Nigeria’s largest conglomerate and oldest surviving business, UAC of Nigeria (UACN) Plc, has announced major changes in its top management.
They are a new Group Managing Director (GMD) for the parent company and Managing Directors for three subsidiaries. All appointments will take effect on January 1, next year.
Mr Abdul Bello, the Executive Director and Chief Financial Officer (CFO) of UACN, is GMD. He is to succeed Mr. Larry Ettah, who is retiring on January 1, after 11 years as the helmsman of the conglomerate.
The Group has also appointed Mr Solomon Aigbavboa as the new Managing Director of Livestock Feeds Plc. Aigbavboa, a Pharmacist, is succeeding Mrs Modupe Asanmo, who will be retiring on January 1, 2018 after 10 years of service to the company.
The board has also appointed Mr Adedamola Olusunmade as the new Managing Director of Portland Paints and Products Nigeria (PPPN) Plc. Olusunmade, a Chemical Engineer who started his career as an Assistant Production Manager with CAP Plc-another UACN subsidiary, in 1999, will be succeeding Mr. Mukhtar Yakassai, who has been appointed to another executive position within the group. Yakassai will however, remain on the board of PPPN as a non-executive director.
Also, Mrs Oluwakemi Ogunnubi has been appointed as the new Managing Director of CAP Plc, to succeed Mrs Omolara Elemide who has been appointed as the new Executive Director, Corporate Services of UACN. Bello has also been appointed as a non-executive director of CAP, preparatory to his emergence as chairman of the subsidiary.
Mrs Adeniun Taiwo has been appointed as the new CFO for the UACN Group. Meanwhile, the current executive director, corporate services of UACN, Mr. Joseph Dada, will be retiring on January 1, 2018.
Nigeria’s oldest surviving business, UACN started business in Nigeria in 1879, well ahead of the 1914 amalgamation that created the current Nigerian nation. The UACN Group consists of several active companies spreading through manufacturing, services, logistics and real estate sectors of the Nigerian economy. These include four quoted subsidiaries-CAP Plc, UACN Property Development Company (UPDC) Plc, Livestock Feeds and Portland Paints and Products Nigeria Plc; in addition to the parent company, UACN. UPDC Real Estate Investment Trust, which is also quoted on the NSE, is a subsidiary of UPDC.
UACN acquired Livestock Feeds and Portland Paints in 2013. Other members of the group included UAC Foods Limited, UAC Restaurants Limited, MDS Logistics Plc, Warm Spring Waters Nigeria Limited, Grand Cereals Limited, and Unico CPFA Limited.
UACN is raising N15.36 billion through a rights issue of 960.43 million ordinary shares of 50 kobo each at N16 per share. The new shares have been pre-allotted to existing shareholders on the basis of one new share for every two shares held as at the close of business on Thursday October 19, 2017.
The application list will close on Friday December 22, 2017. After deduction of the estimated issue costs and expenses of N333.91 million, representing 2.2 per cent of the gross issue proceeds, the net issue proceeds is about N15.033 billion. Listed in 1974, UACN is owned by some 185,000 shareholders. No shareholder holds five per cent and above other than Stanbic Nominees Nigeria, which hold 17.86 per cent equity stake.
Born in November 1960, Bello joined Grand Cereals Limited (GCL), a subsidiary of UACN, on October 23, 1989 as chief accountant. Prior to joining UACN, he started as management trainee in Inlaks Plc in August 1985. He was chief accountant of Inlaks Plc, Lagos from January 1987 to September 1989. A chartered accountant, Bello holds an HND degree in Accountancy from Yaba College of Technology, Lagos. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).
Bello has held various management positions across UACN Group. Between August 1997 and February 1998, he was Senior Accountant at Accounts Headquarters, UACN. He was appointed Finance Director & Company Secretary of Chemical & Allied Products (CAP) Plc on April 1, 1998. He was appointed the Managing Director of CAP Plc February 1, 2003.