Appointments
DMO appoints new Government Stockbroker
The DMO has announced the appointment of City Stockbrokers Limited (CSL), a member of the FCMB Group Plc, as the new Government Stockbroker.
The Debt Management Office (DMO) has announced the appointment of City Stockbrokers Limited (CSL), a member of the FCMB Group Plc, as the new Government Stockbroker.
Following the appointment, City Stockbrokers Limited would replace Stanbic IBTC Stockbrokers Limited, which served as the first Federal Government Stockbroker, with the mandate that includes posting Bid and Offer Prices on the Nigeria Stock Exchange for Federal Government of Nigeria (FGN) Securities.
The Federal Government Stockbroker plays a supporting role in helping the DMO achieve its objective of promoting the trading of FGN securities on the floor of the NSE and subsequently attracting more retail investors to the domestic capital market.
CSL was appointed on the basis of an Open Competitive Bidding process, which other stockbrokers participated. In the course of performing its role as Government Stockbroker, CSL is expected to build upon the achievements already recorded by increasing the participation of retail investors in all FGN securities like FGN Bonds, FGN Sukuk, FGN Saving Bond and Green Bonds which are all listed and traded on the floor of NSE.
[READ MORE: Fidelity Bank appoints new Non-Executive Director)
With the appointment of CSL, the Federal Government, through the DMO is further demonstrating its commitment to the development of the domestic market, promoting liquidity, as well as, growing and diversifying the investor base.
About the DMO: The Debt Management Office (DMO) is a Federal Government agency, which was established on October 4th, 2000 to centrally coordinate the management of Nigeria’s debt which was hitherto being managed by numerous Government establishments in an uncoordinated fashion. This had led to inefficiencies as Government establishments like the Federal Ministry of Finance and Central Bank of Nigeria (CBN) had different departments with the primary function of managing the country’s external debt.
About CSL Stockbrokers: It is a fully owned subsidiary of FCMB Group Plc with over 30 years operating history on the Nigeria Stock Exchange, providing institutional and corporate brokerage services to investors and select issuers. CSL is committed to meeting its clients’ needs by providing full complement world-class investment services in a professional and efficient manner.
Appointments
Meet Dr. Lamido Yuguda, the new SEC DG
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a CFA charter holder, and also holds a Certificate in Financial Asset Management and Engineering from the Swiss Finance Institute, Geneva, Switzerland.
President Muhammadu Buhari, on Tuesday, brought an end to the 2-year long controversy surrounding the office of the Director-General of the Securities and Exchange Commission (SEC). He did this when he sent a letter to the Senate requesting the house to ratify the appointment of Dr Lamido Yuguda as Commission’s new DG.
Yuguda is an economist, banker and investment manager, with over 30 years’ experience in financial services. Let us take a closer look at Yuguda’s pedigree.
He began his career with Central Bank of Nigeria back in 1984, just shortly after he graduated from the Ahmadu Bello University, Zaria. He was employed as a Senior Supervisor of the Foreign operations department, which manages Nigeria’s external debt records.
READ ALSO: Nigeria’s External Reserves plunge to $40.3 billion as devaluation concerns brew
In 1985, he moved to the Banking Supervision Department and had the task of handling bank licensing and prudential regulations.
In 1988, another in-house reshuffling exercise took him to the Debt Conversion Committee Secretariat to manage the Nigerian Debt Conversion Programme together with the pioneer staff in the secretariat.
He moved back to the Foreign Operations Department in 1992, and soon after became the Senior Manager of the Investment Office. Again, his responsibilities included managing Nigeria’s external debt service, as well as managing the investment of the CBN’s external reserves in a liquid portfolio of cash, fixed-term deposits, and foreign government treasury bills.
READ ALSO: Nigeria spends $1.31 billion to service external debt in 2019
Following a secondment, he joined the International Monetary Fund (IMF) in Washington DC, the USA in 1997, as an economist in the Africa Department. In this position, Yuguda assessed the economic policies and management of balance of payment support programmes in IMF member countries.
In 2001, he returned to the CBN to lead a team of staff to restructure and diversify the CBN’s growing FOREX reserve portfolio. Together with this team, a new investment policy was adopted with the introduction of new asset classes, the appointment of a reputable global custodian and asset managers.
Yuguda successfully upgraded the CBN’s in-house fixed-income trading and settlement capabilities and left a state-of-the-art portfolio management system as his legacy.
By 2010, he became Director of the Reserve Management Department. He is credited with the strong risk-aware investment culture in the department, and also instilled a disciplined approach to investment evaluation.
READ MORE: UPDATE: Fitch downgrades Nigeria’s IDR to “B”, says CBN’s remedial policy not enough
After 32 years at the apex bank, he voluntarily retired in 2016. He has been a member of the Board of the Securities and Exchange Commission, and will now resume as its DG.
Yuguda has a Bachelor of Science in Accounting from Ahmadu Bello University, Zaria, having graduated in 1983. He later obtained a Master’s degree in Money, Banking, and Finance from the University of Birmingham, UK, in 1991.
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He has attended leadership training at notable business schools like Harvard, INSEAD, IMD, Saïd, Wharton, Haas, and London.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a CFA charter holder, and also holds a Certificate in Financial Asset Management and Engineering from the Swiss Finance Institute, Geneva, Switzerland.
President Muhammadu Buhari has approved the appointment of Sunday Thomas as the substantive Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM).
This was disclosed by the Personal Assistant on Media to President Buhari via his Twitter handle on Sunday afternoon.
