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Appointments

AfDB appoints Ifedayo Orimoloye as Group Chief Risk Officer

Mr. Ifedayo Orimoloye has been appointed by the African Development Bank as Group Chief Risk Officer.

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The African Development Bank (AfDB) Group has announced the appointment of Mr. Ifedayo Orimoloye as the Group Chief Risk Officer (GCRO), effective 1 April 2021.

By this appointment, Ifedayo will lead the preparation and implementation of strategic plans within the Bank’s overall risk management framework, including the Bank’s risk appetite statement, credit risk, operational risk and market risk guidelines, policies and procedures.

Commenting on the appointment, Ifedayo said,

  • “I am passionate about the Bank’s development agenda that has attracted global attention as bold and innovative for accelerating Africa’s development. The African Development Bank Group already has a globally acclaimed and high-performing risk management team.
  • “I am honored to join to lead the outstanding team to further achieve accelerated development in Africa.”

According to AfDB President, Dr. Akinwunmi Adesina:

  • “I am delighted to appoint Ifedayo to lead the Bank’s risk management function. His hands-on risk management experience will be key in safeguarding the Bank’s financial integrity and in providing leadership on all core risk management activities of the Bank.
  • “Ifedayo is a respected professional, with a solid track record in risk management and his experience in Africa, Europe and North America, will help to further strengthen the Group’s risk management function.”

What you should know

  • Ifedayo Orimoloye brings onboard over 20 years of risk management and corporate finance experience from international and diverse financial institutions in Africa, Europe and North America.
  • Ifedayo, who holds an MBA (Finance) from California State University. He started his banking career with Wachovia Bank in 1995 in corporate finance and later moved to senior risk management roles at Citibank, HSBC and Wells Fargo Bank.
  • Between 2010 and 2017, Ifedayo was the Group Chief Risk Officer at Ecobank Transnational Incorporated where he was in charge of risk management oversight of the 40 African countries and other regions in Ecobank Group.
  • He joined Sterling Bank in 2018 as Chief Risk Officer, a role he positively transformed by implementing a strong framework that ensured rigor in the application of group-wide risk management policies and practices.

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

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Appointments

Cornerstone Insurance Plc appoints Ogechi Adeola as Director

Dr Ogechi Adeola has been appointed as an Independent Non-Executive Director at Cornerstone Insurance Plc.

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Cornerstone Insurance Plc has appointed Dr Ogechi Adeola as its new Independent Non-Executive Director, subject to ratification by members at general meeting.

This is according to a notification sent to the Nigerian Stock Exchange platform, dated 24th of February, 2021, as seen by Nairametrics.

READ: United Capital earmarks total dividend of N4.2 billion for shareholders

Dr. Adeola’s profile

Dr. Adeola has over two decades of work and consulting experience in the Nigerian Financial services sectors. She is an Associate Professor of Marketing at the Lagos Business School and an alumna of the Manchester Business School, United Kingdom.

On the other hand, Cornerstone Insurance closed trading today (24th of February, 2021) at the floor of the Nigerian Stock Exchange with a share price of N0.59.

Results from the recently released FY 2020 financials posted by the firm showed that gross premium written increased from N13.06 billion in 2019 to N17.6 billion. However, profit for the period declined to N1.6 billion, from N4.11 billion recorded in 2019.

READ: CWG confirms Adeyipo’s appointment as MD

What you should know:

Cornerstone Insurance Company Plc is a Nigerian-based insurance company offering services in the life and non-life categories.

It was incorporated on the 26th of July, 2021, initially as a private limited liability and subsequently became a public limited liability after its listing on the Nigerian Stock Exchange in 1997.

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Appointments

Chams appoints new directors following the demise of Prof. Ibidapo-Obe

The Board of Chams Plc has approved the appointment of new Non-Executive Directors of the company.

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The board of Chams Plc following the sudden passing of Professor Oyewusi Ibidapo-Obe has approved the appointment of new Non-Executive Directors of the company.

This disclosure was contained in a press statement issued by the Company Secretary, Yetunde Emmanuel.

According to Yetunde, the Board of Directors of the company in a bid to ensure a hitch-free operation of the company’s segments as well as the oversight function of the Board approved the appointment of Olusegun Oloketuyi and Olamojiba Bakare as Non-Executive Directors effective 18th February 2021.

It is important to note that the appointment of the new directors is subject to the ratification of the Shareholders of the company, at the company’s Annual General Meeting (AGM).

The Board expressed heartfelt condolences to the wife, children, immediate and extended family of Professor Oyewusi Ibidapo-Obe, praying that the Lord grants them the fortitude to bear this difficult loss.

About the newly appointed directors

Oloketuyi has formerly served as Managing Director and Chief Executive Officer of Wema Bank Plc. He also served as General Manager, Business Optimization Division and Executive Director of Business Development at Skye Bank Plc. He also served as Deputy General Manager, Corporate and Commercial Markets at Polaris Bank Plc (formerly Prudent Bank Plc) and as its Executive Director of Finance and Enterprise Risk Management.

Bakare is a seasoned international lawyer with almost 20 years’ experience in the Corporate world, 15 years of which was as a practicing Solicitor in the United Kingdom.

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