Two Nahco Directors Off-Load Stakes To New Investor, Exit Board

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Nahco Aviance Plc, on Wednesday announced the resignation and replacement of two non-executive directors from its board, following the emergence of a Godsmart Nigeria Limited as new majority shareholder with 16.7% stake in the company.
A notice to the Nigerian Stock Exchange (NSE) by Bello Abdullahi of Dikko & Mahmoud Solicitors, the company secetary, said Godsmart purchased the shares of both directors on the NSE from major shareholders board members, including Femi Olubanwo,a non-executive director, and Christopher Oshiafi, who until now, was the vice chairman.

According to the company’s shareholder information available in its 2017 audited report, as at February 28, 2018, Oshiafi, had 5.621m shares directly, while Rosehill Group, represented by Femi Olubanwo, held 154.647m units, or 7.61%, besides 2,970 units held directly.
As of that date also, other holders of up to 5% of Nahco were: Sycor Private Investment Ltd held 8.9286%; Awhua Resources Ltd, 7.1%; Lufthansa Commercial Holding GmBH, 6.0%; and Air France, 5.8143%.

Both Oshiafi and Olubanwo have consequently tendered their resignation letters to the board and will be replaced by Engr. Mohammed Gambo Umar and Akinwunmi Godson Fanimokun, nominated by the new investor as non-executive directors.
The appointments will however be considered, just as the resignations at the emergency board meeting of Nahco Aviance on Thursday, July 19, 2018.
The board also announced the resignation of Mrs. Folashade Ode as Executive Director with effect from July 13, 2018.

Her resignation, the board assured, “has no relation with the transfer of shares that took place around the same period.”
The statement assured further “that the share transfer and related board changes will not adversely affect the company,” and that the board and management “will continue improving on the growth and profitability of the company.”
It is not yet known why Oshiafi, chief executive of PanAfrican Capital Plc, while Olubanwo, a lawyer, along with Asue Ighodalo co-founded the law firm of Banwo & Ighodalo.

 https://investdata.com.ng/2018/07/two-nahco-directors-off-load-stakes-to-new-investor-exit-board/#more

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