Tunde Falasinmu hasÂ been appointed Managing Director/Chief Executive Officer (MD/CEO) of African Petroleum Plc (AP), a position formerly occupied by Mr. Femi Otedola.
The company notified the Nigerian Stock Exchange (NSE), Wednesday, that Otedola who was previously the Chairman and CEO relinquished the position of the Chief Executive to Falasinmu, who was previously the Chief Operating Officer, while he remains the Chairman.
The notice released to stockbrokers by the NSE reads, â€œAfrican Petroleum Plc has notified the Exchange of changes in its directorate. Mr. Femi Otedola, who previously held two positions as the Chairman and Chief Executive Officer, dropped the later position for Mr. Tunde Falasinmu, the Chief Operating Officer who is now the MD/CEO.â€
The change may be as a result of the companiesâ€™ decision to abide by corporate governance principles propounded by authorities in the Nigerian capital market. The authorities had advocated a separation of powers between the Chief Executive of a company and the Chairman of the Board, so as to ensure transparency, compliance with highest ethical standards and good corporate governance.
The Securities and Exchange Commission (SEC), in its Code of Corporate Governance for quoted companies, stated that for all public companies with listed securities, the positions of the Chairman of the Board and CEO shall be separate and held by different individuals.
This, according to SEC, is to avoid over concentration of powers in one individual, which may rob the Board of the required checks and balances in the discharge of its duties.
The Code also advocate that the Chairman of the Board, shall as much as practicable, be a non-executive member.
In another development, Unilever Nigeria Plc announced a dividend of N1.07 per share for its shareholders for its year end, December 31, 2009, financial performance.
The dividend which is subject to the approval of its shareholders at its forthcoming annual general meeting, is scheduled to be distributed, May 3, 2010.
Meanwhile, the upward trend in the Nigerian Stock Exchange (NSE) continued, Wednesday, as the value of listed equities appreciated by N52.07 billion.
The bullish run was occasioned by improvement in the key market indices â€” the market capitalisation and All-share index, driven gains on the share prices of major blue chip companies. The capitalisation which opened at N5.586 trillion appreciated by 0.93 per cent to close N5.638 trillion while the index rose by 216.21 basis points to close at 23,412.41 points.
Mobil Oil Nigeria Plc recorded the highest share price gain, rising by N4.88 to close at N102.53 per share,Â Benue Cement Company Plc followed with a gain of N2.54 to close at N53.34 per share and Flour Mills Nigeria Plc garnered N1.89 to close at N46.90 per share.
Other share price gainers include: Lafarge Cement WAPCO Plc N1.25, PZ Cussons Nigeria Plc N1.10, Cadbury Nigeria Plc N0.78, Dangote Sugar Refinery Plc N0.63, First Bank of Nigeria Plc N0.59, Ecobank Transnational Incorporated N0.53, BOC Gases Plc N0.49 among others.
On the contrary, Oando Plc recorded the most share price loss, dropping by N4.69 to close at N89.30 per share, Nigerian Breweries Plc followed with a loss of N1.60 to close at N58.10 per share and UAC Nigeria Plc dipped by N1.00 to close at N45.00 per share.
Equity trading, however, dipped by 26.13 per cent, as investors exchanged 394.82 million shares valued at N4.03 billion in 7,031 deals, in contrast to the previous dayâ€™s turnover of 534.46 million shares valued at N2.69 billion in 7,067 deals.
Banksâ€™ stocks were the most sought after, as transactions in the sub-sector accounted for 65.5 per cent of the total market turnover, with 258.57 million shares valued at N2.9 billion in 3,413 deals.