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FirstBank appoints Gbenga Shobo as MD/CEO as Adeduntan retires

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FirstBank of Nigeria Limited has appointed Gbenga Shobo as its managing director/chief executive officer effective from April 28.

Mr Shobo, who until now was the lender’s deputy managing director, will take over leadership from Adesola Adeduntan, who will be retiring in accordance with the bank’s term limits for chief executives, having headed it since 2016.

“His appointment has proven the resilience of our succession planning mechanisms and the value we place on our long-standing corporate governance practices, which underpin the institution’s enduring sustainability and 127-year legacy,” Ibukun Awosika, chair of the bank’s board of directors, said Wednesday in a statement reported by the media.

The board is confident that Gbenga has the experience and understanding of the bank and the know-how to lead the bank through this next phase of growth, which is focused on positioning FirstBank as the pre-eminent bank in our chosen markets, delivering value to our stakeholders.”

She also acknowledged the effort and Commitment of Mr. Adedutan while working with the bank.

“I would like to thank Sola for his dedication and efforts during his helm at the Bank, and before as CFO. The board and I are grateful for his leadership of the bank over the last 5 and a half years and believe that the strong foundations created during his term will provide an excellent basis for our continued success.”

Mr. Shobo is a chartered accountant, who commenced his career in 1986 with Coopers & Lybrand (now known as PricewaterhouseCoopers), later venturing into banking when he joined Victory Merchant Bank.

He was a general manager, corporate/commercial banking at FBN Merchant Bank Limited from 2004 to 2005.

Since joining FirstBank in 2006, Shobo has held positions including group head (national corporates), executive vice president (retail south) and executive director (Lagos & West).

He was also a non-executive director and chairman of FBN General Insurance Limited.

The board also announced the appointments of Abdullahi Ibrahim as deputy managing director and Ini Ebong, Seyi Oyefeso, Bashirat Odunewu and Segun Alebiosu as executive diretocrs. The appointments are subject to regulatory approvals.

Appointments

Ardova Appoints Mr. Oladeinde Nelson-Cole as Company Secretary/General Counsel

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Olumide Adeosun Ardova - Investors King

Ardova Plc, an indigenous energy group, headquartered in Lagos, Nigeria, with extended operations in Ghana, has confirmed the appointment of Mr. Oladeinde Nelson-Cole as Company Secretary/General Counsel with effect from 1 April 2021.

This was disclosed in a letter signed by Olumide Adeosun, Chief Executive Officer, Ardova Plc.

Mr. Nelson-Cole is a lawyer with over 14 years of experience spanning Company Secretarial, Corporate Compliance and General Legal Practice. He is a graduate of the Lagos State University.

Prior to joining Ardova Plc, Mr. Nelson-Cole was a Senior Associate in the law firm of RouQ and Co.

As the Company Secretary/General Counsel, Mr. Nelson-Cole will continue to guide the Board of the Company in ensuring strict compliance with regulatory and statutory requirements.

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Appointments

Heirs Oil & Gas Announces CEO and Board Appointments

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Tony Elumelu

Heirs Oil & Gas (HHOG), the leading African integrated energy company, has announced the appointment of Osayande Igiehon as Chief Executive Officer, effective May 4, 2021, together with a distinguished non-executive board, bringing together leading industry figures, with considerable global and regional experience.

Heirs Holdings Limited’s (HH) portfolio company, HHOG, completed the acquisition of OML17 in January 2021, in one of the largest oil and gas financings in Africa in more than a decade, with a financing component of US$1.1 billion. The transaction represents a further implementation of the HH Group strategy of creating the leading integrated energy business in Africa. Through a series of strategic portfolio holdings, HH is executing this strategy. Most recently, affiliate company, Transcorp made a US$300 million acquisition of Afam Power, increasing the Group’s installed electricity generating capacity to 2,000MW.

Mr. Igiehon, who joins from the Royal Dutch Shell (Shell), where he was previously a Vice-President with the Group in the Hague, Netherlands. He brings over twenty-seven years of experience and expertise in the oil and gas sector with Shell, where he held a series of senior management positions. Mr. Igiehon previously served as Chairman and Chief Executive Officer of Shell Gabon, where he led the successful turnaround of the operational, safety and financial performance.

