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ProEdge Partners
(Chartered Accountants)
Our Profile
January 2020
Contents
1. History
2. Services
3. Sectors
4. Our Clients
5. Meet Our Team
6. Our Contacts
Our Profile
History
About Us
ProEdge Partners is a professional services firm, incorporated on 9 September 2015 and commenced business operations on 14
September 2015. Our registered office is located at 36A Acme Road, Ogba, Ikeja, Lagos while our head office is at Plot 12, Bayo Ajayi
Street (Marwa Brooks Estate), Agidingbi, Alausa, Ikeja, Lagos, Nigeria.
Our partners possess almost half a century professional experience; gained mostly from working with some of the “Big Four” accounting
firms. Their experiences cut across various services such as traditional Audit & assurance, Accounting, Taxation, Financial advisory,
Consulting, Corporate finance and Valuation.
Our professionals are committed and distinguished by their functional and technical expertise, combined with hands-on experience, thereby offering top quality services that would help clients achieve intended objectives.
We also have access to any required resources with relevant industry and professional experience.
We are registered with the Securities and Exchange Commission (SEC) as Auditors/Reporting Accountants, Bank of Industry (BOI) as auditors and other necessary regulators/institutions in order to enhance our service delivery.
Vision
“To have professional edge through the delivery of excellent and quality services to our clients”
Mission We are set to provide our clients with the best quality services available in the industry. We support this goal with a corporate commitment to
integrity, transparency and ethical business practices in all our business dealings with clients, our employees and other stakeholders.
Our Profile 2
Services
We are well-positioned to render array of services under the following broad categories to different sectors of the economy:
Audit and Assurance
• Audit and assurance
services to companies in
all sectors • Accounting services,
including but not limited
to : - Book keeping - Stock/fixed asset
management - Managing Account
receivable/payable
- IFRS/IPSAS support - Cash flow preparation - Internal audit
assurance review
and outsourcing etc
Financial Advisory
• Mergers and acquisition support services
• Valuation and fairness
opinion services • Corporate finance
advisory, Reporting
accounting services etc
Taxation
• Tax compliance,
including computation
of client’s tax liabilities,
liaising with the
Federal Board of
Inland Revenue,
agreeing and attending
to FIRS queries on
behalf of clients. • Tax advisory, Audit
support;
Transaction support
Business Consulting
⚫ Professional
development
trainings and
Recruitment services
⚫ Feasibility studies and
business planning,
Market/Location studies
Our Profile 3
Sectors
We have experience in servicing the following sectors:
• Not-for-Profit Organisations
• Government and Parastatals
Public sector Technology
& Telecoms
•
•
•
Technology
Media
Telecommunications
Clients Energy &
Consumer
Resources/
Business
Transportation
• FMCG Financial • Power
• Retail, wholesale & Services • Oil and Gas distribution
• Rail • Manufacturing
• Road • Hotels and Tourism
• Aviation • Agriculture
• Banking • Shipping & Ports • Insurance • Securities • Investment management • Real estate
Our Profile 4
Our Clients
We have clients spread across the following sectors:
Telecoms Education
FMCG Not-For-Profit
Financial Health
Services
Oil & Gas Transport & Logistics
Trading Agriculture
Our Profile
Some of our clients include the following: ▪ Afrinvest Asset Management Limited
▪ Asset Management Corporation of Nigeria (AMCON)
▪ Contec Global Limited
▪ DCSL Corporate Services Limited
▪ DG Support & Allied Services Limited
▪ Creseada International Limited
▪ Edo State Government of Nigeria
▪ Etisalat Staff Multi-Purpose Cooperative Society
▪ Funmi Stores Nigeria Limited
▪ FBNQuest Asset Management Limited
▪ Graceco Limited
▪ Geneith Pharmaceuticals Limited
▪ Imo Hill Farms Limited
▪ Majeurs Chesterfield Limited
▪ Newco Investment Limited
▪ NMR Intercontinental Limited
▪ NPF Microfinance Bank Plc
▪ Polyfilm Packaging Nigeria Limited
▪ Virtual Media Networks Limited
▪ Waveline Growth Partners Limited
▪ Zenith Assets Management Limited 5
Meet Our Team
Our team composition
Our dedicated team consists of highly experienced partners and staff, with technical proficiency, industry experience and communication skills to serve our clients with distinction and ultimately bring more value to clients in executing transactions.
In addition to our regular staff complement, we have access to a pool of Independent Consultants with the relevant industry and professional experience, which we are able to mobilise at short notice.
A brief profile of our partners are shown in the next two slides while their detailed resumes are available on request.
Our Profile 6
Meet Our Team
Florence Olakanye – Partner
Florence is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and has over 25 years’ post-qualification experience
in provision of audit and assurance, accounting, transaction advisory, taxation, corporate finance and valuation services. to large
and medium scale companies in public sector, financial services, manufacturing, construction, energy & resources etc at various
capacities.
She started her professional practice career with KPMG Nigeria in 1987, where she spent over 15 years, working across several
industries and functions. She joined Akintola Williams Deloitte (Deloitte & Touche) in 2004 and worked at various capacities till June
2015, when she left as an Associate Director.
She was actively involved as adviser in the restructuring of the banking and insurance sectors by the government and regulators in
Nigeria. She was also involved in the privatization of the power sector by the Federal Government of Nigeria, advising one of the
successful bidders on power generation and distribution companies, which involved Strategic and risk reviews, Due diligence,
Financial modelling and commercial analysis and Bid process management and documentation finalisation. She was also an adviser
in the privatisation of the power distribution companies in Nigeria.
Between 2008 and 2014, Florence served in the Rules and Compliance Sub-Committee of the Nigeria Capital Market Committee
(Securities and Exchange Commission), contributing her quota to the development of the Nigerian Capital Market. Florence was a
member of Board of Insolvency & Corporate Re-Engineering Faculty and also the Corporate Finance Management Faculty of the
Institute of Chartered Accountants of Nigeria (ICAN). Florence facilitates at ICAN Certification programmes and seminars and at
many conferences and seminars both nationally and internationally.
