is probably taking a break from corporate Nigeria, or maybe she has retired altogether.
Note that Ogunnubi is a graduate of the Polytechnic Ibadan where she obtained a Higher National Diploma in Accountancy back in 1992.
Omolara Elemide, the former acting Group CEO of UAC of Nigeria Plc
Mrs Elemide went from acting as the CEO of UAC of Nigeria Plc to functioning as the acting CEO of UAC’s subsidiary, CAP Plc, all within the first half of 2019. And then in a rather surprising move, she left the company altogether. Her resignation was announced in a notice sent to the NSE in April.
You may read more about Elemide by following this link to a previous profile we did on her.
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Uzoma Dozie, former CEO of defunct Diamond Bank
This article will not be complete without mentioning popular businessman, Uzoma Dozie. He was Chief Executive Officer of Diamond Bank Plc until earlier this year when the bank’s acquisition by Access Bank Plc was finalized. He has since founded a new company called Sparkle. The company operates in the information technology space.
In a subsequent article, we shall be looking at Nigerian CEOs who defined the business environment in 2019. Please stay tuned for that.