Modupe Oguntade, Berger Paints Plc’s Chief Finance Officer (CFO), has been appointed as the company’s Acting Managing Director/Chief Executive Officer.
In a notification to the Nigerian Stock Exchange (NSE), the company disclosed that Oguntade will be replacing Peter Folikwe, who will be exiting the Board, having completed his four-year tenure as the company’s Managing Director.
In line with Berger Paints successor policy, Oguntade’s appointment will take effect from January 7, 2019.
A brief profile of the Acting MD
Oguntade joined Berger Paints Nigeria in 2016 as the Head of Finance. She trained with the firm of Coopers & Lybrand, Nigeria and qualified as a Chartered Accountant.
Her experience of more than two decades at management levels took her through quoted companies, multinationals and group of companies – SCOA Nig. Plc, Sooner Pipes Ltd, TY Group, Dangote Group.
Oguntade graduated from the former University of Ife (now Obafemi Awolowo University). She holds a Masters degree in Business Administration from Obafemi Awolowo University, Ile-Ife with specialisation in Management.
She is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Associate Member of the Chartered Institute of Nigeria (CITN). Oguntade has also attended several training programs in the course of her career and is a member of the SMP 12 class of the prestigious Lagos Business School.
About Berger Paints
Berger Paints Nigeria Plc commenced operations in Nigeria on January 9, 1959 with registration number RC.1837. Lewis Berger, a German colour chemist founded the Berger Paints’ dynasty in London, in 1760.
The company operates in 5 business segments, which include -Decorative/Architectural finishes, Industrial Coatings, Marine & Protection coatings, Automotive/Vehicle refinishes, Wood Finishing and Preservers.
Berger Paints closed at N7.85 on Friday’s trading session at the NSE, unchanged from the prior day.
Results for the nine months ended September 30, 2018 show revenue increased from N2.1 billion in 2017 to N2.4 billion in 2018. Profit before tax rose from N167 million in 2017 to N267 million in 2018. Profit after tax also rose from N113 million in 2017 to N181 million in 2018.