UACN Property Development Company Plc Announces Resignation of Chairman, CEO, others
In a surprising development, yesterday, it was announced that the Board Chairman and Chief Executive Officer of UACN Property Development Company Plc — Mr Babatunde Kasali and Mr Folasope Aiyesimoju — have separately resigned with immediate effect.
A regulatory filing that was sent by UACN to the Nigerian Stock Exchange also informed stakeholders about the resignation of three other Non-Executive Directors of the company whose names were given as Mr Adekunle Awojobi, Professor Okon Ansa, and Mrs Awuneba Ajumogobia. Their resignations also took effect immediately.
The company thanked them for their various contributions towards moving the company forward, even as the statement noted that Mr Aiyesimoju (the former CEO) will continue to serve on UACN’s Board as a Non-Executive Director.
It should be noted that no further explanation was given for these surprising resignations.
In the meantime, UACN Property Development Company Plc announced the appointment of an Acting Chief Executive Officer in the person of Mrs Deborah Nicol-Omeruah. Her appointment took effect today, January 5th, 2021. She is said to have some 20 years corporates experience cutting across banking and finance, property development, and mortgages, etc. Some of the places she has worked include Landmark Africa, Broll Property Group, and Stanbic IBTC Bank.
In the same vein, the company appointed Mr Wole Oshin and Mr Adeniyi Falade as Non-Executive Directors. Their appointments will also take effect from today, January 5th.
About UPDC Property Development Company Plc
Incorporated on October 6th 1997, UPDC is arguably the largest real estate company that is listed on The Nigerian Stock Exchange. The company specialises in the acquisition, development, and management of “affordable” commercial, residential, and retail properties across Nigeria. The company’s total outstanding shares on the NSE is 18,559,969,936, and its shares are said to be Below Listing Standard (BLS). The stock opened today’s trade on the NSE at N0.79, according to checks by Business Elites Africa.
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