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.
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