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Fidelity Bank’s Chairman To Lead BDAN

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Mustafa Chike-Obi- Investors King

Following the successful completion of Mrs. Osaretin Demuren’s tenure, Mr. Mustafa Chike-Obi, Chairman, Fidelity Bank Plc, has been appointed to take over as President of Bank Directors Association of Nigeria (BDAN) from Monday, August 23, 2021.

According to a statement issued by the Executive Secretary of the Association, Ms. Adebukola Orenuga and made available to journalists in Lagos, his appointment was ratified by the Forum for Banks’ Chairmen organised by the Association in June 2021.

Commenting on his appointment, Mr. Chike-Obi said he would continue to pursue the mandate of the Association by working with relevant stakeholders to ensure banks play a more active role in the nation’s economy.

“As the chairman of this important Association, I plan to represent more robustly, the interest of the banking industry and to project the image of the banking industry as an essential partner with our customers and the Nigerian economy as a whole. These are no doubt interesting times given the Covid-19 pandemic and resulting economic challenges and I look forward to partnering with shareholders as well as customers, regulators and all other players to contribute our quota to positioning the Nigerian economy for sustainable growth and recovery”, explained Mr. Chike-Obi.

The incoming chairman has over 40 years of experience in investment banking and the financial services sector, working with reputable global investment banking and asset management firms. He was appointed to the Board of Fidelity Bank Plc in August 2020 and is currently the Executive Vice Chairman at Alpha African Advisory where he provides overall leadership and has direct oversight over the capital raising division. Prior to joining Alpha African Advisory, he was the inaugural Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), a Federal Government-backed institution, established to resolve the problem of non-performing loan assets of Nigerian banks after the 2008 global financial crisis.

He started his Nigerian Banking career with Chase Merchant Bank where he functioned as the Head of Treasury Department from 1980 to 1982 and was Founding President at Madison Advisors, a financial services advisory and consulting firm in New Jersey, specializing in hedge funds and private equity investment advice. He also served as the Managing Director, Fixed Income at Shoreline Group and held senior positions at Goldman Sachs, Bear Stearns and Guggenheim Partners in the United States amongst others, where he acquired a broad knowledge base in capital market operations in both mature and emerging markets, including the development and marketing of fixed income securities products to institutional investors.

His vast experience includes serving as the Chairman of the Public Securities Association Trading Practice Committee of the National Association of Securities Dealers, overseeing mortgage-backed securities. Mr. Chike-Obi was educated at the University of Lagos and Stanford University School of Business where he obtained a Bachelor’s degree in Mathematics (First Class Honours) and Master’s in Business Administration (MBA) respectively.

The Bank Directors Association of Nigeria (BDAN) is a non-profit making organisation, limited by guarantee, which was set up to be an effective forum for representing the interests of Bank Directors in Nigeria. BDAN seeks to promote sustainable banking best practices within Banks in Nigeria and collaborate with regulatory agencies and other stakeholders to ensure the public’s interest.

BDAN is the only umbrella body of Bank Directors in Nigeria which has created a platform for members to articulate Directors’ views and make representations to the regulatory authorities on issues that affect the individual directors and the industry.

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Appointments

Union Bank Announces the Appointment of Aisha Abubakar as Independent Non-Executive Director

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Union bank - Investors King

Union Bank of Nigeria Plc (“Union Bank”) has announced a change to the membership of its Board of Directors with the appointment of Ms. Aisha Abubakar as an Independent Non-Executive Director effective 9th September 2021, following the approval of the Central Bank of Nigeria (CBN).

Ms. Abubakar joins the Board of Union Bank following her tenure as Nigeria’s Honourable Minister for Women Affairs and Social Development from 2018 to 2019. Prior to this, she also served as the Honourable Minister of State for Industry, Trade and Investment between 2015 and 2018. At the start of her career, Ms. Abubakar worked at Continental Merchant Bank Ltd., African Development Bank and African International Bank.