Florence holds a Masters’ Degree in Business Management from the Federal University of Technology, Akure. She has attended
several training programmes, conferences and workshops both in Nigeria and abroad. She also holds the Forensic certification of
the Institute of Chartered Accountants of Nigeria. She has attended several training programmes, conferences and workshops both
in Nigeria and abroad.
Our Profile 7
Meet Our Team
Adenike Ajao – Partner
Adenike is a Fellow of the Institute of Chartered Accountants of Nigeria with over 20 years post qualification experience. She has
been involved in the performance of transaction advisory and corporate advisory services including due diligence exercises,
reporting accountants, capital raising, review of financial models, feasibility studies/business plan and share valuation for both public
and private sector organisations.
Prior to working in Deloitte, Adenike spent 3 years as an Audit trainee/Audit Semi-Senior at a medium size Chartered Accounting
Firm; Mojibola Oluwa & Co. She joined Akintola Williams Deloitte in 1993 as an Audit Trainee and rose to the position of Audit
Manager. During her time as auditor, she was involved in the audit of various companies both in private and public sectors. She left
briefly to work as financial controller in a private telecoms outfit before she re-joined Akintola Williams Deloitte Corporate Finance in
2004. She left Akintola Williams Deloitte as an Associate Director in June 2015.
She was actively involved in the bank consolidation exercise in 2005, which led to the reduction of the number of banks operating in
Nigeria from 89 to 25, advising on a variety of valuation and due diligence engagements. She also acted as an M&A adviser on
assignments for the Central Bank of Nigeria and some other investors/seller banks during the 2009/2010 intervention by the CBN.
She was also very actively involved in the restructuring of the insurance sector in Nigeria. Adenike participated as an adviser in the
privatisation of the power distribution companies in Nigeria.
Adenike is a member of Board of Consulting and Information Technology Faculty of the Institute of Chartered Accountants of
Nigeria (ICAN). She facilitates at ICAN Certification programmes and seminars and at many conferences and seminars both
nationally and internationally.
She holds an MBA from the Business School Netherlands and has attended several training programmes, conferences and
workshops both in Nigeria and abroad. She also holds the Forensic certification of the Institute of Chartered Accountants of Nigeria.
She has attended several training programmes, conferences and workshops both in Nigeria and abroad.
Our Profile 8
Our Contacts
Florence Olakanye
Partner
Mobile: +234 805 209 0500
+234 803 383 5753 Email: [email protected]
Adenike Ajao
Partner
Mobile: +234 805 209 0445
+234 809 968 2532
Email: [email protected]
Our Profile 9
Contact Us
Office Address: Telephone and Email: Postal Address:
Plot 12, Bayo Ajayi Street Tel: +234 811 900 0352 P O Box 2423
(Marwa Brooks Estate) Email: [email protected] Shomolu
Agidingbi, Alausa, Ikeja Lagos, Nigeria
Lagos, Nigeria
………..Providing quality services that give the Professional Edge
www.proedgepartners.net
OLAKANYE, Florence Omolola Mobile: 0805 209 0500; 0803 383 5753
Email: [email protected]; [email protected]
Profile
Florence is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and has over 25 years’ post-qualification experience in provision of audit, transaction advisory, corporate finance and valuation services. to large and medium scale companies in public sector, financial services, manufacturing, construction, energy & resources etc at various capacities.
She started her professional practice career with KPMG Nigeria in 1987, where she spent over 15 years, working across several industries and functions. She joined Akintola Williams Deloitte (Deloitte & Touche) in 2004 and worked at various capacities till June 2015, when she left as an Associate Director.
She was actively involved as adviser in the restructuring of the banking and insurance sectors by the government and regulators in Nigeria. She was also involved in the privatization of the power sector by the Federal Government of Nigeria, advising one of the successful bidders on power generation and distribution companies, which involved Strategic and risk reviews, Due diligence, Financial modelling and commercial analysis and Bid process management and documentation finalisation.
Between 2008 and 2014, Florence served in the Rules and Compliance Sub-Committee of the Nigeria Capital Market Committee (Securities and Exchange Commission), contributing her quota to the development of the Nigerian Capital Market. Florence was a member of Board of Insolvency & Corporate Re-Engineering Faculty and also the Corporate Finance Management Faculty of the Institute of Chartered Accountants of Nigeria (ICAN). Florence facilitates at ICAN Certification programmes and seminars and at many conferences and seminars both nationally and internationally.
Florence holds a Masters’ Degree in Business Management from the Federal University of Technology, Akure. She has attended several training programmes, conferences and workshops both in Nigeria and abroad. She also holds the Forensic certification of the Institute of Chartered Accountants of Nigeria.
She has attended several training programmes, conferences and workshops both in Nigeria and abroad
Professional Experience
Privatisation: She was the lead consultant on a number of privatization assignments in Nigeria, either working on the side of the Government (Bureau of Public Enterprises) or potential investors. Some of the assignments handled by her are listed below:
Client Company reviewed Purpose
Afro Oil Services Limited Unipetrol Nigeria Plc (now Oando Nigeria Plc) Due diligence
Amperion Power Distribution Company Limited
❑ Ibadan Power Distribution Company
❑ Ikeja Power Distribution Company
❑ Ughelli Power Generation Company
❑ Geregu Power Generation Company
Buy-side advisory
Bureau of Public Enterprises Benue Cement Company Plc Reporting accountants
Bureau of Public Enterprises Delta Steel Company Limited Due diligence
Bureau of Public Enterprises Nigerian Security Printing & Minting Co. Limited (NSPMC)
Due diligence/Reporting accountants
Bureau of Public Enterprises Nigerian Railway Corporation Due diligence
Chrismatel Nigeria Ltd African International Bank Limited Due diligence
Financial Derivatives Limited Broad Bank Nigeria Limited Due diligence
HRGC Investment Limited National Fertilizer Company of Nigeria Limited Due diligence
Nigeria Social Insurance Trust fund Assurance Bank Plc Due diligence
Sadiq Petroleum Limited African Petroleum Plc Due diligence
Telnet (Nigeria) Limited ❑ Nigeria Telecommunications Limited (NITEL)
❑ Mobile Telecommunications Limited (M-Tel) Due diligence
Public sector assignments She was also involved in provision of capital market and advisory services to many State Governments in the areas of corporate finance advisory and preparation of accountants’ report and review of profit forecast/financial projections for inclusion in Prospectus/Placement Memorandum. Some of her major clients included the following:
Client Purpose
Abia State Government of Nigeria Reporting accountants to Development bond, which involved review of audited financial statements for 5 years and review of financial projections covering the tenure of the bond
Akwa Ibom State Government of Nigeria Assistance with capital raising
Bayelsa State Government of Nigeria Reporting accountants to Development bond, which involved review of audited financial statements for 5 years and review of financial projections covering the tenure of the bond
Cross River State Government of Nigeria ---------------do----------------
Ebonyi State Government of Nigeria ---------------do----------------
Edo State Government of Nigeria ---------------do----------------
Edo State Government Corporate finance advisory on an oil and gas project
Imo State Government of Nigeria Reporting accountants to Development bond, which involved review of audited financial statements for 5 years and review of financial projections covering the tenure of the bond
Lagos State Government of Nigeria ---------------do----------------
Rivers State Government of Nigeria ---------------do----------------
World Bank/Donor funded Projects: Lead Manager on various specialist assignments involving auditing, accounting and special review of donor-funded programmes, such as World Bank, United Nations etc.
