BUA Foods Plc, a subsidiary of BUA Group, has announced the resignation of Isyaku Rabiu as executive director of the company.
The development is coming less than one year after his appointment.
In a statement by the company to the Nigerian Exchange Ltd (NGX), the resignation took effect on August 17.
According to the statement, the development was for the company to meet the regulatory requirements of the Securities and Exchange Commission Corporate Governance Guidelines (2020) and the Nigerian Code of Corporate Governance.
It added that the regulatory gives a guideline on family and interlocking directorship, which stipulates that not more than two members of the same family shall sit on the board of a public company at the same time.
Before the resignation, Abdul Samad Rabi, Kabiru Rabiu and Isyaku Rabiu held key positions at the company.
“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), Rabiu was a director of IRS Pasta and Flour Limited.,” the statement reads.
“The company later merged with other companies to form BUA Foods.
“He, however, remains an executive of BUA Foods Plc with his portfolio remaining unchanged.”
Rabiu holds a bachelor’s degree in Business Economics from the University of Hertfordshire, Hatfield (2018).
He has worked in Seplat Petroleum company in 2017, where he successfully developed an economic model for upstream oil and gas.
In 2019, he managed the merger of two cement companies — Cement Company Of Northern Nigeria Plc and Kalambana Cement.
Source: Thecable