The Nation Newspaper

Tag: board

  • THE NATION EDITORIAL BOARD CHAIRMAN HONOURED AT NIGERIAN OSCAR

    THE NATION EDITORIAL BOARD CHAIRMAN HONOURED AT NIGERIAN OSCAR

    For their contributions to the growth of the country, Nigerian students, under the auspices of the Outstanding Students Choice Award for Recognition (OSCAR), last Sunday, honoured deserving members of the society.

    The event which took place at the Bespoke Event Centre, Lekki, Lagos, is the brainchild of Nigerian students in 118 tertiary institutions in the country, and is spearheaded by its founder, Sam Adegbola; a post graduate student of the University of Ibadan.

    The Chairman, Editorial Board of The Nation newspapers, Mr. Sam Omatseye, who was among the awardees, presented the keynote address titled, Nigeria Yesterday, Today and Tomorrow: Lessons Learnt, Challenges, and Opportunities.

    The national leader of the All Progressives Congress, Asiwaju Bola Tinubu, received two awards; The OSCAR Person of the Year Award, and Statesman of the Year Award. Other awardees include Sam Omatseye (Media), 2face Idibia (Music), Tunde Kelani (Filmmaking), Dr Taiwo Afolabi (Entrepreneurship), Steve Babaeko (Advertising), Ejiro Amos-Tafiri (Fashion), Dr Dapo Majekodunmi (Health services), Femi Falana (Legal services), Alhaji Mohammed Mutiu Anthony (Humanitarian services) and Oscar Onyema (National service/administrative leadership).

    Also awarded were Senator Babajide Omoware (Public presentation), Alhaji Mohammed Lawal Aliu (Public service), Prof Okechukwu Ukwuoma (Science and Technology) and Japheth Omojuwa (Social activism/advocacy).

    Speaking on the criteria for choosing the awardees, the founder of the OSCAR said that 852 names were initially nominated for the awards, but campus representatives scaled down the list to fifteen names. Speaking further he said, “There are four criteria for picking the awardees. They include performance, humility, contribution of the individual to national development and relationship with Nigerian students.”

    In response to his most outstanding media practitioner of the year 2015 award, Mr. Omatseye said, “Thank you and I am humbled by the award.”

  • Board to support oil firms at Onne Free Zone

    Board to support oil firms at Onne Free Zone

    The Nigerian Content Development and Monitoring Board (NCDMB), has pledged to support oil and gas firms operating in the Oil and Gas Free Zone, Onne, and the Oil and Gas Services Centre both in Rivers State, to maximise their potentialities and address some of their challenges.

    The Executive Secretary of NCDMB, Mr. Denzil Kentebe made the promise when he led General Managers of Nigerian Content Development Divisions of international oil companies (IOCs) and other stakeholders in the oil and gas industry on tour of the facilities of the Oil and Gas Services Centre, Oil and Gas Free Zone, Onne.

    The tour was coordinated by Intels Nigeria Limited, a concessionaire in the zone whose integrated logistics services are dedicated to the oil and gas industry. The company showcased its investments in berthing facilities, ports operations equipment, offices and accommodation facilities, among others. The firms visited included Total Premier Services, Vallourec Oil and Gas, Titan Tubular, Tenaris and Pipe Coaters Nigeria Limited.

    Others include Cameron Valves and Measurements, West Atlantic Shipyard, OPMC, Remm Oil Services, Oando Rigs, One Subsea/Cameron Offshore and GE Subsea Facility, as well as the FMC Technologies, West African Ventures Yard and Adamac.

    The tour came on the heels of a similar visit by the delegates of the just-held Practical Nigerian Content Conference to the facilities at the zone.

    Speaking during the tour, Kentebe said the purpose of the visit was to get the industry to appreciate the capacities of companies operating in the oil and gas service centre and Free Trade Zone, noting that the Board was insisting on the utilisation of locally-manufactured inputs by the oil and gas industry and many of such activities were carried out in the zone.