Client Nature of assignment
Basic Support for Institutionalizing Child Survival (BASICS) Audit of projects supported by BASICS in Nigeria for one year
Centre for Public-Private Cooperation Audit of grant assisted projects
Delegation of the European Commission in Nigeria (EC)
Audit of the funds used in implementing the Programme Estimate I ("the Programme") of the support to the office of the National Authorising Officer of the 9th European Development Fund (EDF) programme in Nigeria for the period ended 14 April 2006.
Fredrich Ebert Foundation (FES)
Audit of 2 years’ Grants from FES, including the time cost of the Resident Representative and the Chief Finance Officer of FES in Nigeria for the administration of operation activities for the two years and expenses incurred by the Foundation on workshops/seminars conducted as part of the Foundation’s counter-part contribution
Lagos Metropolitan Area Transport Authority (LAMATA)
❑ Audit of the financial statements of Japanese Policy and Human Resources Development Project (PHRD) grant to LAMATA
❑ Financial audit of the accounting records of Project account of LAMATA for 3 years
Nigeria Opportunities Industrialisation Centre (NOIC) Audit of the financial statements of Opportunities Industrialisation Centre International in Nigeria for one year
United Nations Population Fund (UNFPA)
Audit of project accounts assisted by UNFPA in Nigeria for 2 years, consisting of the following projects: ❑ Family Life & HIV/AIDS Education
❑ Population & Development Strategies
❑ Community Reproductive Health Services
❑ Gender & Advocacy
United Nations Development Programme (UNDP)
❑ Audit and financial monitoring of development projects/programmes supported by UNDP in Nigeria
❑ Accounting and financial monitoring of 2006 National Population Census in Nigeria
Audit & assurance/taxation: She was involved as in-charge auditor, supervisor and manager on statutory audit of large and medium scale companies in manufacturing, construction, financial services, oil and gas sectors etc. Some of her major clients were:
❑ Allied Bank Limited ❑ Aluminium Rolling Mills Limited ❑ Chevron Nigeria Limited ❑ Continental Trust Bank Limited ❑ DG Support and Services Limited ❑ Denham Management Limited ❑ Eko International Bank Plc ❑ First Bank of Nigeria Plc ❑ Fougerole Nigeria Limited ❑ Graceco Limited ❑ Intercontinental Distillers Limited ❑ IPMAN ❑ John Holt Plc ❑ New World Merchant Bank Limited ❑ Nigerian Agip Oil Company Limited ❑ Nigerian Breweries Plc ❑ Nigeria Industrial Development Bank Limited (now Bank of Industry) ❑ NNPC ❑ Nigerian Life & Pensions Consultants ❑ Nigerian Ports Authority Plc ❑ RT Briscoe Nigeria Limited ❑ Total Nigeria Plc ❑ Tower Aluminium Nigeria Plc ❑ Universal Trust Bank Plc ❑ Waveline Growth Partners Limited
Due diligence: She served as the team leader/manager on several assignments on due diligence reviews for lenders, vendors and mergers & acquisitions. The due diligence reviews were to assist the clients in assessing the risks and opportunities available within companies, in taking investment
World Health Organisation (WHO) Accounting advisory services and financial monitoring of National Immunisation Programme in the 36 States of Nigeria, including the Federal Capital Territory, from 2004 to 2015
decisions and with a view to establishing the true net worth of the Targets. She has been involved as engagement manager/director on over 50 due diligence reviews, cutting across various sectors. Some of the major assignments handled by her were:
Client Company reviewed Purpose
Banks:
Bond Bank Limited ❑ Investment Banking & Trust Co. Plc (IBTC)
Merger
Central Bank of Nigeria (CBN) ❑ Intercontinental Bank Plc ❑ Oceanic Bank International Plc
The assignment was in respect of diagnostics review and forensic audit of ‘grave
situation banks’ in Nigeria
Banking sector reforms
Chartered Bank Plc/Regent Bank Plc ❑ Investment Banking & Trust Co. Plc (IBTC) Merger
EMP Africa & others ❑ Intercontinental Bank Plc Investment
Equitorial Trust Bank Limited ❑ Sterling Bank Plc Merger
Fidelity Bank Plc ❑ First International Bank Limited, The Gambia ❑ First International Bank Limited, Sierra Leone ❑ First International Bank Limited, Liberia ❑ First International Bank Limited, Guinea
Investment/acquisition
First City Monument Bank Plc ❑ Finbank Plc ❑ Bank PHB Plc
Acquisition
IBTC Chartered Bank Plc ❑ Stanbic Bank Nigeria Limited Merger
Intercontinental Bank Plc ❑ Access Bank Plc Acquisition
NSITF ❑ African International Bank Limited Investment
Oceanic International Bank Plc ❑ Ecobank Transnational Incorporated Merger
Sadiq Petroleum Limited ❑ African International Bank Limited Investment
Skye Bank Plc ❑ Prudent Bank Plc ❑ Cooperative Bank Plc ❑ Eko International Bank Plc ❑ Reliance Bank Limited ❑ Bond Bank Limited
Merger
Skye Bank Plc ❑ Mainstreet Bank Limited Acquisition
Sterling Bank Plc ❑ Indo-Nigeria Bank Limited ❑ Magnum Trust Bank Plc ❑ NAL Bank Plc ❑ Trust Bank of Africa Plc ❑ NBM Bank Limited
Merger
Sterling Bank Plc ❑ Ecobank Nigeria Plc Merger
Trans International Bank Plc ❑ Trans International Bank Plc Merger
Wema Bank Plc ❑ Wema Bank Plc ❑ National Bank Plc Merger
Insurance:
Admiral Insurance Co. Limited ❑ Admiral Insurance Co. Limited Merger
African Alliance Ins. Co. Limited ❑ African Alliance Ins. Co. Ltd Merger
Atlantic Insurance Co. Limited ❑ Atlantic Insurance Co. Limited Merger
Asset & Resource Management Limited (ARM) ❑ ADIC Insurance Plc
❑ Crystalife Assurance Plc
Acquisition
