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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.

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Nigeria makes sudden U-turn, suspends external borrowing from international market , FG responsible for 80% of Nigeria’s N25.7 trillion debt profile, DMO appoints new government stockbroker, DMO backs Buhari’s lending policy, seeks increased revenue to service loans, DMO boss reveals coronavirus affecting Nigeria's N26 trillion debt servicing plan

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)

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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.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Appointments

ExxonMobil Nigeria gets new Chairman and Managing Director

The disclosure was made in a statement by the Manager Media and Communications.

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ExxonMobil to Divest oil fields in Nigeria, Domestic oil companies

Oil exploration and production giant, ExxonMobil, has announced the appointment of Richard Laing, as the new Chairman and Managing Director of its 3 affiliate firms in Nigeria with effect from August 1, 2020.

The disclosure was made in a statement by the Manager Media and Communications, ExxonMobil, Mr. Ogechukwu Udeagha, on Saturday, August 8, 2020, in Eket, Akwa Ibom State.

The 3 affiliate oil firms of ExxonMobil include Mobil Producing Nigeria Unlimited, Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Offshore East).

READ: Respite for Nigeria as Exxon Mobil and Shell lose $1.8 billion arbitration award  

According to the statement from ExxonMobil, Richard Laing was appointed to replace Paul McGrath, who has been appointed Vice President, Global Projects for ExxonMobil in Houston after spending more than 3 years in Nigeria.

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The statement from Ogechukwu Udeagha reads, “Prior to his appointment, Laing was executive director of oil and gas production and related support groups for all of the ExxonMobil affiliates in Nigeria.’’

”Laing joined ExxonMobil in 1989 and has held variety of engineering, planning, safety and managerial positions in upstream and downstream operations while working in the U.K, Qatar, U.S. and Nigeria,” he added.

READ MORE: N29 billion debt: AMCON appoints new Receiver, takes over Cedar Oil & Gas

Udeagha said that Laing holds a bachelor’s degree in Mining and Petroleum Engineering from the University of Strathclyde, Glasgow and Master’s in Petroleum Engineering from Heriot-Watt University, Edinburgh.

In his reaction, Liang said; “It is a privilege to lead the ExxonMobil team in Nigeria and build on the work that Paul McGrath had done over the last three years.

“I look forward to the work that lies ahead and continuing the company’s outstanding relationships.”

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Appointments

MRS Oil announces resignation of its MD, appoints an acting MD

The disclosure was made in a notification by the oil marketing giant.

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MRS Oil Nigeria Plc reschedules board meeting, closed period

Oil marketing giant, MRS Oil Nigeria Plc, has announced the resignation of its Managing Director, Mrs Priscilla Thorpe-Monclus with effect from August 5, 2020, and the subsequent appointment of Mr Marco Storari as the Managing Director in an acting capacity.

The oil firm also announced the resignation of one of its directors, Mr Christopher Okorie, also with effect from August 5, 2020.

The disclosure was made in a notification by the oil marketing giant, which was sent to the Nigerian Stock Exchange (NSE) on August 7, 2020, and signed by its Company Secretary O.M. Jafojo.

The statement from MRS Oil Nigeria Plc reads:

At the Board Meeting of August 5, 2020, the Board of Directors of MRS Oil Nigeria Plc, considered and approved the resignation of Mrs Priscilla Thorpe-Monclus as Managing Director and Director of the Company, and the resignation of Mr Christopher Okorie as Director of the Company, effective August 5, 2020.

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“The Board of Directors also considered and approved the appointment of Mr Marco Storari as Director and Managing Director (Acting) of the Company.’

According to the statement, Mrs Thorpe-Monclus, during her tenure as the Managing Director, showed great commitment and dedication in her drive for the new MRS Brand, which resulted in the unveiling of three new retail outlets in Lagos, one in Owerri, two in Kano and two new outlets in Abuja. It also resulted in an overall business turnaround for the oil company.

The board commended the efforts of Mrs Thorpe-Monclus and Mr Okorie to the growth of the company and wished them the best in their future endeavours.

Mr Marco Storari, on the other hand, is a seasoned leader with more than 3 decades’ experience in the management, shipping, trading and terminal operations in the industry. He has held various high-level positions where he recorded business successes in companies in Italy, Monaco and Nigeria.

He was, until his appointment as Acting Managing Directors, the Group Executive Director, Storage and Terminal for MRS Holdings Limited. He has been a driving force in the transformation of the MRS Group over the last 10 years.

The Board of Directors of MRS has expressed its confidence in the ability of Storari to bring to bear his wealth of experience in the industry, to improve business efficiency.

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MRS Oil Nigeria Plc is a fully integrated and efficient downstream player, with leading positions in the Nigerian Oil Industry. The oil firm, with its head office in Nigeria’s commercial capital, Lagos, previously traded under the name Texaco Nigeria Plc. It has 3 business units namely sale of petroleum products at retail outlets, sale of aviation fuel, and blending of lubricants.

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Appointments

Nnaemeka Ewelukwa assumes office as new MD/CEO of NBET

Dr, Eweluka replaced the sacked Dr. Amobi as NBET Chief before full assumption in August 2020.

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Dr Nnaemeka Ewelukwa has assumed office as the new Managing Director/Chief Executive Officer of the Nigerian Bulk Electricity Trading (NBET) Plc. This was announced earlier today by the Federal Government of Nigeria.

The Backstory: In December 2019, the former CEO of NBET, Dr Marilyn Amobi, was suspended by Nigeria’s Minister of Power. This followed a series of complaints made against Dr Amobi who was appointed to the position in 2016. Following her sack, the Minister of Power also noted that he was seeking to bring sanity back to the system. A committee was also set up to investigate the many complaints against the former NBET CEO.

“In view of this, the minister has also directed the Constitution of a 5-man investigative committee to look into the myriads of complaints against the MD/CEO (of NBET) with the view of restoring sanity in the management of the company. Consequently, she is to handover to the most senior director in the organisation,” a statement issued by Aaron Artimas, the spokesman of the Minister of Power had read.

Interestingly, President Muhammadu Buhari reinstated Dr Amobi in January this year, but then finally sacked her later in June. Now, Dr, Eweluka, who was earlier announced as Amobi’s replacement, has now taken over.

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Before now, Eweluka was appointed the General Counsel and Company Secretary of NBET in march 2012. He has also served as a Technical Adviser with the Presidential Task Force on Power (PTFP) where he was a member of the Regulatory and Transactions Monitoring Unit.

He graduated with an LLB from the  University of Nigeria Nsukka, an LLM in International Business Law from the London School of Economics and a PhD from Queen Mary, University of London.

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