Ecobank Transnational Incorporated (ETI) has announced the appointment of Alain Nkontchou as its new Chairman of the board of directors.
Nkontchou, who is Camerounian by nationality, has been serving as an Independent Non-Executive Director of the pan-African banking group since 2015. A statement made available to the Nigerian Stock Exchange (NSE) confirmed that his latest appointment took effect on June 30, 2020.
The Camerounian is taking over from Nigeria’s Emmanuel Ikazoboh, whose six-year tenure as Chairman of Ecobank’s holding company ended last month, even as he just reached the retirement age of 70. The company also noted that the new appointment is in tandem with its Articles of Association.
While reacting to his own appointment as Chairman, Alain Nkontchou said he is quite honoured and that he was looking forward to working with the rest of the board members.
“I am honoured to be appointed as Chairman of Ecobank Transnational Incorporated. Having served on its Board since 2015, I have seen Ecobank’s resilience and its proud history, built on strong foundation to secure the Bank’s future success. I look forward to working with the Board and Executive team as we continue our journey ahead and I know that we are well-placed to navigate through the current environment and set the standards in financial services for our customers across Africa. I would also like to express my thanks to my predecessor, Mr Emmanuel Ikazoboh, for his leadership of the Board and to wish him all the best for the future,” he said.
Alain Nkontchou co-founded Enko Capital Management LLP, a London-based asset management company with Johannesburg office. He currently serves as the Managing Partner and of the firm which specialises in prospecting investment opportunities in Africa.
Prior to this time, ETI’s newly-appointed Chairman was a Non-Executive Director at Laurent Perrier champagne between 1999 and 2009. He was also the Managing Director of Credit Suisse’s Global Macro Trading from 1995 to 2008. He held a similar role at JP Morgan Chase & Co.
Meanwhile, from 1989 to 1994, Nkontchou worked with Chemical Bank first in Paris and then New York. At the bank, he rose through the ranks to become the Vice- President, Head of Trading, and Sales. Apparently, he is an accomplished business executive.
Alain Nkontchou obtained an MSc in Electrical Engineering from Supélec and P.M. Curie University, Paris, and another MSc in Finance and Accounting from ESCP (Ecole Supérieure de Commerce de Paris).
It should be noted that ETI’s stock closed yesterday’s trading session on the Nigerian Stock Exchange with a share price of N4.80. The share price gained by +1.05% to appreciate from its previous close of N4.75. Year to date, ETI’s share price has declined by about 22%.
ValuAlliance Asset Management appoints two new Directors
ValuAlliance Asset Management has announced the appointment of two persons into its Board as Directors.
ValuAlliance Asset Management, the fund manager of the ValuAlliance Value Fund, has announced the appointment of Messrs Obinnia Abajue and Kofi Kwakwa into its Board as Directors.
This is according to a disclosure sent to the Nigerian Stock Exchange and seen by Nairametrics. In line with statutory requirements, the appointments are subject to confirmation from the Securities and Exchange Commission (SEC) and approval by the shareholders at the company’s next Annual General Meeting (AGM).
According to the notice, Mr Obinnia Abajue was appointed as Independent Non-Executive Director while Mr Kofi Kwakwa was appointed as Non-Executive Director. The profile of the aforementioned experts is succinctly captured below;
Mr Obinnia Abajue
Mr. Abajue has over two decades of experience in banking and financial services. He is the current Chief Executive Officer (CEO) of Hygeia HMO Limited, a position he has held since November 2016. He is an alumnus of the University of Lagos and Imperial College London, where he obtained a Bachelor’s degree in Actuarial Science and an MBA respectively. Mr Abajue is a fellow of numerous professional bodies like; The Chartered Institute of Management Accountants, UK; The Institute of Chartered Accountants of Nigeria; The Chartered Institute of Bankers of Nigeria and the Chartered Institute of Stockbrokers of Nigeria.
Mr. Kwakwa is a Ghanaian and a former CEO of Sagevest Holdings, an investment holding company in Ghana. He has over 25 years of experience in investment banking and consulting, having worked in top firms like Standard Bank, McKinsey & Company among others. He is currently a director at African Capital Alliance Limited (ACA), having joined the Board since 2015. Mr. Kwakwa is an alumnus of Swarthmore College and Harvard Business School, both in the USA, where he obtained a B.A. in Mathematics/Economics and an MBA respectively.
What they are saying
Commenting on the recent development, a part of the press release reads: ‘’The Board of Directors congratulates Mr. Abajue and Mr. Kwakwa on their appointment and is looking forward to tapping into their vast wealth of experience to further accelerate the achievement of its vision, to be the premier investment management fiduciary in the segments we serve.’’
What you should know
- ValuAlliance had earlier posted a Profit After Tax of N237.96 million in its last reported financial statements-Q3, 2020. The PAT figures indicated a surge by over 1,000% YoY.
- ValuAlliance Value Fund formerly known as “SIM Capital Alliance Value Fund”, is a closed-end collective investment scheme, registered and regulated by the Securities and Exchange Commission, whose units are listed on the main board of the Nigerian Stock Exchange (“NSE”).
Greenwich Merchant Bank appoints Bayo Rotimi as MD/CEO
Bayo Rotimi has been appointed the new MD/CEO of Greenwich Merchant Bank.
Greenwich Merchant Bank has announced the appointment of Mr Bayo Rotimi as its new Managing Director/ Chief Executive Officer.
This is according to a notification made available on the bank’s social media handle, seen by Nairametrics.
As part of his responsibilities, Mr Rotimi is expected to provide leadership and direction to the management team and take charge in optimizing the company’s overall strategic objectives and operational performance, in a bid to deliver optimal value for stakeholders, without compromising quality and standards.
About Bayo Rotimi
Mr Rotimi is an experienced investment banking professional with over 27 years’ experience. He worked for various financial institutions such as Lead Merchant Bank and FCMB Capital Markets, where he rose through the echelons to become the CEO of the latter in 2008. Prior to his recent appointment, he was the chairman of the investment committee of ARM’s Discovery, Aggressive, Growth, Ethical, Money Markets, Fixed income and Eurobond funds with over N110 billion under management.
What they are saying
Commenting on the recent development, Chairman of Greenwich Merchant Bank, Kayode Falowo said: “Bayo’s track record and pedigree speaks for itself and offers a reassuring nexus between the corporate ideals that Greenwich is reputed for and proactive dynamism required to stay on the cutting-edge of innovation, product development and stakeholder satisfaction.”
What you should know
- Recall that Greenwich Trust Limited was officially renamed Greenwich Merchant Bank in September 2020, after obtaining regulatory approval from CBN to operate as a Merchant Bank.
- Greenwich Merchant Bank Limited was incorporated on the 25th of February, 1992 and subsequently commenced operations in June 1994.
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