Capital Alliance Nigeria Limited ❑ Cornerstone Insurance Plc
❑ Union Assurance Nigeria Plc
Merger
Continental Re-insurance Plc ❑ Globe Re-insurance Plc Merger
Crusader Insurance Plc ❑ Crusader Insurance Plc
❑ Refuge Insurance Co Limited
❑ Royal Trust Assurance Co. Limited
❑ Fire, Equity & General Insurance Limited
❑ African Alliance Insurance Co. Limited
❑ Golden Insurance Co Limited
Merger
Fidelity Bank Plc ❑ International Insurance Company Limited, The Gambia
❑ International Insurance Company Limited, Sierra Leone
❑ International Insurance Company Limited, Liberia
❑ International Insurance Company Limited, Guinea
Investment/acquisition
Old Mutual ❑ Provident Life Assurance Company Ltd, Ghana Acquisition
Trust & Guarantee Insurance Limited ❑ Trust & Guarantee Insurance Limited Merger
Others:
Acorn Petroleum Plc ❑ Pegaz Group, Republic of Benin Acquisition
African Export-Import Bank ❑ Mobile Telecommunications Limited (M-TEL) Lenders’ due diligence
Asset Management Company of Nigeria (AMCON) ❑ Best Western Hotel, Ikeja (Suru Worldwide Ventures Limited) Creditors’ due diligence
Consolidated Breweries Plc ❑ Nigerian Breweries Plc Merger
Consortium of Investors ❑ Cellulant Nigeria Limited Acquisition
Emerging Capital Partners ❑ GMT Nigeria Limited Acquisition
Etisalat Staff Multi-Purpose Cooperative Society ❑ Thebe Nigeria HMO Investment
Fuji Oil, Europe ❑ International Oil and Fats Limited, Ghana Acquisition
Hygeia Group ❑ Hygeia Group/Satya Capital Investment
Lafarge Building Materials Holding ❑ United Cement Company of Nigeria Limited (Unicem) Acquisition
Lafarge Cement WAPCO Plc ❑ Societe Nigerienne Cementaire, Republic of Niger ❑ Cement Company of Northern Nigeria Plc
Acquisition
LSG Lufthansa Service Holding AG ❑ Aviation Services & Logistics Plc Acquisition
Mercuria Energy ❑ Seplat Petroleum Plc Investment
MIH ❑ Konga Online Shopping Investment
Nigerian Aviation Handling Company Plc ❑ Aviance Ghana Limited Merger
SABMiller Plc ❑ Pabod Breweries Limited Acquisition
Sahara Oil Limited ❑ Chevron Holdings in West, East and Central Africa – 8 countries Acquisition
Sumitomo Corporation, Japan ❑ Toyota Nigeria Limited Investment
Telnet (Nigeria) Limited ❑ NITEL/M-Tel Privatisation
Xin Wei (Hong Kong) Telecom Co., Limited, China ❑ Panaftel Wireless Limited Investment
Capital market: She was also involved in provision of capital market advisory services to many private sector organisations in the areas of preparation of accountants’ report and review of profit forecast/financial projections for inclusion in Prospectus/Placement Memorandum. Some of her major clients included the following:
Client Purpose
Big Treat Limited Private Placement
Chellarams Plc Corporate bond
Computer Warehouse Group Private Placement
Continental Estates Limited Private Placement
Dana Group of Companies Plc Corporate bond
Epesok Paper Mill Plc Initial Public Offer
First City Monument Bank Plc Public offer
First Atlantic Bank Plc Public offer
FSDH Merchant Bank Limited Corporate bond
IBTC Chartered Bank Plc Merger
Intercontinental Bank Plc Merger and offer for subscription
Law Union & Rock Insurance Plc Public offer
Manny Bank Plc Offer for Subscription
Mutual Benefits Assurance Co. Plc Public offer
Nigerdock Nigeria Plc Initial Public Offer
Presco Plc Initial Public Offer
Union Trustees Limited Offer for subscription of unit trust fund
Visafone Communications Limited Private Placement
Wema Bank Plc Public offer
Zenith Assets Management Limited Offer for subscription of unit trust fund
Share valuation, corporate finance advisory etc: Managed share valuation exercises, preparation of business plan and debt/capital restructuring of various companies, namely:
Client Nature of assignment
Afe Babalola University Financial advisory support on packaging of loan application (involved preparation of Information Memorandum, Business Plan, Market Study Report, Independent Accountants’ Report, Financial Model etc)
African International Bank Limited Valuation of ordinary shares for shareholders
Al-Majeed Nigeria Limited Business plan
Atlantic Shrimpers Limited Valuation of ordinary shares for shareholders
Continental Shipyard Limited Capital/financial restructuring
Eko Auto Mall Limited Business Plan/feasibility study
Fan Milk Plc Valuation of preference shares for lenders
Horizon Fibres Plc Lenders’ due diligence/Debt restructuring
Imo Hill Farms Limited Financial review/due diligence
Nigerian International Bank Limited Valuation of ordinary shares
Obatoil & Petroleum Limited Buy-side advisory on the proposed sale of Enterprise Bank Limited by AMCON
OPR-Refinery & Petrochemicals Limited Valuation of ordinary shares for investors
Prime Africa Limited, Ghana Feasibility study on the establishment of a bank in Ghana
Reliance Telecommunications Limited Valuation of ordinary shares for investors
Trust & Guarantee Insurance Limited Business plan
Union Bank of Nigeria Plc Special advise on restructuring of Union Bank Group, on behalf of Union Global Partners Limited
Forensics: She acted as Manager/Team Lead on the forensic/investigation of companies, such as:
❑ Central bank of Nigeria - Diagnostics review and forensic audit of ‘grave situation banks’ in Nigeria - Intercontinental Bank Plc and Oceanic Bank International Plc
❑ Delta Steel Rolling Mills Limited – Forensic investigation of the utilisation of US$700,000 realised from the sale of aircraft and US$45 million by the Federal Government of Nigeria for the rehabilitation work on the Delta Steel Plant.
