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Olateju Phillips Replaces Disu as LASACO Assurance Chairman

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Olateju Phillips

By Dipo Olowookere

LASACO Assurance Plc has announced a new chairman to replace the former occupier of the position, who resigned a few days ago.

The company, in a notice to the Nigerian Stock Exchange (NSE) on Thursday, said during a meeting of its board yesterday, it was agreed that Mrs Olateju Phillips should replace Mrs Aderinola Disu.

In a notice dated September 30, 2020, LASACO Assurance announced the resignation of Mrs Disu from the board effective September 8, 2020.

“We wish to inform our esteemed shareholders and the general public that our former Chairman, Mrs Aderinola Disu, resigned as a director on the board of Lasaco Assurance Plc. The resignation takes effect from September 8, 2020,” the firm had said in the statement.

In the same disclosure, the company announced the appointment of Mrs Phillips and Mr Jamiu Adio Saka as non-executive directors of the organisation after obtaining approval from the National Insurance Commission (NAICOM).

Today, the firm said Mrs Phillips will now be its chairman, saying she is expected to bring “her wealth of experience and exposure to the board and company.”

“We wish to inform our esteemed shareholders and the general public that at Lasaco’s board of directors’ meeting held on Wednesday, October 7, 2020, the board approved the appointment of Mrs Maria Olateju Phillips as the new Chairman,” the notice said.

Mrs Phillips, a former Commissioner for Commerce in Lagos State, is the first child of the late billionaire business, Mr Deinde Anthonio Fernandez.

She is a successful Chartered Accountant who holds an ACCA from England and Wales. She is a former director in Keystone Bank; former Director, Lagos State Lottery Board.

She was also the Managing Director of Alma Beach Estate  Ltd (a subsidiary of Rims Merchant Bank Ltd); Managing Director, Maridot Ventures Ltd.

She is a renowned management/financial consultant to many companies and was at a time, the Divisional Commercial Manager of Property division of the United African Company (UAC) of Nigeria 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 [email protected]

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CBN Denies Forceful Mass Retirement Amid Restructuring

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CBN IMTOs

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has dismissed claims of forced mass retirement as part of efforts by Governor Yemi Cardoso to restructure the workforce of the organisation.

In a statement released on Wednesday, the Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, clarified that its Early Exit Package (EEP) is entirely voluntary and without any negative repercussions for eligible staff.

According to the statement, the decision to implement the exercise was the outcome of extensive consultations with the bank’s Joint Consultative Council (JCC), a body representing staff interests.

Mrs Sidi Ali explained that the EEP, a longstanding policy previously accorded to the executive cadre, has now been made available to eligible staff at all levels.

“For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres. Following these discussions, management decided to meet this popular demand,” she said in the statement.

Addressing concerns about potential repercussions for staff who decline the package, Mrs Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded.

She further emphasized that the initiative is an internal corporate matter designed to promote career development for staff.

According to wide spread reports, there have been plans to retire approximately 1,000 employees by the end of the year with a payoff estimated to cost over N50 billion.

The mass retirement, which was announced in a circular issued three weeks ago, mandates affected employees to apply for the Early Exit Package (EEP).

The statement allegedly warned employees with less than one year of service or unconfirmed appointments to refrain from applying for the program, noting that the application would remain open until December 7, with an effective exit date of December 31, 2024.

It was reported that the entire EEP was valued at N50 billion.

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CBN Okays Appointment of Benson Ogundeji as Greenwich Merchant Bank CEO

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Benson Ogundeji Greenwich Merchant Bank CEO

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has approved the appointment of Mr Benson Ogundeji as the chief executive of Greenwich Merchant Bank Limited.

The board of the financial institution for businesses had picked Mr Ogundeji as its substantive CEO but awaited the authorisation of the banking sector regulator.

He brings over three decades of extensive banking experience to this role as a seasoned financial services professional, who previously served as Executive Director at Greenwich Merchant Bank from July 2020, where he played a pivotal role in the bank’s successful transition from the legacy Greenwich Trust Limited to a merchant bank.

In this capacity, he provided oversight for Corporate Banking, Treasury and Global Markets.

Throughout his career, Mr Ogundeji has demonstrated exceptional expertise in business development and operational excellence.

Before joining the firm, he held various senior leadership roles at prominent financial institutions, including Ecobank Nigeria, GTBank, and other notable banks, where he consistently displayed exceptional leadership skills.

His appointment comes at a crucial time as Greenwich Merchant Bank commences the next phase of its growth plans. Having related closely with the new CEO, as an Executive Director and acting CEO in the last four years, the board has expressed confidence about his ability to lead the bank in delivering our strategic goals.

“The board is pleased to announce the appointment of Benson Ogundeji as our Managing Director/Chief Executive Officer,” the chairman of Greenwich Merchant Bank, Mr Kayode Falowo, stated.

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WTO General Council Reappoints Ngozi Okonjo-Iweala as DG

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Green Hydrogen Ngozi Okonjo-Iweala

By Adedapo Adesanya

The General Council of the World Trade Organisation (WTO) has reappointed its Director-General, Mrs Ngozi Okonjo-Iweala, for a second term, effective  September 1, 2025.

On October 8, the WTO formally commenced the process for appointing its next Director-General, with members given until the 8th of November to submit nominations.

She was elected unopposed after no candidates stepped forward for the position of Director-General had emerged by the nomination deadline, other than the incumbent Director-General.

DG Okonjo-Iweala’s current term comes to an end on August 31, 2025.

She first assumed office as Director-General on March 1 2021, becoming the first woman and first African to lead the WTO.

Her reappointment comes after a special formal meeting of the General Council which started on Thursday, November 28 and culminated on Friday.

The first day of the General Council meeting saw members hear a presentation from Mrs Okonjo-Iweala on her vision for the WTO, followed by a question-and-answer session.

The second day then provided an opportunity for members to decide on the appointment of the next Director-General, to which they gave the Nigerian former finance minister another four years at the helm of affairs.

Speaking on her achievement, the Chairman of the trade body’s council, Ambassador Petter Ølberg of Norway praised her achievements, stating: “The General Council commends Dr. Ngozi Okonjo-Iweala for her outstanding leadership during her first term. Amid significant global economic challenges, she strengthened the WTO’s ability to support its members and set a forward-looking agenda for the organization.

“Her leadership was instrumental in securing meaningful outcomes at pivotal moments, including the 12th and 13th Ministerial Conferences (MC12 and MC13), where major milestones were achieved.”

“As we look ahead, the Council fully supports Dr Okonjo-Iweala’s commitment to ensuring that the WTO remains responsive, inclusive, and results-driven. Her leadership will be critical as the organization continues to advance a resilient, rules-based, and equitable global trading system.”

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