Following the approval of the Central Bank of Nigeria, Access Bank Plc has confirmed the appointment of Mr. Seyi Kumapayi and Mrs. Omosalewa Fajobi as Executive Director and Non-Executive Director respectively.
This is contained in a press release signed by the bank’s secretary, Sunday Ekwochi, as seen by Nairametrics.
What you should know
Mr. Seyi Kumapayi was appointed as Executive Director, African Subsidiaries. He has been the Group Chief Financial Officer of Access Bank Plc since 2008. He is an expert with over 20 years’ experience in banking cutting across strategy, treasury, finance and risk management.
He also worked with other financial institutions such as First City Monument Bank Limited and Guaranty Trust Bank.
Mr. Kumapayi is an alumnus of University of Lagos and University of Ibadan, where he obtained a Master’s degree and Bachelor’s degree in Mechanical Engineering and Agricultural Engineering respectively. He also attended the prestigious Harvard Business School and completed several Executive Management Development programmes in leading institutions including INSEAD, IMD and London Business School.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), and a member of the Global Association of Risk Professionals (GARP), the Chartered Institute of Taxation ofNigeria (CITN) and the Chartered Institution of Bankers of Nigeria (CIBN). He is a board member of the Ogun State Security Trust Fund.
On the other hand, Mrs. Omosalewa Fajobi has been appointed as a Non-Executive Director. She is an experienced legal luminary, and has worked in various sectors such as the financial, investment and legal services industry.
She is currently an Operating Director at Tengen Family Office Ltd. Her area of expertise includes: negotiation, business risk management and financial analysis.
Between May 2014 and June 2017, Mrs. Fajobi worked with International Finance Corporation as project lead (Nigeria) Africa Corporate Governance Programmes. She also worked as Legal Counsel at the defunct Oceanic Bank from 2006- 2010 andAccess Bank Plc from 2004-2006.
She is an alumna of the prestigious University of London and University of Lagos, where she obtained LLM Degree (Merit) with specialization in Corporate and Commercial Law and Bachelor’s degree in Law respectively. She is a member of the Nigerian Bar Association.
What they are saying
Commenting on these appointments, the bank’s Chairman, Dr. (Mrs.) Ajoritsedere Awosika, MFR said:
“We are very delighted to welcome the new appointees to the Board of Access Bank. These individuals have been chosen based on their exceptionally rich blend of professional, academic and corporate board experiences which are all relevant to the needs of our Board.
“We are strongly convinced that their skills will no doubt add significant value to our quest to become Africa’s Gateway to the World and the World’s Most Respected African Bank.”
NSE All-share index plunges as JAPAULGOLD surges
The market closed beneath expectation as JAPAULGOLD led 15 Gainers, and 20 Losers topped by CUSTODIAN.
Nigerian Stock Exchange market made a BEARISH run at the end of today’s trading session. The All-Share Index decreased by -0.4% to close at 38,712.55 from 38,866.39 index points.
- Nigerian Stock Exchange market value currently stands at N20.26 trillion. Its Year-to-Date (YTD) returns currently stands at -3.87%.
- The market closed beneath expectation as JAPAULGOLD led 15 Gainers, and 20 Losers topped by CUSTODIAN with a noticeable bearish movement by the NSE ASI.
- JAPAULGOLD up +9.52% to close at N0.69
- UAC-POP up +9.33% to close at N 0.82
- AFRIPRUD up +8.33% to close at N5.85
- ROYALEX up +8.33% to close at N0.39
- STERLBANK up +7.69% to close at N1.68
- CUSTODIAN down -14.29%to close at N6.00
- STANBIC down -9.94% to close at N43.50
- GUINNESS down -9.93% to close at N26.75
- NAHCO down -7.73% to close at N2.03
- PZ down -5.15% to close at N4.60
Despite prior predictions by analysts, the market trended bearish at the end of trading session on Monday. Speculations are that we might see recovery in the financial and consumer sector that will push the NSE-ASI back to profit.
