UAC Nigeria announces board changes as Debola Badejo joins UPDC board

UAC of Nigeria Plc has announced changes to its Board of Directors as its Group Investment Director, Mr. Adebolanle “Debola” Badejo, steps down to join the Board of UPDC Plc.

The development was disclosed in a notice filed with the Nigerian Exchange Limited (NGX) and signed by the Company Secretary, Ayomipo Wey.

According to the company, the move forms part of ongoing efforts to strengthen governance and strategic oversight across the Group.

UAC stated that the appointment aligns with its board renewal strategy aimed at bringing expertise that supports growth and value creation across its food, real estate, paints, and other operating businesses.

What they are saying

According to the notice, Badejo’s appointment to the UPDC Board became effective on July 13, 2026.

• “Mr. Adebolanle Badejo (‘Debola’), Group Investment Director, has been appointed to the Board of UPDC Plc effective 13 July 2026 and will step down from the Board of UAC of Nigeria Plc,” the company stated.

Despite leaving the UAC Board, Badejo will remain a member of the Group’s Executive Committee and continue reporting directly to the Group Managing Director.

The company noted that the change will allow him to focus more closely on portfolio governance and value creation across UAC’s operating companies.

• “The change will enable Debola to focus fully on portfolio governance and value creation across the Group’s operating companies. He will also continue to lead the Group’s mergers and acquisitions programme, oversee the divestment of non-core businesses, and drive capital allocation decisions for major strategic investments across the Group,” the notice added.

Expanding governance responsibilities

Beyond his new role at UPDC, Badejo will continue to serve on several boards within and outside the UAC Group.

He currently serves as a Non-Executive Director and Chair of the Risk Management Committee at Chemical and Allied Products (CAP) Plc; Non-Executive Director at C.H.I. Limited; and Non-Executive Director and Chair of the Risk and Governance Committee at DP World Logistics Limited.

He also holds board positions at Grand Cereals Limited, Livestock Feeds Plc, UAC Foods Limited, and UAC Restaurants Limited, where he chairs or serves on various governance, risk, audit, and human resources committees.

The Board thanked Badejo for his contributions as a director of UAC of Nigeria Plc and expressed confidence in his continued leadership across the Group.

About Adebolanle Badejo

Badejo is an investment executive with more than 18 years of experience spanning investment banking, private equity, and corporate leadership across Africa.

• As Group Investment Director at UAC of Nigeria Plc, he leads the company’s investment strategy and capital allocation activities. Prior to assuming the role, he served as Chief Executive Officer of UAC Restaurants Limited.
• Earlier in his career, he worked as a Principal at Themis Capital Management, where he helped execute strategic investments in high-growth African businesses, including the investment in UAC of Nigeria Plc.
• He also held investment banking roles at Standard Bank in Johannesburg, where he worked on more than $2 billion worth of mergers, acquisitions, and capital market transactions across sub-Saharan Africa, and at Morgan Stanley in New York within its Natural Resources Group.

Badejo holds an MBA from Columbia Business School and a Bachelor of Science degree in Systems Engineering from the University of Virginia.

What you should know

The board changes come months after UAC of Nigeria completed the consolidation of its acquisition special purpose vehicle, UAC Food and Beverage Company Limited, into C.H.I. Limited.

The company described the move as an administrative step aimed at simplifying its corporate structure following the acquisition of the beverage company. UAC said the consolidation had no impact on operations, earnings, or shareholder interests.

According to the company, the special purpose vehicle was established solely to facilitate the acquisition of C.H.I. Limited and had no independent business operations. With the transaction completed, UAC said the vehicle was no longer required and was subsequently merged into the operating subsidiary.