Troubled Shelter Afrique — under pressure to raise additional capital and improve its financial health — has picked a Sierra Leonean national as its interim chief financial officer (CFO).
The distressed mortgage lender has also appointed Dave Jennings, a South African national, as a “change agent” to implement reforms in the company.
“They will be invaluable to our restructuring going forward. We as management are very keen on making good on the pledges we made to our shareholders and lenders and in turn, making sure they honour their commitment to us,” said Shelter Afrique acting managing director Femi Adewole on Monday.
Mr Adewole said the recruitment of the new interim executives “is just another in our continuous step to strengthening the organisation.”
Shelter Afrique’s board in January held a crisis meeting in Nairobi to discuss fresh plans to raise additional capital. It also adopted a forensic audit report on the financial health of the agency.
“…(This) is in line with the resolutions from the Extraordinary General Meeting held in January and the recommendation of the forensic audit done by Deloitte,” said Mr Adewole on Monday.
Shelter Afrique lost its top credit rating in November in what was attributed to recent concerns over the state of its finances.
Mr Adewole said the new executives are expected to steer the lender into financial stability. “It is expected the CFO and the change agent will assist in complete implementation of the audit report....”
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