    He expressed delight that many of the companies were engaged in value addition activities and manufacturing of components, which hold the key to real Nigerian content growth and employment creation.

    He encouraged companies operating in the zone to approach the Board if they experience challenges, adding that the NCDMB was willing to support any company seeking to domicile its operations in the country.

    On complaints from the operators of the West Atlantic Shipyard that the vessels they manufacture in the Zone were often taxed exorbitantly when they are moved out of the vicinity, Kentebe promised that the Board will engage relevant agencies of government to ensure that applicable tax policies do not negate the essence of establishing the zone. He urged the company to ensure that it restarts the manufacture of vessels aside from just carrying out dry docking of vessels. He noted that the Board will begin to give first consideration to locally-built vessels in tenders from next year.

    Explaining the company operations to the Executive Secretary after a tour of their rigs, the Managing Director of Oando Energy Resources, Mr. Bamidele Badejo said the company’s three rigs-OES Integrity, OES Respect and OES Teamwork were in good form and are ready to serve the industry.

    He further explained that the company invested $450 million in the acquisition of four rigs in furtherance of the Nigerian Content Act, adding that 600 people are employed when three of the rigs areworking. He pleaded with the Board to help the company secure business so they can retain all their staff and make their investment worthwhile.

    When the team visited OneSubsea, the officials explained that the company was assembling Christmas Trees for ExxonMobil’s Erha North project and 70 per cent of the project team is Nigerians. OneSubsea Offshore Systems is a leading provider of flow equipment products, systems and services to oil and gas and process industries.

    Officials of General Electric also told the Executive Secretary and his entourage that they repair and maintain Christmas Trees for the Shell Bonga project and other deepwater projects. He added that the Christmas Trees were dismantled and assembled back in their facility and returned to the production platforms offshore.

    In their presentation, officials of West African Ventures noted that the certifications offered by the Maritime Academy of Nigeria, Oron to locally-trained seafarers were not accepted by the oil and gas industry and offered to upscale the capacity of their graduates to enable them acquire international certifications and skills they need to secure work.

    Speaking after conducting the entourage through the oil and Gas Services Centre in the Onne Free Zone, the Head, Public Relations and Nigerian Content, Intels Nigeria Limited, Mr. Isidore Sambol explained that his organisation was committed to the realisation of Nigerian Content in line with the policy thrust of the Federal Government for the oil and gas industry.

    He added that the plans for Onne Phase 4B project by Deep Offshore Services Limited would, on completion, double the present capacity of the services centre and create more jobs for Nigerians.

    The Phase 4B project is ongoing with dredging and reclamation works underway for the construction of an additional 2,000sqm jetty with a 12m draft at low tide. Others include 600 hectares of industrial area, an inner channel and turn basin. These projects are aimed at investors on fabrication, manufacturing, integrations services, spool base and dockyard.

    Mr. Sambol noted that the Oil and Gas Free Zone, Onne is only 40 per cent utilised and called on investors to take advantage of the Federal Government’s incentives for operating in the Zone.

  • Shareholders force board change at Prestige Assurance

    The Indian chairman of board of directors of Prestige Assurance has stepped down and a new Nigerian chairman appointed following demand by shareholders for a Nigerian chairman for the board of the insurance company.

    A reliable source said Mr. Gopalan Srinivasan, the Indian chairman of the board of directors, stepped down at a board meeting last week and Mr Hassan Musa Usman was immediately appointed as chairman of the company.

    The change, the source hinted, was due to demand by shareholders, who had raised objection that the board and management should not be headed by Indian appointees of the majority core investor. At the 45th annual general meeting of the company July 13, 2015, shareholders had called for a change in the composition of the board of directors, especially the chairmanship of the board.

    The former chairman, Srinivasan, represented the interest of the New India Assurance Company Limited, which held the 51 per cent largest equity stake in Prestige Assurance. New India Assurance is a multinational company operating in 27 countries with a network of 19 branch offices, 12 agency offices, four associate companies and three subsidiary companies. It is the largest general insurance company in Afro-Asia, besides Japan with a global premium of over $1 billion.

