Notore Chemical Industries Appoints Femi Agbaje as Its New Chairman After Three Years

Notore Chemical Industries recently announced Mr Femi Agbaje as the new chairman of the company's board of directors. This development comes three years after the seat was kept vacant 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, this was known. The Group Chief Legal Officer/Company Secretary, Otivbo Saleh, said the appointment would be until the company's private placement transaction is completed.

As part of the statement read, Notore Chemical Industries Plc is notifying Nigerian Exchange Limited and the investing public of Mr Femi Agbaje's appointment as chairman of the board of directors until the company's ongoing private placement transaction is completed.

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

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

Mr Femi Agbaje started his career in 1979 at Peat Marwick Cassleton Elliot & Co, Lagos, and later at Deloitte Haskins & Sells UK.

Agbaje continued his accounting 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.

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

Mr Femi Agbaje 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.

Mr Femi Agbaje was also made a Fellow of the Chartered Association of Certified Accountants in the UK 1990. He currently sits on the board of FSDH Merchant Bank Limited.

Notore, which operates in the agro-allied and chemicals sectors, recorded a N126.57bn loss at the end of 2023. This was due to a 30.38% decline in revenue from N32.30bn to N22.49bn and finance costs, which stood at N102.76bn.

Back Story

Notore Chemical Industries Plc recorded a group operating income of N12.06bn for the third quarter ending September 30, 2022.

The Group Managing Director and Chief Executive Officer, Mr. Ohis Ohiwerei, was quoted as saying the Africa-leading chemical and agro-allied company's year-to-date revenue stood at N32.95bn as of September 30, 2022, against N17.47bn recorded in the corresponding period of 2021.

He said, "Notore Chemical Industries Limited recorded group year-to-date revenue of N32.95 billion for the period ended September 30, 2022, compared to N17.47 billion for the same period in 2021, representing an 89% increase year over year."

He was also quoted as saying, "Operating income of N12.06 billion, compared to Loss of N3.49 billion in Sep 2021—an increase of 446% year-on-year—attributable to higher revenues from urea production."