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Appointments

Coronation Merchant Bank appoints Banjo Adegbohungbe as Acting Managing Director

The Board of Directors of Coronation Merchant Bank Limited has announced the appointment of Banjo Adegbohungbe as the Acting MD of the Bank effective February 1, 2020.

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Coronation Merchant Bank appoints Banjo Adegbohungbe as Acting Managing Director, Coronation Merchant Bank partners with International Finance Corporation to provide funding for Nigerian businesses, IFC partners with Coronation Merchant Bank to boost trade finance in Nigeria, Coronation Merchant Bank appointed Customs Revenue Collecting Bank by the Nigeria Customs Service

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.

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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.

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[READ MORE: YouTube appoints Nigeria’s Alex Okosi to head its European, Middle East, African markets)

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.” 

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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.  

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Appointments

Buhari appoints 2 new deputy commissioners for NAICOM 

This was disclosed in a statement by NAICOM’s Commissioner for Insurance Directorate.

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President Buhari may sign 2020 Budget tomorrow, President Buhari approves N37 billion for National Assembly renovation, President Buhari appoints Sarki Auwalu to head DPR , FG may stop interstate and inter-town travels, COVID-19: President salutes Elumelu, Dangote, Atiku, Banks, others for support, Naira export earnings, Covid-19: FG to set up N500 billion intervention fund, sovereign wealth, FG issues guidelines on implementation of gradual easing of lockdown nationwide

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. 

READ MORE: Nigeria to build 142 agro-processing centres

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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…

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Appointments

Dangote Cement Plc. appoints Ms. Berlina Moroole as non-Executive Director

Ms. Moroole was previously CRO and Chief Audit Executive for Liberty Holding Group.

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Dangote Cement Plc. appoints Ms. Berlina Moroole as non-Executive Director

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.”

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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.

MORE TO READ: United Capital Plc records 16% rise in profit to N1.9 billion in H1 2020

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.

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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.

READ ALSO: Investors are now rushing into Ethereum, as gains surge by 262% in 4 months

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.

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Appointments

Cadbury Nigeria Plc appoints Adedotun Sulaiman as new board chairman

Mr. Sulaiman, has almost 40-years experience in strategic plan development.

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Cadbury Nigeria Plc appoints Adedotun as new board chairman

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.

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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.

READ ALSO: Union Bank announces death of its Chairman

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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).

READ ALSO: Sulaimon Adedokun assumes position as new TRANEX board Chairman

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.”

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Backstory

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.

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