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Segun Ogunsanya Appoints as MD/CEO of Airtel Africa as Raghunath Mandava Retires

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Segun Ogunsanya - Investors King

Airtel Africa has appointed Olusegun Ogunsanya, the Managing Director and Chief Executive Officer (CEO) Nigeria as the telecommunications’ Managing Director and Chief Executive Officer following Raghu Mandava’s informing the Board of his intention to retire.

In a statement signed by Simon O’Hara, Group Company Secretary, Ogunsanya will join the Board of Airtel Africa plc with effect from 1 October 2021.

Segun Ogunsanya joined Airtel Africa in 2012 as Managing Director and CEO Nigeria and has been responsible for the overall management of our operations in Nigeria, our largest market in Africa.

Segun has more than 25 years’ business management experience in banking, consumer goods and telecoms. Before joining Airtel in 2012, Segun held leadership roles at Coca-Cola in Ghana, Nigeria, and Kenya (as MD and CEO). He has also been the Managing Director of Nigerian Bottling Company Ltd (Coca-Cola Hellenic owned) and Group head of retail banking operations at Ecobank Transnational Inc, covering 28 countries in Africa. He is an electronics engineer and also a chartered accountant.

Raghu Mandava will be retiring as Managing Director and Chief Executive Officer, as a Director of Airtel Africa plc and as a member of the Market Disclosure Committee on 30 September 2021. Arrangements have been made to ensure a smooth transition of responsibilities. Following his cessation of employment at Airtel Africa, Mr. Mandava will be available to advise the Chairman, the Airtel Africa Board and the Managing Director and Chief Executive Officer for a 9-month period.

Speaking on the announcement, Segun Ogunsanya said: “Having been part of the Airtel Africa journey for the past nine years, I am looking forward to taking up the role of Chief Executive Officer. On a personal note, as an African, I feel honoured to have the opportunity to lead a Group that continues to make a difference to millions of people, bridge the digital divide and expand financial inclusion. This is an exciting opportunity to position Airtel Africa for
further success in a dynamic continent full of potential. I look forward to building on the achievements of the last five years during Raghu’s leadership.”

Raghu Mandava said: “I am thankful to Airtel Africa for providing me and my team the opportunity to transform the business and fulfil our responsibility to the countries in which we operate. It has been a privilege to serve in the African continent and I cherish my time here. Airtel Africa is a remarkable business with fantastic people. Having been at Bharti Airtel for 13 years and at Airtel Africa for 5 years as Chief
Executive Officer, I feel now is the right time to take a sabbatical.

“The last five years have been an exhilarating journey where we have been able to turnaround and transform the business into a strong high growth and profitable company.”

“We have been able to build the business with our unique management and problem solving approach to bring in substantial performance improvement. I am very proud of what we have achieved over the past 5 years in Africa, and I look forward to seeing the Company make even greater progress over the coming years.”

Sunil Bharti Mittal, Chairman, Airtel Africa said: “We are delighted to appoint Segun Ogunsanya as the Group’s next Chief Executive Officer. He has displayed significant drive and energy in turning around the Nigeria business by focusing on network modernisation, distribution, and operational efficiency. It is this commitment, together with his industry experience, strategic vision, constant customer focus and proven record of delivery that will enable him to continue to deliver our strategic objectives and to lead the Group in the next stages of its development.”

“On behalf of the Board I would like to thank Raghu Mandava for being instrumental in successfully leading and transforming Airtel Africa into a powerhouse telecommunications and mobile money company. Throughout that time, Raghu has worked tirelessly first to repair and then to strengthen Airtel Africa’s business and to champion our stakeholders. As we look forward to Segun assuming his new role in October 2021, we do so from a position of great strength as a result of Raghu’s highly effective stewardship. Raghu will retire from the Board with our very best wishes and sincere appreciation for everything he has achieved.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Appointments

United Bank for Africa Welcomes Emmanuel Nnorom to Board

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Emmanuel Nnorom

The United Bank for Africa Plc (UBA), Africa’s leading global bank, has announced the appointment of Emmanuel Nnorom as its new non-executive director, effective April 30, 2024.

This strategic appointment has received the approval of the Central Bank of Nigeria (CBN) as of May 13, 2024.

In an official statement, UBA highlighted the significance of Nnorom’s addition to the board. “Africa’s Global Bank, United Bank for Africa Plc (UBA), hereby announces the appointment of Emmanuel Nnorom as a non-executive director effective April 30, 2024.

The Central Bank of Nigeria (CBN) granted approval for this appointment on May 13, 2024.”

Tony Elumelu, Group Chairman at UBA, expressed his enthusiasm about the appointment.

“The appointment of Emmanuel Nnorom, a professional with considerable experience in the sector, emphasizes our Group’s commitment to strong governance and excellence. Nnorom brings a track record of working in critical sectors of the Nigerian economy, including power, and a pan-African perspective that complements our existing Board.”

With over 40 years of experience in financial services and audit, Nnorom’s extensive background includes significant board roles with listed companies.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN).

Also, he is an alumnus of Templeton College, Oxford, further underscoring his vast expertise and qualifications.

UBA, which provides retail, commercial, and institutional banking services across several countries, including the United Kingdom, the United States of America, France, and the United Arab Emirates, continues to lead in financial inclusion and the implementation of cutting-edge technology.

