Nigeria’s agro-allied company, Notore Chemical Industries Plc has notified the Nigerian Stock Exchange (NSE), its shareholders and the general public of changes to its management.
With the change, Mr. Onajite Okoloko has retired as the company’s Group Managing Director and Chief Executive Officer.
His resignation, according to a notification to the NSE, became effective from January 31st, 2021, after serving in the capacity for 16 years. He will remain on the Board of the Company as a non-Executive Director.
Okoloko had in 2005, assembled a team of investors to acquire the assets of the former NAFCON and as a core investor, partnered with a consortium that included Emerging Capital Partners, a major private equity firm out of Washington, D.C., USA., and OCI Fertilizers BV, owned by the Orascom Group, on the deal.
He later successfully led the completion of the largest single loan syndication of Nigerian banks at the time, when Notore raised $222 million from seven Nigerian financial institutions.
Mr. Ohis Ohiwerei has since taken over from Okoloko as the Group Managing Director and Chief Executive Officer of the company, effective February 1, 2021.
Ohiwerei was formerly an Executive Director and the Deputy Managing Director of the Company.
Prior to joining the company in 2018, he served in executive capacities in Guaranty Trust Bank Plc and Diamond Bank Plc.
Ohiwerei was the Chief Financial Officer of Diamond Bank Plc and later became Executive Director, Corporate Banking of Diamond Bank Plc from 2005 – 2010.
In October 2011, he was appointed as an Executive Director of Guaranty Trust Bank Plc, where he was responsible for Commercial Banking and Public Sector, Lagos Division for four years, until his retirement from the Bank in October, 2015.
The other new appointee was Mr. Ebiaho Emafo, who joined the Notore Board as an Executive Director and the Chief Operating Officer, effective February 1, 2021.
Also, Mr. Tijjani St. James has assumed a new role as the Chief Commercial Officer of the company, effective February 1, 2021.
“The role of the Chief Commercial Officer has been created to replace the existing Group Head, Commercial Services role, in light of the expanded commercial activities which include not only the Company’s traditional Urea sales, but also the newly introduced Notore NPK fertilizers marketing; sales and distribution; Notore Seeds and the Notore Rice initiative.
“Nigeria’s former President, General Dr. Yakubu Gowon has retired as Chairman of the company’s board, effective from 28th January 2021, in compliance with the company’s retirement age policy for Directors. He assumed the role in February 7, 2007 and worked assiduously to drive the growth of the company during the period he held fort.
“Also retiring from the company’s board is Mr. Richard Herb, a Non-Executive Director, who leaves the board in compliance with the company’s retirement age policy for Directors,” the statement added.