    Srinivasan had joined the New India Assurance Co Ltd, Mumbai, India in 1979 as a scale I officer and rose through the ranks to become Managing Director, New India Assurance Co Ltd, Trinidad and Tobago and later chairman and managing director of New India Assurance Company.

    Besides the chairmanship, the management of Prestige Assurance is dominated by Indian appointees of the majority shareholder. At the last count, the managing director, the second most senior management executive and another management executive holding strategic position were Indians.

    The new chairman, Usman, immediate past managing director of Aso Savings and Loans Plc, is a chartered accountant with career spanning two decades in finance and investment advisory as well as privatisation services.

    Usman graduated with a BA, in Economics from the University of Sussex, and an M.Phil. in Development Economics from Darwin College, University of Cambridge. He is an Associate of the Institute of Chartered Accountants in England and Wales. He is also a Registered US National Association of Securities Dealers Series 7 Investment Banking Representative.

    He had worked in many organisations including as executive director , investment,  Abuja Investment and Property Development Company Ltd, Bureau of Public Enterprises (BPE), Citibank, Arthur Andersen S.C London and the Central Bank of Nigeria (CBN).

    Prestige Assurance Plc had recently raised N1.5 billion in new equity funds from existing shareholders.

     

  • Board holds bursary interviews

    The Lagos State Scholarship Board has started interviewing students of Lagos State origin in tertiary institutions for bursary allocation for the 2015/2016 academic session.

    Its Director, Mrs Omauton Jegede, said Governor Akinwunmi Ambode approved that the interviews should hold for students, who have obtained the application forms at specific zones across the country and in the five divisions of the state.

    For the Lagos Zone, the interviews will hold at St. Georges’ Primary School, Falomo, Lagos Island (Lagos Division) and Michael Otedola College of Primary Education, Noforija, Epe (Epe Division) on October 14-15; and at the Adeniran Ogunsanya College of Education, Ijanikin on 20 and 21 (Badagry Division). Ikeja and Ikorodu divisions will hold on October 26 and 27 at Government College, Agege (Ikeja) and Oriwu College, Ikorodu (Ikorodu).

    Outside Lagos, the interview will hold in Abuja November 17 and 18 at the Nigerian Law School; and at the Federal University of Technology, Akure, Ondo State on December 1 and 2.

    The exercise has already held in Kaduna (October 5 and 6) Rivers (6-7) and Kwara States (12-13).

    The Lagos State government conducts the bursary interviews yearly to determine the indigeneship claim of applicants, who must be full-time students before awards are given. The bursary ranges between N20, 000, N30, 000 and N50, 000 depending on the course of study.

     

  • Give us Cashew Board, farmers plead

    Stakeholders in the Cashew industry have called for the es-tablishment of a Cashew Board to boost foreign exchange earnings and generate jobs.

    They spoke at the end of a two-day workshop in Ilorin, the Kwara State capital.

    The theme of the workshop was: “Cashew business competitiveness and sustainability”.

    They urged the Federal Government to assist cashew farmers and processors through the provision of a special fund to boost production.

    Deputy Director, Product Development, Nigerian Export Promotion Council (NEPC), Chief Emmanuel Ezeagu, said the board would protect the interests of cashew farmers.

    He added that the board would ensure that cashew species are of high quality, and also source markets for them.

    Ezeagu, who described cashew as a money spinner because of the high demand for the nuts, added that the government should assist farmers to improve and increase production.

    “Cashew is a money spinner; there are lots of Indians and Vietnamese coming to Nigeria to buy the raw cashew nuts. The market for cashew nuts is so huge that Nigerian cashew farmers should take advantage of it,” Nzeagu said.

    He also called on both the states and local governments to encourage farmers to venture into the cashew plantation business. He said state governments can assist cashew farmers with improved seedlings, fertiliser and micro-credit loan facilities.

