Femi Adewole, the managing director of troubled mortgage financier Shelter Afrique, has left the company after a tumultuous one-year term.
He exited office on June 30 this year having served at the helm of the housing financier in an acting capacity and then as substantive MD since early 2017 following the resignation of Ugandan national James Mugerwa.
Agency’s chief financial officer Kingsley Muwowo takes over as acting managing director.
Femi Adewole, the managing director of troubled mortgage financier Shelter Afrique, has left the company after a tumultuous one-year term during which he came under pressure to raise additional capital and improve the financial health of the distressed lender.
Mr Adewole, a Sierra Leonean national, exited office on June 30 this year having served at the helm of the housing financier in an acting capacity and then as substantive MD since early 2017 following the resignation of Ugandan national James Mugerwa.
The agency on Friday said the search for a new boss had concluded.
The new MD will be announced on July 26 during the company’s annual general meeting (AGM).
“A new MD will be unveiled in two weeks when the company holds its AGM,” said Shelter Afrique’s communication officer Babatunde Oyateru.
“Mr Adewole left on June 30 after his one-year term expired.”
The agency’s chief financial officer, Kingsley Muwowo, has taken over as acting MD in the interim.
The Shelter Afrique board turned to Mr Adewole, then serving as director in charge of business development, after his predecessor Mr Mugerwa left the company in February last year after he was entangled in allegations of sub-prime lending and creative accounting.
Shelter Afrique is presently undertaking a debt restructuring amid looming loan repayments.
The firm’s bond holders in May approved a financial restructuring plan that allowed the financier to reschedule repayments of a Sh13 billion debt it owes 10 development finance institutions and safeguard against a possible default.
The troubled housing financier’s decision to seek a compromise with its financiers came as it prepares to meet bondholders’ claims in about three months.
Mr Adewole in April this year exuded optimism that the agency would cater for the bond repayments despite its seemingly dire financial situation. “We are not in any danger of default on the bond payment. The March payment was made and on time and the September payment will be made,” Mr Adewole had said.
Shelter Afrique turned to its 44-member states shareholders last year for Sh9.2 billion to steady its finances after turbulence.
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