PORTPAINT Notifies of Board Changes

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Wednesday, March 18, 2020 / 2:40 PM / NSE / Header Image Credit: EcoGraphics

The Board of Portland Paints and Products Nigeria Plc ("Portland Paints" or the "Company") hereby announces the following changes:


1.     Mrs. Bolarin Okunowo has been appointed as the Managing Director of Portland Paints effective March 21, 2020. Prior to her appointment, Mrs. Okunowo served as a Non-Executive Director of the Company. Bolarin is a seasoned finance and investment specialist with over 15 years' experience in a range of finance roles including debt advisory, debt finance, corporate finance, principal investments and financial management. She joined UAC of Nigeria Plc ("UACN") Group in October 2018 and served as UACN's Investment Executive responsible for managing the company's investments in its Industrial businesses (paints, logistics and real estate). In her role as an Investment Executive, Bolarin was responsible for working with management teams to shape strategy and deliver commercial outcomes.

Prior to joining UACN, she was the Head, Energy & Infrastructure Finance at Stanbic IBTC Capital ("Stanbic") with responsibility for the oil and gas, power and infrastructure debt finance portfolio. Bolarin led the execution of debt advisory and debt arranging mandates for large scale energy and infrastructure projects in Nigeria. Prior to Stanbic, Bolarin worked with ARM Investments Managers and PricewaterhouseCoopers. Bolarin 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 currently serves on the board of Chemical and Allied Products Plc as a Non —Executive Director.


2.  Dr. Vitus Ezinwa has been appointed as a Non-Executive Director of Portland Paints effective March 21, 2020.

Dr. Ezinwa is currently the Group Human Resources Director at UACN. He is a seasoned business manager and human resource professional with experience in leading multinational corporations. Prior to Joining UACN, Vitus worked as Group Human Resources Director for Promasidor Africa; Human Resources Director, Coca-Cola Nigeria & Equatorial Africa with responsibility for 10 countries and Human Resources Director for British American Tobacco, West & Central Africa covering Ghana, Benin, Niger & Togo. Vitus was, until recently, the Group Human Resource Director for Tropical General Investments (TGI) Group. He is a member of the Advisory Board of Afterschool    Graduate Development Centre, member of the Institute of Directors and a Fellow of the Chartered Institute of Personnel and Development (CIPD) UK. He is a co-founder and Director of HR Network Africa and was until 2014, a member of the Lagos Business School's Advisory Board.

Vitus holds a Bachelor's degree in Sociology/Anthropology from the University of Nigeria, Nsukka, MBA in Management from Lagos Business School, a Masters in Applied Business Research and a Doctorate in Business Administration, both from Swiss Business School, Zurich, Switzerland. He joined UACN in November 2018 as the Group Human Resources Director. In addition to sitting on the board of UACN, Vitus is a non-executive director of Grand Cereals Limited.


Mr. Adedamola Olusunmade resigns as the Managing Director/CEO and from the Board of the Company effective March 20, 2020. In accepting Adedamola's resignation, the Board acknowledged and sincerely expressed its profound gratitude to Adedamola for his leadership, service and contributions to Portland Paints and wished him all the best as he moves on to pursue other interests.

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Table:  Unaudited Q3 2019 Results

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