Nigeria-based DEAP Capital Management & Trust PLC announced a new seven-member board of directors.
The new board comprises two directors from the current board, two from the old board which was suspended by the country's SEC and three from a management group who will work with the board to turn the company around.
Joe Idudu and Joel Omole will be chairman and managing director, respectively. Meanwhile, Jacob Esan, Emmanuel Ugboh, Kenneth Olise, Edmond Ani and Alhaji Murtala Aliyu will be nonexecutive directors.
Omole, Olise and Ani are the turnaround team, while Esan and Aliyu are current board members. Idudu and Ugboh both served on the firm's old board of directors and have rejoined the company after a five-year suspension placed on them, along with nine other former directors, by the securities watchdog ended on March 27.
Furthermore, the company said in its filing that Elder Williams Odudu resigned as part of the board's restructuring.
Additionally, the company's shareholders are set to vote on a proposal to change the company's name to DEAP PLC at its Aug. 22 annual general meeting.