Corporate moves: Alternative Bank names Gul Khan chief executive and MTN Nigeria adds five directors
Board changes at Sterling, VFD Group and NEM Insurance, and Airtel Africa's continuing buyback, round out the week's filings.
Key findings
- Alternative Bank appointed Gul Khan as managing director and chief executive, succeeding founding chief executive Hassan Yusuf, with CBN approval, Nairametrics reported.
- MTN Nigeria will add five directors from 1 December, including former 9mobile chief executive Boye Olusanya and former Etisalat Nigeria executive Ibrahim Dikko, Techpoint Africa reported.
- Sterling Financial Holdings, VFD Group and NEM Insurance filed notices of new directors with the Nigerian Exchange.
- Airtel Africa filed another notice of transactions in its own shares under its buyback.
This week's corporate moves were led by a new chief executive at one of Nigeria's non-interest banks and a reshaped board at the country's largest telecom operator, alongside a set of smaller board changes filed with the Nigerian Exchange.
Alternative Bank appoints Gul Khan
The Alternative Bank, the non-interest banking subsidiary of Sterling Financial Holdings Company, has appointed Gul Khan as managing director and chief executive after approval from the Central Bank of Nigeria, Nairametrics, ThisDay and The Guardian Nigeria reported. He succeeds Hassan Yusuf, the bank's founding chief executive. Mr Khan, who has more than 25 years in financial services, most recently ran I&M Bank Kenya and earlier led retail banking at HSBC Amanah, HSBC's non-interest banking arm, according to Nairametrics. The bank met the CBN's new minimum capital for national non-interest banks ahead of the deadline, the outlet noted.
Sterling Financial Holdings separately filed a notice with the Nigerian Exchange on 11 November of the appointment of a director to its own board.
MTN Nigeria adds five directors
MTN Nigeria will add five directors from 1 December, according to a notice to the Nigerian Exchange reported by Techpoint Africa. Two are independent non-executive directors with roots at a rival: Boye Olusanya, who led Etisalat Nigeria through its change to 9mobile in 2017 and now heads FMN Holdings, and Ibrahim Dikko, who ran Etisalat Nigeria's regulatory and corporate affairs for a decade. The other three are Fabian Ajogwu, a corporate governance professor at Lagos Business School; Imoni Akpofure, an infrastructure finance executive; and Lwazi Bam, MTN Group's chief risk officer.
Other board changes
- VFD Group filed a notice of the appointment of a non-executive director on 10 November.
- NEM Insurance filed a notice of the appointment of directors on 10 November.
- Airtel Africa filed a further notification of transactions in its own shares on 10 November, part of its share buyback.
What to watch
- Mr Khan's first plans for Alternative Bank's growth after its recapitalisation.
- MTN Nigeria's board composition once the new directors take their seats on 1 December.
Methodology
The Alternative Bank appointment is described from Nairametrics' report of the bank's statement, with ThisDay and The Guardian Nigeria reporting the same appointment. The MTN Nigeria appointments are as reported by Techpoint Africa from the company's notice to the Nigerian Exchange. The other items are from the companies' own filings with the Nigerian Exchange, as listed in its corporate actions feed. No market data is used.
Sources
- 1Sterling HoldCo Subsidiary, Alternative Bank appoints Gul Khan as MD/CEO
- 2Alternative Bank Appoints Gul Khan as Managing Director and Chief Executive Officer
- 3Alternative Bank appoints Gul Khan as managing director, chief executive officer
- 4MTN Nigeria names former 9mobile CEO and ex-Etisalat executive among five new directors
- 5Sterling Financial Holdings Company Plc: notification of the appointment of a director (opens in a new tab)
- 6VFD Group Plc: notice of appointment of non-executive director (opens in a new tab)
- 7NEM Insurance Plc: appointment of directors (opens in a new tab)
- 8Airtel Africa Plc: notification of transaction in own shares (opens in a new tab)