Notable events reported by companies to the NSE from November 1-11,2019
GSK appointed NonExecutive Director: The board of directors of Glaxosmithkline Consumer Nigeria has appointed Oludewa Edodo-thorpe as a nonexecutive director effective December 5, 2019. Edodo-thorpe graduated from the University of Nigeria (UNN) with a bachelor’s degree in law. She earned a master’s degree in law from the University of Lagos and was called to the bar in 1979. A seasoned banker, her areas of specialty include secured credit transactions; corporate and commercial law as well as international business transactions.
Transcorp Hotels to recommend interim dividend: The board of directors of Transcorp Hotels has slated its 69th emergency board meeting to hold on December 3, 2019. One of the items on the agenda is the likelihood that the board will declare an interim dividend. As a result, Transcorp Hotels has notified the Nigerian Stock Exchange that the closed period for the firm will be between November 4 and December 4, 2019.
UAC resubmits unaudited third quarter: UAC of Nigeria resubmitted its third quarter unaudited results for the period ended September 30,2019. The resubmission of the results was due to an error made in the computation of Earnings Per Share (EPS) for the period.
Dangote Sugar Refinery, Savannah Sugar Company Limited opt for merger: The board of directors of Dangote Sugar Refinery has announced a scheme of business combination with its subsidiary, Savannah Sugar Company Limited. When consolidated, all the assets, liabilities and undertakings of Savannah Sugar Company will be transferred to Dangote Sugar Refinery. The business combination scheme is subject to approvals by the shareholders of the two firms; Securities and Exchange Commission, and the
Federal Competition and Consumer Protection Commission.
Ernest Ndukwe resigns from the Board of Access Bank: The board of directors of Access Bank has announced that Ernest Ndukwe will not be seeking re-election during the bank’s 2020 AGM. The resignation becomes effective March 31, 2020. He presently serves on the board of the bank as an independent non-executive director.
C & I Leasing gets SEC approval to raise 539 million shares through Rights Issue: C & I Leasing has obtained approval from the Securities and Exchange Commission (SEC) to raise additional funds through rights issue of 539,003,333 ordinary shares of 50 kobo each at N6 per share on the basis of 4 new shares for every 3 shares held in the company. The application is expected to open on November 11, 2019 or any other date approved by SEC and shall open for a maximum period of 28 days. Dangote Flour Mills announces changes in board: The board of director of Dangote Flour Mills has announced the resignation of Asue Ighodalo, Thabo Mabe, Halima Aliko Dangote, Olakunle Alake, Anrnold Ekpe, Yabawa Lawan Wabi from the board of the company with effect from November 1, 2019. Subsequently, the board has equally announced the appointments of Venkataramani Srivathsan, Chandrasekan Balaji, Mukul Mathur and Anurag Shukla as their replacements.
Global Spectrum Energy Services announces resignation of a non-executive director: Global Spectrum Energy has announced the resignation of Major Stanley Dika Ngada effective October 30, 2019. He served on the board of the company as a non executive director for seven years. Meanwhile, the company is to hold its AGM on November 25, 2019 at the Lagos Chamber of Commerce and Industry, Alausa, Ikeja. Omoluwabi Mortgage Bank appoints Olaitan Aworonke as acting MD: Following the resignation of Ayodele Olowookere from his post as MD/CEO, the board of directors of the mortgage institution has appointed Olaitan Aworonke as the acting managing director effective October 31, 2019. Before her appointment, Aworonke had worked in the banks as group head, banking operations and business development. She is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Institute of Chartered Economist of Nigeria and a member, Chartered Institute of Taxation of Nigeria (CITN).
Imona, Habid, depart Law Union and Rock: Peter Osadebamwen Imona, former chief compliance officer/head of enterprise risk management, and Emmanuel Habib, head internal audit, have both exited Law Union and Rock Insurance with effect from November 11 and 15, 2019 respectively. No replacements appointed yet.