Africa Prudential Plc appoints Christabel Onyejekwe as non-executive director from May 2024.

The board of directors of Africa Prudential Plc has appointed Ms Christabel Onyejekwe as an independent non-executive director of the company.

This was contained in the company’s notice to the Nigerian Exchange Limited, seen by Nairametrics.

According to the company’s statement, the appointment took place on May 24, 2024 and subject to the consent of the Securities and Exchange Commission.

The statement reads:

The Board of Directors of Africa Prudential Plc (the “Company) is pleased to inform the Nigerian Stock Exchange (NGX), its shareholders and stakeholders that Ms. Christabel Onyejekwe has been appointed as an Independent Non-Executive Director of the Company with effect from May 24, 2024, subject to the approval of the Securities Commission and Stock Exchanges.

The Board noted that the appointment is expected to promote an independent voice and provide the Board with a high degree of objectivity to maintain stakeholder confidence.

Profile of Mrs. Christabel Onyejekwe

According to a statement signed by the Company Secretary, Joseph Jibunoh. Ms. Onyejekwe serves on the boards of several companies and is a highly respected management professional and proven change- and results-oriented leader with over three decades of high-level experience in the financial services industry.

He brings to Africa Prudential Plc extensive knowledge and experience in implementing effective enterprise, project and product development strategies.

The Board is confident that Ms. Onyejekwe’s appointment will further strengthen Africa Prudential Plc’s commitment to leadership excellence and business sustainability.

Financial results of Africa Prudential Plc

Africa Prudential Plc announced its results for the full year ended December 31, 2023, showing sales of N872.57 million, down from N1,903.22 million in the previous year.

Net profit was N962.91 million, up from N1,493.25 million a year earlier.

For the first quarter ended March 2024, the company recorded sales of N59.09 million, a significant decline from N770.2 million in the same period last year.

Net profit, however, increased to N197.31 million from N177.67 million in the comparable period of 2023. Basic earnings per share from continuing operations was N0.10, compared to N0.09 a year ago.

Africa Prudential closed at N7.00 per share on the Nigerian Stock Exchange (NGX) on Thursday, May 30, 2024, up 5.3% from the previous closing price of N6.65.

Despite the recent surge, the company’s share price has declined by 5.41% since the beginning of the year, when it was valued at N7.40.