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Agusto & Co Appoints Adelekan CEO as Shobo Bows Out

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By Dipo Olowookere

After over two decades at Agusto & Co, Nigeria’s foremost credit rating agency, Ms Vivien Shobo, has retired as the Chief Executive Officer of the organisation.

While she piloted affairs of Agusto, Ms Shobo facilitated landmark multibillion transactions including the largest Municipal Bond programme and single largest tranche issuance, the Lagos State government’s N500 billion bond programme and N87.5 billion bond issuance.

She ensured that the company strengthened its formidable market position in Nigeria and Africa by obtaining Credit Rating Agency licenses from the capital market authorities of Kenya and Rwanda.

Under her leadership, Agusto successfully rated most of Nigeria’s leading banks and pioneered domestic credit ratings for notable corporates such as Dangote Cement Plc, MTN Nigeria Communications Plc, Lafarge Africa Plc, Nigerian Breweries Plc, Guinness Nigeria Plc, Julius Berger amongst others.

She further helped the firm facilitate the first bond issued by a deposit money bank in Nigeria in 2006, which is the Access Bank N13.5 billion redeemable bond.

During her tenure, the organisation helped in the first bond issued by an insurance company in 2008, the Crusader Nigeria Plc N4 billion Unsecured Convertible Debenture; the first 15-year corporate green bond fully guaranteed by infrastructure Credit Guarantee Company Limited (Infracredit), NSP-SPV PowerCorp Plc’s N8.5 billion 15-year 15.60 percent Series 1 Guaranteed Fixed Rate Senior Green Infrastructure Bond Due 2034; and the first commercial paper issuance under the new guidelines of FMDQ, UPDC’s N24 billion commercial paper programme.

In addition, she assisted in the first hospitality corporate bond issuance in the Nigerian debt capital market, Transcorp Hotels Plc’s N19.7 billion Series I & II bonds Due 2020; the first FinTech corporate bond (callable) issuance in the Nigerian debt capital market, Interswitch Africa One Plc’s N23 billion 7-Year 15 percent Fixed Rate Series 1 Senior Unsecured Callable Bonds Due 2026; the first logistics corporate bond issuance in the Nigerian debt capital market, TAK Agro Plc’s N15 billion 16.49 percent 7-year Fixed Rate Senior Bond Due 2026; and the World Bank credit rating assessment for City of Kigali and the 30 districts in Rwanda in 2015.

A statement issued by Agusto said following the retirement of Ms Shobo, it has appointed Ms Yinka Adelekan, an Executive Director in the company, as its new CEO.

The new CEO is an astute finance executive with over 20 years’ experience in the financial services industry, and her expertise spans credit ratings, corporate banking, risk management, product development, financial analysis, and information management.

Agusto & Co is a pioneer in the Nigerian Credit Ratings Industry and commenced business in January 1999. In 2001, Agusto & Co became the first credit rating agency to be licensed by the Securities and Exchange Commission (SEC).

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Jobs/Appointments

Oyo Fixes Dates for Collection of Appointment Letters for 902 Graduates

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Intending pilgrims in Oyo

By Modupe Gbadeyanka

The Oyo State government has announced dates for the newly recruited 902 graduates to pick up their appointment letters.

A statement signed by the Chairman of the Oyo State Civil Service Commission, Mr Kamoru Abiodun Aderibigbe, on Wednesday, disclosed that the collection would span from Friday, January 24 to Tuesday, January 28, 2025.

According to him, the successful applicants are expected to collect their letters of offer of appointment at designated offices of the commission between 10.00 am and 2.00 pm each day, except Friday, when they are expected to appear between 9.00 am and 1.00 pm.

However, he warned that on no account would the agency allow collection of letters of appointment by proxy, as the Commissioners would be on the ground to monitor the exercise.

While congratulating the successful candidates, Mr Aderibigbe urged them to be orderly when collecting their letters.

Recall that recently, the Governor of Oyo State, Mr Seyi Makinde, approved the employment of 902 university and Higher National Diploma (HND) graduates in the state.

The schedule of the collection is as follows:

Friday, January 24, 2025: Administrative Officer, Accountant, Agricultural Officer and Education Officer Cadres.

