United Capital, a financial and investment services provider, has announced the appointment of Shedrack Onakpoma as its new Chief Finance Officer (CFO).
The appointment which took effect on January 15, 2019 followed the resignation of Odiri Oginni who had served in the capacity since April of 2018, after a 7- month period as acting Group CFO from October 2017 to April 2018.
‘’United Capital Plc. wishes to inform the Nigerian Stock Exchange and the Company’s esteemed shareholders of the appointment of Shedrack Onakpoma as the Group Chief Finance Officer’’ the company stated in the notice filed on the NSE, Tuesday, 22 January 2019.’’ The appointment was necessitated as a result of the resignation of Odiri Oginni, the Group Chief Finance Officer.’’
Shedrack Onakpoma, a graduate of Economics from Olabisi Onobanjo University, Ogun State is a Fellow Chartered Accountant, an Associate Licensed International Financial Analyst (LIFA) and a Certified Balanced Scorecard Professional.
Prior to his current appointment, Shedrack spent about 5 years with Union Assurance as a Principal Manager, and Head of Accounts and Strategic Management Office. There, as a Management Staff, He Implemented the Balanced Scorecard and transited the Company from Local GAAP to IFRS, successfully.
Thereafter, he moved to Industrial and General Insurance Company Plc (IGI), as Assistant Manager and rose to the position of CFO, Industrial General Insurance, Ghana (A subsidiary of IGI Plc, Nigeria) after a stint with Nigeria Wire Industry Plc (One of the foremost Nail Manufacturing Company in West Africa) where he rose to the position of an Assistant Manager.
More recently, he was Chief Finance Officer at Heirs Insurance Limited, a privately held investment firm founded and chaired by Tony Elumelu, for a period spanning a little over 3 years since he occupied the office in November of 2015.
Thus, Shedrack brings to United Capital years of vast exposure in Financial Management, Business Planning, Mergers & Acquisition, Business Combination and Restructuring within West Africa and East Africa.
Results for nine months to 30 September 2018 showed a decline of some 4 percent in the group Gross earnings which fell to N5.97 billion in 2018 from N6.24 in corresponding period of 2017.
Net Operating Income in similar fashion fell by 11.47 percent from N5.48 billion in 2017 to N4.85 billion in 2018.
Revenue for 9M:2018 was down by 4.31 percent to N5.97 billion in 2018 compared to N6.24 billion reported in 2017.
Similarly, Profit before tax (PBT) for nine months in 2018 was down to N3.67 billion, 5.8 percent lower than N3.9 recorded in corresponding period in 2017.
Although tax expense declined from N623.5 million to N587.2 million, profit pared by 5 percent from N3.08 billion in 9M:2017 to N3.27 billion in corresponding period of 2018.
Shares of United Capital closed 2.76 percent higher than it opened for the year at the close of trading on Monday, 21 January, after plunging from N3.22 recorded on the 15th of January 2019, its highest trading price since at least, July of 2018 where it traded higher.
United Capital, formerly referred to as United Bank Capital (UBCAP), is a financial and investment services company with focus on investment banking, asset management, trusteeship, securities and insurance. The firm was incorporated on March 14th 2002 and listed on November 1st 2013.
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