❑ Rims Merchant Bank Limited – Investigation of claims of financial commitment made by new investors in Rims Merchant Bank, on behalf of the old investors
❑ Alpha Merchant Bank Limited – Investigation of certain non-banking activities/transactions carried out by the bank ❑ Ambrose Alli University - Diagnostic review of Ambrose Alli University, Ekpoma on behalf og Edo State Government ❑ American University of Nigeria - Special review of students’ fees from 1 September 2006 to 31 August 2009 in order to
ascertain that they have been properly accounted for and correctly reported in the financial statements ❑ Commercial Trust Bank Limited – Investigation of spurious transactions and manipulation of customers’ accounts ❑ Commercial Trust Bank Limited
Education Qualifications
Date School Certificate obtained
1980 St. Monicas’ Grammar School, Ondo West African School Certificate (Grade I)
1983 The Polytechnic, Owo OND in Accountancy (Upper Credit)
1986 Ondo State Polytechnic, Owo HND in Accountancy (Upper Credit)
2002 Federal University of Technology, Akure Master in Business Administration
Professional Qualification Date Organisation
1989
1994
2002
2013
Associate, Institute of Chartered Accountants of Nigeria
Associate, Chartered Institute of Taxation of Nigeria
Fellow, Institute of Chartered Accountants of Nigeria
Certified Forensic Accountants (ICAN)
Employment Record
Organisation Position held Date
Partner ProEdge Partners September2 015 to date
Associate Director Akintola Williams Deloitte 2011-June 2015
Senior Manager Akintola Williams Deloitte 2007-2011
Manager KPMG Nigeria/Deloitte 2002-2007
Assistant/Deputy Manager KPMG Peat Marwick 1996-2002
Senior/Supervising Senior Peat Marwick Ani Ogunde & Co 1990-1996
Audit assistant/Qualified trainee Peat Marwick Ani Ogunde & Co 1987-1990
Professional Training
Course Title Organiser Venue
Advisory Deal Structuring Deloitte LLP, UK London
Banking & Finance for West African Sub-region KPMG, South Africa Accra
Business Diagnostics Deloitte & Touche, EMEA Paris
Business Etiquettes & Communication Skills Human Capital Partners Lagos
Business valuation & financial modelling Deloitte LLP, UK Banjul
Corporate Finance (Module I) KPMG, South Africa Johannesburg
Corporate Finance BPP Accra
Corporate Finance Conference Deloitte & Touche, EMEA Spain
Deal structuring BPP Lagos
Facilitating for Deloitte Deloitte & Touche, Kenya Johannesburg
Introduction to Business Advisor Programme Deloitte & Touche, South Africa Lagos
Introduction to Business valuation Deloitte LLP, UK London
Introduction to Due Diligence Deloitte LLP, UK Banjul
Introduction to merger & acquisitions BPP Lagos
Introduction to security analysis Securities & Exchange Commission Lagos
International Financial reporting Standards (IFRS) Deloitte & Touche, Nigeria Lagos
Introduction to Due Diligence & Valuation (Refresher course)
Deloitte &Touche, South Africa Lagos
Project Management Deloitte & Touche, South Africa Lagos
Proposal School Deloitte & Touche, Kenya Lagos
Valuation, due diligence & deal structuring Deloitte & Touche, South Africa Johannesburg
Wealth maximisation/value chain Deloitte LLP, UK Johannesburg
Project Management Deloitte & Touche, South Africa Lagos
Secret of the Universe (SOTU) Deloitte & Touche, Nigeria Lagos
Valuation Principles BPP Accra
Valuation Workshop Financial Seminars Limited, UK Lagos
Professional Experience
Privatisation: Some of the assignments handled by her are listed below:
Client Company reviewed Purpose
Amperion Power Distribution Company Limited
❑ Ibadan Power Distribution Company
❑ Ikeja Power Distribution Company
❑ Ughelli Power Generation Company
❑ Geregu Power Generation Company
Buy-side advisory
Rivers State Government Valuation of four Independent power plants:
• Omoku Power Plant Privatisation
Profile Adenike is a Fellow of the Institute of Chartered Accountants of Nigeria with over 20 years post qualification experience. She has been involved in the performance of transaction advisory and corporate advisory services including due diligence exercises, reporting accountants, capital raising, review of financial models, feasibility studies/business plan and share valuation for both public and private sector organisations. Prior to working in Deloitte, Adenike spent 3 years as an Audit trainee/Audit Semi-Senior at a medium size Chartered Accounting Firm; Mojibola Oluwa & Co. She joined Akintola Williams Deloitte in 1993 as an Audit Trainee and rose to the position of Audit Manager. During her time as auditor, she was involved in the audit of various companies both in private and public sectors. She left briefly to work as financial controller in a private telecoms outfit before she re-joined Akintola Williams Deloitte Corporate Finance in 2004. She left Akintola Williams Deloitte as an Associate Director in June 2015. She was actively involved in the bank consolidation exercise in 2005, which led to the reduction of the number of banks operating in Nigeria from 89 to 25, advising on a variety of valuation and due diligence engagements. She also acted as an M&A adviser on assignments for the Central Bank of Nigeria and some other investors/seller banks during the 2009/2010 intervention by the CBN. She was also very actively involved in the restructuring of the insurance sector in Nigeria. Adenike participated as an adviser in the privatisation of the power distribution companies in Nigeria. Adenike is a member of Board of Consulting and Information Technology Faculty of the Institute of Chartered Accountants of Nigeria (ICAN). She facilitates at ICAN Certification programmes and seminars and at many conferences and seminars both nationally and internationally. She holds an MBA from the Business School Netherlands and has attended several training programmes, conferences and workshops both in Nigeria and abroad. She also holds the Forensic certification of the Institute of Chartered Accountants of Nigeria. She has attended several training programmes, conferences and workshops both in Nigeria and abroad.
