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Agusto & Co Appoints Adelekan CEO as Shobo Bows Out

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Agusto & Co Appoints Adelekan CEO as Shobo Bows Out

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 dipo.olowookere@businesspost.ng

Jobs/Appointments

Sanwo-Olu Appoints Folasade Coker as Executive Secretary of LJLA

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Folasade Coker

By Adedapo Adesanya

The Governor of Lagos State, Mr Babajide Sanwo-Olu, has appointed Ms Folasade Coker as the Executive Secretary of the Lateef Jakande Leadership Academy (LJLA).

The initiative is a leadership and mentorship programme of the state government, with the vision to develop tomorrow’s leaders today for public service and governance in Africa.

According to a statement made available to Business Post, she was appointed based on her impressive track record and demonstrated successes on various leadership assignments.

Ms Coker has worked across numerous leadership roles in both the public and private sectors in a career spanning over 30 years to date.

She is the Visionaire and Chief Executive Officer of Coker & Castle Nigeria Ltd, a management consulting and coaching firm, which she co-founded with Derek Castle in 2003. She has a wealth of experience in delivering training on communication/interpersonal skills, team building, leadership and management, marketing and providing bespoke solutions.

Her role as the Executive Secretary of LJLA will include program planning and proactively monitoring its progress, and organisational and budget planning.

She will be responsible for administering the business affairs of the Leadership Academy.

Ms Coker will also be in charge of the total welfare of the fellows and to achieve their objectives of being part of the fellowship, and build an all-round leader mentally, emotionally and physically.

The objective is to support the LJLA vision to develop future leaders by equipping them with the requisite skills to positively influence public service and instil in them the ethics and values of purposeful leadership through direct mentorship and on-the-job training whilst ensuring the efficient management of the academy in all aspects.

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ICPC Busts Job Racketeering Syndicate in Sting Operation

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job racketeering syndicate

By Modupe Gbadeyanka

A job racketeering syndicate has been busted in a sting operation carried out by operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

In a statement issued on Monday, the agency said it was able to apprehend the prime suspect of the team, which specialises in defrauding unsuspecting job seekers through offers of non-existing employment.

According to the disclosure, four applicants were also arrested in the sting operation, which is part of an ongoing crackdown on employment syndicates by the commission in collaboration with the Office of the Head of Civil Service of the Federation (OHCSF) and intelligence arising therefrom regarding a replacement exercise in a federal government agency.

The statement noted that efforts are in place to find other suspects related to the case, as the arrested persons are being interviewed and are giving the commission useful information.

The syndicate’s mode of operation, according to the ICPC, is hoodwinking their victims into believing that they have a strong connection with the OHCSF and can use such influence to secure employment for them.

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Carol Oyedeji Becomes Deputy Managing Director of Ecobank Nigeria

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Carol Oyedeji

By Modupe Gbadeyanka

Ecobank Nigeria has announced the appointment of Ms Carol Oyedeji as its Deputy Managing Director in line with its policy of ensuring participative leadership and building a pipeline of future leaders.

The Chairman of Ecobank Nigeria, Ms Bola Adesola, expressed optimism that Ms Oyedeji’s wealth of experience would positively influence the goals and vision of the Pan African Bank.

Also, the Managing Director of Ecobank Nigeria, Mr Bolaji Lawal, described the appointment as an acknowledgement of her hard work and dedication to the Ecobank brand.

He expressed confidence that the appointment would also encourage and propel other diligent and result-oriented professionals within the organisation to continue to drive sustainable growth for the lender.

Business Post reports that the appointment of Ms Oyedeji has been approved by the Central Bank of Nigeria (CBN), the banking industry’s watchdog.

The new DMD joined Ecobank Nigeria in 2017 as Executive Director, Consumer Banking and subsequently oversaw the Commercial Banking Business.

She is a seasoned banker and corporate administrator with over 30 years of experience. Before joining Ecobank, she was the Regional Head of Client Acquisition & Relationship for Africa and the Middle East at Standard Chartered Bank, where she covered Retail Distribution in 14 countries across the Region.

Ms Oyedeji was also, at various times, Head of Business Banking for Standard Chartered Africa, Regional Head for Consumer Banking in West Africa, and Non-Executive Director at Standard Chartered Bank Gambia.

She is a graduate of Chemistry from the University of Lagos and holds an MSc in Financial Management from the University of London and an MBA in Banking and Finance from the University of Lagos. She has attended several Leadership courses at Oxford University, INSEAD, Singapore, UCLA and Stanford University and is a member of various industry bodies.

Ecobank Nigeria is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai). Ecobank Nigeria is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small, and micro businesses, and individuals.

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