Notore appoints chairman after three years

Notore Chemical Industries has announced the appointment of Femi Agbaje as the new chairman of its board of directors.

The appointment comes more than three years after former Nigerian Head of State, Yakubu Gowon, retired from the company’s board on January 28, 2021.

According to a statement filed with the Nigerian Exchange Limited, the Group Chief Legal Officer/Company Secretary, Otivbo Saleh, said that the appointment will be until the completion of the company’s private placement transaction.

Part of the statement read, Notore Chemical Industries Plc (“Notore” or “the Company”) hereby notifies the Nigerian Exchange Limited and the investing public of the appointment of Mr Femi Agbaje as the chairman of the board of directors until the completion of the company’s ongoing private placement transaction.

“Mr Agbaje replaced General Dr Yakubu Gowon, who retired from the board of the company effective from 28th January 2021. The appointment takes effect immediately.”

Agbaje is currently a non-executive director of the company and until September 2018 was its chief financial officer.

He began his career in 1979 at Peat Marwick Cassleton Elliot & Co, Lagos and later Deloitte Haskins & Sells UK.

Agbaje continued his accountancy career at Arthur Young Oshindero & Moret between 1984 and 1986, after which he went into banking, starting at the Nigerian-American Merchant Bank in 1986 and leaving the industry in 2006 as the managing director of Midas Bank.

Agbaje obtained a bachelor’s degree in History and Political Science from the University of Ife, Osun State in 1979.

He was made an Associate of the Chartered Association of Certified Accountants in 1984 and is currently a Fellow of the Institute of Chartered Accountants of Nigeria.

He was also made a Fellow of the Chartered Association of Certified Accountants, UK in 1990.

He currently sits on the board of FSDH Merchant Bank Limited.

Notore, which operates in the agro-allied & chemicals sector, recorded a N126.57bn loss at the end of 2023 on the back of a 30.38 per cent decline in revenue from N32.30bn to N22.49bn and finance costs, which stood at N102.76bn.