She is an accomplished public sector administrator with over three decades of professional experience in Public Service and Pension Administration, Investment Banking, SME Finance/Rural Enterprise Development and Micro-Credit Administration.

Ms. Abubakar is a Fellow of the International Professional Managers Association (IPMA-UK), and the President of the International Experts Consultants (IEC-UK).

Commenting on the addition to the Board, Mrs. Beatrice Hamza Bassey, Union Bank’s Board Chair said: “On behalf of the Board of Directors, I welcome Ms. Aisha Abubakar to the Board. She brings many years of robust experience which will be invaluable in supporting our efforts to steer the Bank forward and deliver on our strategic objectives.”

Also commenting, Chief Executive Officer, Mr. Emeka Okonkwo said: “I am pleased to welcome our new Independent Non-Executive Director, Ms. Aisha Abubakar to the Board. We look forward to drawing from her wealth of experience and fresh perspectives as we continue to execute our vision to be Nigeria’s most reliable and trusted partner.”

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Dangote Cement Appoints Mr. Philip Mathew as Deputy Group MD/CEO

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Dangote Cement - Investors King

Dangote Cement Plc, Africa’s leading cement manufacturer, has appointed Mr. Philip Mathew as the Deputy Group Managing Director/Chief Executive Officer of the company with effect from September 15, 2021.

This was disclosed in a statement signed by Edward Imoedemhe, Deputy Company Secretary, Dangote Cement Plc.

According to the manufacturer, “Mr. Mathew is a professional with 34 years of working experience in large global and regional cement industries and has been involved in project management from feasibility to commissioning and stabilisation.

“He has worked with multicultural teams in different countries and held several roles, including Process Engineer, Optimisation Manager, Plant Manager, Technical Director, Director Performance and Progress, Chief Manufacturing Officer, and recently, Head of Cement Excellence Manufacturing for the AsiaPacific region; defining the strategic goals and ambitions for cement manufacturing at regional level for a global cement company.”

 

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GCR Ratings Appoints Mr. John Kibebo CPA-K to its Kenyan Office

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GCR Ratings - Investors King

GCR Ratings (“GCR”) is pleased to announce the appointment of Mr. John Kibebo CPA-K as a Credit Rating Analyst. John will be based full-time in our Kenyan office as an integral part of the GCR East Africa team as GCR continues to grow its presence in the region.

John has over 8 years’ experience conducting business and financial analysis. He joins GCR from Metropol Corporation Limited where he worked for over 6 years and progressed to become the Head of their Analysis department. Prior to his time at Metropol, John worked as an Accountant for Kenya Woman Microfinance Bank and as a Banking Consultant for Kenya Commercial Bank.

John is a Certified Public Accountant (CPA-K), with a B-Comm in Finance from Jomo Kenyatta University of Science and Technology and an Msc. in Finance from The University of Nairobi.

In announcing the appointment, Sylvia Chahonyo, Managing Director of GCR East Africa, said, “Following a thorough and rigorous search process we are delighted that John has agreed to take up the position of Credit Rating Analyst in Kenya. He has significant experience and expertise, and I am pleased that we have been able to attract someone of his caliber and track record.

I have no doubt that John’s appointment, in a permanent capacity based at GCR in Nairobi, will facilitate a deeper entrenchment of GCR’s presence and portfolio of credit ratings across Kenya and the region. His appointment also reinforces GCR’s ongoing commitment to investment and capital markets development in East Africa, and our role as a source of timely, accurate, and market leading credit opinions.”

Upon his appointment, Mr. Kibebo said, “I am delighted to join GCR Ratings and its growing analytical team of 45+ analysts spread across Africa. GCR has a stronghold in the African credit ratings market thanks to its local footprint. I am looking forward to working with issuers across the East-African market. Increasing access to, and use of, credit ratings in the region is a key element of a functioning capital market which, I believe, will help companies get greater access to funding, and investors to understand the risks associated to those entities which can assist in enhancing sustainable growth outcomes in East Africa.”

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