Monday, January 27, 2025: Animal Health Technologist, Assistant Social Welfare Officer, Auditor, Civil Engineer, Electrical Engineer, Environmental Health, Forest, Geologist, Higher Agricultural Technologist, Higher Cooperative Officer, Higher Environmental Health Technologist, Higher Estate Officer, Higher Executive Officer (Accounts, Audit, Culture and General Duties) cadres as well as Surveyor, Tourism Officer and Youth Development Officer/Assistant Cadres.

Tuesday, January 28, 2025: Higher Executive Officer (Information and Public Relations), Higher Executive Officer (Tourism), Higher Programme Officer, Higher Statistical Officer, Higher Technical Officer ( Building, Civil, Electrical, Exploration, Mechanical, Surveyor, Town Planning) cadres as well as Information, Inspector of Taxes, Lands Officer, Social Welfare Officer and State Counsel Cadres.

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Emmanuel Dairo Joins Huemaine Media Consult as Brand Manager

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Emmanuel Dairo Huemaine Media Consult

By Adedapo Adesanya

Brand strategist and member of the ForbesBLK Community, Mr Emmanuel Dairo, has joined Huemaine Media Consult as the firm’s Brand Manager.

Huemaine Media Consult is a media/public relations agency and creative firm based in Lagos and represents three of the world’s most recognizable brands exclusively in West Africa: Forbes Africa, Emirates, and Ethiopian Airlines, along with several other remarkable brands.

According to Mr Dairo, this new chapter marks an incredible opportunity to collaborate with a team of forward-thinking professionals to elevate brands, craft compelling narratives, and drive impactful strategies that resonate with audiences.

“I am honoured to contribute to such a prestigious portfolio and excited to help these brands continue to thrive in the region.”

With over five years of experience in creative marketing, PR, and brand building, he will bring a mixture of integrated marketing techniques to position the businesses for effective delivery.

“I’m eager to bring my expertise to this innovative organization. Together, we’ll push boundaries, deliver measurable results, and create meaningful connections between brands and their audiences,” he said.

“A heartfelt thank you to the management of Huemaine Media Consult for believing in my vision and abilities. I am truly honoured to take on this role and excited for the journey ahead. Here’s to creating, inspiring, and growing!” the statement added.

Mr Dairo was awarded the winner of the professional services category at the 25under25 Awards held in October 2022 and joined ForbesBLK, a platform and community that amplifies the voices of Black entrepreneurs, professionals, leaders, and creators in 2023.

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SeamlessHR Raises $9m Series-A Extended Round After Three Years

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SeamlessHR

By Adedapo Adesanya

Nigerian human resources management company, SeamlessHR, has raised a $9 million Series-A extension round, three years after it raised $10 million Series A funding.

The company plans to use the new funding to drive its expansion across Africa, which may include acquisitions.

The fresh funding was backed the Gates Foundation and Helios Digital Ventures. This is a change from the norm as the raise in 2022 was led by TLcom Capital, with significant contributions from Capria Ventures, Lateral Capital, Enza Capital, Ingressive Capital, and some private investors.

The startup builds world-class cloud solutions to help organisations manage most HR processes on one platform, will be looking to acquire a firm in Nigeria and set its sight on new frontiers in Southern and East Africa.

The new round of funding brings SeamlessHR’s total fund raised to about $25 million.

Before it raised the $10 million in 2022, it raised an undisclosed seed round from the same investors and Consonance Investment Managers in 2020. SeamlessHR, founded in 2018, raised a $150,000 pre-seed round from Tofino Capital and Ventures platform in 2019.

Announcing the raise, Mr Emmanuel Okeleji, SeamlessHR’s Co-founder and CEO said the raise will allow it to continue serving both private and public entities.

“Over the last 5 years, we have expanded across the continent to become the dominant HR and Payroll Software for medium to large enterprises in Africa.

“While we continue to accelerate our work to optimize workforce productivity in both the public and private sectors across the continent, much of our attention will also be on empowering hardworking Africans with responsible credit products that will help them use their employment as collateral to enjoy a better life,” he said.

SeamlessHR comprehensive suite of tools covers everything from core HR functions and performance management to payroll and recruitment. In 2024, they added an e-procurement platform to their product offerings.

Among some of its customer base including PwC, Sterling Bank, and Lagos Business School as well as entities in Ghana and Tunisia.

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