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CAP Plc Appoints Bolarin Okunowo as Managing Director

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Bolarin Okunowo

By Dipo Olowookere

Mrs Bolarin Okunowo has been appointed as the new Managing Director of Chemical and Allied Products (CAP) Plc, one of the leading paint makers in Nigeria.

The rejigging of the board of the company was necessitated by the retirement of the current occupier of the position, Mr David Wright.

Mr Wright is vacating the seat on November 30, 2021, to pave way for Mrs Okunowo on December 1, 2021, a statement signed by the company secretary, Ayomipo Wey, disclosed.

The current MD is retiring from the board and his request to leave has been granted, with the board expressing “its profound gratitude to David for his leadership, hard work, commitment, industry, service and contributions to CAP Plc and wished him all the best as he moves on to retirement.”

As for the incoming CEO, she is expected to drive the growth with her nearly two decades of experience in a range of roles spanning investment banking and financial services, manufacturing, oil and gas, real estate and hospitality.

Mrs Okunowo joined UAC of Nigeria Plc in October 2018 and served as its Investment Executive responsible for managing the company’s investments in its industrial businesses (paints, logistics and real estate).

In her role as an Investment Executive, she was responsible for working with management teams to shape strategy and deliver commercial outcomes.

Prior to joining UACN, she was the Head, Energy & Infrastructure Finance at Stanbic IBTC Capital with responsibility for the oil and gas, power and infrastructure debt finance portfolio.

Before joining Stanbic, she worked with ARM Investments Managers and PricewaterhouseCoopers.

Mrs Okunowo a qualified chartered accountant and holds a Bachelor’s degree in Commerce from the University of Birmingham, UK and a Master’s degree in Information Systems from the prestigious London School of Economics.

She served as the immediate past Managing Director of Portland Paints and Products Nigeria Plc, where she led a turnaround of the business and the implementation of the successful merger with CAP Plc. She was a Non-Executive Director of CAP Plc until July 2020 and is currently a Non-Executive Director of Livestock Feeds Plc.

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

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Jobs/Appointments

Osita Chidoka Leaves Guinea Insurance Board

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Osita Chidoka

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.

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Jobs/Appointments

Goyal, Pule Join Advisory Board of Sabi

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Sabi B2B marketplace

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.

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Economy

Stockbrokers Elect Oluwole Adeosun as New CIS President

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Olatunde Adeosun

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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