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Appointments

Senate asks Committee to consider President Buhari’s appointees for AMCOM, NDIC

The Senate has asked its Committee to consider the confirmation of President Buhari’s nominees for AMCOM, NDIC.

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SEC, Senate increases 2020 budget, Senate to investigate 7 oil companies over refusal to remit $21 billion, Senate to probe shutdown of Nigerian businesses in Ghana as retaliation trails border closure  

The Senate has asked the Committee on Banking, Insurance and other Financial Institutions to consider the request of President Muhammadu Buhari on the confirmation of the nomination of the Managing Directors and Executive Directors of Asset Management Corporation of Nigeria (AMCON) and the Nigerian Deposit Insurance Corporation (NDIC).

This was disclosed by the Senate via its Twitter handle on Thursday. According to the Senate, the committee is expected to report back to the house in two weeks.

It tweeted, “Senate Leader moves that the Senate do consider the request of Mr. President C-in-C on the Confirmation of the nomination of the following persons for appointment as Managing Director and Executive Directors of AMCON and NDIC.

“…in accordance with Section 10(1) of the Asset Management Corporation of Nigeria (AMCON) Act, 2010.”

What you should know

On Monday, Nairametrics reported that President Buhari retained the leadership of the Asset Management Corporation of Nigeria (AMCON) for their final term of five years.

President Buhari reappointed Ahmed Kuru as the Managing Director, Eberechukwu Uneze and Aminu Ismail as Executive Directors of the Corporation on Monday.

This was disclosed by one of the President’s media aide, Garba Shehu, via his Twitter handle on Monday.

He tweeted, “President Muhammadu Buhari has renominated Mr Ahmed Kuru as Managing Director and Mr Eberechukwu Uneze and Mr Aminu Ismail as Executive Directors of the Asset Management Corporation of Nigeria for the final term of five years.”

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Appointments

ValuAlliance Asset Management appoints two new Directors

ValuAlliance Asset Management has announced the appointment of two persons into its Board as Directors.

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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;

READ: FBN Holdings appoints ex-CEO of Guinness Nigeria and 2 others as Board Directors

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.

Kofi Kwakwa

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.

READ: Dangote Sugar yearly revenue surge by 33%, announces a dividend of N1.50

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”).

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Appointments

Greenwich Merchant Bank appoints Bayo Rotimi as MD/CEO

Bayo Rotimi has been appointed the new MD/CEO of Greenwich Merchant Bank.

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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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