Fola Akande, company secretary of Cadbury Nigeria Plc, is set to retire effective from June 17, 2024.
This was disclosed in a statement on Thursday signed by Wole Odubayo, the company’s human resources director.
“The Board of Cadbury Nigeria Plc (the Company) wishes to inform the Nigerian Exchange Limited, the investing public and other stakeholders, of the retirement of Fola Akande as the company secretary of Cadbury Nigeria Plc from June 17, 2024,” the statement said.
It said the board of the company appreciates Akande’s committed service and wishes her success in her future endeavours.
Last year, the fast-moving consumer goods firm reported a loss for the first time in six years. It had an after-tax loss of N27.6 billion as against a profit of N583.1 million in 2022.
Interest expense on borrowings surged by 170 percent to N1.36 billion in 2023.
“The exponential rise in its finance expense resulted in a loss before and after tax of N27.6 billion for 2023 (zero tax) compared with a profit before tax of N1.30 billion in 2022 and a net profit of N583 million in 2022,” analysts at CSL Research said in a note on Monday.
Earlier in the year, the company secured forex lines from its parent company as a temporary solution to forex liquidity shortages.
It converted its outstanding $7.7 million loan payable to its major shareholder, Cadbury Schweppes Overseas Limited to equity.
The move, which is yet to get approval from its shareholders, seeks to increase Cadbury Schweppes Overseas’ equity in Cadbury Nigeria to 79.4 percent from 74.97 percent.