The board of Nigeria’s leading agro-allied company, Notore Chemical Industries Plc has notified through the Nigerian Stock Exchange of major changes to its management, with the retirement of Onajite Okoloko, the company’s Group Managing Director and Chief Executive from January 31, 2021, after 16 years in the saddle.
He has been replaced by Ohis Ohiwerei, the company’s Executive Director and the Deputy Managing Director, who joined Notore on September 17, 2018, after serving in executive capacities at Guaranty Trust Bank Plc and Diamond Bank Plc, where he was Chief Financial Officer and later Executive Director, Corporate Banking between 2005 and 2010. In October 2011, he was appointed Executive Director of Guaranty Trust Bank Plc, responsible for Commercial Banking and Public Sector, Lagos Division for four years, until his retirement from the Bank in October 2015.
According to the statement by the company, Okoloko will, however, remain on the board in a non-executive capacity, years after assembling in 2005, a team of investors to acquire the assets of the former NAFCON and as core investor.
The team had partnered with a consortium that comprised 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 US$222 million from 7 Nigerian financial institutions.
Other board changes announced, are the retirement of Nigeria’s former Head of State, General Yakubu Gowon, former Chairman of the company, effective January 28, 2021, in compliance with the company’s retirement age policy for Directors. Dr. Gowon leaves the board after 14 years, having assumed the role on February 7, 2007, working assiduously to drive the growth of the company during the period.
The statement also announced the retirement from January 28, 2021, in line with the company’s retirement age policy, of Richard Herb, a Non-Executive Director, who joined Notore’s board on January 23, 2006.
Herb, described as a veteran in the fertilizer industry, commenced his career with International Minerals Corp., Illinois, the USA in 1970, obtaining extensive knowledge of the production of Nitrogen, Phosphorus, and Potassium Fertilizers.
The board has also been joined by Ebiaho Emafo, who assumes the position of Executive Director and the Chief Operating Officer, from February 1, 2021, who comes on board with over 25 years of progressive global experience driving positive bottom-line results for local, international, public and private companies.
The statement also announced the appointment of Tijjani St. James, who assumes the role of Chief Commercial Officer for the company, created to replace the existing Group Head, Commercial Services role, in light of the expanded commercial activities. Such commercial activities comprised the company’s traditional Urea sales; the newly introduced Notore NPK fertilizers marketing; sales and distribution; as well as 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 (TAM) 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 added.
