UACN Property Development Company Plc (UPDC) has announced the resignation of its board member, Halima Alao. Before Alao’s resignation, she was a member of the Statutory Audit Committee, the Risk Management Committee and the Remuneration and Governance Committee.
Alao’s resignation as Non-Executive Director of the company was announced in a statement signed by the Secretary/Legal Adviser of the company, Folake Kalaroon and published on the website of the Nigerian Stock Exchange (NSE).
Reason for Alao’s resignation? The real estate company didn’t disclose what led to the resignation of Alao.
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However, her resignation was accepted, as the company expressed a deep appreciation to her for her valuable contributions over the years
Halima Alao’s profile: Architect (Mrs.) Alao graduated with B.Sc. (Hons) and M.Sc. (Architecture) from Ahmadu Bello University, Zaria. She also holds a Master Degree in Public Administration from the University of Ilorin. She is an alumnus of the Advanced Management and Leadership Programme of Oxford University Business School.
She is a member of the Nigerian Institute of Architects. She served the nation variously as Sole Administrator/Chairman, Ilorin South Local Government; Permanent Secretary, Kwara State Ministry of Land & Housing; Permanent Secretary, Kwara State Ministry of Works and Transport; Executive Secretary, Kwara State Commission for Women; Honourable Minister of State for Education; Minister of State for Health, and Honourable Minister of Environment, Housing and Urban Development. She is the director of Tham Girl-Child Foundation.
She joined the Board on 13th January 2010 as a Non-Executive Director. She is a member of the Statutory Audit Committee and the Risk & Governance Committee.
Prior to this development, UAC Nigeria announced to spin off its shareholding in UPDC to its shareholders. Figures from UPDC’s FY 2018 results, however, show that UAC holds 64.16% or 1.6 billion of the 2.5 billion outstanding shares.
Similarly, UPDC has, through its Stockbroker, Stanbic IBTC Stockbrokers Limited, submitted an application to The Nigerian Stock Exchange for the approval and listing of a Rights Issue of N15.96 billion.
The rights issue is of Fifteen Billion, Nine Hundred and Sixty One Million, Five Hundred and Sixty-Three Thousand, Two Hundred and Sixty (15,961, 563, 260) ordinary shares of Fifty Kobo (N0.50) each at One Naira (N1.00) per share, on the basis of forty-three (43) new ordinary shares for every seven (7) ordinary shares held.