AJAO, Adenike Aromoke Mobile: 0805 209 0445; 0809 968 2532
Email: [email protected]; [email protected];
• Trans-Amadi Power Plant
• Eleme Power Plant
• Afam Power Plant
Audit & assurance: She was involved as in-charge auditor, supervisor and manager on statutory audit of large and medium scale companies in manufacturing, financial services, oil and gas sectors etc. Some of her major clients were:
❑ Unipetrol Nigeria Plc (Now OANDO Plc) ❑ Atlantic Shrimpers Limited ❑ Obajana Cement Plc ❑ Funmi Stores Nigeria Limited ❑ West African Portland Cement Plc ( Wapco Lafarge) ❑ Sara Products Nigeria Limited ❑ Nigeria Telecommunications Limited (NITEL) ❑ NMR Intercontinental Limited ❑ Central Bank of Nigeria ❑ Sona Breweries Nigeria Limited ❑ Portland Paint & Repairs Limited ❑ Polyfilm Packaging Nigeria Limited ❑ CFAO Nigeria Plc ❑ Century Securities Nigeria Limited ❑ Central Insurance Company Limited ❑ Cadbury Nigeria Plc ❑ Tourist Company of Nigeria Plc (Federal Palace Hotel) ❑ African Reinsurance Corporation, Nairobi, Kenya ❑ Tinapa Business Resort ❑ Mitsubishi Shoji Kaisha ❑ Mainland Hotel ❑ Beta Glass Nigeria Plc
Due diligence: She served as the team leader/manager on several assignments on due diligence reviews for lenders, vendors and mergers & acquisitions. The due diligence reviews were to assist the clients in assessing the risks and opportunities available within companies, in taking investment decisions and with a view to establishing the true net worth of the Targets. Some of the major assignments handled by her were:
Client Company reviewed Purpose
Banks:
First City Monument Bank Plc ❑ First City Monument Bank Plc Lenders investment
Central Bank of Nigeria (CBN) ❑ Intercontinental Bank Plc ❑ Oceanic Bank International Plc
The assignment was in respect of diagnostics review and forensic audit of ‘grave situation banks’ in Nigeria
Banking sector reforms
Bank PHB Plc
Financial & Taxation due diligence reviews of four subsidiaries –
❑ Legacy Insurance Brokers ❑ PHB Asset Management ❑ PHB Capital & Trust ❑ PHB Healthcare
Divestment
Cooperative Development Bank Plc
❑ National Bank of
Nigeria
Skye Bank Plc ❑ Prudent Bank Plc ❑ Cooperative Bank Plc ❑ Eko International Bank Plc ❑ Reliance Bank Limited ❑ Bond Bank Limited
Merger
Sterling Bank Plc ❑ Indo-Nigeria Bank Limited ❑ Magnum Trust Bank Plc ❑ NAL Bank Plc ❑ Trust Bank of Africa Plc ❑ NBM Bank Limited
Merger
FBN Capital ❑ Main One Cable Nigeria Limited Lenders due diligence
Keystone Bank Plc
Due diligence review of Orient Bank, Uganda
Divestment
Client Nature of service/Company reviewed Purpose
Insurance:
Cornerstone Insurance Plc Financial & Taxation due diligence reviews of Linkage Assurance Merger
Equinox Group ❑ Atlantic Insurance Co. Limited
❑ Elmac Insurance Limited
Merger
❑ Admiral Insurance Co. Limited
Central Insurance Company Limited Financial due diligence review of Central Insurance Company Limited
Investment
Crusader Insurance Plc ❑ Financial & Taxation due diligence reviews of Capital Bancorp Limited
Investment
Others:
African Prudential Registrars ❑ Financial & Taxation due diligence review of Union Registrars Merger
Emerging Market Telecommunication Services Limited
❑ Financial & Taxation due diligence review of Multilinks Telecommunications Limited
❑ Financial, Taxation and human resources due diligence review of Multilinks Telecommunications Limited
❑
Acquisition
Menzies Aviation ❑ Financial Due diligence review of PAHCOL Merger
SABMiller Plc ❑ Financial Due diligence review of Pabod Breweries Limited Acquisition
Guaranty Trust Assurance Plc (now Mansard
Insurance Plc) ❑ Feasibility study for setting up a branch in The Gambia
Investment
Dangote Industries ❑ Financial Due diligence review of Intercellular Nigeria Plc Acquisition
First Alliance Pension & Benefit Limited ❑ Financial & Taxation due diligence reviews of ARM Pension Managers
Merger
Helios Investment Partners ❑ Financial & Taxation due diligence reviews of Geometric Power Limited
Investment
Abbeycourt Trading Company Limited
❑ Financial & Taxation due diligence reviews of Chevron downstream assets
Acquisition
Cobil Nigeria Limited
❑ Due diligence review of West African Oilfield Services Limited
Acquisition
Dangote Sugar Refinery ❑ Agreed upon Procedures on the review of equity, debt and investments (including inter-company balances) of Dangote Industries Limited in Savannah Sugar Company Limited
Investment
Trend Media City
Feasibility study on four special purpose vehicles namely:
❑ African Film and Television/African Film Fund
❑ African Accelerator Program
❑ African Diaspora Resource Program
❑ Continuing Training Centre.
