Business

UPDC appoints new Directors and acting CEO, as Chairman, CEO, Directors resign

UACN Property Development Company has announced the resignation of its Chairman, three Non-Executive Directors, and Chief Executive Officer.

UPDC

UPDC

The Company also confirmed the appointment of a new Acting Chief Executive Officer and also Non-Executive Directors to its Board, to respectively fill the position of the outgoing CEO and Directors.

This information was uncovered by Nairametrics in a recent notification sent to the floor of the Nigerian Stock Exchange on the 4th of January 2021, by the Company Secretary, Mrs Folake Kalaro.

According to Mrs. Kalaro, the Board of Directors of UPDC announced the resignation of its Chairman, Mr. Babatunde Kasali, other Non-Executive Directors namely; Mr Adekunle Awojobi, Professor Okon Ansa and Mrs. Awuneba Ajumogobia, and the Chief Executive Officer of the Company Mr Folasope Aiyesimoju with effect from 4th January 2021.

However, the board also confirmed the appointment of Mrs. Deborah Nicol-Omeruah as Acting Chief Executive Officer of the Company, as well as the appointment of Mr. Wole Oshin and Mr. Adeniyi Falade as Non-Executive Directors to the Company with effect from 5th January 2021.

What to expect: Sequel to the acceptance of the outgoing CEO’s resignation after completing his tenure, the Board revealed that Mr. Aiyesimoju will continue to serve as a Non-Executive Director of the Company.

What you should know about UPDC

  • UPDC has been a leader in property acquisition, development, sales and management of quality and affordable residential, commercial, and retail properties in Nigeria for over 20 years.
  • The Company remains the largest real estate platform listed on The Nigerian Stock Exchange.
  • Custodian Investment PLC acquired 51% of UPDC’s issued share capital from UAC of Nigeria PLC and is now the Company’s largest shareholder.


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