By Adedapo Adesanya
Leading telecommunications and mobile money service provider, Airtel Africa Plc, has announced the appointment of Mr Olusegun Ogunsanya, the Managing Director and CEO of its Nigerian operations, Airtel Nigeria, to succeed Mr Raghunath Mandava, who retires as the MD/CEO later this year.
A statement issued by the telco disclosed that Mr Mandava has informed the board of his intention to retire, which necessitated the appointment of Mr Ogunsanya, who is expected to join the board of Airtel Africa with effect from October 1, 2021.
Mr Ogunsanya joined Airtel Africa in 2012 to head Airtel Nigeria and has been responsible for the overall management of the company’s operations in Nigeria, its largest market in Africa.
He boasts of more than 25 years of business management experience in banking, consumer goods and telecoms.
Before joining Airtel in 2012, he 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 Incorporated, covering 28 countries in Africa.
He is an electronics engineer and also a chartered accountant.
On his part, Mr Mandava will be retiring also as a member of the Market Disclosure Committee on September 30, 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 nine-month period.
“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,” the statement from the firm said.
The outgoing CEO of Airtel Africa, while commenting on the development, 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 turn around and transform the business into 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 five years in Africa, and I look forward to seeing the Company make even greater progress over the coming years.”
The incoming CEO stated that, “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.”
Osita Chidoka Leaves Guinea Insurance Board
By Dipo Olowookere
Former Minister of Aviation, Mr Osita Chidoka, has resigned from the board of Guinea Insurance Plc to concentrate on his private matters.
A statement signed by the company secretary, Ms Chinneye Nwankwo, disclosed that the politician, who was once the Corps Marshal and Chief Executive of the Federal Road Safety Corps (FRSC), served on the board as a non-executive.
During his time on the board, he contributed immensely to the growth of the underwriting company and the team appreciated him for this.
In the notice, Guinea Insurance wished the member of the opposition Peoples Democratic Party (PDP) well in his future endeavours.
“Guinea Insurance Plc wishes to inform the Nigerian Exchange Limited (NGX), its esteemed shareholders and the general public of the resignation of Mr Osita Chidoka from the board of directors of the company.
“The resignation of Mr Chidoka is to enable him more time to pursue his private business. The board recognized his immense contributions, selfless service and commitment to the progress of the company and wished him success in his future endeavours,” the disclosure stated.
Goyal, Pule Join Advisory Board of Sabi
By Modupe Gbadeyanka
The founder of Africa Lighthouse Capital, Bame Pule; and the Head of M&A at Udaan, India, Sapna Goyal have been appointed to the advisory board of Sabi, a leading B2B marketplace serving Africa’s informal economy.
The duo will work with the company and bolster its network and knowledge to help improve the infrastructure for informal business.
According to the co-founder/CEO of Sabi, Anu Adasolum, the two highly talented and strategic business leaders will bring fresh insights and perspectives to the board.
“Their expertise and track record in driving value will be critical for Sabi in our quest to serve the informal economy. We look forward to working together as we maintain our exceptional growth,” Adasolum stated.
Bame Pule established an independent Mauritius-based private equity firm founded in 2012 to invest in and nurture businesses into African champions.
The firm has a particular focus on helping investee companies adopt global best practices regardless of sector, attain benchmarks equivalent to those of global peers, and expand into multiple key African markets.
Prior to founding Africa Lighthouse Capital, Mr Pule worked at Actis Capital, ShoreView Capital, Goldman Sachs in New York, Credit Suisse in New York and Salomon Brothers/Citigroup in Los Angeles.
He pursued bachelor’s degrees in Economics and Political Science (double major) from Pomona College in Claremont, California and was awarded the Pomona Scholar prize for superior academic achievement in 1997 and 1999. Mr Pule also pursued a master’s in business administration (MBA) degree from Harvard Business School in Boston, Massachusetts.
On her part, Sapna has investing experience in early and growth stage internet start-ups in India. Before joining udaan, she worked with Goldman Sachs Investment Partners (GSIP) VC & Growth Equity Fund by being responsible for investments in the Indian internet space.
She also has investing experience in Indian Public Markets as part of a hedge fund at GS. She is passionate about the change internet can bring to India and how it is a great leveller. She is an active angel investor.
Stockbrokers Elect Oluwole Adeosun as New CIS President
By Adedapo Adesanya
The Chartered Institute of Stockbrokers (CIS) has elected Mr Oluwole Adeosun as its new President and Chairman of its governing council.
With his emergence, Mr Adeosun, who was the institute’s former 1st Vice President, succeeds the erstwhile President, Mr Olatunde Amolegbe, at an election held during the institute’s hybrid annual general meeting on Thursday, May 5 in Lagos.
Mr Adeosun will be formally decorated with the paraphernalia of office in a high profile event known as an investiture at a later date this year.
Mr Adeosun, a fellow of the institute and multinational professional, brings on board over two decades of robust experience in the financial market.
A product of the Loyola College, Ibadan, he holds a B.Sc. (Hons) in Business Administration from the University of Ilorin in 1986 and capped it with a Master’s Degree in Business Administration (MBA) and specialises in Finance and Banking from the University of Lagos in 1993.
Mr Adeosun trained at Coopers at Lybrand (Chartered Accountants), now PricewaterhouseCoopers and qualified as a Chartered Accountant in May 1991. He later qualified as a chartered stockbroker and banker.
He has been a long-standing member of the Governing Council of the Chartered Institute of Stockbrokers since April 2013 and has served as the institute’s first Vice President from 2020 to 2022 and second Vice President from 2018 to 2020.
The stockbroker also served as a member of the Finance and General-Purpose Committee of the Chartered Institute of Bankers of Nigeria (CIBN) and its Investment Subcommittee.
The new CIS President is the Managing Director and Chief Executive Officer of Chartwell Securities Ltd., and a fellow of many major professional institutes in Nigeria’s financial services sector, including, the Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Bankers of Nigeria (CIBN) and Chartered Institute of Taxation of Nigeria (CITN) amongst others.
Thursday’s AGM witnessed the re-election of Mrs Fiona Ehimie and Mr Adeyemi Aina to the institute’s Governing Council and the election of Mr Ayodeji Ebo and Mrs Elile Olutimayin to the board as well as the election of the 2nd Vice President, Mr Oluropo Dada, as the 1st Vice President.
In his remarks, Mr Amolegbe, the immediate past president of CIS, expressed optimism that he had left behind a team of top-notch professionals that would further advance the growth and development of the institute.
“My priority has always been to enhance the institute’s brand positioning by increasing its visibility via advocacy while putting the members’ welfare on the front burner,” he said.
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