By Nkiruka Nnorom
The shares of UAC of Nigeria Plc yesterday remained unchanged after the company announced the retirement of Mr. Abdul Bello as the Group Chief Executive Officer.
The shares of the company had fallen to N9.50 from N10.00 on Wednesday, recording five percent decline prior to the announcement.
The retirement followed series of other retirements and appointment to the Board and Management position in the last 11 months.
Bello whose retirement takes effect January 1, 2019, took over from Mr, Larry Ettah who retired as the Group CEO on January this year.
Stepping in the shoes of Bello is Mrs. Omolara Elemide, the Executive Director, Corporate Services, takes over from him as the acting Group CEO from the same date.
Elemide, who joined UACN Board on 1st January 2018, is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). She joined UAC in October 1983 and has worked in various capacities within the UAC Group including Group Audit Manager, Finance Director of UACN Property Development Company Plc from where she joined the Board of CAP Plc as Finance Director/Company Secretary in February 2005. She was appointed the Managing Director of CAP Plc in May 2009, a position she held until December 2017.
Recall that last month; Mr. Bolaji Odunsi was appointed a Non-Executive Director of the company after Mrs Olufunke Ighodaro resigned from the Board to take up an executive role in South Africa.
A peep into the company’s none months results to September 30, 2018 showed that revenue dipped to N55.7 billion from N68.2 billion in 2017, profit before tax, PBT, fell sharply to N483 million from N3.1 billion in 2017. Profit after tax also dropped to N252 million in 2018 from N1.9 billion in the same period in 2017.