*As Market Capitalisation crosses N26trn mark
The Board and Management of R. T. Briscoe (Nigeria) PLC on Friday notified the capital market community and investors alike of the resolution of the Board of Directors of the Company to extend the tenure of the current Group Managing Director/Chief Executive Officer (GMD/CEO) of the Company, Mr. Bukola Oluseyi Onajide, by a further term of 3 years, commencing from January l, 2023, till December 31, 2025.
The current GMD/CEO who was due to retire by December 31 , 2022, joined the Company on July l , 1998 and rose to become the Finance Director and later, Director in charge of the motor business in 2004 and 2006 respectively.
He became the Managing Director in January 2010. The Board’s decision to extend his tenure for a further period of three years is based on the Board’s reasonable belief that it would be in the best interest of the Company to sustain its current leadership because of the present circumstances of the Company.
With this extension, the Group Managing Director will retire from the Company on December 31, 2025.
However, the shares of the company maintain the lead on the losers chat occupying the second position after Academy Press drop of 10 percent, with a drop of 8.62 percent, to close at N0.53.
Others on the 18 losers table were Royal Exchange, Sterling Bank, Vitafom, ETI, NAHCO.
On the gainers table, Oando led with a price gain of 9.94 per cent to close at N5.86 followed by Eterna Oil, Mayer and Wapco with price gain of 9.92 percent, 9.91 percent and 9.89 respectively to close at N6.65, N2.33 and N25.55 apiece.
The twin market indicators continue to soar as it further added 0.49 percent respectively. Market capitalization crossed the 26,000 mark with N127 billion gain to close at N26.125 trillion while the All Share Index added 235.79 basis points to close at 48,499.65 points.
In all investors traded 342.140 million shares worth N3.856 billion across 4,976 deals.
