UAC Announces Board Changes

The board of directors of UAC of Nigeria PLC (“UAC” or the “Company”) is pleased to announce the appointment of Mrs. Suzanne Olufunke Iroche as an Independent Non-Executive Director of the Company with effect from 1st August, 2019.

Having spent her professional career in financial services, Mrs. Iroche has considerable experience in finance, governance and risk management, which will complement the existing mix of skills and experience of directors.  She has extensive experience in Merchant and Commercial Banking spanning the areas of Corporate and Institutional Banking, Marketing, Correspondent and International Banking, and Treasury.

After working with International Merchant Bank and Chartered Bank, Mrs. Iroche joined United Bank for Africa (UBA).  There, she rose to the position of Executive Director, Wealth Management and was responsible for Treasury and Correspondent Banking/Multilateral Agency business, and UBA subsidiaries (Asset Management, Trustees and Pension Custody).  Her final position at UBA was as Executive Director, Global Banking, in which role she was responsible for the Bank’s expansion and establishment of subsidiaries across the African Continent.

She currently serves in a non-executive capacity on a number of boards, including Coronation Merchant Bank Limited, where she chairs the Audit Committee; FCMB Pensions where she chairs the Audit and Risk Committees; Union Bank UK PLC (regulated by the UK FCA and PRA), and Travelex Retail Nigeria Limited.

Mrs. Iroche graduated with a B.Sc. (Hons) Degree in Economics from the University of Lagos and a Master of Management from the Kellogg Graduate School of Management, Northwestern University, Illinois, USA.  She is a member of the University of Lagos Advancement Board and the Advisory Board of WISCAR, an NGO dedicated to women’s empowerment.

“Suzanne is an accomplished business leader and seasoned board member, and we are excited to welcome her to UAC’s Board of Directors.  With her expertise in finance and operations, coupled with experience in governance, we are confident she will provide valuable perspectives as we continue to work to enhance stakeholder value,” said Mr. Daniel Agbor, UAC’s Chairman.

Furthermore, at the last meeting of UAC’s Board of Directors Mrs. Awuneba Sotonye Ajumogobia, longtime member and Chairperson of UAC’s Risk Management Committee, announced her resignation from the Board, effective from July 31, 2019.

Mrs. Ajumogobia’s relationship with UAC will continue, however, by virtue of the fact that CAP PLC., a UAC subsidiary, has appointed her a Non-Executive Director and Chairperson of the CAP PLC Board of Directors, with effect from 1st August, 2019.

In a tribute to Mrs Ajumogobia, Mr. Agbor said “On behalf of the UAC Board, we would like to express our gratitude to Mrs. Ajumogobia for her years of hard work, integrity and meritorious service to UAC.  We are very pleased that she will be joining the Board of Directors of CAP PLC, our market-leading paints business, and we are confident that her broad professional experience will greatly benefit the CAP team.”