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Ecobank Appoints Ayo Adepoju as new CFO

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The Pan African Bank, and Lome-based parent company of Ecobank Group, Eco bank has announced the appointment of Ayo Adepoju, as the new Chief Financial Officer of the bank, who was also part of the member of the company’s Group Executive Committee. The appointee, whose appointment takes immediate effect, was to report directly to the Group Chief Executive Officer (GCEO).

Meanwhile, a notice was sent to the Nigerian Stock Exchange recently that Mr. Adepoju was appointed as acting CFO in April.

From a closer view, Mr Adepoju had worked closely with the immediate past CFO, Greg Davis, who resigned in April.

BRIEF PROFILE OF AYO ADEPOJU CFO

Adepoju performed the role of Group Head of Business Performance and Analytics for the group for the last two years. He has worked on the strategic aspects of the financial management of the group, including close equity investor interaction.

Prior to joining Ecobank, he had a career at PricewaterhouseCoopers in London and Lagos as an Assurance Manager in the financial services practice. He is an Accounting graduate of the University of Lagos, Nigeria, where he earned a Bachelor of Science degree with First Class Honours and has an MBA from Warwick Business School, United Kingdom

Adepoju also worked as Ecobank’s Group Financial Controller, where he was responsible for financial and regulatory reporting for the group, also an associate of the Institute of Chartered Accountants of Nigeria (ICAN) with national overall best prize awards at two consecutive stages of the ICAN examinations.

Commenting on the appointment, the company’s Group CEO, Ade Adeyemi, reacted to the new appointee saying: the group was pleased to announce the appointment of Adepoju. His financial acumen, industry experience and competence make him qualified for the role. GCEO noted.

ABOUT ECOBANK TRANSNATIONAL INC

Ecobank Transnational Inc. is a bank holding company. The Company, through its subsidiaries and branches, provides a full range of wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.

 

 

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CFO Philip Dieperink, Joins Steinhoff’s Executive Exodus

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Steinhoff International has lost its second executive director in three months after its chief financial officer (CFO), Philip Dieperink, announced that he would leave the troubled retailer at the end of August.

Dieperink’s departure follows that of former deputy chief executive Alexandre Nodale, who announced his departure in April.

However, Nodale indicated that he would stay on as the chief executive of Conforama, Steinhoff’s subsidiary, until the company finalises its long-term financing.

Steinhoff said yesterday that Dieperink would step down, by mutual consent, from both his membership of the management board of Steinhoff and as CFO on August 31 after the 2019 annual general meeting.

“Following a handover period, he will leave the Steinhoff Group on December 31, 2019. Philip Dieperink will be succeeded as CFO by Theodore de Klerk, currently operations director and member of the management board,” Steinhoff said.

Dieperink assumed the role of chief financial officer after the group was plunged into controversy following admitting to accounting irregularities in December 2017, which resulted in its share price declining by more than 90percent and a loss in market capitalisation of more than R200billion. Former CE Markus Jooste and then CFO Ben la Grange left the group under a cloud. The two former executives were fingered by PwC’s forensic report as being involved in fictitious and irregular transactions worth about e6.5bn (R103bn).

Steinhoff has lodged a claim of more than R1bn against both Jooste and La Grange for salaries, bonuses and other incentives paid to them between 2009 and 2017, according to legal papers filed in the high court in Cape Town.

Steinhoff said Dieperink agreed to become CFO in January 2018 and was appointed as managing director of Steinhoff in April 2018.

“He has played an important role in negotiating and finalising the various arrangements to restructure the group’s financial indebtedness and in the process leading towards implementation of the company voluntary arrangements.

“He also played a key part in finalising both the 2017 and 2018 annual reports of Steinhoff and drafting the remediation plan arising from the PwC investigation,” the group said.

Dieperink’s tenure as CFO involved publishing the group’s long-overdue 2017 and 2018 financial results, with the 2017 results revealing a loss of e3.99bn and a further loss of e1.19bn for 2018.

Steinhoff said Dieperink would leave the group having accomplished the key objectives set at the time of his appointment.

Heather Sonn, the chairperson of Steinhoff, said the restructuring continued to make good progress and was nearing completion, with Dieperink having stepped into the role of CFO at a very difficult time.