Thomas, who replaced the immediate past acting-commissioner for Insurance Mohammed Kari, has over 30 experience in the industry as an operator and regulator.
READ MORE: FG to disburse N97.3 billion to tech innovators, agric enterprises
He was appointed Deputy Commissioner in charge of technical matters by Buhari in April 2017.
The new NAICOM boss was formerly Director-General of the Nigerian Insurers Association in 2010.
The President also approved the appointments of two board members for Nigeria Deposit Insurance Corporation.
They are Mrs. Ya’ana Talib Yaro who was appointed as the Non-Executive Director representing the North East, and Mrs. Diana Okonta as Non-Executive Director, to fill the slot for the South-South.
READ MORE: Why Senate accelerated approval for President Buhari’s N850 billion loan request
President @MBuhari approves the appointment of Sunday Thomas as the substantive Commissioner for Insurance/CEO, National Insurance Commission (NAICOM).
Mr. Sunday Thomas replaced Mallam Mohammed Kari, the immediate past acting commissioner for the Commission.
— Bashir Ahmad (@BashirAhmaad) May 3, 2020
Appointments
Lafarge Africa Plc announces retirement of two directors, appoints new ones
Lafarge Africa Plc has announced the retirement of two of its Non-Executive Directors, as well as the appointment of three new Directors.
Lafarge Africa Plc has announced the retirement of two of its Non-Executive Directors, as well as the appointment of three new Directors. This was disclosed by the company in a notification signed by the Company Secretary, Adewunmi Alode and sent to the Nigerian Stock Exchange (NSE).
The retirements of Non-Executive Directors – Mr. Christof Hassig and Mr Rossen Papazov, was said to have taken effect from April 7, 2020.
Lafarge Africa also announced the appointment of Mr. Gbenga Oyebode as a new Independent Non-Executive Director, Mr. Olivier Guitton as a Non-Executive Director, and Mr. Lolu Alade-Akinyemi as the new Finance Director. All three appointments took effect today, April 8, 2020.
Speaking on the appointment, Chairman of Lafarge Africa Plc, Bolaji Balogun said:
“I wish to thank Christof Hassig and Rossen Papazov for their service and contributions to the Board over the last two years and wish them well in the future.
“I am delighted to welcome Gbenga Oyebode, MFR, Olivier Guitton and Lolu Alade-Akinyemi to the Board of Lafarge Africa. I consider them strong additions with rich and diverse experience and we look forward to working with them on the Board and wish them a successful tenure.”
(READ MORE: Lafarge Africa Plc posts N213 billion revenue, profit up by N17 billion in 2019)
Oyebode’s profile: Oyebode is a lawyer with over 35 years of experience in corporate and commercial practice. He has served in various capacities and companies since he began his career, some of which include being the Chairman of Access Bank. He has also worked as a Director at MTN Nigeria Plc, as well as the Chairman of Okomu Oil Palm Company.
Lafarge Africa Plc
Oyebode currently serves on the Boards of Nestle Nigeria Plc, and Socfinaf S.A. He is the Chairman of CFAO Nigeria Plc. Other positions include Member of the Global Advisory Council of the Africa Leadership Academy Johannesburg, Director Jazz at the Lincoln Centre New York and Director African Philanthropy Forum, Member Board of Trustees Carnegie Hall New York, Member Board of Trustees Ford Foundation New York and Director International Lawyers for Africa (ILFA), London.
He holds an LL.M from the University of Pennsylvania, Philadelphia and an LL.B from the University of Ife. Oyebode is also a fellow of the Chartered Institute of Arbitrators (UK) (FCIArb) and the Nigerian Leadership Initiative, as well as a member of the Nigeria Bar Association, the American Bar Association, and the International Bar Association (IBA), amongst others.
He is the founder and Chairman of the management board of Aluko & Oyebode (one of the largest integrated law firms in Nigeria).
(READ MORE: Lafarge Africa Plc said it is sorry for helping bring Coronavirus into Nigeria)
Guitton’s profile: Guitton has over 22 years work experience in the transportation industry and currently holds the position of Head of Finance, Middle East & Africa at Lafargeholcim.
Prior to this, he held various positions within the Bombardier Group as Vice President, Finance, Asia, Bombardier Transportation, Singapore, Vice President, Finance Shared Service, Bombardier Transportation, France, Head of Finance, South Europe, Director, Cash Management, Bombardier Capital, France, General Manager and Division Controller, Europe. He was also the Group Deputy CFO & Group Controller Louis Dreyfus Company, France.
Guitton holds a Bachelors degree in Business Administration at the EDHEC Business School, French Instit des techniques de Marches (ITM).
Alade-Akinyemi’s profile: Alade-Akinyemi is a certified accountant with 20 years of experience leading and transforming Finance & Supply Chain teams in complex, multinational companies in the United Kingdom, Ghana and Nigeria.
(READ MORE: Jean-Philippe Benard resigns from Lafarge Africa Plc board )
He holds a Master’s degree in Business Administration from the Edinburgh Business School, Scotland, UK, and is currently the Chief Financial Officer and Supply Chain Director of Lafarge Africa Plc.
Prior to joining Lafarge in 2014, he was Finance Director, PZ Cussons Nigeria Plc, Head of Business Operations & Development Strategy, New Business and Head of Supply Chain & Operations, Coca-Cola Bottling Company, Accra-Ghana, Finance Manager (Group Office), Coca-Cola Europe, Eurasia & Middle East Group, London, Finance Manager (Africa Group), Coca-Cola Africa, Windsor, UK and Assistant Budget & Planning Manager at Coca-Cola Nigeria Limited.
