FTN Cocoa taps Wale Jubril to steer board after chairman’s death

FTN Cocoa Processors Plc has appointed Otunba Wale Jubril as Interim Chairman of its Board of Directors.

Jubril’s appointment follows the death of its long-serving Chairman, High Chief (Sir) S.O. Oguntimehin, OON.

The development was disclosed in a regulatory filing issued on August 18, 2026, and signed by Opeoluwa Falase on behalf of the company’s secretaries, Alphagenasec Limited.

What they are saying

According to the disclosure, Oguntimehin passed away on March 30, 2026. The board paid tribute to the late chairman, acknowledging his leadership and contributions to the growth of the company.

To ensure continuity in governance and board leadership, directors approved Jubril’s appointment at a board meeting held on July 21, 2026.

The company stated that he will serve in an interim capacity pending the appointment of a substantive chairman in line with its Articles of Association and applicable regulatory requirements.

• “Following his demise and in order to ensure continuity in the leadership and effective governance of the company, the Board of Directors at its meeting held on Tuesday, 21st July 2026, approved the appointment of Otunba Wale Jubril as the Interim Chairman of the Board of Directors,” the company said.

Jubril brings decades of capital market experience

Jubril joins the role with more than three decades of experience spanning banking, corporate finance and the Nigerian capital market.

A Non-Executive Director of FTN Cocoa since 2015, he has played an active role in the company’s governance over the years.

He holds a Bachelor’s degree in Industrial Relations from the University of Lagos and earned three master’s degrees from the institution in Marketing, International Law and Diplomacy, and Economics.

Jubril qualified as an Authorised Dealing Clerk of the Nigerian Stock Exchange and became a Chartered Stockbroker in 1992.

His career includes serving as Executive Director, Finance, at Paints and Coatings Manufacturers Nigeria Plc, where he oversaw financial strategy and major project negotiations. In 2021, he was appointed Managing Director and Chief Executive Officer of Float Securities Limited.

He also serves as an Independent Non-Executive Director of Gateway Mortgage Bank, having been appointed by the Ogun State Government in 2022.

Get up to speed

Jubril assumes leadership at a time when FTN Cocoa is working to strengthen its financial performance after years of losses.

• The company reported a pre-tax loss of N252.65 million for the financial year ended December 31, 2025, marking its tenth consecutive year in the red. However, the result represented a significant improvement from the N9.5 billion loss recorded in 2024.
• Revenue rose sharply by 310% to N5.65 billion in 2025, compared with N1.38 billion in the previous year, reflecting stronger operational activity.

Despite the revenue growth, elevated production costs—particularly raw material expenses—continued to weigh on profitability.

What you should know

FTN Cocoa’s stock has recorded strong gains this year despite the company’s earnings challenges.

• The shares closed at N8.42 on August 18, 2026, representing a 53.1% year-to-date increase from N5.50 at the start of the year.

Earlier analysis showed that the company delivered one of the strongest operational rebounds among agro-processing firms listed on the Nigerian Exchange in 2025, with its share price rising 174.7% during the year and market capitalisation climbing to N19.5 billion.