“Philip Dieperink has made a significant contribution to the management board that has successfully stabilised the group while it continues to work towards a recovery of value. Philip’s efforts and expertise have been invaluable as we faced the challenges of the last 18 months, and we thank him for his guidance and leadership over this period,” Sonn said.

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Santander Announces Of Appointment OF UK CFO As Spain´S Retail And Commercial Banking Head After Popular’s Integration

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Spanish banking group Banco Santander has announced the appointment of Antonio Román to the newly-created role of head of retail and commercial banking in Spain following the group´s integration with failed lender Banco Popular.

Román, who is currently the chief financial officer (CFO) of Santander UK, will be officially leaving his current position and taking this new one on the 16th of September after six years working in the UK.

“This is a newly created role aimed at promoting the business and the commercial execution plans into a single network after the integration with Popular is completed,” said Santander in a statement.

The 13 territorial divisions and the heads of universal banking, business banking and private banking will be reporting to Román, who in turn will report to the CEO of Santander Spain, Rami Aboukhair.

With over three decades ‘experience in the financial sector, having held several senior positions in retail and commercial banking and worked in different entities in Spain, Román has a long career with Santander Group. In 2011, he joined Banesto as chief executive officer (CEO) until he left to work at Santander UK.

Duke Dayal, the current chief financial officer CFO) of Santander Holdings USA and CEO of Santander Bank, will be replacing Román as the chief financial officer of Santander UK. Dayal will be reporting to Nathan Bostock, CEO of Santander UK. Before joining Santander UK, he worked in the US as chief financial officer (CFO) of Santander’s parent company in the country. Before that, he worked for BNP Paribas in the USS, JP Morgan Chase and Citi.

Rami Aboukhair said: “It is a pleasure to welcome Antonio Román, someone I know well and with whom I have worked in both Spain and the UK. Román is returning to Spain after six years in the United Kingdom, to begin an exciting phase after Popular’s integration.

“We’re counting on him to consolidate our leading position by levering our defining strengths and the opportunities offered by our environment. We are given a unique opportunity of continuing to grow and build the bank we wish to become: a responsible bank focused on strategic objectives targeting businesses and SMEs, improving customer experience and giving customers even more reasons to recommend us.”

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Forte Oil Announces Appointment of New CFO After Acquisition

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Forte Oil Plc has announced the appointment of  Mr Moshood Olajide as it new Chief Financial Officer following the completion of the sale of Mr Femi Otedola’s shares in the firm’s downstream operations.

His appointment followed  after the resignation of  Mr Julius Omodayo-Owotuga.

Forte Oil, in a notice filed with the Nigerian Stock Exchange, said Ignite Investments and Commodities Limited, led by Prudent Energy Services Limited, had completed the acquisition of Otedola’s 74.02 per cent shareholding.

According to the firm, the completion is consequent upon Ignite receiving all the necessary approvals from the Securities and Exchange Commission, the Nigerian Stock Exchange and fulfilling all relevant terms and conditions attached to the Share Purchase Agreement.

It said, “As a result of this and further to the announcement on December 28, 2018, Ignite will take over controlling stake in Forte Oil Plc, the downstream company.

Commenting on the transaction, the outgoing GCEO, Akinfemiwa, said, “This concludes a very painstaking process and we believe that this transaction would optimise the existing capabilities inherent in the business and its people who are the key drivers of the business, and propel the company towards an assured future.”

The Chairman, Ignite and Chief Executive, Prudent Energy Services, Mr Abdulwasiu Sowami, said the investment was of strategic importance to support their quest of continuously adding value to the Nigerian oil and gas industry.

“The next phase of Forte Oil’s growth will focus on increasing volumes, diversifying business operations, widening distribution networks and extracting potential synergies with partners. We look forward to working as part of the Forte Oil family to achieve this growth.”

According to the statement, parties to the sale indicated that the Forte brand will remain in place and that the transition of the board of directors has begun and new directors have been appointed subject to ratification by the shareholders at the next general meeting of the company.

It said Standard Chartered Bank, Corporate Finance & Advisory and Olaniwun Ajayi LP served as financial and legal advisors respectively to Otedola, while PricewaterhouseCoopers and Stanbic IBTC Capital Limited served as joint financial advisors and Sefton Fross served as legal advisor to Ignite.

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