    President, National Cashew Association of Nigeria (NCAN), Mr. Tola Fasheru, decried the high cost of processing a ton of cashew.

    He said it costs $500 to process one ton of cashew, whereas it costs about $250 in India and $217 in Vietnam to process the same quantity of cashew.

    Fasheru said for the cashew industry to compete favourably with other countries, the government should set up a special fund for the industry.

    According to him, the sustainability and competitiveness of the sector may be a mirage if the government did not assist cashew farmers and processors.

    Business Advisory Manager (BAM) of the African Cashew Alliance (ACA), Mr. Sunil Dahiya, said the cashew industry had a great potential as a foreign exchange earner for the country.

    To realise this potential, Duhiya said the sector must be properly harnessed and incentives provided by government. He said the governments of India, Vietnam and Mozambique subsidised the cost of processing cashew nuts.

    According to him, the Indian government pays cashew processors $80 as subsidy per metric ton, while Vietnam pays about $70 to its cashew processors.

    The BAM said ACA, since its inception, was committed to improving the competitiveness and sustain-ability of the African cashew industry. He said the alliance had also made efforts to increase the processing of cashew in the continent.

    “Our objective is to facilitate the development of an industry that benefits the entire value chain, from farmer to consumer by sharing information and best practices among stakeholders,” he added.

    A cashew farmer, Alhaji Akeem Anifowose, appealed to the Raw Material Research and Development Council (RMRDC) and investors to come up with the appropriate technology to process cashew apple and shell.

    He also made a case for the NEPC to find market for cashew shells, as many of the by-products waste away on their farms

  • Board set to fight quackery

    •Inducts new members

    The days of quackery in the real estate business may be numbered, if the initiatives being put in place by an industry regulator is anything to go by. This is because the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), under the current regime, is bent on tackling quacks operating as estate surveyors in the country.

    One of these measures, according to the body, is the planned introduction of the use of adhesive stamps to replace the conventional stamps currently being used by the practitioners in the country. This would be computer-based and experts have been engaged by the board to work on the computer platform to operate the stamps. For a long time, quackery has been a hydra-headed problem for both ESVARBON and the Nigeria Institution of Estate Surveyors and Valuers (NIESV).

    The Chairman of ESVARBON, Mr. Williams Odudu, who made this known while speaking at the 36th induction ceremony for newly registered estate surveyors and valuers held at the Senate Chambers of the Old National Assembly Complex, Tafawa Balewa Square, Lagos, assured that he would fight quackery   headlong. He explained that the focus of his board is to substantially reduce the nefarious activities of quacks by registering many more qualified estate surveyors and valuers in the country.

    To achieve this goal, the board, Odudu said, has put the requisite machinery in place, in collaboration with the relevant law enforcement agencies, to check the spread of fake practitioners and bring culprits to book.

    “It is worthy to stress that the board has instituted actions in courts against quacks, who would not heed its warning. Let me emphasise here that the focus of the current board is to battle quacks to a standstill. Also, the need for the use of the adhesive stamps to seal valuation reports is based on the desire of the board to effectively monitor the quality of valuation reports being prepared by practitioners for their numerous clientele,” he explained, adding that the practice of estate surveying in the country will longer be business as usual.

    At the induction, 202 new practitioners got their stamps and seals to practice in the country, increasing the number of registered estate surveyors to 604 in Nigeria. Odudu admitted that the inadequacy of estate surveyors in the country may have contributed to the multiplicity of non-professionals’ entry into its fold. He reckoned that an accelerated registration of new members to meet the rapidly increasing demand for their services is desirous to curb quackery.

    Also  at the induction, a former Executive Director, Estate Services, Federal Housing Authority (FHA), Mr. Eteng Ibiang Eteng, argued that while the profession was witnessing numerical growth as evidenced in the annual turnout of graduates,  the quality of practice has been on the decline. “The older surveyors have practice proficiency, which reflects their clear understanding of the principles behind what they do. These form the basis of the confidence and responsibility they exude in practice and life. But today, we cannot say this of the up-coming surveyors. Young surveyors in a practice spend more effort pursing private lettings, scales and bother less about understanding what the profession is about,” he lamented.