- Nairametrics however, advises cautious participation in the stock market in this era of growing uncertainties.
Best performing mining, industrial and consumer goods stocks from last week
The shares of the following mining, industrial and consumer goods companies delivered gains in excess of 6.9% for investors last week.
Market data for the week ended 9th April 2021 revealed that the Nigerian Equity space closed on a negative note, as the All-Share Index and the market capitalization depreciated by -0.66%, to close the week lower at 38,866.39 and N20.335 trillion respectively.
This bearish move has been linked to the conclusion of an impressive annual reporting season, as this leaves few incentives to bet on slightly higher returns from equities, with the rising yields in the fixed-income market.
Some industrial, mining, and consumer goods stocks delivered decent returns during the week
Despite the prevailing bearishness in the market which impacted the performance of some key consumer and industrial good stocks on NSE last week, shares of the following industrial, mining, and consumer goods companies delivered decent returns for their holders during the week.
The gains were driven by buying activities on the exchange as some analysts and investors consider them to be trading at discounts, with tremendous value. This made bargain hunters scamper for the shares of these companies during the week ended 9th April 2021.
Japaul Gold and Ventures Plc (JAPAULGOLD), W-o-W gains: 40%
The rebranded and restructured mining company with a key focus on gold exploration was the best-performing stocks on NSE last week. The company also maintained the status of the best performing mining stocks.
The shares of the gold exploration company surged by an impressive 40% last week driven by buying pressures in the shares of the company.
The company’s relatively low price driven by the recent sell-down in its shares prompted bargain hunters to accumulate additional stakes in it, in a bid to capitalize on the upward swing in its share price.
This move saw the shares of the company increase from N0.41 to N0.63 per share, representing a whopping 40% gain in just a week.
Meyer Plc (MEYER), W-o-W gains: 19.51%
The shares of the key player in the paint and decorative industry increased from N0.41 per share at the market open last week, to N0.49 per share, to print a gain of 19.51% at the close of trading activities for the week ended 9th April 2021.
Prior to this move, the shares of the company declined by 24.07%, from N0.54 at the open of trade this year, to N0.41 per share on the 9th of March 2021.
At this price, buying activities in the shares of the paint manufacturer and marketer surged owing to the actions of bargain hunters. This led to the move up to N0.49 during the week.
Flour Mills Nigeria Plc (FLOURMILLS), W-o-W gains: 6.90%
Shares of Flour Mills Nigeria Plc, one of the biggest brands in the food and agro-allied industry in Africa, surged by 6.9% last week, as the shares of the consumer goods company increased from N29.00 per share to N31 per share during the week ended 9th April 2021.
The impressive N2 per share or 6.9% gain in the shares of Flour Mills last week was driven by the buying interest in the shares of the flour miller, as investors anticipate an impressive financial performance ahead of the company’s earnings season.
This bullish move in the shares of Flour Mills pushed the market capitalization of the miller up by more than N8.2 billion on the exchange from N118.9 billion at market open to N127.1 billion at the close of the market last week.
What you should know
Ayodeji Ebo, head of retail investment at Chapel Hill Denham in Lagos, in a conversation with Bloomberg revealed that the market will be bearish in the first half of 2021.
He added that after the result season, the investing public should expect a further depression because there will be no further catalysts to drive the market.
Ayodeji suggested that the growing yield in the fixed income space will continue to be a major issue as investors will become more inclined to get a one-year Treasury bill at 7% now, than taking a risk of 8 or 9%.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Friesland Campina Wamco Nigeria Plc announces AGM, proposes dividend of N6.74 per share.
- ETI appoints Akin Dada as Group Executive, Corporate & Investment banking.
- Union Homes REIT proposes final dividend worth N465.03 million for shareholders.
- GT Bank Plc holds FY 2020 investors presentation.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.