November 16, 2015
C&I Leasing plc, completes board restructure, appoints new Board Chairman
Lagos, Nigeria; November 16, 2015 – C&I Leasing plc a leading brand in operational leases and logistics support services, today confirmed the retirement of AVM (rtd) Abdul D. Bello, GCON, CFR, the current Chairman of its Board of Directors, and the appointment of Chief Henry C. Okolo as the New Chairman of its Board of Directors.
This announcement is coming at the heel of a recent Board restructure which saw the movement of the Managing Director, Mr. Emeka Ndu as the new Vice Chairman, of the Board of Directors, and the Groups’, Chief Executive Officer (GCEO), While Mr. Andrew Otike-Odibi has been announced as the Deputy Group CEO and Managing Director, with effect from January 1, 2016.
The imminent retirement of the Chairman of the Board, AVM (rtd) A. D. Bello was first made public during the company’s 24th Annual General meeting which held on Thursday 25th June 2015, in Port Harcourt. Under the leadership of AVM (rtd) A. D. Bello, C&I Leasing had moved from a single product business to now having three main business lines, namely marine, fleet management and personnel outsourcing.
Speaking on the recent Board restructure and recent developments, Mr. Emeka Ndu, the Group Chief Executive Officer / Managing Director, C&I Leasing plc, said, “The Company has enjoyed tremendous growth under the leadership of AVM Bello, who had chaired the board for the past 25 years. He has been a father, providing strong and guided leadership to the company and will remain a part of the company, even in retirement.” In recognition of AVM Bello’s contributions to the Company, its new 80 tonne bollard pull and DP2 anchor handling tug supply vessel is being named MV Bello 2015.
Speaking further on the appointment of Chief H. C. Okolo as the new Chairman of the Board, he said “I am proud to welcome such a renowned and experienced industry leader to chair the board. Chief Okolo has been a part of the board since its inception; and we trust that the company and our stakeholders will continue to benefit from his contributions.”
Prior to his appointment, Chief Henry C. Okolo had been the Vice Chairman of the Board of Directors, C&I Leasing plc since 2007 and has also served in several committees since then, including the Board’s operations committee. He is a Chartered Accountant; the Chief Executive Officer of Dorman Long Engineering Limited. He holds a B.Sc. in Accounting from the University of Nigeria, Nsuka, is the immediate past coordinator of the West African Enterprise Network (Nigerian Chapter) from 1995 – 1997 and the Vice Chairman of the Nigerian Economic Summit Group.
On his part, Mr. Andrew Otike-Odibi, the new Deputy Group Chief Executive Officer / Managing Director for C&I Leasing disclosed that the recent changes in the company is part of a strategic plan to reposition the business, to take advantage of the emerging opportunities and improve the Company’s profitability in the years ahead.
Over the last two years, the company had divested off peripheral activities to focus on core operational areas starting with the 2014 divestment to a group led by the management of its iconic Red Cabs. “In 2015, we expect to complete the merger of our Suzuki distribution business, C&I Motors, into a support group within our Fleet Services business, and discontinue our finance leasing business by January 2016, suspending the creation of new assets, as this activity has become value subtracting as a result of macroeconomic trends, and continuing difficulties experienced by small to medium scale enterprises in the country” he said.
C&I Leasing plc has a balance sheet size of N24billion ($121million), a staff strength of over
4,500 people and operational offices in key locations in Nigeria and Ghana. The company closed the third quarter of this year with a turnover of N11.8billion (abt $60m) and PBT of N440million (abt $2.25m).
About C&I Leasing Plc.
C & I leasing Plc, listed on the Nigerian Stock Exchange, is the foremost brand for leases and other ancillary services in Nigeria. With staff strength of over 4,500 people and operational offices in key locations in Nigeria and Ghana, the company takes pride in its track record of exceptional and qualitative service delivery.
Today, the C & I leasing Plc brand presence can be felt in major sectors in the Nigerian economy, providing specialized services, in Marine, Telecommunications, Oil and Gas, Equipment Rentals, Manpower Outsourcing and Transportation.
Samuel Iboroma C&I Leasing Plc