HHOG is also pleased to announce the appointment of the following distinguished private sector and senior industry leaders to the Board:

  • Tony O. Elumelu, CON is the Chairman of Heirs Holdings, the United Bank for Africa (UBA), Transnational Corporation of Nigeria (Transcorp), and Founder of the Tony Elumelu Foundation.
  • Sally Udoma who previously served as general counsel for Chevron Europe, Eurasia, and the Middle East Exploration and Production. Previously, she was general counsel for Sasol Chevron Consulting Limited and managing counsel at the London Legal Service Centre for Chevron Global Upstream and Gas. She has also served as general counsel and general manager for Chevron Nigeria Limited.
  • Anil Dua is a founding partner at Gateway Partners Limited, a private equity fund specialising in dynamic growth markets including Africa, the Middle East and Asia. Prior to this, Mr. Dua worked for over thirty-five years with Standard Chartered Bank in Asia, Africa, Europe and the US, where he held various roles including Regional CEO West Africa and Regional Head of Origination and Client Coverage, Africa.
  • Ahmadu Kida Musa who previously served as Deputy Managing Director of Total Exploration and Production Nigeria Limited, has over thirty-two years of experience in the Oil and Gas industry and brings considerable expertise in Nigerian oil and gas.
  • Stanley Lawson currently serves on the board of Transnational Corporation of Nigeria Plc. He is Managing Partner at Financial Advisory & Investment Consultants Ltd. Dr Lawson previously occupied the position of Group Executive Director-Finance & Accounts at Nigerian National Petroleum Corp.
  • Samuel Nwanze is the Chief Finance Officer at Heirs Oil and Gas. Prior to this he was the Chief Investment Officer at Heirs Holdings responsible for investment and capital management.

Commenting, Mr. Igiehon stated: “HHOG represents an extraordinary opportunity, to create Africa’s first true integrated energy company, with a mission to ensure that Africa’s natural resources are directed toward value creation in Africa, powered by sustainable, robust and abundant African energy. I am excited to join the Heirs Oil and Gas leadership team and look forward to the opportunity to transform the energy sector, purposefully address Africa’s energy needs and improve the lives of people across Africa.”

The Chairman of the Board, Tony O. Elumelu, CON, stated: “I am delighted to welcome our new board members. We are building a role model institution for African businesses and our investment in human capital is a further strong demonstration of our intent. The regional and global expertise of our board members will serve to further drive value creation to our continent, as we execute our goal of becoming Africa’s largest, indigenous, integrated, energy company.”

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Appointments

Buhari Suspends Hadiza Bala Usman as MD of NPA, Appoints Koko

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Hadiza Bala Usman - Investors King

President Muhammadu Buhari has suspended Hadiza Bala Usman as the Managing Director of the Nigerian Ports Authority, according to sources quoted by Peoples Gazette.

The president immediately appointed Mohammed Koko, the director of finance to replace Ms Usman.

While Ms Usman said she was aware of her suspension, she said she has not received any formal letter or communication to that effect from the Ministry of Transport.

However, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, has now disclosed in a statement titled ‘President Buhari approves panel of inquiry on NPA, asks MD, Hadiza Usman to step aside.’

The statement read, “President Muhammadu Buhari has approved the recommendation of the Ministry of Transportation under Rt. Hon. Rotimi Amaechi for the setting up of an Administrative Panel of Inquiry to investigate the Management of the Nigerian Ports Authority.

“The President has also approved that the Managing Director, Hadiza Bala Usman, step aside while the investigation is carried out. Mr Mohammed Koko will act in that position.

“The panel is to be headed by the Director, Maritime Services of the Ministry while the Deputy Director, Legal of the same ministry will serve as Secretary.

“Other members of the panel will be appointed by the minister.”

Ms Usman was appointed as NPA chief in 2016 and has repeatedly propagated her reform policies that sought to redirect the organisation, which is one of the top revenue-generating entities of the Nigerian government.

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