LAGOS—Footwear and Accessories Manufacturing and Distribution, FAMAD, Plc, has appointed Pastor Ituah Ighodalo, Managing Partner of SIAO (Chartered Accountants and Auditors) as its chairman after his election into the board at the just concluded Annual General Meeting of the company in Lagos.
Ighodalo succeeded Chief (Mrs.) Olutoyin Olakunri, who declined re-election on account of age. Elected along with Ighodalo, is Mrs. Susan Omame, a solicitor of Law Society of England and Wales.
The two new board members, together with two serving members, Mrs. Mayen Adetiba and Alhaji Mohammad-Kabir Haruna, have been given the mandate to reposition FAMAD for a profitable future.
In her address to shareholders at the AGM, Mrs. Olakunri said the local shoe industry had faced various challenges in the last 12 years which included the flooding of the Nigerian market with Chinese and second-hand footwear.
She said that the good news is that the board is restructuring the production units “and with the planned injection of new machinery, we are hopeful of servicing our niche of the market effectively”