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Honeywell Nigeria Plc has been in the news lately over its indebtedness to First Bank Plc. The Central Bank issued a query to the bank last week asking that it recover the loans within 48 hours while also divesting from its equity interest in the company.
Honeywell in turn issued a press release claiming that its First Bank loans are being serviced and that it has paid down the loans by 30% over a two-year period.
“Honeywell Group has continued to meet all its obligations on its facilities with the Bank according to agreed terms and has reduced its exposure by nearly 30% in 2.5 years. The facilities were charged at market rates and the Bank continues to earn significant interest therefrom.”
The Managing Director/ Chief Executive is the most senior executive position in the company, charged with the responsibility of piloting the firm’s affairs and ensuring profitability and growth.
CEOs are the ones at the helms of affairs and therefore, receive criticisms for poor performances as well as credit for stellar company performances.
It is a fact that CEOs are also the highest-paid staff of every company. In Nigeria, the CEOs of the major companies are remunerated handsomely for their efforts. However, just as much as these companies have ranks in terms of asset size and profitability, so also do their CEOs’ earnings have ranks.
The coast is clear for Miriam Olusanya to be appointed as the new Managing Director and CEO of Nigeriaâs commercial bank, Guarantee Trust Bank, multiple sources privy to the matter have claimed.
Although there is no official communication from the bank yet, Olusanya would take over from Segun Agbaje, who is the incumbent MD/CEO of the bank, all things being equal,
Agbaje is stepping down after completing a 10-year stipulated tenure at the bank. He would now take up the MD/CEO role at the bankâs Holding Company, according to an insider report.
As seen in an internal memo dated April 28, 2021, the bank also carried out a major management shakeup targeted at staff above the age of 45. Two of the oldest Executive Directors and four General Managers were retired, with plans to replace them with younger executives.
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