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Shelter Afrique starts search for substantive chief executive


Shelter Afrique acting managing director Femi Adewole. PHOTO | DIANA NGILA | NMG

Shelter Afrique has started the search for a substantive managing director seven months after embattled chief executive James Mugerwa quit office under a cloud.

The Pan-African homes financier specified in a notice that applicants for the position must hold “ethical, professional and results-oriented leadership approach” with proven ability to lead multi-cultural and multi-talented senior management teams.

Those seeking to succeed the Ugandan must be nationals of one of the 44 Shelter Afrique member states and should hold a master’s degree in fields such as management and economics. They must have at least 15-year experience in leadership positions.

“As part of its transformation and restructuring program, the company seeks experienced professionals from its Member States to fill the position of Chief Executive Officer of the company,” said the Nairobi headquartered Shelter Afrique in the notice.

The new MD will get a five-year term that is renewable once.

Mr Mugerwa’s exit came in February 2 after Shelter Afrique’s board of directors adopted a forensic audit report that pointed at him over subprime lending and creative accounting.

“Mr Mugerwa offered to resign in order to pursue other interests. The Board wishes Mr Mugerwa every success in his future endeavours,” Shelter Afrique said in a statement at the time.

Femi Adewole, then serving as director in charge of business development, was consequently appointed acting managing director pending recruitment of a new boss.

The Deloitte forensic audit report had recommended disciplinary action against Mr Mugerwa on grounds of conflict of interest, staff harassment and blowing up $7,845 (Sh784,500) in advances he could not account for.

Shelter Afrique lost its top credit rating last year in what was attributed to concern over the state of its finances.

Moody’s, a ratings agency, said it had downgraded Shelter Afrique’s long-term issuer rating from Ba1 to Ba3.

The negative assessment came against the back drop of leaked Shelter Afrique documents that showed how top managers were putting the company at financial risk through creative accounting and sub-prime lending now under investigation. A final audit report is expected early next year.

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