Notore makes board changes
Notore Chemical Industries Plc has announced the retirement of Nigeria’s former Head of State, General Yakubu Gowon, and two others from the company’s board.
Gowon retired as chairman of the company’s board, effective from January 28 in compliance with the company’s retirement age policy for directors.
He assumed the role on February 7, 2007, and worked assiduously to drive the growth of the company during the period, according to a regulatory notice filed by the firm with the Nigerian Stock Exchange.
Also retiring from the company’s board is a non-executive director, Mr Richard Herb, who leaves the board in compliance with the company’s retirement age policy for directors. He joined Notore’s board on January 23, 2006, and his retirement is effective January 28.
Similarly, the company’s Group Managing Director and Chief Executive Officer, Mr Onajite Okoloko, also retired from the board effective January 31, after serving in the capacity for 16 years.
The firm said in a statement that he would remain on the board of the firm as a non-executive director.
Okoloko had in 2005 assembled a team of investors to acquire the assets of the former National Fertiliser Company of Nigeria 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 the agro-allied firm raised $222m from seven Nigerian financial institutions.
Mr Ohis Ohiwerei succeeds Okoloko as the Group Managing Director and Chief Executive Officer of the company, effective February 1.
Ohiwerei was formerly an executive director and the deputy managing director of the company.
Similarly, the Notore Board appointed Mr Ebiaho Emafo and Mr Tijjani James as an executive director and the Chief Operating Officer; and Chief Commercial Officer of the company respectively effective from February 1, 2021.
Emafo has over 25 years of progressive global experience driving positive bottom-line results for local, international, public and private companies, the statement said.
It also added that 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.
The new board and management team are expected to push forward with the company’s ongoing Turnaround Maintenance programme, which is billed to boost revenue, cash-flow, productivity and profitability.
They are also to lead the firm’s diversification drive, especially in the production of seeds, NPK and rice, the statement said.