Visafone Nigeria Limited Vendor due diligence review of the company Funding
Telkom SA Limited Financial, taxation and human resources due diligence review of Cameroon Telecommunication
Acquisition
World Bank/Donor funded Projects: Lead Manager on various specialist assignments involving accounting and special review of donor-funded programmes, such as World Bank, United Nations etc.
Client Nature of assignment
United Nations Development Programme (UNDP) ❑ Accounting and financial monitoring of 2006 National Population
Census in Nigeria
World Health Organisation (WHO) Accounting advisory services and financial monitoring of National Immunisation Programme in Nigeria.
Capital market: She was also involved in provision of capital market advisory services to several clients in the areas of preparation of accountants’ report and review of profit forecast/financial projections for inclusion in Prospectus/Placement Memorandum. Some of her major clients included the following:
Client Purpose
Big Treat Confectionaries Limited Private Placement
First City Monument Bank Plc Public offers: 2005, 2007, 2014 and 2015
Zenith Bank Plc Public offers: 2007, 2008 and 2011
FBN Capital Reporting Accountants to the public offer for FBN Heritage Fund
Heritage Banking Company Limited Reporting Accountants to the Bond
National Association of Securities Dealers (NASD)
Reporting Accountants to the private placement
Diamond Capital & Financial Markets Limited
Reporting Accountants to the private placement
Multi-Trex Nigeria Limited Reporting Accountants to the private placement
Haldane McCall Reporting Accountants to the proposed Real Estate Investment Trusts
Diamond Capital Limited Reporting Accountants to the proposed Diamond Balanced Fund
First Bank of Nigeria Plc Specialist Security Adviser in respect of the Bank’s $200million Callable Notes
Kakawa Asset Management Limited Reporting Accountants to the Guaranteed Income Fund
Lagos State Government of Nigeria Revenue bond
Visafone Communications Limited Private Placement
Wema Bank Plc Public offers
Bond Bank Nigeria Limited Reporting Accountants to the private placement
FSDH Asset Management Limited
Reporting Accountants to:
❑ Coral Income Fund
❑ Coral Ethical Fund
Fidelity Bank Plc Reporting Accountants to the proposed Diaspora Fund
First Alliance Pension & Benefit Limited Reporting Accountants to the private placement
Share valuation, corporate finance advisory etc: Managed share valuation exercises, preparation of business plan and debt/capital restructuring of various companies, namely:
Client Nature of assignment
Keystone Bank Plc Valuation of Orient Bank, Uganda
Lagos Deep Offshore & Logistics Enterprise (LADOL) Valuation of ordinary shares for shareholders
CRC Credit Bureau Valuation of ordinary shares for shareholders
Atlantic Shrimpers Limited Valuation of ordinary shares for shareholders
African Legend Indigo Valuation of ordinary shares for shareholders
The Infrastructure Bank Plc Valuation of ordinary shares for shareholders
Fan Milk Plc Valuation of preference shares for lenders
NDIC Valuation of ordinary shares of Hallmark Homes Limited
Safetrust Savings & Loans Valuation of ordinary shares for shareholders
Penman Pensions Limited Valuation of ordinary shares for shareholders
Leventis Nigeria Limited Valuation of ordinary shares for shareholders
Cards Technology Valuation of ordinary shares for shareholders
Honda Motor Co. Limited (Japan) Valuation of ordinary shares for shareholders
Bemil Nigeria Limited Preparation of business plan
Sahara Group Economic assessment of a State in Nigeria
ABBNG Nigeria Limited Valuation of ordinary shares for shareholders
Multichoice Nigeria Limited
Valuation of ordinary shares of the following:
❑ Digital Mobile Television
❑ African Airtime Sales Limited
❑ MSS Local Productions Nigeria Limited
Petrostuff Nigeria Limited Valuation of ordinary shares for shareholders
Zenith Capital Limited Location/Feasibility study for the establishment of steel pipes and coating plants for Energy Pipes Limited
First Bank of Nigeria Plc Valuation of goodwill on acquisition of Banque Internationale de Credit
Siemens Nigeria Limited Valuation of ordinary shares for shareholders
Forensic: Manager/Team Lead the forensic investigation of companies; such as:
❑ Greenwich Trust Limited ❑ First Bank Plc – Diagnostic review services on Shell Staff Cooperative Investment and Thrift Society Limited ❑ ABB Nigeria Limited
Education Qualifications
Date School Certificate obtained
1982 Muslim Girls’ High School. Ijebu-Ode, Ogun State West African School Certificate
1984 School of Basic Studies, Ijebu –Ode, Ogun State GCE A’Levels
1987 University of Lagos, Akoka. B.SC Sociology (Second Class Upper)
2013 Business School Netherlands, Netherlands Master in Business Administration
Professional Qualification Date Organisation
1994
1996
2008
2013
Associate, Institute of Chartered Accountants of Nigeria
Associate, Chartered Institute of Taxation of Nigeria
Fellow, Institute of Chartered Accountants of Nigeria
Forensic Certification Course of the Institute of Chartered Accountants of Nigeria leading to the award of CFA certification
Employment Record
F Position held Date
Prime Publications Nigeria Limited Store/Admin Officer Feb 1990 – Oct. 1990
Mojibola Oluwa & Co (Chartered Accountants) Audit Trainee to Semi-senior Nov. 1990 – Feb. 1993
Akintola Williams Deloitte Audit Trainee to Manager March 1993 – March 2002
Simba Telecom Nigeria Limited Financial Controller March 2002 - 2003
Akintola Williams Deloitte Manager to Associate Director April 2004 – June 2015
ProEdge Partners
Partner
September 2015 to date
Professional Training
Course Title Organiser Venue
Advanced Deal Structuring Deloitte LLP, UK London
Advanced Excel Training Wizer Consulting Lagos
Business Diagnostics Deloitte & Touche, EMEA Johannesburg
Business Etiquettes & Communication Skills Human Capital Partners Lagos
Business valuation & financial modelling Deloitte LLP, UK Banjul
Business valuation e-course New York Institute of Finance Online
Corporate Finance- Module 1 BPP Accra
Corporate Finance- Module 2 BPP Banjul
Deal structuring BPP Lagos
Introduction to Business valuation Deloitte LLP, UK London
Introduction to Due Diligence Deloitte LLP, UK Banjul
Introduction to merger & acquisitions BPP Lagos
Introduction to Business Advisor Program (IBAP) Deloitte & Touche, South Africa Lagos
International Financial Reporting Standards (IFRS) Deloitte &Touche, Nigeria Lagos
Proposal School Deloitte & Touche, Kenya Lagos
Risk Management Programs Various courses delivered by Deloitte Lagos
Secret of the Universe (SOTU) Deloitte & Touche, Nigeria Lagos
Valuation, due diligence & deal structuring Deloitte & Touche, South Africa Johannesburg
Various Webex training courses Deloitte & Touche, South Africa Lagos
Valuation Principles BPP Accra
Valuation Workshop Financial Seminars Limited, UK Lagos
Conferences attended
Course Title Venue& date
EMEA Valuation Conference London, 2013
Corporate Finance Conference Ghana, 2013
Corporate Finance Conference Nairobi, 2012
EMEA Corporate Finance Conference Spain, 2006
O M O L E Y E O L U Y E M I S I T . ( A C A )
PERSONAL INFO
Address: No 11B Olufunsho Ayodele Street, Off Agbe Road, Abule Egba.
