Newly Appointed Executive Director at BUA Foods Steps Down
- A relative of Billionaire's businessman, Abdul Samad Rabiu has quit suddenly after becoming Executive Director less than one year
- Naziru Isyaku Rabiu resigned due to SEC regulations which states that not more than two members of the same family shall sit on the board of a publicly quoted firm.
- Naziru was appointed Executive Director of BUA Foods in November 1, 2022 after acting in different capacities in the BUA Group
An Executive Director at BUA Food has stepped down from his position less than one year after his appointment.
Naziru Isyaku Rabiu left the company effective August 17, 2022, according to a statement by the company.
Source: Getty Images
Firm provides reason for resignation
Rabiu resigned due to SEC regulations. And part of the statement by the company to the Nigeria Securities and Exchange Commission said that the resignation is effective August 17.
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Naziru is a relative of Abdul Samad Rabiu, a billionaire industrialist and Chairman of BUA Group, according sources at the company.
The statement by BUA Foods which was sent to Legit.ng, said that the resignation of Naziru was in line with regulatory requirements which stipulates that not more than two members of the same family shall sit on the board of any publicly quoted company at the same time.
Part of the statement reads:
"Prior to his appointment as a member of the Board of BUA Foods in November 2021 (which later became publicly listed BUA Foods Plc in January 2022), Isyaku Naziru was a Director of IRS Pasta & Flour Limited which later merged with other companies to form BUA Foods. Isyaku Naziru Rabiu, however remains an Executive of BUA Foods Plc with his portfolio remaining unchanged."
Rabiu has a bachelor's degree in Business Economics from the University of Hertfordshire. He held the position of Executive Director at BUA Foods for less than a year, a Business Insider report said.
Former employee of Seplat Petroleum
Naziru was appointed in November 2021 as the ED of BUA Foods.
He held other positions in the BUA conglomerate as Commercial Director and Business Development Officer.
Rabiu also had a stint as a business analyst at Seplat Petroleum Development Company, a leading oil and gas exploration company in Nigeria.
BUA Foods belongs to the BUA Group, a conglomerate with operations in various areas of the Nigerian economy.
The BUA Group also owns a Sugar production company, flour milling, edible oil processing and rice production companies.
Abdul Samad Rabiu, is the Chairman and CEO of the BUA Group.
BUA Cement plans to pay N70billion to shareholders, as founder set to earn N65billion
Legit.ng reported that the founder of BUA Group, Abdulsamad Rabiu, will earn N65 billion from his cement business following the company's performance last year.
The amount grossed by Rabiu is as a result of his shares in the company.
The billionaire is the largest shareholder in BUA Cement, owning a direct stake of 19,044,995,225 shares of the company. He also has an indirect stake of 12.2 billion ordinary shares in the cement manufacturer.
Source: Legit.ng
