The Board of Directors of Coronation Merchant Bank Limited has announced the appointment of Banjo Adegbohungbe (Banjo) as the Acting Managing Director of the Bank effective February 1, 2020. The announcement was made after the Central Bank of Nigeria’s approval.
Banjo is positioned to succeed the current Managing Director/Chief Executive Officer, Abubakar Jimoh (Abu), whose retirement takes effect from April 30, 2020.
Announcing the appointment, the Chairman of Coronation Merchant Bank, Mr. Babatunde Folawiyo noted, “The seamless transition is a result of deliberate succession planning by the Board in line with the Bank’s commitment to strong corporate governance standards. In the past 18 months, Banjo has distinguished himself in service to the organization and contributed immensely to the overall growth of the Bank. We are confident that his appointment will further strengthen and position the Bank for improved performance”.
Banjo commenced his banking career at Citibank Nigeria over 26 years ago. He joined Access Bank PLC in March 2007 as Deputy General Manager and in June 2018, joined Coronation Merchant Bank as Executive Director/Chief Operating Officer. Before this appointment, Banjo worked closely with the current Managing Director as the Deputy Managing Director of the bank.
Over the years, Banjo has garnered experience working in Global Trade, Corporate and Investment Banking, Operations, Treasury Management, Global Payments, Strategic Planning, Information Technology, Business Process Improvement, and Corporate Services Departments.
Banjo holds an MBA in Business Administration from the International Institute for Management (IMD) Switzerland and a B.Sc. in Mechanical Engineering from Obafemi Awolowo University, Ife. He is a member of the Chartered Institute of Bankers and has also attended several executive management and banking specific developmental courses in leading universities around the world.
Commenting on the outgoing Managing Director, Mr. Folawiyo noted, “Abu gave himself to the growth of the Bank, having led a team that turned around a nearly-extinct Associated Discount House Limited and converted it to an “A+ rated” merchant bank in Nigeria within five years of its existence. We will always be grateful to Abu for his years of selfless service to the bank and for the strong values he instituted in the organization.”
Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long-underserved market. The Bank offers; Investment and Corporate Banking; Private Banking/Wealth Management and, Global Markets/Treasury Services to its niche clientele.
In 2019, Coronation Merchant Bank received some national and international awards such as Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank by Global Banking and Finance Review, and Best Investment Bank by Global Business Outlook.
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.