Chemical and Allied Products Plc. (CAP Plc) has announced some changes on its Board of Directors.
In a release, it announced the resignation of Abdul Akor Bello as Director of the company and Oluwakemi Ogunnubi as the Managing Director of CAP Plc.
Ogunnubi’s resignation took effect from the 18th of February 2019 as Akor Bello’s resignation from the board is coming on the heels of his retirement as the Group Executive Officer of UAC of Nigeria Plc.
The release also announced the appointment of Omolara Elemide, the acting Group Managing Director/Chief Executive Officer of UAC of Nigeria as the acting Managing Director of CAP Plc.
The new Acting Group Managing Director joined UAC in October 1983 and has worked in various capacities within the UAC Group. These include Group Audit Manager, Finance Director of UACN Property Development Company Plc from where she joined the Board of CAP Plc as Finance Director/Company Secretary in February 2005. She is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). She was appointed the Managing Director of CAP Plc in May 2009, a position she held until December 2017.
CAP Plc, a subsidiary of UACN Plc is in the paintings and coatings business. The company was established originally as ICI investments limited in 1957 but became ICI Nigeria Limited in 1965. Following the promulgation of the Indigenization decree in 1972 and 1977, ICI Nigeria Limited sold 40%, and then 60% to the Nigerian Public and changed its name to Chemical and Allied Products Limited. In 1992, ICI Nigeria Limited finally disposed-off its minority 40% shareholding in CAP Plc when it sold 35.7% of its equity to UAC of Nigeria Plc and the rest to the Nigerian public on the floor of the Nigeria Stock Exchange. Currently, UAC of Nigeria Plc holds about 50.09% of the company’s equity. The shares of the company are traded at N34 on the Exchange with the one year return up 1.83 percent.
OLUFIKAYO OWOEYE
