Home Business News UACN Plc announces retirement of Group CEO

UACN Plc announces retirement of Group CEO

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UAC of Nigeria Plc, one of Nigeria’s oldest conglomerates, has announced the retirement of its Group Chief Executive Officer (CEO) Abdul Bello, effective January 1st, 2019.

Born on the 8th of November 1960, Bello began working in the  company in 1989, and assumed office as Group CEO in January 2018, following the retirement of his predecessor Larry Ettah.

The firm also announced the appointment of  Mrs. Omolara Elemide, the Executive Director, Corporate Services, as Acting Group CEO with effect from January 1, 2019. The search for a substantive Group CEO will commence immediately.

UAC of Nigeria Plc is currently trading at N9.50 in today’s trading session, unchanged from the prior day.

Results for the nine months ended September 30, 2018 show revenue dipped from N68.2 billion in 2017 to N55.7 billion in 2018. Profit before tax fell sharply from N3.1 billion in 2017 to N483 million in 2018. Profit after tax also dropped from N1.9 billion in 2017 to N252 million in 2018.

 

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