Lagos, Nigeria
Sex: Female
Email: [email protected]
Telephone: +234 80337 99999, 8052090471
PROFILE
I’m a Chartered accountant with over 10years’ extensive experience in Auditing, Accounting and Finance.
My experience cuts across: • Financial statement preparation/analysis
• Financial and Management reporting
• Internal Control management
• Joint venture and project accounting
• Tax and other regulatory reporting
• Financial projection, forecasting , budgeting and performance appraisal
PERSONAL ATTRIBUTES
▪ Ability to oversee and supervise
▪ Successful in promoting effective working relationship ▪ Excellent interpersonal, communication and organizational skills. ▪ Self motivated, technology driven and ability to multi task.
EDUCATIONAL QUALIFICATION
1992 - 1997 B.Sc. Economics (Second Class Upper Division), Obafemi Awolowo University, Ile - Ife, Nigeria
PROFESSIONAL MEMBERSHIP
2007 - Associate member, Institute of Chartered Accountant of Nigeria(ICAN)
2003 - Associate member, Nigeria Institute of Management(NIM)
WORK EXPERIENCE
January 2019 to Date
ProEdge Partners Senior Manager
Providing Auditing, Tax and Consultancy services to clients
November 2015 to October 2018
Aseba Star Motors Limited Internal Auditor
Provides strategic direction, manage and execute the Internal Audit Activity, coordinate specific processes to support the implementation and execution of the Audit Plan, monitoring compliance, preparing and presenting audit findings and recommendations, and providing assurance of compliance with statutory requirements and the organisation’s policies and procedures.
February 2014 - October 2015 Manager
FFA Professionals
Carrying out Auditing, Tax and Consultancy services on clients
September 2012 - November 2013 Financial Accountant
TNS RMS Nigeria Limited
▪ Managed accounting operations and activities of the company. ▪ Ensuring accurate financial accounting and reporting of the monthly and year to date company
results. ▪ Prepared financial and regulatory reports required by laws, regulations or board of directors. ▪ Review entries to ensure accuracy of the General Ledger. ▪ Prepare budget forecast in collaboration with the Finance Director and ensuring expenses are
strictly in line with budget. ▪ Supervise other staff in accounts department. ▪ Managed the Company’s fixed assets schedule, prepayments, payrolls, Loans and Capital
Accounts. ▪ Prepare month and year end journals and ensure that balance sheet accounts are reconciled
and signed off. ▪ As the company’s SOX Champion, ensuring that transactions and documents generated are in
accordance with the company’s policies. ▪ Registration of suppliers based on SOX requirements ▪ Produce draft statutory accounts and manage financial and tax audits ▪ Ensuring statutory compliance with tax and other Government regulations in addition to filing of
tax and fiscal requirements within statutory deadlines. ▪ Key player in the Company’s successful migration of accounting and other transactions from
Sage Accounting Package to Maconomy (the company’s global software).
April 2007 - July 2011 Audit Senior
Deloitte Nigeria. (Akintola Williams Deloitte)
▪ Team leader for statutory audit engagements involving entities in the Manufacturing, Telecommunication, Consumer businesses and services.
▪ Financial reporting and Accounting ▪ Audit Planning, test of controls and substantive testing.
▪ Preparation of Financial statements and reports, analysis and interpretation thereof. ▪ Assessment of the adequacy and effectiveness of the operation of internal control system of
clients. ▪ Review of business unit control documentation, finalized testing plans, selected test samples
and review management testing for key controls ▪ Assessment and documentation of business processes and controls using Deloitte audit
technology. ▪ Team management and appraisal ▪ Engagement Management ▪ Other special assignments like accountancy, reconciliation of differences on accounts, etc.
May 2004 - April 2007 Senior Audit Associate
Deloitte Nigeria. (Akintola Williams Deloitte)
▪ Planning and executing statutory audit engagement for small clients ▪ Reporting on the audit engagement. ▪ Preparation of financial statements to support the audit opinion ▪ Supervision of field team members and new assistants ▪ Reporting to the Audit Manager on on-going assignments
July 2000 – May 2004 Audit Associate
KPMG Nigeria.
▪ Team member (assistant) in the performance of statutory audit assignments. Some of the clients audited are: Nigerian Civil Aviation Authority, Dangote Flour Plc, Airline Services and logistics Plc, eTranzact International Plc, JMG Limited, World Bank Assisted Projects - HSDP, FADAMA, LMDGP, Lucky Fibres Plc, Dubril Oil Limited and FBN Merchant Bankers.
WORKSHOP/TRAINING ATTENDED
*Deloitte IFRS training Lagos *Deloitte – Milestone II Training (A training for Field Seniors)
Ghana *Deloitte - Audit techniques and Financial Interpretations Lagos *Deloitte – Review and evaluation of internal control, accounting and information systems Lagos *TNS RMS –Maconomy implementation Training. Lagos
INTERESTS
Travelling, Reading, Cooking and meeting people.
REFERENCE
Available on request.
