UAC of Nigeria Plc has made important changes to its board. They have appointed Adebolanle Badejo, the Group Investment Director, to the board of UPDC Plc.
The company said this restructuring aims to improve governance in its operating companies. It also wants to focus more on growing its portfolio and making acquisitions.
A regulatory filing signed by Ayomipo Wey, who is the Company Secretary and Group General Counsel, confirmed that the appointment starts from 13 July.
As part of this change, Mr Badejo will leave the board of UAC of Nigeria Plc. But he will keep his job as Group Investment Director. He will still be part of the Executive Committee and report directly to the Group Managing Director.
The Group stated, "UAC of Nigeria PLC (‘UAC’ or the ‘Group’) announces changes to directorship roles across the Group as part of a restructuring intended to strengthen governance in its operating companies and support the Group’s growth plans."
The company added that this new setup will let Mr Badejo focus solely on governance and creating value for its operating entities.
In addition, Mr Badejo will still lead the Group’s mergers and acquisitions program. He will also manage the sale of non-core businesses and make decisions on capital for major investments.
Along with his new role at UPDC Plc, Mr Badejo will keep his non-executive director positions at several UAC operating companies. These include Chemical and Allied Products (CAP) Plc, C.H.I. Limited, DP World Logistics Limited, Grand Cereals Limited, Livestock Feeds Plc, UAC Foods Limited, and UAC Restaurants Limited. He also chairs or serves on various board committees.
The company said, "The board expresses its appreciation to Debola for his valuable service as a Director of UAC of Nigeria PLC and looks forward to his continued leadership and contributions across the Group in his expanded role."
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