8 African Business October 2018
Business intelligence Appointments s
UBA adds four new board members United Bank for Africa (UBA) has appointed Erelu Adebayo, Angela Aneke, Alhaji Abdulqadir Bello and Isaac Olukayode Fasola to its board following four retirements. Adebayo is the Cambridge educated former first lady of Ekiti State in Nigeria who has sat on various boards including the Dangote Foundation, and she is a council member of the Nigerian Stock Exchange. Aneke has 30 years’ experience in financial services including sitting on the board of Ecobank Transnational Incorporated. While Bello and Fasola have over 30 years’ corporate experience in the banking sector. The Lagosheadquartered bank performed strongly in the first half of 2018 performance with profits before tax reaching N58.1bn ($161.3m).
AfDB appoints new director/CFO It’s been a busy period for the African Development Bank (AfDB), with Indian-born Kapil Kapoor appointed director general of Southern Africa Regional Development. He replaces Josephine Ngure, who returns to her previous role as deputy director general. Kapoor previously worked at the World Bank as a manager and development economist, overseeing an annual portfolio of projects in excess of $1bn. Additionally, South Africa’s Bajabulile Tshabalala was appointed vice president for finance and chief finance officer of the bank. She has 26 years’ experience working in the financial services sector, including stints at Old Mutual, Standard Bank Group and South Africa’s state-owned rail and port utility Transnet.
Nigeria FM to head state electricity trading firm Nigeria’s minister of finance Kemi Adeosun has been appointed chairperson of state-owned energy supplier Nigeria Bulk Electricity Trading Company. The company purchases electricity from power generating companies through Power Purchase Agreements (PPAs) and sells the contracts to distribution companies. Acting President Yemi Osinbajo approved the move as part of a wider reshaping of the company’s board. Other appointments to the board include Alex Okoh, director-general of Bureau of Public Enterprises as the vice-chairman of the Board, while Babatunde Fashola, the minister of power, works and housing will serve as Non-Executive Director.
JAY IRELAND DEPARTS GE Jay Ireland, CEO GE Africa, has retired after 38 years at the helm of the company. Farid Fezoua, GE Healthcare’s CEO who has 15 years at the company, has taken over from Ireland. Fezoua is widely credited with transforming the struggling healthcare business segment into a competitive entity in Africa, with the 52-year old renowned amongst his colleagues for his ability to identify opportunities. Ireland steps down after spending seven years working in Africa where he has helped drive investment into the continent.