    Eteng blamed several malpractices on ignorance, incompetence, incorrect reporting and lack of integrity, among others. For instance, he said, when drawing up compensation assessment, some practitioners over-estimate crops and economic trees numerically and over-value improvements out of context with the provisions of the law in order to attract underserved direct personal financial benefits from claimants. This, he said, leads to bloated compensation claims resulting in escalated projects costs to the public sector and a drain on government resources.

  • LASACO Properties launches biggest board

    LASACO Properties has launched the biggest Billboard in Nigeria and West Africa, the company’s Managing Director, Olumide Jayeiola, has said.

    Speaking during the unveiling of the multi billion naira billboard located at the brink of the Third Mainland Bridge at Iyana Oworo, Lagos, he said the billboard will bring huge investment into the country.

    Jayeiola said the billboard which was brought in from China ranks as number three in the world and described it as an advertiser’s dream.

    He noted that coming from investors’ perspectives, LASACO Properties is a real estate and investment company which is not limited to properties alone.

    According to him, it encompasses any venture, businesses that will bring investment return.

    He, however, noted the risk and challenges encountered in bringing the board into the country.

    He said while the Nigerian Customs posed the major problem,  power was also a challenge.

    He said: “Nigerian Customs was one of the problems we had in bringing it in. If Nigerian investor will go all the way to bring in investment and it is the Nigerian government that is killing the business, then that is not so good for the country.

    “The fees we were to pay were skyrocketed by the Customs and there was the problem of power to make the board function but at the end, we surmounted all the problems”.

    He stressed that the company want to create a niche in the advertising world.

    Managing Director, LASACO Insurance, Olusola Ladipo-Ajayi said the board sits strategically on a peninsula of the Lagoon.

    Ladipo-Ajayi on his part, explained that the board is a joint venture between LASACO Properties and Media Views.

    He said the board is sitting in front of the big board which carries Airtel advert. “The advert was put there 12 years ago but has become small now with the entry of this new mega board. Throughout the period of 12 years, there was no idle time on it.

    “The board has become a landmark used to describe traffic by radio presenters for inland mainland and island on the Third mainland bridge. We assisted them at that time by introducing them to Ibile Holdings which is our majority shareholder,” he added.

  • NSE to launch new premium board for large blue chips

    NSE to launch new premium board for large blue chips

    The Nigerian Stock Exchange (NSE) is concluding arrangements to launch its new high-end listing board that will showcase the stock market’s largest and most compliant companies.

    The new board, known as the premium board, is designed as a market for the most-capitalised stocks with the best corporate governance and liquidity. It is meant to showcase Nigeria’s best stocks to the global market.

    Besides, the management of the Exchange is working on a new board that will focus on emerging companies with growth potential. This board will be known as the growth board.

    The addition of the new premium board and growth board will effectively make the Exchange a four-tier trading platform. The existing listing boards, the main board and the Alternative Securities Market (ASeM), will also continue to run concurrently with the new premium and growth boards. The existing listing rules will continue to apply to companies currently on the main board and ASeM.

    Chief executive officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, confirmed that the Exchange has reached advanced stages towards the launch of the premium board.

    According to him, the new premium board is part of efforts to further promote and continuously develop a more transparent, liquid, accessible market, with a modern market structure to support the delivery of a wide range of investment products.

    He reiterated that the premium board would be exclusively for companies with minimum market capitalisation of $1 billion and high corporate governance standards as measured by the NSE’s corporate governance rating system (CGRS).

    He noted that the development of the growth board is aimed at supporting companies with high-growth potential adding that with its multiple platforms and structures, NSE aims to become the African exchange of choice for African issuers and global investors.

    “This is in-line with our new positioning as the market for entrepreneurial growth. The capital market, in line with the growth agenda of the current management of the Exchange, has within the last three years, implemented far-reaching transformational policies aimed at diversifying our economic base and achieving sustained, inclusive economic growth,” Onyema said.

