Nosak Group Restructures Operations

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By Hamid Ayodeji

The Nosak Group recently held her 2021 strategy retreat to review the business landscape in 2020, while making projections into the year.

The theme of the retreat was: ‘Fast Forward to the Future.’

A statement explained that the theme was hinged on the group’s five-year strategic plan to consolidate and focus on three key sectors which included starch and its derivates, oil and fats, investment and services.

In his opening remarks, the Group Executive Chairman, Dr. Toni Ogunbor stated that the year 2020, marked the beginning of the five-year strategic plan, designed to launch the group into the top-tier league of agro-processing businesses in Africa.

“In the midst of the uncertainties that rocked the business environment in 2020, we consolidated on efforts to restructure our operations with the appointment of Thomas Oloriegbe as Group Managing Director formerly the Chief Operating Officer of Nosak Group.

“With over 21 years of experience in business consulting, mortgage banking, and real estate management; he has displayed excellent leadership, communication and organisational skills,” he explained.

Ogunbor added that the Group moved a step further in the execution of its cassava to ethanol production plant and cultivation of cassava on 6,000 hectares of farmland in partnership with the Nigerian Cassava Growers Association (NCGA)

He stated that, “As a forward-thinking and socially responsible organisation, Nosak Group launched the Atlantic Hand and Surface Sanitizer through its subsidiary, Zex Standard Pharmaceuticals Limited during the outbreak of COVID-19.

“Several donations of the product were made to government agencies, private organisations, and worship centers in support of the fight against coronavirus”.

In his presentation on, ‘Business in Nigeria: The Financing Opportunities,’ Executive Director, Investment Banking, First Ally Capital, Oladipupo Ogunbiyi, reviewed the macroeconomic outlook for 2020, 2021 and beyond.

“The recovery from recession and growth will be slow in the early part of 2021,” he said.

He, therefore, called on the Group to consider intervention funds and participation in equity markets as alternative financing options for their relative cost advantage to drive the business expansion.

The Group Managing Director/Chief Executive Officer, Risk Management Academy Limited, Dr. Emmanuel Moore Abolo, laid emphasis on the risk management perspective where he enumerated the dimensions of global and domestic risks that may confront businesses in the coming years to include, market risk, asset risk, operational risk, production risk, institutional risk, financial risk, personal risk, among others.