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By Dipo Olowookere
An old generation lender, Union Bank of Nigeria Plc, has announced a significant change to the composition of its board of directors following the transfer of 93.41 per cent of the bank’s issued share capital to Titan Trust Bank Limited.
In a statement, Union Bank said 10 board members of the company have retired to pave a way for nominees of the new owners.
The Chairman of the firm, Mrs Beatrice Hamza Bassey as well as the chief executive officer, Mr Emeka Okonkwo, will no longer be on the board with effect from Thursday, June 2, 2022.
Mr Okonkwo, who implemented the bank’s new strategy focused on regional coverage and continued the growth trajectory, has expressed his desire to support the new CEO and core investor.
Others who retire from the board include Mrs Obafunke Alade-Adeyefa, an independent non-executive director; Mr Richard Burrett, a non-executive director; Mr Ian Clyne, a non-executive director; Mr Kenroy Dowers, a non-executive director; Mr Paul Kokoricha, a non-executive director, Mr Taimoor Labib, a non-executive director; Mr Mark Patterson, a non-executive director; and Mr Emeka Ogbechie, a non-executive director.
It was gathered that the bank has appointed Mr Mudassir Amray as the CEO of Union Bank effective June 2, 2022. He is a seasoned banker with well-rounded exposure of over 25 years in senior management roles and a proven track record of adaptability in six geographies (USA, Nigeria, Malaysia, Hong Kong, Singapore and Pakistan) in the course of his career at Citibank and other foreign and local banks, according to a notice from the firm.
Prior to his latest appointment, he led the establishment of Titan Trust Bank Limited and subsequently became the bank’s pioneer CEO in October 2019.
Also, Union Bank has confirmed Mr Farouk Mohammed Gumel as its new Chairman. He is the Group Executive Director for TGI Group and also the Chairman of Wacot Rice Ltd, a subsidiary company of TGI Group, and non-executive chairman at the Nigeria Sovereign Investment Authority (NSIA).
Prior to joining TGI, Mr Gumel was a Partner at PwC and Head of the West African Advisory/Consulting business, covering Nigeria, Ghana, Liberia, Sierra Leone, and Angola.
The two will be assisted on the board by Mr Andrew Ojei, a non-executive director; Mr Abubakar Mohammed, a non-executive director; and Mr Lawrence Mackombo, a non-executive director.
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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng
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Jiji Cars (formerly Cars45), one of the most popular car marketplaces in Kenya, Ghana and Nigeria for buying and selling verified cars, has scooped the Motor Vehicle Dealer of the Year, 2022, just a year and a half, after its acquisition by Jiji, the largest online marketplace in Africa.
The award was presented to Jiji Cars during the Global Top Digitally Fit Awards, which was held at the Movenpick Hotel and Residences, Nairobi. The Global Top Digitally Fit Awards recognizes and rewards companies creating an online impact.
Since its acquisition by Jiji, Jiji Cars (formerly Cars45) has created a new advanced experience for its users. They have continuously offered a new car buying and selling experience, where they can inspect cars on behalf of buyers, making them the safest marketplace to buy cars in Africa. This unparalleled experience has helped their market reach exponentially grow since car sellers and buyers benefit from them by selling and buying their cars faster now than ever before.
They beat all other motor vehicle dealers in Kenya, such as BMW Kenya, Hyundai, Simba Colt Motors, Subaru (K) Ltd, Toyota Kenya, CMC Motors, Nissan Kenya, Jaguar Kenya, Mahindra, Car Soko, DT Dobie, Mobius Motors, Yamaha Motors, Foton East Africa, Tata Africa Holdings, etc., to take home the award for the Best Motor Vehicle Dealers in Kenya.
Kenya Auto Bazaar Association (KABA) reported an increase in the demand for third-generation cars (second-hand cars that have been used locally) amid reduced global production of units and soaring prices. However, buyers are also very concerned about the longevity of vehicles once bought. This is why Jiji Cars offers users detailed inspection reports by 200+ parameters, documentation checks, inspections, and concierge service. They also assist buyers with getting car loans, amongst other benefits.
After receiving the award, Ann Bindi, Head of Operations at Jiji Cars, said, “We are thrilled to receive this award. This shows how we have consistently built a trusted buying and selling experience in autos. We want to thank all our clients who have placed their trust in our marketplace and recognized our efforts to ensure they can safely buy and sell their cars through us.”
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By Adedapo Adesanya
Almost a month after the Nigeria Railway Corporation (NRC) announced the proposed resumption of the Abuja-Kaduna passenger train service, the facility will start running on Monday, December 5, 2022, with only two return services.
The announcement by the Managing Director of the NRC, Mr Fidet Okhiria, said the first train would depart Rigasa train station in Kaduna State to Abuja by 8:00 in the morning while from Abuja, the first train will depart Idu train station to Kaduna State by 9:45 in the morning.
The NRC management also revealed that as part of the new security measures, it is now mandatory for passengers to present their National Identity Number (NIN) and valid boarding ticket before they will be allowed to board.
It also says the purchase of tickets by proxy is only limited to minors and a specified number of adult passengers.
It explained that online and mobile app ticketing would be available from 8:00 in the morning on Sunday, December 4, 2022, while the ticket offices at the train stations will open from 6:30 in the morning on Monday, December 5.
Recall that the NRC suspended the Abuja-Kaduna train service along the route after Boko Haram terrorists attacked a moving passenger train in Kaduna on March 28, 2022.
The insurgents had blown up the rail track and bombed the moving train, killing some and abducting more than 60 passengers. The unprecedented attack attracted international and national outrage.
The terrorists who attacked the Kaduna-bound train released hostages in tranches, with the last release coming on October 5, 2022.
Before the hostages were completely released, distraught family members had protested several times to demand the release of their loved ones.
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By Adedapo Adesanya
Ugandan bike-hailing startup, SafeBoda, has announced that it is exiting Nigeria.
After the Lagos State government banned ride-hailing services from the metropolis, the company forayed into Ibadan in December 2019 but began only operations in March 2020.
This March, the company announced that it had completed over 3 million rides, and 50,000 deliveries with over 10,000 riders and 100,000 passengers.
In just a little over one year since launch, the startup crossed the one million rides milestone, growing at an impressive 150 per cent month-on-month. In another 11 months, it tripled its traction to three million completed rides, cementing its dominant position in the region.
However, due to the reality facing the business now, the organisation wants to leave Africa’s largest economy to focus on bringing the company to profitability by deepening its core transportation offering in Uganda, its largest market.
In a statement, it said Nigeria “in its current state is not economically viable and unfortunately requires significant investment at this challenging time in the global economic landscape.”
This will make Nigeria the second market, but first in West Africa, it is exiting after it left Kenya in November 2020, less than two years after expanding its services to the east African country.
The firm said this was due to the negative effects of COVID-19 on its operations.
It is not clear the next step for its other businesses but in August 2022, SafeBoda announced a car-hailing service, SafeCar, in Kampala and one month after, it also launched in Ibadan, Nigeria.
It was reported that SafeBoda claims its car-hailing business has grown 40 per cent weekly since its launch in early September.
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