    He said the Exchange would also sustain active engagement with relevant stakeholders and capital market operators to accelerate its development of Exchange Traded Derivatives, which could be launched in 2016.

    According to him, the launch of Exchange Traded Derivatives would further deepen Nigerian market product and value propositions.

    The Nation’s check showed that some 12 companies might make the inaugural list for the new premium board, which will subsequently be used by the NSE to woo major companies in Nigeria’s premium sectors of oil and gas, telecommunications and manufacturing.

    Companies that will be regrouped into the new premium board, according to a preview of the criteria obtained by The Nation, will be taken from five sectors of the NSE. These included leading breweries, cement-manufacturers, leading fast moving and consumer goods companies (FMCGs), oil and gas companies and banks. However, the new board will still be dominated by banks which are expected to have the largest representation and as well as liquidity.

    None of the stocks in the populous insurance sector and other sectors such as agriculture, healthcare, construction and information and communication technology will make the maiden trading list for the board.

    The existing quoted companies that will make the new premium board, according to a preview based on current market valuation, included the two leading cement companies- Dangote Cement and Lafarge Africa, the two leading breweries-Nigerian Breweries and Guinness Nigeria, at least five banks including Guaranty Trust Bank, Zenith Bank, FBN Holdings, Ecobank Transnational Incorporated (ETI) and Stanbic IBTC Holdings as well as at least two oil and gas stocks including Forte Oil and Seplat Petroleum Development Company. Nestle Nigeria will represent the FMCGs sector.

    A source in the know of the undercurrents at the Exchange had told The Nation in an earlier report that the transition of companies across the boards will be a continuous exercise as companies that meet the criteria for the premium board will be upgraded to the board while any company on the premium board that falls below the minimum standards will be downgraded to the appropriate lower board.

    The NSE will also continue to undertake primary listing of new companies on the boards, depending on the qualifying criteria and status of the company.

    A preview of the criteria for the new board obtained by The Nation had indicated that companies to be listed on the new board must have market capitalisation of not less than $1 billion or about N165 billion.

    The companies must also score at least 70 per cent on the Exchange and the Convention for Business Integrity’s Corporate Governance Rating System (CGRS).

    Besides, the companies must have a minimum free float of 20 per cent or value of shares floated must be equal to or above $1 billion and the number of shares representing its issued share capital must be equal to or above 10 billion units.

    The companies are expected to meet stringent corporate governance, capitalisation and liquidity conditions.

    According to the draft rules for the new board currently under consideration, to remain on the premium board, an issuer’s continued eligibility shall be evaluated by the Exchange annually in line with all the outlined criteria or on the basis of additional requirements which may from time to time be prescribed by the Exchange, provided that each company shall comply with all other continuing listing obligations as specified under the listings rules of the Exchange.

    The council of the NSE may also in its discretion grant an extension of time for a company to comply with the relevant free float requirements set out in these rules; provided that the company submits a formal and substantiated request in that regard setting out the reasons why it could not meet the said requirements and how it proposes to satisfy the requirements within the time granted.

    Also, in the event of non-compliance with any applicable codes or regulations affecting their governance, companies shall be expected without prompting, to disclose in the Directors’ report of their annual report why they are in breach.

    Head, legal and regulation, Nigerian Stock Exchange (NSE), Tinuade Awe, said the new board would subsist on a very strict regime with a great deal of emphasis placed on the need to comply with good corporate governance.

    According to her, the companies on the new board would be liable to sanctions in the event of breach of the premium board rules as well as the listings rules of the Exchange.

  • VC chairs board

    The AAUA Vice Chancellor,  Prof. Igbekele Ajibefun, has been inaugurated chairman, Board of Trustees of the Business Development Centre, BDC, Federal Science and Technical College, Ikare Akoko.

