- Mr. Folasope Aiyesimoju has been elected as the new Chairman of the Board of Directors of Chemical and Allied Products Plc (CAP Plc).
- He is currently the Group Managing Director (GMD) of UAC of Nigeria Plc (UACN) and has over 20 years of experience in the financial services industry.
- Mrs. Awuneba Ajumogobia has retired as Chairperson and Independent Non-Executive Director of the Board of Directors of CAP Plc.
The Board of Directors of Chemical and Allied Products Plc (CAP Plc) has announced the election of Mr. Folasope Aiyesimoju, as Chairman of the Board.
The appointment which was effective from 15th June 2023 follows the retirement of Mrs. Awuneba Ajumogobia.
This was contained in the company’s notice to the Nigerian Exchange Limited (NGX) and seen by Nairametrics.
Profile of Aiyesimoju
According to the statement signed by Ayomipo Wey, Company Secretary/General Counsel, Mr. Aiyesimoju is currently a Non-Executive Director on the Board of CAP Plc and was appointed in that capacity on 5 October 2021.
Aiyesimoju is currently the Group Managing Director (GMD) of UAC of Nigeria Plc (UACN) with responsibility for shaping overall strategy and driving long-term value creation.
He is also the founder of Themis Capital Management, an investment firm focused on concentrating capital and talent on high-potential opportunities in Sub-Saharan Africa.
Before founding Themis, he worked with Kohlberg Kravis Roberts, a leading global investment firm.
His experience also includes working with the Standard Bank Group, where he led mergers and acquisitions in Nigeria.
He spent the early part of his career with Ocean and Oil Holdings Limited, a principal investment firm in Nigeria, and ARM Investment Managers, one of Nigeria’s leading investment advisory and wealth management firms.
In furtherance of his role as GMD of UACN, he sits on the Boards of MDS Logistics Limited, Grand Cereals Limited, UAC Foods Limited, and UPDC Plc.
Mr. Aiyesimoju holds a B.Sc. (Hons) degree in Estate Management from the University of Lagos, where he was awarded a Certificate of Excellence in Real Estate Development and Finance and earned the right to use the CFA designation in 2006.
The company also announced the retirement of Mrs. Awuneba Ajumogobia as Chairperson and Independent Non-Executive Director of the Board of Directors of the Company effective June 15, 2023, the date of the Company’s Annual General Meeting.
Ajumogobia’s stewardship
According to the statement, Mrs. Ajumogobia was appointed to the Board in August 2019 and served as Chairperson of the Board until her retirement at the Company’s Annual General Meeting on June 15, 2023.
- The company said: “Ajumogobia’s strategic leadership has been instrumental to the Company’s strong financial performance over the last four years.
- CAP’s revenue grew 128% from N8.4 billion in 2019 to N19.2 billion in 2022, whilst profits grew 41% from N1.7 billion in 2019 to N2.4 billion in 2022.
- During her tenure, the Company also significantly expanded its retail footprint and diversified its product offering through the landmark merger with Portland Paints and Products of Nigeria Plc.
- The Board expresses its sincere gratitude to Mrs. Ajumogobia for her unwavering commitment and outstanding contributions to the Company over the past years”.