- Segun Ogunsaya exits Airtel July 1, 2024, Sunil Taldar takes over as CEO
Nigeria’s equities market furthered its rally into 2024, rising by 1.63 percent on Tuesday, the first trading day of the New Year.
At the close of trading, the Nigerian equities market which closed the year 2023 with equities capitalization at N40.917 trillion and NGX All Share Index at 74,773.77 points rose to 75,990.88 points and N41.583 trillion respectively.
The record positive close pushed stocks value higher by N666billion.
In 9,370 deals, investors exchanged 515,807,533 shares worth N5.573billion.
Nigerian Exchange Limited has announced the results of its half year market index review for the following indices – NGX 30; NGX Lotus Islamic; NGX Pension; NGX Pension Broad Index; Corporate Governance Index; Afrinvest Bank Value Index; Afrinvest Dividend Yield Index; Meristem Growth Index; Meristem Value Index; and the five Sectoral Indices of The Exchange – NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods and NGX Oil & Gas.
The review has led to the entry and exit of some companies from several indices which took effect at the open of the market on Tuesday January 2, 2024.
Designed using the market capitalization methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July respectively.
NGX indices are developed to allow investors efficiently track market movements and properly manage investment portfolios.
Segun Ogunsaya exits Airtel July 1, 2024, Sunil Taldar takes over as CEO
Meanwhile, the Board of Directors of Airtel Africa plc, has announced the appointment of Sunil Taldar as the new Chief Executive Officer of the company following the retirement of Olusegun Ogunsanya.
Taldar is expected to resume his role on 1 July 2024, when Ogunsanya will retire from the Board and the Company.
This was contained in a notification sent to the Nigerian Exchange Limited on Tuesday by the Group Company Secretary, Simon O’Hara.
According to the notice, upon resumption, Taldar would lead and oversee key strategic initiatives aimed at transforming Airtel Africa’s business and operations.
Prior to his new appointment, Taldar has more than 30 years’ business management experience in the FMCG and Telecommunications sectors, including 15 years’ experience as a member of various Management Boards including Bharti Airtel, where he was Director, Market Operations, Cadbury China and Mondelez India and Indonesia.
On his part, Ogunsanya will upon his retirement transit to become the Airtel Africa Charitable Foundation’s inaugural Chair.
The Charitable Foundation, according to the notice, will accelerate the Company’s commitment to its sustainability initiatives and charitable operations across its locations in Africa.
The Charitable Foundation’s objectives will focus on promoting digital inclusion, financial inclusion, access to education, and environmental protection.
The Charitable Foundation will have its own separate legal personality and be independent of the Airtel Africa Group.
In addition, upon retirement, Ogunsanya will also be available to advise the Chairman, the Airtel Africa Board and Chief Executive Officer for a 12-month period.
Commenting on the development, Chairman of Airtel Africa plc, Sunil Bharti Mittal said, “On behalf of the Board, I would like to thank Segun Ogunsanya for his commitment and significant contribution to Airtel Africa plc as Chief Executive and before that as Managing Director and CEO of Nigeria, our largest market in Africa. Under Segun’s leadership, Airtel Africa has maintained double-digit revenue growth and continued to deliver new, industry-leading products to our customers across Africa.
“I am pleased Segun has agreed, following his retirement, to assume the new role as Chair of the Airtel Africa Charitable Foundation, where he will bring his visionary leadership to this new philanthropic initiative to advance development and prosperity across Africa. Segun will retire from the Board with our very best wishes and sincere appreciation for everything he has achieved.
“The Board is delighted to appoint Sunil Taldar as the Group’s next Chief Executive Officer. His industry experience, strategic vision, constant customer focus and proven record of delivery will enable him to deliver our strategic objectives and to lead the Group in the next stages of its development.
“In respect of the transition period, Segun continues to lead the business very effectively as seen in our financial results. Given that Sunil Taldar has already joined the Group, we are confident that we will have an orderly leadership transition and handover of responsibilities.”
On his part, Ogunsanya said, “It has been a privilege to spend over 12 years of my career at Airtel Africa and I am proud of what we have delivered for customers across Africa. We continue to transform lives. Now is the right time to handover to a new leader who can build on Airtel Africa’s strengths and deliver on the significant opportunities ahead as I pursue my renewed interest in the empowerment of Africans through digital and financial inclusion in a different capacity beyond the boundaries of for-profit organizations. This has been my ambition after a successful career spanning over 35 years in banking, FMCG and telecommunications.”
