How Awosika, Eight Other Top Companies’ Executives Lost Out Of Boardroom Control In 2021

It was a dramatic year for many top executives of companies in Nigeria following the battle to maintain control of ownership and leadership positions.

While some top executives won their respective battles to maintain control, others lost out for various reasons.

THE WHISTLER takes a look at some of the top executives who lost out of boardroom control this year.

First Bank and Ibukun Awosika

Ibikun Awosika, 58, was the  Chairman, Board of Directors of First Bank Ltd until her sack by the Central Bank of Nigeria in April 2021.

On September 7, 2015 the businesswoman became the bank’s first female Chairman following the resignation of Prince Ajibola Afonja.

But her reign was cut short following the ownership tussle.

The Awosika-led management was accused by the CBN of removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, and appointing Gbenga Shobo as MD/CEO designate without regulatory approval.

The CBN also faulted the appointment of Abdullahi Ibrahim as Deputy Managing Director, as well as the appointment of Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.

CBN approved the appointment of Tunde Hassan-Odukale as replacement of Awosika.

Nigeria’s apex bank Governor, Godwin Emefiele said the shake-up was imperative to protect the minority shareholders as well as the protection of the over 31 million customers of the bank.

Adam Nuru Sacked By First City Monument Bank

Adam Nuru was another bank executive who lost his role in the bank over an alleged affair with a married employee.

Nuru was a former Managing Director of FCMB, but his tenure ended with a dismissal by the bank’s board in July 2021.

The embattled Managing Director, Nuru, had reportedly gone on leave as pressure for him to resign intensified.

He was in the news over an alleged affair with a married woman, Moyo Thomas, who was an employee of the bank.

Moyo had reportedly left Tunde, her husband, and traveled to the United States, from where she informed him that their two kids belong to her boss, Nuru.

Tunde was reported to have come down with cardiac arrest following the news and died on December 16.

Remi Babalola Resigns As Chairman of FBN Holdings Plc After Otedola Secures Majority Shares

The Chairman of FBN Holdings Plc, Mr. Remi Babalola resigned his position in December due to the power tussle between Femi Otedola and Tunde Hassan-Odukale who replaced the former Chairman of First Bank, Ibukun Awosika.

The resignation of Babalola who was a former Minister of State for Finance came seven months after the CBN sacked the bank’s board led by Awosika in April.

Mr Oba Otudeko was the Chairman of the board of FBN Holdings and was replaced by Babalola on the directive of the CBN.

Alhaji Ahmad Abdullahi will replace Babalola as Non-Executive Director and Chairman of the Company.

There has been several battles for the control of First Bank between billionaire businessman Otedola and Hassan-Odukale.

Otedola recently increased his investments in FBN Holdings to N44bn effectively making him the largest investor in the holding company of First Bank Plc.

Oedola who is the founder of Zenon Petroleum and Gas Ltd now has 7.57 per cent of the shareholding structure of the company.

Hassan-Odukale was announced as the largest shareholder later in October.

FBN Holdings disclosed that Hassan-Odukale’s shareholding as of October stood at 5.36 per cent ahead of Otedola’s 5.07 per cent as at thesame month.

Dangote Group And VP’s Death

Sani Dangote, the Vice President of Dangote Group, one of the country’s largest conglomerates, lost out of the board on the account of death.

The Group comprising the Dangote Sugar and Dangote Cement notified the general public of the development in a statement dated November 15, 2021.

Sani was said to have died in a United States hospital. He sat on the board of several other companies including Nigerian Textile Mills Plc, Nutra Sweet Limited, Gum Arabic Limited, Dangote Textile Mills Limited, Alsan Insurance Brokers, Dan-Hydro Company Limited, Dansa Food Processing Company Limited and Dangote Farms Limited.

Seplat Petroleum and the resignation of Orjiako

The Chairman of Seplat Energy Plc, A.B.C. Orjiako stepped down from his role as the company chairman and from the Board of Directors of the company he co-founded.

Orjiako resigned in the heat of an ongoing battle that he has with Zenith Bank.  

He dumped his role eight days after Zenith Bank Plc received an order from a Federal High Court sitting in Lagos blocking Seplat from transacting with its embattled Chairman and Co-founder, Orjiako.

The restriction came from a loan granted to Cardinal Drilling, and Kalu Nwosu, the former Managing Director of Cardinal Drilling by Zenith Bank back in 2014.

Cardinal Drilling was promoted by Orjiako as the debt was transferred to Seplat.

Neimeth International Pharmaceuticals Plc also suspended all transactions with the embattled businessman on November 12.

But the company said his resignation which will fully take effect in May 2022 after the company’s Annual General Meeting was voluntary.

Seplat Director, Xavier Rolet

Seplat Energy Plc’s Independent Non-Executive Director, Xavier Rolet communicated to the energy company his decision to exit the company board on
November 11.

The French businessman who said his resignation was for personal reasons left the role in the wake of Zenith Bank’s battle with Orjiako.

Rolet is also the chairman and Chief Executive Officer of World Quantum Growth Acquisition Corporation, a company listed on the New York Stock Exchange.

Total Energies Stanislas Mittelman

Total Energies communicated to the Nigerian Exchange Ltd that Stanislas Mittelman has ceased to be the Chairman of the company’s Board with immediate effect.

The company replaced him with Engr. Rufa’i Sirajo.

The decision was connected to an offer from Vivo Energy which Mittelman accepted.

Vivo announced on November 9, 2021 that its chief executive Officer Christian Chammas will retire from 2022 and Mittelman was named the CEO-designate.

Both companies are rivals. They are Africa-focused retailers and distributors of fuels and lubricants.

Deborah Nicol-Omeruah Resigns From UPDC Plc 

Deborah Nicol-Omeruah who was named the acting Managing Director and CEO of UPDC in January 2021 resigned from the role barely eleven months after her appointment.

Her resignation  from the Board of UPDC Plc became effective on 14th of October, 2021.

Nicol-Omeruah joined the Board of UPDC Plc on 3rd of December 2019, as Deputy Chief Executive Officer.

Resignation of  Ibrahim Muhammad From Veritas Kapital

Veritas Kapital Assurance Plc announced the resignation of Mal. Ibrahim Muhammad Kashim from its board late Novermber.

But the insurance company did not give reason for Kashim’s resignation as an Independent Non-Executive Director of the Company.

The company said,  “Veritas Kapital Assurance Plc (the Company) wishes to notify its esteemed shareholders, stakeholders, and the investing public of the resignation of Mal. Ibrahim Muhammad Kashim as Independent Non-Executive Director and member of the Board of Directors of the Company.”