Onajite Okoloko retires as Notore CEO after 16 years

Onajite Okoloko, the chief executive officer of Notore Chemical Industries Plc, has retired after 16 years of running the affairs of the company.

In a notice filed at the Nigerian Stock Exchange, Ohis Ohiwerei took over from Okoloko as the CEO of the company, effective from February 1, 2021.

Notore is Africa’s first indigenous urea fertilizer producer in Sub-Saharan Africa including South Africa.

Okoloko 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, DC 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 $222 million from seven Nigerian financial institutions.

Ohiwerei, the new CEO, was formerly an executive director and also served as the deputy managing director of the company.

Prior to joining the company on September 17, 2018, he served in executive capacities in Guaranty Trust Bank Plc and Diamond Bank Plc.

Ohiwerei was the executive director for corporate banking of Diamond Bank Plc between 2005 and 2010.

In October 2011, he was appointed as an executive director in Guaranty Trust Bank Plc, where he was responsible for commercial banking and public sector in the Lagos division until he retired in October 2015.

Ebiaho Emafo also joins the Notore board as an executive director and the chief operating officer while Tijjani St. James assumes a new role as the chief commercial officer of the company, effective February 1, 2021.

The company said it created the chief commercial officer role to replace the existing group head, commercial services position as a reflection of the expanded commercial activities which includes traditional urea sales, the newly introduced Notore NPK fertilizers marketing; sales and distribution; Notore Seeds and the Notore Rice initiative.

Yakubu Gowon, Nigeria’s former military head of state, also retired as chairman of the company’s board, effective from 28th January 2021, in compliance with the company’s retirement age policy for directors.

He assumed the role on February 7, 2007.

Richard Herb, a non-executive director, has also retired from the board in compliance with the company’s retirement age policy for directors.

He joined Notore’s board on January 23, 2006, and his retirement is effective from January 28, 2021.

The new board and management team are expected to push forward with the company’s ongoing turnaround maintenance (TAM) programme, which is billed to boost revenue, cash-flow, productivity and profitability.

They are also to lead the firm’s diversification drive, especially in the production of seeds, NPK and rice.