    Other members of the board are Assistant Inspector General of Police (Rtd.) Bayo Ajileye; Member, House of Assembly, Ganny Dauda; Federal Commissioner, Federal Civil Service Commission, Victor Olabimtan; Dean, Faculty of Law, AAUA, Prof. Olubayo Olududro; Chief Segun Adagunodo; and Mrs. Comfort Chukwurah.

    Inaugurating the board, Acting Director, Technology and Science Education Department, Federal Ministry of Education (FME), Abuja, Mrs. Tina Eyaru, expressed confidence that the board would deliver on its mandate.

    Mrs. Eyaru, who was represented by Mr M. Udu, thanked the college authorities for selecting credible people to make up the board.

    She said the BDC, an initiative of the FME, would provide a practicum centre for students to relate theory to practice in trade and entrepreneurial subjects; and serve as a business incubation centre to help local entrepreneurs, workers and students.

     

     

  • Restructuring: UTC replaces board

    Restructuring: UTC replaces board

    UTC Nigeria Plc yesterday took a massive sweep in its ongoing restructuring exercise with the replacement of its entire six-man board of directors.

    A regulatory filing obtained by The Nation yesterday indicated that a new board of directors has been constituted to reflect the change in the ownership interests and key points of restructuring, which had saved the ailing food company from being delisted from the Nigerian Stock Exchange (NSE).

    The new board of directors included Mr Olaoluwa  Akinkugbe, as chairman, and Ms Imoni Akpofure, Mr Offong Ambah,   Ms Olubunmi Fayokun, Ms Olatoyosi Kolawole and Mr Adedotun Sulaiman, as directors.

    The new board replaced the previous board under the chairmanship of former director general of the NSE, Apostle Hayford Alile and other directors including Mr. Fola Adeola, Engr. Kadri Adebayo Adeola, Mr. Deji Alli, Mr. Bode Adedeji and Mr. Victor Gbolade Osibodu.

    The new chairman of board of directors, Mr. Akinkugbe, is currently the National President of the Nigerian American Chamber of Commerce. He is also on the boards of many companies and associations including Mouka Nigeria Limited and Lagos Business School Alumni Association.

    UTC Nigeria’s share price yesterday remained unchanged at its nominal value of 50 kobo, the price it has been for many years.

    Sources in the know said the change in the board of directors was the crux of recent restructuring initiatives.

    UTC Nigeria had last year listed among companies to be delisted by the NSE for failure to comply with post-listing requirements, including poor and late submission of earnings report, a recurring failure that had earned it sanctions and fines in the previous years.

    The company however had reached out to the NSE with details of its restructuring programme. This staved off the delisting.

    The NSE had in late June 2014 issued a three-month notice of compulsory delisting to some 24 companies for various corporate governance and post-listing failures, especially non-release of financial reports and accounts for several years.

    The affected companies included Investment and Allied Insurance Plc, Goldlink Insurance, Afroil, Rokana Industry, IPWA, West African Glass Industry, Nigeria Wire and Cable, Starcomms, Daar Communication, Mtech, Big Treat, G.Cappa, FTN Cocoa Processing and UTC Nigeria.

    Others included Stockvis, Nigeria Sewing Machine, Jos International Breweries, Capital Oil and Golden Guinea. The NSE had indicated that while the five of the companies including Stockvis, Nigeria Sewing Machine, Jos International Breweries, Capital Oil and Golden Guinea were penciled for delisting because they failed to regularize their listing status, other companies were being delisted because they have failed to submit requisite financial and operational statements.

    The Exchange however later confirmed that 14 companies have started some steps to regularize their listing status. These included Goldlink Insurance, Rokana Industry, IPWA, Daar Communication, G.Cappa, FTN Cocoa Processing, UTC Nigeria, Stockvis, Nigeria Sewing Machine, Capital Oil and Golden Guinea Brewery.

    The NSE had told The Nation then that it might consider a bouquet of waivers and incentives for ailing companies that have opted to restructure their operations in order to meet the stringent corporate governance standards required of quoted companies.