CAP Plc Announces Board Changes; Appoints Two New Non-Executive Directors

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Thursday, June 6, 2019 12:30PM / NSE

 

Chemical and Allied Products Plc (“CAP Plc”) wishes to inform the Nigerian Stock Exchange and the general public of the following appointments to her Board of Directors:

Mrs Muhibat Omobolanle Idowu Abbas has been appointed to the Board of CAP Plc as a Non-Executive Director.

Mrs Abbas graduated from the University of Lagos with B.Sc. (Hons) degree in Business Administration and has attended various courses organised by IMD, Euromoney, Ashridge Business School and the Lagos Business School. She is a Fellow of the Institute of Chartered Accountants of Nigeria, with over thirty years’ experience in Internal Audit, Financial Accounting, Management Accounting, Treasury Management and Pension Fund Administration.

She worked variously as Group Treasurer UAC of Nigeria °lc, Finance Director/Company secretary CAP Plc, Divisional Commercial Director UAC Foods, Divisional Commercial Director GBO/MDS/Textiles and Divisional Commercial Director Bordpak Premier Packaging and Managing Director of UNICO CPFA Ltd. She was the Acting Chief Financial Officer of UAC of Nigeria Plc. She is currently a Non-Executive Director of FSDH Merchant Bank Limited and the Chairperson of UAC Restaurants Limited.

Mrs Bolarin Okunowo has also been appointed to the Board of CAP Pic as a Non-Executive Director.

Mrs Okunowo is a qualified Chartered Accountant. She holds a Bachelor’s degree in Commerce from the University of Birmingham UK and a Master’s degree in Information Systems from the prestigious London School of Economics. She is 2 well-seasoned finance and investment specialist with over 15 years’ experience in a range of finance roles including debt advisory and finance, corporate finance, principal investments and financial management. She joined UAC of Nigeria Plc in 2018 as Head, Corporate Finance, charged with the recapitalization of UACN Property Development Company Plc, a subsidiary of the UAC of Nigeria Plc. Prior to joining the UAC Group, Bolarin was the Head, Energy & Infrastructure Finance at Stanbic IBTC Capital (“Stanbic”) with responsibility for the oil and gas, power and infrastructure debt finance portfolio. She led the execution of debt advisory and debt arranging mandates for large scale energy and infrastructure projects in Nigeria.

Mrs Okunowo has extensive experience in debt restructuring and recovery for complex transactions most notably in the wake of the 2015 oil price crash. Prior to Stanbic, Mrs Okunowo was part of the investment banking team at Asser & Resource Management Co. (“ARM”) where she pioneered work on the company’s Hospitality & Retail Fund as well as executed a host of financial advisory mandates across multiple sectors in including infrastructure, government (PPP), aviation, real estate (retail & hospitality), advertising, food and financial services. Prior to joining ARM, she worked ir, Pricewaterhouse Coopers (“PwC”) providing audit services to the firm’s financial service clients.

 

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Graph 1: Cap Plc – One Year Share Price Movement

 

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Table: Unaudited Q1 2019 Results

 

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