This appointment comes at a time when UBA is celebrating record-breaking financial achievements. The bank recently reported over N2 trillion in revenue and a profit of N607.69 billion, the highest in its banking history.

Nnorom’s appointment is expected to bolster UBA’s board, bringing a wealth of knowledge and a fresh perspective to the bank’s operations. His experience in both financial services and critical sectors of the economy will be invaluable as UBA continues to expand its footprint and reinforce its commitment to excellence and strong governance.

As UBA continues to navigate the complexities of the global financial landscape, the addition of a seasoned professional like Emmanuel Nnorom signals the bank’s dedication to sustaining its growth trajectory and maintaining its position as a leading financial institution in Africa and beyond.

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Ebenezer Olufowose Takes Helm at First Bank of Nigeria Limited as Chairman

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First Bank of Nigeria Limited has announced the appointment of Mr. Ebenezer Olufowose as its new Chairman.

This significant change follows the completion of the tenure of Mr. Tunde Hassan-Odukale, in accordance with the Central Bank of Nigeria’s Corporate Governance Guidelines, which mandates a maximum of twelve years for a Non-Executive Director.

Mr. Olufowose, a seasoned veteran in the financial services industry, brings over 36 years of experience to his new role.

He assumes the position of Chairman with a wealth of expertise garnered from his diverse background in Corporate Finance, Project Finance, and Investment Banking.

Prior to his appointment as Chairman, Mr. Olufowose served as a Non-Executive Director on the Board of First Bank of Nigeria Limited, a position he held since April 29, 2021.

He is also the Group Managing Director of First Ally Capital Limited, a reputable investment banking firm headquartered in Lagos.

His impressive career trajectory includes pivotal roles at Access Bank Plc and Citibank Nigeria, where he played instrumental roles in leading and executing corporate finance and investment banking transactions.

He spearheaded Citigroup’s origination, structuring, and execution of various high-profile deals in Nigeria.

Mr. Olufowose commenced his banking journey in 1985 at NAL Merchant Bank Plc (NAL), where he honed his skills in Corporate Planning and Finance.

Armed with a first-class honours degree in Economics from the University of Lagos and an MA in International Economics from the University of Sussex, England, Mr. Olufowose has continuously pursued excellence in his field.

Throughout his career, he has actively participated in numerous management and leadership training programs at esteemed institutions such as the Institute of Management Development in Switzerland, Harvard Business School in Boston, USA, and INSEAD in Singapore.

Also, he is an alumnus of the Harvard Business School and the Lagos Business School, further solidifying his reputation as a seasoned professional in the banking sector.

Mr. Olufowose’s commitment to professional development is evident in his affiliations with prestigious bodies such as the Chartered Institute of Bankers of Nigeria, where he holds an Honorary Senior Membership, and the Institute of Credit Administration and the Association of Investment Advisers and Portfolio Managers, where he is recognized as a Fellow.

As he assumes his new role as Chairman of First Bank of Nigeria Limited, Mr. Olufowose is poised to lead the institution with integrity, vision, and a steadfast commitment to excellence.

With his extensive experience and proven track record, he is well-positioned to guide the bank through its next phase of growth and reinforce its position as a leading financial institution in Nigeria.

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Exxon Mobil’s $1.28 Billion Asset Sale to Seplat Energy Set for Approval, Ending Two-Year Wait

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After a prolonged two-year wait, Exxon Mobil’s anticipated $1.28 billion asset sale to Seplat Energy is poised for approval by Nigeria’s oil regulator.

The deal, which has been in limbo since 2022, could finally see the light of day following recent communication from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Gbenga Komolafe, the chief of NUPRC, revealed to Reuters on Thursday that the regulatory body is on the verge of giving its consent to the transaction.

Komolafe disclosed that Exxon Mobil and Seplat Energy are scheduled to attend a pivotal meeting on Friday, during which they will discuss the final steps towards approval.

He expressed optimism, stating, “Subject to the outcome of the meeting, consent… could be given in less than two weeks from the date of the meeting.”

According to Komolafe, NUPRC will present the companies with two mutually exclusive options, the acceptance of which would pave the way for the deal’s approval.

While he didn’t delve into specifics, he emphasized that Nigerian law mandates provisions for decommissioning, host community development, and environmental remediation.

“We don’t want our nation to carry unwarranted financial burdens arising from the operations of the assets over time by the divesting entities,” Komolafe asserted, underscoring the importance of responsible asset management.

The $1.28 billion sale holds immense significance for Nigeria’s oil industry, which has faced challenges stemming from underinvestment and security concerns in recent years.

With oil majors like Shell and TotalEnergies divesting from onshore shallow water operations due to security issues, regulatory approval of the Exxon-Seplat deal could inject much-needed capital into the sector.

Analysts view the impending approval as a potential catalyst for improved oil output in Nigeria. Moreover, it could serve as a positive signal to investors, paving the way for similar deals in the future.

The regulatory clearance of Shell’s asset sale to Renaissance in January has further bolstered expectations regarding the viability of such transactions.

As Nigeria looks to revitalize its oil sector and attract investment, the imminent approval of Exxon Mobil’s asset sale to Seplat Energy marks a significant milestone, bringing an end to a prolonged period of uncertainty and setting the stage for renewed growth and stability in the country’s vital energy industry.

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