Nigeria’s leading agro-allied company, Notore Chemical Industries Plc has notified the Nigerian Stock Exchange, its shareholders and the general public of changes to its management.
Notore is Africa’s first indigenous Urea fertilizer producer in Sub-Saharan Africa including South Africa.
With the change, Mr. Onajite Okoloko retires as the company’s Group Managing Director and Chief Executive Officer, effective from 31st January 2021, after serving in the capacity for 16 years. He will remain on the Board of the Company as a non-Executive Director.
Okoloko had in 2005, assembled a team of investors to acquire the assets of the former NAFCON and as a core investor, partnered with a consortium that included Emerging Capital Partners, a major private equity firm out of Washington, D.C., USA., and OCI Fertilizers BV, owned by the Orascom Group, on the deal.
He later successfully led the completion of the largest single loan syndication of Nigerian banks at the time, when Notore raised US$222 million from 7 Nigerian financial institutions. Mr. Ohis Ohiwerei takes over from Mr. Okoloko as the Group Managing Director and Chief Executive Officer of the company, effective from 1st February 2021. Mr. Ohiwerei was formerly an Executive Director and the Deputy Managing Director of the Company.
Prior to joining the Company on 17th September 2018, he served in executive capacities in Guaranty Trust Bank Plc and Diamond Bank Plc. Mr. Ohiwerei was the Chief Financial Officer of Diamond Bank Plc and later became Executive Director, Corporate Banking of Diamond Bank Plc from 2005 – 2010. In October 2011, he was appointed as an Executive Director of Guaranty Trust Bank Plc, where he was responsible for Commercial Banking and Public Sector, Lagos Division for four years, until his retirement from the Bank in October, 2015.